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Group Slams NASS For Raising Nigerians’ Tax Burden

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The Centre for the Promotion of Private Enterprise (CPPE) has slammed the National Assembly for hurriedly passing the 2022 finance bill without the benefit of input from citizens who they were elected to represent.
Chief Executive Officer (CEO) of  CPPE, Dr Muda Yusuf, who stated the displeasure of the CPPE over the hurried passage of the bill, said the act raises key questions.
“The Centre is disturbed by the rushed passage of the 2022 Finance Bill by the National Assembly.  It calls to question the representation role of the Assembly. There was practically no room for public hearing and engagement with stakeholders in the consideration of the bill”, he said.
According to him, “this is a major let down by the National Assembly in its representation role in our democracy. The action is not consistent with the ideals and principles of our democracy because sovereignty belongs ultimately to the people.
“What the National Assembly has done is tantamount to disrespect, disregard and contempt of the Nigerian people and the business community”, he srated.
The Bill that has been passed contained the following provisions, among others: “imposition of excise duties on all services with rates to be determined by a presidential order; imposition of 0.5 per cent tax on all eligible imports from non-African countries to fund Nigeria obligations to international organisations; and an increase in Tertiary Education Tax from 2.5 per cent to three per cent of company profit”, Yusuf said.
Dr Yusuf, therefore, called on the President to withhold assent on the 2022 Finance Bill until the National Assembly properly engages stakeholders as required by legislative protocols.
He noted that “this is a piece of legislation which has profound implications for investment, citizens welfare and the Nigeria economy. It is curious and puzzling that the stenate gave just 24 hours’ notice for stakeholders to attend a public hearing on the bill”.
The CEO continued that, “the public notice was published on December 21, 2022 for a public hearing scheduled for December 22, 2022. There is no better expression of deliberate exclusion of stakeholders from this important legislative process.
“The House of Representatives gave a more generous notice of about three weeks.  But in a sudden and baffling twist of events, the House passed the bill before the date of the advertised public hearing which was  January 13, 2023. The bill has since been forwarded to the President for assent. This haste is incomprehensible.
“It is regrettable that National Assembly hurriedly passed the bill without the benefit of input from citizens whom they were elected to represent.
“This is a major letdown by the National Assembly in its representation role in our democracy. The action is not consistent with the ideals and principles of our democracy because sovereignty belongs ultimately to the people”, he stated.
He said that all of these have far-reaching implications for investors and citizens, saying that it will affect the cost of production and will affect operating cost and would undermine investors’ confidence.

Yusuf also said it has profound inflationary implications, because it will effectively move corporate tax to almost 35 per cent which is one of the highest globally.

He appealled to President Mohammadu Buhari not to leave a legacy of unbearable tax burden for investors in the Nigerian economy, adding that the torrent of taxes, levies, fees is already crippling business.

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Maritime

Trade Modernisation: Customs’ CG Tours Huawei, Port In China

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The Comptroller-General  of the Nigeria Customs Service (NCS), Adewale Adeniyi, recently led his team to the Headquarters of Huawei, a famous information and communications technology company in Shenzhen, China, where he discussed opportunities embedded in Nigeria Customs Service Trade Modernisation Project.
This was disclosed in a press release made available to our correspondent in Lagos by the National Public Relations Officer (NPRO) of the Service, CSC Maidawa yesterday.
According to the release, the CGC’s visit to Huawei Headquarters was part of his official visit to the People’s Republic of China for the 6th Global AEO Conference that took place in the city of Shenzhen between Wednesday, 8th May, Friday, 10 May, 2024.
Stating the purpose of his visit to the company’s office on behalf of his team, CGC Adeniyi said, “We are also delighted to associate with the Global Leader Technology Services through the Team of Trade Modernisation.”
It would be recalled that the Service had, during the Huawei Connect 2023 held in Shanghai in October, 2023, expressed readiness to deploy some of the company’s latest products for use in its trade modernisation project.
The CGC, who urged Huawei’s company leadership to sustain their digitalisation services to NCS, also sought their support to collaborate with the Nigeria Customs Service to maintain their transformative journey with the company.
On his part, Xujing Xu, the Huawei Company’s Vice President of Smart Transportation, welcomed the delegation of the NCS led by Adeniyi and the Management Team of the Trade Modernisation Project (TMP) Limited, led by Chairman Saleh Ahmadu.
He expressed confidence that their collaboration will benefit all parties involved, noting that “the foundational work for this transformation is already underway”.
The TMP Chairman, Saleh Ahmadu, during his address, said Huawei is living up to expectations to deliver its mandate under the auspices of Trade Modernisation Project Limited.
He appreciated the support accorded to him by the CGC and his management team towards the success of the NCS Trade Modernisation Project.
In his bid to upscale the level of NCS modernisation, the Comptroller-General of Customs, alongside members of the Trade Modernisation Project led by Chairman Saleh Ahmadu, visited Lantan Port to witness the level of automation and technological solutions provided by Huawei and other tech partners.

