Business
FAAN Apologises To Edo Govt. Over Tax Dispute
The Federal Airport Authority of Nigeria (FAAN) in Benin on Wednesday apologised to the Edo State Government over its dispute with the state board of internal revenue over its unremitted taxes totalling N15 million.
The Managing Director of FAAN, Mr George Orisi, said that the dispute which led to fisticuffs between officials from both sides was regrettable and a misunderstanding that could have been avoided.
He said that he was in the state to apologise over the incident and find out how a recurrence could be avoided.
Orisi said that FAAN was a good corporate organisation that was in no way at loggerheads with the government of Edo but strongly in support of the government.
He described the incident as an embarrassment that had caused huge hardships and economic loss to both the people and government.
Orisi gave an assurance that the organisation would continue to respect and cooperate with the government and people of Edo toward better service delivery.
Responding, Gov. Adams Oshiomhole said that the relationship between FAAN and the state government had always been cordial as the state government had an obligation to all.
He explained that democracy was a rule of law and tax was backed by tax laws, adding that it was the responsibility of government to enforce the law.
Oshiomhole noted that Pay as You Earn law was a national law as payment of tax gave the citizens the right to demand accountability of resources in the state.
He, however, said that there ought not to be dispute over tax payment as it was mandatory, adding that complying with the law was the only way to avoid reoccurrence.
The governor said that it was not unusual to have problems but dramatising the problem was wrong.
He said it was better to coexist as a people.
The facility will be disbursed through participating Microfinance Institutions (MFIs), which will in turn extend the loans to their customers, particularly SMEs, as they directly interface with businesses at the grassroots level.
The Executive Director of COMCIN, Mr. Micheal Ogbaa who represented the Chairman, Dr. Iredele Oyedele (FCA, FCCA), said the initiative is designed to strengthen micro-lending institutions and expand access to finance for grassroots entrepreneurs, particularly women and youths in the informal sector.
Ogbaa explained that COMCIN does not lend directly to individuals but works through its network of microfinance and cooperative institutions, which in turn provide loans to end users.
“We came together to advocate for the microfinance ecosystem. Commercial banks often exclude people at the grassroots, but our members are positioned to reach them. This facility will empower them to do more,” he said.
He noted that the loan scheme offers low interest rates and flexible repayment plans, making it more accessible to small business owners.
According to him, about 90 percent of beneficiaries are expected to be women, who play a key role in sustaining families and driving economic activities at the local level.
“Our focus is on traders, service providers, and players in the informal sector. These are the real movers of the economy. By supporting them, we are strengthening families and contributing to national development,” he added.
Ogbaa disclosed that eligible SMEs with proven integrity and business track records could access up to N5 million each through participating micro-lending institutions. The rollout has commenced in Lagos and will extend to Abuja, Enugu, and other regions, including the South-West, South-East, and North-East.
He said 12 micro-lending institutions have already benefited from the scheme, while 85 applications are currently being processed under the pilot phase.
“Our target is to reach at least 100,000 SMEs nationwide. We are building a platform that connects funding partners with credible micro-lending institutions, creating a reliable channel for financial inclusion,” Ogbaa said.
He added that COMCIN is also working to attract larger funding pools from development finance institutions and private investors, noting that successful implementation of the pilot phase would boost confidence and unlock more capital for SMEs.
“We have seen encouraging testimonies from early beneficiaries. As we demonstrate transparency and efficiency, more institutions will be willing to channel funds through us,” he said.
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