Business
PHALGA Assembly Passes 2013 Budget
The Port Harcourt City Local Government Legislative Assembly has passed into law the N5,832,538,697.30k for this year 2013 appropriation bill of the council.
A motion to pass the bill was moved by the assembly Chief Whip, Hon Worlu Wonderfue who explained that the budget which is five percent less than that of the previous year was armed at improving the quality of lives at the rural areas of the city.
Hon. Worlu who is the councillor ward I and chairman of the House Committee on revenue and appropriation also said that the budget, if fully implemented, will transform the local government area.
He also stressed the need for the legislative assembly to cooperate with the executive arm of the council to ensure full implementation of the budget.
The councillor ward II Hon. Stanley Lucky Wobo who seconded the motion for the passage of the budget will meet the yearnings and aspiration of the people of Port Harcourt city.
The leader of the council Hon. David Ikechukwu Amadi later called for a voice vote which saw all members voting for the passage of the budget.
Speaking later with newsmen, the house leader said that the house will constitute a committee to work with the executive arm of the council to ensure the effective implementation of the budget.
Amadi also said that the budget will meet the yearnings and aspiration of the people of phalga and assured of the House support.
Also speaking, the minority member of the house Hon. Glory Wami said that the legislative assembly is satisfied with the implementation of the 2012 budget.
Hon. Wami who represents PHALGA ward 9 assured of the house support towards the full implementation of the budget.
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Sugar Tax ‘ll Threaten Manufacturing Sector, Says CPPE
In a statement, the Chief Executive Officer, CPPE, Muda Yusuf, said while public health concerns such as diabetes and cardiovascular diseases deserve attention, imposing an additional sugar-specific tax was economically risky and poorly suited to Nigeria’s current realities of high inflation, weak consumer purchasing power and rising production costs.
According to him, manufacturers in the non-alcoholic beverage segment are already facing heavy fiscal and cost pressures.
“The proposition of a sugar-specific tax is misplaced, economically risky, and weakly supported by empirical evidence, especially when viewed against Nigeria’s prevailing structural and macroeconomic realities.
The CPPE boss noted that retail prices of many non-alcoholic beverages have risen by about 50 per cent over the past two years, even without the introduction of new taxes, further squeezing consumers.
Yusuf further expressed reservation on the effectiveness of sugar taxes in addressing the root causes of non-communicable diseases in Nigeria.
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