In a related development, a training programme on Trends and Digital Solutions for Customs officials and the TMP team was organised by Huawei the same day, which focused on equipping officials with the necessary skills to navigate the digital landscape of modern trade.

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Business

NERC Declares Most Discos Insolvent 

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Most of the lectricity Distribution Companies (DisCos) in Nigeria have been said to be technically insolvent and unable to not only pay for invoices sent to them from the electricity market, but also invest in network expansion projects.
Speaking at the 8th Africa Energy Market Place 2024 in Abuja, Chairman of the Nigerian Electricity Regulatory Commission (NERC), Engr. Sanusi Garba, said the poor financial state of the DisCos makes it difficult for them to raise the needed capital to invest.
Garba noted that the challenges facing the sector were a culmination of past inactions and missteps by those saddled with the responsibilities of managing the sector, both at policy and operational levels.
According to him, “Today when you look at distribution companies, they are clearly and technically insolvent, and you also want them to raise capital in terms of debt or equity. It’s a herculean task.
“I also want to mention that implementing the power sector reform requires powerful political will to implement decisions that impact the wider public”.
On his part, the Minister of Power, Chief Adebayo Adelabu, said the government was working to get the distribution companies solvent and effective by unbundling their operations along state boundaries.
Adelabu insisted that the areas covered by the current DisCos are too large for them to deliver effective services to consumers.

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Business

PH To Get Two CNG Refuelling Stations, Vehicle Conversion Parks

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Rivers State Capital, Port Harcourt, is set to have two Compressed Natural Gas (CNG) refuelling stations as well as two Vehicle Conversion Parks.
The Chief Executive Officer, FEMADEC Energy Limited, Fola Akinola, revealed this at the South-South/South-East Stakeholders Engagement Meeting on Presidential Initiative on CNG held in Port Harcourt, Weekend
Akinola, who stated that modalities have been concluded on the project, stressed the need for investment by stakeholders as a way of driving home the initiative of the Federal Government to ease the gas plight of its citizens.
Akinola said, “CNG is an old technology. We want to tell you that you have the opportunity to convert your vehicle from fuel to CNG. The stations will be launched in Port Harcourt and we are launching a refueling unit alongside. Rivers State is going to have a micro refuelling unit at Stadium Road and in GRA.
“For those that want to invest in CNG refuelling units, it is available. Even those who have fuel station facilities can as well invest in this”.
Earlier, the Programme Director, Presidential Initiative on Compressed Natural Gas, Michael Oluwagbemi, noted that Rivers State was the heart of oil and gas Region, insisting that the initiative was for the good of the nation as a whole.
“The initiative of the government is critical to our national development and to the well-being of the people. Rivers State is the heart of the oil and gas region”, he stated.
Oluwagbemi, however, expressed regret that over the last five to six decades, these resources have continued to waste.
“Nigeria is the second largest waste of oil and gas. We exploit it and waste it, then continue to suffer poverty. The President has set us on natural gas features and set up the nation on the path of growth. The use of gas ensures we have energy savings. Mind you, the price of Natural gas is controlled by the government.
“What the President is asking is to do more with the blessings God has given us. If we are able to move three million vehicles in the next three years, we are going to end the era of environmental degradation”, he said.
The Programme Director further said, “We will stop subsidising poverty, importing unemployment and exporting jobs.

By: Lady Godknows Ogbulu

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