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TETFUND Commends FIRS Over Increase In Education Tax

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The Tertiary Education Trust Fund(TETFUND) has commended the management of Federal Inland Revenue Services(FIRS) for its increase in education tax collection.
The Executive Secretary, TETFUND, Sonny Echono, made the commendation at the TETFUND/FIRS Annual Interactive Forum held in Port Harcourt, last Thursday.
Represented by the Director, Strategic Planning and Development, Erivwo Irene,  Echono said that the 2022 interactive forum with the them, ‘Boosting Education Tax Collection for the Growth and Advancement of Tertiary Education in Nigeria is a noble cause between the agencies that have fostered the cause of tertiary education.
Echono said “TETFUND duly recognises the immense contribution of your mandate as the foremost and critical Revenue Service of the Federal Government from which we as a funding agency of the same government derive our intervention and operational funds”.
Echono who pledged to be committed to the mandate of the agency assured  transparency and accountability to the government, citizens and stakeholders with FIRS as top on the scale of stakeholders.
“We will therefore continue to encourage this annual interactive forum with the FIRS which has been a veritable platform to discuss issues that are pertinent to the Education Tax (EDT) collection and also showcase the activities and impact of the EDT collection in the tertiary education landscape of the nation.
“Indeed,the need to boost “Education Tax (EDT) collection”, especially at this economically challenging period can never be overemphasized.
“This is in view of the pivotal role it plays in the nation’s educational system as deployed by the Fund and is one of the many vital reasons this Interactive Forum is highly
essential in the general operations of the fund,”Echono said.
He noted that tax collections have direct correlation to earnings and subsequently, the growth of any functional economic system adding that the growth of education tax which forms the bedrock of TETFund’s vision and mission in the nation’s education was one that was consistently on the front burner.
“This explains my earlier excitement and hope of an
improved revenue generation ultimately attaining a 500 billion naira yearly EDT collection.

“This optimism can be situated in the consistent position of President Muhammadu Buhari when he stated that, “we do not have a debt sustainability problem, but a revenue challenge which we are determined to tackle to ensure
our debts remain sustainable,”he said.

In his remark,the Executive Chairman, FIRS, Muhammad Nami, commended the efforts of the Board of Trustees and Management of TETFund for being steadfast in the organisation of the annual forum.

Represented by the FIRS Coordinator for Rivers, Delta and Edo, Hamisu Mohammed, Nami stated that FIRS had continued to make progress in revenue mobilization despite the economic headwinds from the negative consequences of covid 19, rising insecurity and effects of the Russia-Ukraine war on the global economy.
According to him, between January and September 2022, FIRS has collected N7.5trillion which is a significant improvement on the total collection of N6.4trillion for the entire 2021.

“Non-oil taxes accounted for N4.3trillion while Petroleum Profits Tax accounted for N3.1trillion, It is clear that the reforms undertaken since 2020 have started yield

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We Get Petrol At N200 Per Litre From Depots, IPMAN Cries Out

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The Independent Petroleum Marketers Association of Nigeria (IPMAN) has decried the ‘unsustainable’ price that the private depot owners sell the premium motor spirit, otherwise known as petrol in the country.
Speaking, yesterday, on Channels Television’s Sunrise Daily, the Deputy National President of IPMAN, Zarama Mustapha, revealed that the private depots get petrol at the approved price of N148/litre from the sole importer of the commodity, the Nigerian National Petroleum Company (NNPC) Limited, however, sell it for as high as N195 to N210 to independent marketers, which is not sustainable.
“Though marketers get petrol at the approved price of N148/litre from NNPC depots, the company does not have enough storage facilities to cater to the needs of marketers, hence, the latter resorts to private depot owners. It is more of the issue of private depots collecting the products at the approved price and not selling to the independent marketers at a price approved by the mainstream, downstream regulatory authority.
“You cannot get a product at N195 to N200 and expect to sell it at N175,” he noted.
The IPMAN official said depot owners give excuses such as the cost of transporting the product from the mother vessel to their depots and escalation of the dollar as reasons for the price hike.
Mustapha lamented that most Lagos depots are in a chaotic situation and marketers spend three days to load refined petrol that they are not supposed to spend more than three hours to lift.
He urged the NNPC to engage depot owners to sell the product to marketers at the recommended price, saying the common man is at the receiving end.
For weeks, vehicle owners have had a tough time getting petrol from filling stations, especially in Lagos and Abuja.
Whilst many outlets are closed, the few open ones sell the indispensable commodity for as high as N250 per litre from the uniform price of N169/litre.
The supply shortage has led to long, gruelling snake-like queues at the few open filling stations as motorists and business owners jostle to buy fuel while others resort to the black market.
The situation has also worsened traffic on major roads as vehicle owners block at least one lane to join queues to filling stations.

