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President Tinubu’s Economic Advisers Propose Customs, NIMASA, FIRS Merger

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1 year ago

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  • Recommend declaration of a state of emergency on revenue generation

The imposition of a state of emergency on the country’s revenue collection has been advised by President Bola Ahmed Tinubu’s Policy Advisory Council.

In order to facilitate the effective collection of all direct and indirect taxes, as well as levies on behalf of the Federal Government, the council also suggested merging the Federal Inland Revenue Service, the Nigerian Customs Service, and the Nigerian Maritime Administration and Safety Agency into the Nigerian Revenue Service.

According to submissions made by the National Economy Sub-Committee, the policy will be aided by the passage of an Emergency Economic Reform Bill which will grant the President special powers to drive the economic reform agenda and support the delivery of sustainable and inclusive economic growth.

The council further outlined the removal of fuel subsidy, sale or concession of select government assets, transition to a transparent and unified foreign exchange rate system, deepening tax collection and optimization of operating expenditure to reduce cost, as targets to be pursued by the President towards the achievement of some milestones within the first 100 days in office.

Members of the Policy Advisory Council are Senator Tokunbo Abiru (chair), Dr Yemi Cardoso, Sumaila Zubairu and Dr Doris Anite. A copy of the report submitted by the panel was obtained by our correspondent on Friday.

The report read in part, “Passage of an Emergency Economic Reform Bill to grant the President special powers to drive the economic reform agenda to declare a state of emergency in revenue generation and national security.

“Transform FIRS, Customs, NIMASA, etc into the Nigerian Revenue Service to collect all direct and indirect taxes and levies on behalf of the Federal Government.

“Reform the Central Bank of Nigeria, implement civil service reform/ Oronsaye Report.

“Make interim leadership appointments (to be ratified later by the National Assembly) and make temporary increases in fiscal circuit-breakers, e.g.debt limits, later ratified by the National Assembly.”

The council’s report, which focuses on fiscal and monetary policies, industry, trade and capital market reforms, emphasised that changes in the Central Bank of Nigeria and temporary increases in fiscal circuit breakers such as debt limits would help achieve N1trn Gross Domestic Product growth and over 50 million jobs for citizens in eight years.

The 90-page document further proposed that reforms in the CBN will help achieve about $50bn-$60bn in external reserves, with a monthly inflow of at least $6bn-$8bn from export earnings and other forms of capital inflow, to support the policy at an exchange rate of N500-N600/$.

On fiscal policies to be implemented, the council advised on the need to achieve a domestic refining capacity of two million barrels per day, while creating economic opportunity for the host communities.

They also proposed one-off Personal Income Tax reliefs for low-income earners for up to one year as non-cash palliatives to cushion the effect of fuel subsidy removal.

The advisory read,  “Ramp up production capacity to four million barrels from offshore and onshore assets within four years and grow crude oil revenue and savings into ECA and NSIA.

“Formalise illegal refineries and encourage modular refineries to create economic opportunity for the host communities.

“Aggressively grow domestic refining capacity to 2 million barrels per day in the next 8 years, including modular refineries.

Other fiscal recommendations proposed include, “a policy directive that ensures proceeds from the sale of assets to settle existing FGN debt obligations.

“List shares of strategic and profitable NNPC subsidiaries. Privatise, concession or sell down FGN’s stake in corporate assets to partners and other investors (possibly with a buyback option) to generate liquidity in the short to medium terms (focus on sub-optimal assets e.g., NNPCL refineries).

“Leverage blockchain to create and provide access to a Government land registry and regionalise and concession the power transmission grid.”

Furthermore, the advisory council proposed the extension of old naira circulation till December 2024 in order to resolve the cash shortage situation, if required.

It also advised a five per cent monthly gradual removal of the old notes and replacement with new notes through the deposit money banks.

They said, “Extend the December 31st, 2023 deadline to December 31st, 2024 (if required), and bring in new notes through the deposit money banks by 5% monthly and take out the old notes through the deposit money banks by the same 5 per cent to solve cash shortage.”

The policy added, “ To transform Nigeria to become Africa’s most efficient trading nation, decongest the area up to 4km around the ports and designate them for cargo, roads and railway, enforce the Presidential directive on 48hr clearance of goods at seaports in line with Executive Order 001, redefine the performance measures of key agencies of government to emphasise trade facilitation and set up a whistle-blowing mechanism that enables and empowers transporters to report and escalate issues with the various authorities while transporting food and other critical items.”

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BIG STORY

Laffmattazz: Lagos 3rd Coming Features Star-Studded Lineup with D’Banj, Queen Salawa Abeni, Reminisce, And More

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2 hours ago

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October 19, 2024

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Legendary comedian Gbenga Adeyinka is set to host the much-anticipated third edition of his comedy show, Laffmattazz: Lagos 3rd Coming, on November 17, 2024.

The event will take place at the prestigious Balmoral Convention Center, Victoria Island, Lagos, promising an unforgettable night of laughter and entertainment.

The lineup features a mix of iconic comedians and musicians, including Omobaba No.1, Gandoki, Dr. Smile, Bash, Queen Salawa Abeni, Reminisce, and a host of surprise acts, with D’Banj headlining the show.

Gbenga Adeyinka remarked, “Laffmattazz: Lagos 3rd Coming will be the biggest comedy show of the year! We’ve curated an incredible roster of iconic headliners, and I’m excited to bring this level of entertainment to Lagos.”

