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Reps Move To Block $30bn Annual Revenue Leakages

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The House of Representatives has resolved to investigate various malpractices in foreign exchange allocation to companies by the Central Bank of Nigeria (CBN) and other sources running over 30 billion dollars annually.
This was sequel to a unanimous adoption of a motion by Rep. James Faleke (APC-Lagos) at the plenary, yesterday.
Moving the motion earlier, Faleke said that it was public knowledge that the performance of the economy in the country was low at this critical time
Faleke said that in the past years, Nigeria had not been able to fund capital aspect of its Appropriation Act year in year for lack of funds due to low remittances of revenue by revenue generating agencies.
He identified low payment of taxes by private companies and diversion of expected revenue by corporate organisations as other factors responsible for the inability of government to fund the budget.
“The crude oil price bench mark in 2020 Appropriation Act was put at $57 dollar per barrel but the price of crude oil in the international market has dropped to 47 dollars per barrel.
“This clearly indicates that the major source of revenue towards funding the 2020 Appropriation Act is already in the negative.
“There is an urgent need to rescue the country from over $30 billion dollars annual revenue leakages arising from tax evasion, malpractices, mis-use and diversion of foreign exchange allocations by companies and other entities,” he said.
Faleke said that invoices overstatement by importers with the intention of obtaining large forex allocation above the international cost, insurance and freight value of goods were increasing the domestic inflation rate.
He alleged that the ficticious transfer of forex allocation for the payments of dividends to foreign shareholders of Nigerian companies above the dividend approved by the company’s board of directors and audited accounts was leading to evasion of statutory 30 per cent company Income.
Faleke said that allocation of foreign exchange to companies for the repayment of principal foreign loan and interest were in some cases found to be non-existing.
He said that millions of dollars in forex allocation to companies for the purpose of payment of foreign vendors for services rendered in Nigeria were in most cases found to have evaded the then statutory five per cent VAT and  seven per cent withholding Tax.
Faleke said that the value of imported physical goods, materials, equipment on account of forex allocation by most companies were always understated to Nigeria Customs Service (NCS) at the port of arrival in order to reduce import duty payable.

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Rivers Lawmakers’ Defection, ‘Monkey Politics’-CSO

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Civil Society Coalition for Good Governance, Budget and Accountability has condemned the defection of the 27 members of the Rivers State House of Assembly from the Peoples Democratic Party (PDP) to the All Progressives Congress (APC).
Executive Secretary, Civil Society Coalition for Good Governance, Budget and Accountability, Amb. Emmanuel Nkweke, who said this in an interview with The Tide in Port Harcourt also described as illegal all legislations passed by the defected lawmakers.
Amb. Nkweke described the defection as “monkey politics’, queried the rational behind the action of the lawmakers few months after being sworn into office, adding that members of the civil society community were yet to be told reasons for the defection.
“Up till now, we are yet to be told why they defected just few months of being sworn into office. For me, that is monkey politics”, he said.
He urged the lawmakers to go back to their former party and beg Rivers people for forgiveness, adding that if that is done, they may be welcomed back.
Amb. Nkweke also cautioned the lawmakers not to allow themselves to be used to do the bidding of an individual, adding that the present administration in the state needs the support of all to move forward.
Meanwhile, the Executive Secretary of the group has commended Governor Siminalayi Fubara for giving civil societies the latitude to operate freely in the state.
He alleged that civil societies were caged in the last eight years, adding that there was no breathing space for civil societies in the last eight years in the state.
Amb. Nkweke described civil society as the engine room of democracy as it engages in sensitisation on the policies and programmes of government, regretting, however, that their inputs were never taken into considerations.
“Civil societies give signals, civil society creates the awareness and sensitize the people towards achieving a reliable democracy.
‘’i want to let you know, very frankly, that civil society space in Rivers State, for the past eight years, was suffocated. There was no breathing space, they didn’t breathe. Civil society was dead completely”, he said.
Amb. Nkweke said the situation also affected upcoming activists as some of them had to operate from hideouts.

By: John Bibor

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Sack Incompetent Officials In Your Govt, NANS Urges Tinubu

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The National Association of Nigerian Students (NANS) has called on President Bola Tinubu not to condone incompetent personalities in his government.
Addressing newsmen in Abuja, NANS President, Comrade Pedro Obi, expressed concerns about the competence of the Minister of State for Youth Development and the SSA to the President on Student Engagement.
Comrade Obi, after staging a peaceful protest at the office of the Secretary to the Government of the Federation (SGF), reiterated that the NANS will not be intimidated and will continue to fight for the interests of Nigerian students.
He said, “The message is very simple, we have incompetent people who have been appointed to offices. It’s unfortunate and it’s not the President’s fault, of course he believes in Nigerian youths and has also given us the opportunity to showcase our capacity in various roles that he has given us.
“We have the SSA to the President on Student Engagement, who has shown incompetence. He cannot continue to hold that office and we are calling on Mr. President that he should be sacked with immediate effect.
“Also we have the Minister of State for Youth Development. We are also calling that immediately he should be sacked, because he has left what he ought to do and has dabbled into the affairs of NANS.
“These people have displayed incompetence and are destroying the youth community. There are so many competent youths that President Tinubu can pick from.
“NANS can never be intimidated. This is an organisation that we grew up to meet and we will continue to protect the dignity of this organisation.”
Receiving the NANS on behalf of the Secretary to the Government of the Federation, Senator George Akume, the Permanent Secretary, General Services Office in the SGF, Dr. Maurice Nnamdi Mbaeri, assured the NANS of relaying back their complaints to the SGF which he said will land on the listening ears of President Tinubu.
According to him, “I have listened to the complaints you raised. I assure you that your complaints will get to the listening ears of Mr. President.
“Let me assure you that I’m happy this was also re-echoed in the NANS President’s speech that President Tinubu has indebt love for the youths of Nigeria and also for the students of Nigeria. This has been demonstrated by polices that (has) been put in place for the youths.
“I want to assure you that the President has your concerns in his heart and he’s always ever ready to attend to your needs.
“With this, I am going to report back to my boss the SGF, who will take up the matter with the President. I urge you to continue to maintain peace and tranquillity. Don’t do anything that will make Mr. President feel bad about you.”

 

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Ayu Withdraws Case Against PDP Ahead NEC Meeting 

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Former National Chairman of the Peoples Democratic Party (PDP), Dr. Iyiorchia Ayu, has withdrawn the court action he instituted against the party over his controversial removal from office barely two years into his four year  term.
His action has removed legal impediments likely to militate against the emergence of his replacement from the North Central.
Several meetings have been held and being planned following this new development.
On Tuesday, the party’s National Working Committee (NWC) passed a vote of confidence on the Ag. National Chairnan, Amb. Umar Damagum, whom members said has discharged his functions creditably.
It was gathered that the North Central Caucus of the party had long before now started mobilizing to ensure that the zone produces Ayu’s replacement to complete his tenure which expires in 2025.
In a related development, Amb. Damagum has held series of meetings with various groups to perhaps shore up his chances of retaining his seat as acting chairman.
He led the members of the NWC on Wednesday to interact with the PDP National Ex-officio ahead of the NEC meeting.
Immediately after the meeting with them, he led the NWC members to another meeting with the State Party Chairmen from the 36 States, including FCT, Abuja.
The meetings were  held at the NEC Hall, PDP National Secretariat at Wadata Plaza, Wuse Zone 5, in Abuja.

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