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Make Nigerian Youths Innovative, Buhari Tells Corporate Leaders

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President Muhammadu Buhari has tasked leaders of corporate organisations to build the capacity of Nigerian youths to be innovative and embrace technology to make positive contributions to their organisations and the nation.
The president, represented by the Attorney General of the Federation, Mr Abubakar Malami, said this at the Institute of Directors (IoD) 2022 Annual Director’s Conference (ADC), yesterday, in Lagos.
The ADC had as its theme: “Corporate Governance and Digital Transformation: Leading Purposefully for Growth and Sustainability.”
Buhari, noting that the challenges associated with corporate governance were multifaceted, stressed the need for heads of organisations to harness technology to achieve effective governance.
He reiterated the commitment of his administration to providing the necessary legal support and framework to support the entrenchment of good corporate governance practices across various sectors of the economy.
Buhari also pledged his commitment to supporting the IoD by giving the institute’s chartered bill the necessary consideration to enable it to achieve its mandate.
Deputy Secretary General, United Nations, Ms Amina Mohammed, said the world was hit by a series of global crises which have affected the Sustainable Development Goals (SDG).
Mohammed said technology and digitalisation would set the era of digital transformation in areas of health, education, agriculture and finance.

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Nigeria Does Not Belong To North, Arewa Youths Tell Northern Elders

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The Arewa Youth Consultative Forum (AYCF) has said that Nigeria does not belong to the North ahead of the 2023 general election.
Apparently reacting to the recent interview granted by a member of the Northern Elders Forum, Alh Sani Zango Daura, in which he called on the North to support a Northern candidate.
The AYCF, in a statement issued by its National President, Yerima Shettima, noted that supporting a southerner was clearly a demonstration of justice.
He noted that this was because Nigeria does not belong to the North alone, or Muslims and Christians of the North, insisting that “even on moral grounds, the most responsible political action by the North was the decision on powershift in 2023, because the Presidency cannot be hereditary and Nigeria is not a Banana Republic”.
Shettima further said, however, that the elder was expressing his personal opinion and not the stand of the North in general, saying that a “ little balancing was needed in position of our father Zangon Daura, more so when he admitted that the elders are mere escorts for the younger generation today”.
The AYCF noted that when 13 Northern governors led by Kaduna State Governor, Mal Nasirel-Rufai endorsed a Southern candidate for the 2023 presidency, they repeatedly cited political justice.
“Though we are not card-carrying members of the APC, we shared the view that the decision was in line with being fair to the South in 2023.
“We are aware, as well as our father ZangonDaura, that the North is respected for honouring its promises to the South and this one absolutely undeniable character of all Northerners.
“We are not known to break promises and that explains why our son, President MuhammaduBuhari never objected to the idea of a Southern presidential candidate in the ruling party. In the North, like our father ZangonDaura knows, promises are sacred and in fact a culture”.
It would be recalled that in a viral audio of AlhajiZangonDaura while addressing a group of youths, suggested that they should throw their weight behind a fellow Northerner for the presidency in 2023, citing historic and religious instances, something the AYCF said it believed was “overtaken by events, current realities, and the spirit of justice and fairness in the Nigerian project”.

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