Laffmattazz has cemented its place as a leading comedy brand, showcasing Nigeria’s finest comedic talent. This year’s event is poised to outdo its predecessors, featuring performances from Akpororo, Forever, Seriki Dariya, Princephelar, Dee One, Taooma, Baba Alariya, Madiba of Comedy, ATM, and more.

The night will also include musical performances by Tee Famous, The Countryman, Dami Cruz, and others, with DJ Wiki spinning on the decks.

 

Event Details:

– Date: Sunday, November 17, 2024

– Time: Red Carpet (3:00 PM), Show Start (5:00 PM)

– Venue: Balmoral Convention Center, Victoria Island, Lagos

 

Ticket Information:

– Regular: ₦7,000

– VIP: ₦20,000

– Table of 8 Gold: ₦1.5 million

– Table of 8 Platinum: ₦3 million

 

Purchase Tickets at:

1. Ile Iyan by PODs, GRA Ikeja

2. Ofada Boy, Surulere

3. Prince Ebeano Supermarket, Lekki

 

Online Tickets Available at:

1. Ariiyatickets.com

2. Grandtickets.ng

3. Laffmattazz.ng

 

For ticket purchases, sponsorships, inquiries, and collaboration opportunities, please contact: (+234) 08156111111.

 

Brought to you by: Maltina, Goldberg, Ace Roots, Goldberg Black

Supported by: Parralex Bank, Enclave Green Homes, FIRS, Lagos State Government.

Media Partners: African Magic, Royal Roots Cinema, Hip TV, Views Channel, Vybz FM, Ibrand TV, Rapid Broadcasting Network, City FM, Jordan FM, Rainbow FM, Mainland FM, Boom Radio, TVC, Kennis FM, Beat FM

Outdoor Partners: Nimbus Media, FPL Media, Folham, Media Crush, Elev8 Media

 

Stay updated by following Laffmattazz on social media @laffmattazz_ga1st for the latest news and behind-the-scenes content.

Don’t miss this epic comedy event! Secure your tickets now and join the conversation online using #LaffmattazzLagos3rdComing #GbengaAdeyinka.

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BIG STORY

AfDB Approves $100m For Establishment Of Youth Entrepreneurship Investment Bank In Nigeria

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4 hours ago

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October 19, 2024

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The African Development Bank (AfDB) has approved $100 million for the establishment of the Youth Entrepreneurship Investment Bank in Nigeria.

Akinwunmi Adesina, president of the AfDB, made the announcement while delivering a keynote address at the 90th birthday lecture of former head of state, Yakubu Gowon, in Abuja.

“I am delighted to announce here today that just three days ago, the African Development Bank’s board of directors approved $100m for the establishment of the Youth Entrepreneurship Investment Bank for Nigeria,” Adesina said.

He emphasized that the initiative reflects the AfDB’s commitment to supporting Nigerian youths, who are vital to the country’s development.

The bank will provide technical assistance, business incubation, quasi-equity, and debt to youth businesses.

It will also offer guarantee instruments to de-risk lending to these businesses by financial institutions.

Adesina added, “It will be a new day and a new dawn for Nigeria.” He also stated that this initiative aligns with President Bola Tinubu’s vision and plans for the youth in Nigeria.

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BIG STORY

Court Threatens To Jail DSS DG Ajayi For Disobeying Order On Access To Nnamdi Kanu

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4 hours ago

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October 19, 2024

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A federal high court in Abuja has cautioned Adeola Ajayi, the director-general (DG) of the Department of State Services (DSS), against defying the court’s order for Nnamdi Kanu’s visitation rights.

Kanu, the leader of the Indigenous People of Biafra (IPOB), has been held in DSS custody since his re-arrest in Kenya and extradition to Nigeria in 2021.

He is facing trial on a seven-count charge, including treasonable felony.

Kanu’s legal team has repeatedly accused the DSS of denying its members access to their client.

The court had directed the DSS to allow Kanu’s legal team, with a maximum of five people, to visit him on designated days.

On Friday, the registrar of the federal high court in Abuja issued “form 48 notice of consequences of disobedience to the order of court” against DSS director-general.

The notice warned the DSS boss that he would be guilty of contempt of court and would be liable to imprisonment if he disobeyed the court-ordered visitations.

“Take notice that unless you obey the directions contained in this order (see overleaf), by allowing the applicant’s counsel to conduct the court-ordered visitations with the applicant on Mondays, Wednesdays, and Fridays, you will be guilty of contempt of court and will be liable to be committed to prison,” the notice reads.

  • Kanu’s Lawyers Threaten To Sue Ajayi

In a statement on Friday, Aloy Ejimakor, counsel to the IPOB leader, said if Ajayi disobeyed the court order, the defence team would file contempt charges against him.

“This notice is necessitated by the repeated disobedience of the court-ordered visitation of Mazi Kanu by the newly appointed Director-General of the State Security Services (Mr. Adeola Oluwatosin Ajayi), who has, for almost a month, not allowed Mazi Kanu’s lawyers to visit him,” the statement reads.

“To be clear, this notice is a quasi-criminal judicial process that forewarns any person disobeying a court order of the penal consequences of such misconduct.

“Therefore, if the Director-General of DSS persists on this ignoble path, he will leave us with no other option than to commence vigorous contempt proceedings against him.”

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