Business
FG To Energise Telecom Sector Through Legislations –Shittu
The Minister of Communications, Mr Adebayo Shittu, has reiterated the Federal Government’s determination to provide the needed enabling environment for ICT and telecommunication sector to thrive through enactment of relevant legislations.
This information is contained in a statement issued in Abuja by the Special Assistant on Media to the minister, Mr Victor Oluwadamilare.
The statement quoted the minister as saying this at the Communication Services Tax Stakeholders’ Meeting organised by the Lagos Chambers of Commerce and Industry in Lagos.
The minister called on stakeholders in the communications sector to have holistic deliberations on the communication services tax as being proposed in the Communication Tax Bill pending before the National Assembly.
“This is necessary in order to weigh the effects of the proposed tax regime on the government, stakeholders as well as end users of communication services.”
He called for a juxtaposition of new tax regime with existing ones, saying that the introduction of new taxes without harmonising existing ones will put pressure on the Nigerian tax system, thereby making it unattractive to investors and consequently be counter-productive in the long run for the nation’s targets on broadband penetration.’’
The minister speaking extensively on controversies surrounding the proposed bill, said a section of the stakeholders had extrapolated that the Bill sought to impose additional nine per cent charges on users of electronic communication services “which is to be remitted to the Federal Inland Revenue Service on monthly basis, more so that the extra tax will be applied on voice calls, SMS, MMS, Data and Pay TV viewing, among other services.
“Others have posited that over 60 million Nigerians will be unable to afford basic broadband connection, a situation that is likely to threaten Nigeria’s ability to achieve its goal of 30 per cent broadband penetration by 2018.
“And also undermine the socio-economic progress spurred by increased connectivity. This to a large extent will be a cog in the wheel of implementing the National Broadband plan,’’ he said.
Shittu said that many had also concluded that the proposed bill would also discourage further investment in the communication industry due to reduced returns on Investment, and ultimately drastically reduce the sector’s huge contributions to the national GDP.
According to him, some have concluded that the proposed CST Bill is an ill wind that will blow the country no good.
“My focus on any tax regime will be to align any process that will stimulate the economy and also ensure that the tax system is efficient by widening the tax net and creating an effective framework for tax compliance.
“To protect the poor and vulnerable in the society who nonetheless have to use telecom services for social inclusion and financial services among others.
“The ITU gave Nigerian the mandate to achieve 30 per cent broadband penetration by 2018.
as I have been reliably informed that the projected earnings from this effort is over N20 billion every month.
“Which is an attraction to the government in funding our budget deficits? I must be quick to say that this government has got a human face twined around its decisions.”
The minister said that the goal of the ministry was to provide cost effective ubiquitous ICT access for overall national development.
Shittu added that the solutions were the passage of the critical National ICT Sector Infrastructure Bill.
“Hastening of the rollout of metro fibre networks, use of NIGCOMSAT Satellites to bridge the rural penetration gap and hosting of critical National Data within the country.’’
The minister said that the proposed National ICT Roadmap was poised to set out the intent and commitment of the government to continue the development of the ICT sector.
He said that the roadmap would also implement the sector policies and plans in an integrated, focused and innovative manner that aligned with the change mantra of the current administration.
He added that the roadmap focuses on five strategic pillars namely- governance, policy, legal and Regulatory framework, industry and infrastructure and capacity building.
Business
Food Vendors, Others Relocate To New Site At PH Airport
The raging controversy between the Port Harcourt International Airport Management and restaurants/canteen operators and theirallies over relocation has been brought under control, as the operators have commenced relocation to their structures at the new site.
Recall that there had been serious feud over a directive by the Manager of the airport, Mr. Michael Area, for food vendors and their allies to relocate to the new site.
They insisted that the new site was too distant and hence, would negatively affect patronage from customers, with possible loss.
They further also insisted that it wouldcost them much money to put up another structure, given the economic situation in the country, since the airport management did not build any structure for them, apart from providing the empty land they have to also pay for.
The situation had led to flexing of muscles, which made the Airport Manager to order for sealing of all shops, resulting in scarcity of food, as airport users could not find a place to eat, apart from the only Genesis fast food spot available.
As at last Friday, The Tide observed that most of the food vendors had transferred their structures to the new place, and had started doing business there already.
