Politics
Reps Move To Block $30bn Annual Revenue Leakages
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.
The event, jointly organised by LP and ADC to publicly acknowledge the movement of party members, was first scheduled to hold at the LP secretariat in Idimu.
However, chaos erupted when more than 100 suspected thugs reportedly stormed the premises, forcing party members and officials to flee.
Eyewitnesses said the attackers, some armed with knives, canes and other dangerous objects, assaulted individuals they encountered during the invasion.
The assailants were also heard chanting hostile slogans, declaring that LP and ADC were not welcome in Lagos State.
Several party members sustained injuries in the process, while party property, including furniture and flags, were vandalised.
Despite the disruption, officials of both parties quickly relocated the programme to an alternative venue, the Eco Centre Event Hall in Egbeda, in a bid to continue the ceremony.
Speaking on the incident, the LP Chairman in Alimosho, Mr Olanrewaju Olushola, popularly known as Heritage, condemned the attack, describing it as unprovoked and alarming, especially with the 2027 general elections approaching.
“What is most painful is that most of my members sustained varying degrees of wounds. This is in spite of the hoodlums going into our party secretariat in Alimosho and destroying our furniture and flags,” he said.
Mr Olushola clarified that the defection itself had already taken place, stressing that Saturday’s gathering was merely a symbolic ceremony to inform the public of their decision.
According to him, nearly all LP members in Alimosho, including the party’s leadership structure, had collectively agreed to move to the ADC.
Also speaking, the party’s Secretary in Alimosho, Mr Moses Akujuobi, explained that plans for an open defection ceremony had earlier been halted by the police, who cited the absence of formal approval.
He said the organisers had reached out to the Area M Commander, ACP Abaniwonda, who reportedly informed them that only the Commissioner of Police could authorise political events in the state.
“Incidentally, we could not reach the CP, but we informed the DSS, after which we went ahead since it wasn’t a rally but a quiet ceremony,” Mr Akujuobi said.
He added that the situation became more tense upon arrival at the initial venue.
“When we got to the venue this morning, we were shocked to see police vans with heavily armed policemen. They informed us that we cannot hold the event and referred us to the police commissioner.
“While we were at it, the hoodlums besieged the place and began to beat people, leading to our deserting the venue,” he explained.
Mr Akujuobi said party officials subsequently contacted members by phone to proceed to the second venue in Egbeda, where the programme resumed briefly.
“We, however, began to contact our members through phones to move to the second venue, which is the Eco Event Centre, and everyone witnessed what took place here.
“The hoodlums got wind of our second venue and equally attacked us, beating up our members again,” he added.
He noted that the decision to defect to the ADC was driven by internal leadership challenges within the Labour Party and protracted legal disputes affecting the party.
Shortly after the hoodlums vacated the second venue, several police vans carrying armed officers reportedly arrived at the location.
The Pentecostal Fellowship of Nigeria (PFN) has strongly rejected calls by the Supreme Council for Shari’ah in Nigeria seeking the removal of the Chairman of the Independent National Electoral Commission (INEC), Prof. Joash Amupitan, over comments he allegedly made on genocide.
The Fellowship described the demand as unjustified and a threat to constitutional freedoms.
In a statement signed by its National Secretary, Bishop David Bakare, the PFN insisted that Prof Amupitan, like every Nigerian, has the constitutional right to express his views on matters of national concern, irrespective of the public office he occupies.
According to the PFN, the comments attributed to the INEC Chairman were made in his personal capacity and had no link whatsoever with his official responsibilities or electoral duties.
The Fellowship stressed that elections and electoral activities were not involved in the matter, arguing that there was no basis to connect the alleged comments to Prof Amupitan’s role as INEC Chairman.
“We strongly oppose such calls because Prof. Amupitan, as a Nigerian, has the right to make comments on what he observes to be happening in the nation, regardless of his appointment or assignment,” the statement read.
The PFN said it condemned “in every ramification” the suggestion that the INEC Chairman should be removed from office on the basis of his personal views, warning against attempts to punish public officials for expressing opinions outside the scope of their official duties.
The Tide source reports that the Fellowship also cautioned against what it described as a growing tendency to interpret national issues through religious lenses, noting that such an approach only deepens divisions and undermines peaceful coexistence.
“We must resist the temptation of profiling or judging people based on their religious beliefs or positions. Prof. Amupitan has a right to bear his mind, and this should not be at the cost of his job,” the PFN added.
The PFN called on all stakeholders to exercise restraint, understanding and mutual respect in national discourse, particularly on sensitive issues.
It emphasised that unity and peace must remain paramount in addressing national challenges.
The Fellowship reaffirmed its commitment to fairness, justice and mutual respect, urging that these values guide public engagement and responses to issues affecting the country.
In A Statement Issued On Saturday, Mr Obiorah Ifoh, The Factional Spokesperson, Described The Decision Of The Electoral Body As Strange.
Mr Ifoh Also Said The Sacked Factional Leadership Of The Party Will Protest The Action Of INEC.
Stating That Judgment Of The Court And The Decision Of INEC Will Not Stop Its Members From Putting Up A Strong Appearance In The Forthcoming 2027 General Election, Mr Ifoh Noted Legal Redress Would Be Sought By LP.
He Said, “Some Persons Who Are Applauding The Impunity By Some Politicians Should Retrace And Do Some Introspection, Because This Was How In The Past They Applauded Injustice In Our Democracy Because They Were Beneficiaries.
“At The End Of The Day, When Their Enthroned Leaders Began To Abuse Power, They Started Complaining.
“For Us In Labour Party, Our Faith Is Strong That The Appellate Court Will Do The Right Thing And Therefore We Advise Our Members To Remain Calm. We Will Continue With The Struggle To Take Our Party From The Godfather,” Mr Ifoh Said.
He Also Stated That The Labour Party Is A Party Formed On The Basis Of Social Democracy Where No One Man Is Permitted To Appoint Everybody.
According To Him, It Is Against The Party’s Principles For “One Man To Sit At A Place And Gather Everybody And Appoint Everybody From The National Working Committee To The State.
“That Is Impunity Of The Highest Order. This, I Believe, Negates The Principles Of The Party.
“If We Say There Is No Party Ideology In Nigeria, This Is How It Starts. We Are Very Sure That It Will Be Quashed On Appeal,” He Added.
Mr Ifoh Also Described The Celebration And Excitement Showcased By Senator Nenadi Usman And The Abia State Governor, Dr Alex Otti As Temporary.
He Said Dr Otti, Senator Usman And Their Cohorts’ Names Which Were Already Listed On INEC’s Portal Will Be Short-Lived.
“It Is For A Short Time. Their Victory Is Pyrrhic And There Is Nothing To Celebrate Because Doomsday Is Closer Than They Will Imagine; Which I Believe Will Be Very Catastrophic For Them.
“Moreover, It Is Very Clear That The Appointment Of The Caretaker Committee Did Not Go Through The Normal Procedure. Proper Notice Was Not Given In Line With The Party Constitution And The Electoral Act,” He Said.
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