Meanwhile, customers have started settling down at the new location as they were seen patronising shops for foods and drinks, in spite of the distance.
Few of the remaining structures at the old site, The Tide further gathered, will also be removed as quickly as possible, and the owners are making efforts to get funds for the job to be done.
One of them, Mrs Aka Love explained that she was going to relocate to the new place before the end of March.
Currently, business activities at the old site have come to null, as the place which was usually a beehive of food, drinks and relaxation, has completely winded down.
By: Corlins Walter
Business
MOWCA Strengthens Maritime Crime Prevention
Secretary General of the Maritime Organisation of West and Central Africa (MOWCA), Dr. Paul Adalikwu, has stepped up interaction with the United States Government to lift restrictions placed on some member countries allegedly implicated in illicit shipping activities.
Adalikwu, who led a delegation from the MOWCA Secretariat to the US Embassy in Abidjan for a first leg of the strategic consultation aimed at promoting seamless participation of MOWCA countries in international trade within the global maritime space, reiterated the organisation’s commitment to the best ethical and lawful maritime practices.
Addressing the U.S Ambassador to Côte d’Ivoire, H.E Mrs Jessica Davis Ba, the MOWCA SG stated the organisation’s interest in promoting the International Ship and Port facility Security (ISPS) code which aims at enhancing security of vessels and their ports of call.
He expressed the commitment of MOWCA in promoting environmentally friendly, safe and cost effective shipping without any encumbrance that may limit the economic potential of member countries.
Dr Adalikwu recalled that at the instance of the U.S. Department of State invitation, MOWCA participated in the 2023 Registry Information Sharing Compact (RISC) Conference in Larnaca, Cyprus, on February 28–March 1, 2023, and a virtual meeting held on June 6 2023, with Mrs Jennifer Chalmers, Officer in change of Counterproliferation Initiative.
He recalled The U.S. DOS willingness to support MOWCA’s effort for preventive maritime security through the establishment of the Center for Information and Communication (CINFOCOM) with the aim to ensure a maritime situational awareness domain within MOWCA’s member states’ waters.
He added that MOWCA under his watch is committed to training and retraining of maritime practitioners and experts to enhance the human capital capabilities of member states.
The CINFOCOM will help prevent transnational crimes committed at sea like sanctions evasion by North Korea and other state actors, who exploit poor enforcement due diligence by ship open registries to circumvent United Nations and U.S. trade restrictions.
By: Nkpemenyie Mcdominic, Lagos
Business
Nigeria’s Public Debt Hits N97.3trn – DMO
The Debt Management Office (DMO) has hinted that Nigeria’s public debt increased by 10.7 per cent from N87.87 trillion in the third quarter of last year, to N97.34 trillion as at December 31, 2023.
DMO, in an update data released last Friday, said the increase in the debt stock was largely due to new domestic borrowing by the Federal Government to part finance the deficit in the 2024 Appropriation Act and disbursements by multilateral and bilateral lenders.
The office noted that the N97.3 trillion public debt comprises of domestic debt of N59.12 trillion and external debt of N38.22 trillion. The sum of $3.5 billion was used to service external debt during the review period.
“Nigeria’s Public Debt Stock as at December 31, 2023 was N97.34trillion or $108.229 billion. This amount comprises the domestic and external debt stocks of the Federal Government of Nigeria (FGN), the 36 States Governments, and the Federal Capital Territory (FCT).
“There was an increase of N9.43 trillion over the comparative figure for September, 2023, which was largely due to new domestic borrowing by the FGN to part finance the deficit in the 2024 Appropriation Act and disbursements by multilateral and bilateral lenders.
“At N59.12 trillion, total domestic debt accounted for 61 percent of the total public debt stock, while external debt at N38.22 trillion accounted for the balance of 39 percent.
“Consistent with the debt management strategy, Nigeria’s external debt stock was skewed in favour of loans from multilateral (49.77 percent) and bilateral lenders (14.02 percent) or total of 63.79 percent which are mostly concessional and semi-concessional.
“Whilst the DMO continues to employ best practice in public debt management, the recent and on-going efforts of the fiscal authorities to shore up revenue will support debt sustainability”, DMO stated.
By: Corlins Walter
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