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FG Records Over N1trn Monthly Revenue From Subsidy Removal

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The Minister of Finance, Mr Wale Edun, has said the Federation Account is witnessing improved revenue inflow since the removal of subsidy from average of N650 million monthly to over N1 trillion in the last four months.
The Minister stated this on Monday in Asaba at the opening ceremony of a four-day retreat organised for members of the Federation Account Allocation Committee (FAAC) .
Represented by the Permanent Secretary, Finance, Special Duties, Mr Okokon Udo, the Minister said the government had for long, realised that petroleum subsidy was not sustainable.
According to him, subsidy regime eroded revenues that should had been available to fund viable expenditures that were critical to the well-being of the populace.
He said the present administration was mindful of the needs and welfare of Nigerians and assured that it would continue to implement peoples oriented policies..
“We all know that achieving tax revenue to Gross Domestic Product (GDP) target of 22 per cent and tax to GDP of 18 per cent by 2026 are parts of the cardinal objectives of this administration.
“However, in doing that we appreciate the needs not to overburden the tax payers by introducing so many new taxes.
“What is necessary to be done is to broaden the tax base, simplify and streamline tax administration for ease of collection”, he said.
Edun added that, “Among the prior activities of this government after coming into office, was the constitution of a Presidential Committee of Fiscal Policy and Tax Reforns.
“The committee has submitted an interim report which is full of optimism’’.
The Minister also noted that the present administration was not oblivious of the untold hardship faced by Nigerians, following the removal of fuel subsidy, and harmonisation of exchange rates.
He reassured that all the sacrifices made by people would never be in vain.
“Government is bent on ensuring that the economy bounces back to normal as we continue to consolidate on recovery efforts with focusing on achieving inclusive economic growth and development”, he stated.
According to him, President Bola Tinubu-led administration has so far put in place a well-structured palliative measures to cushion the economic consequences of the ongoing reforms.
On the theme of theme of the Retreat, “Creating a Resilient Economic through Diversification of the Nation’s Revenue”, the minister commended the choice, stressing that it was suitabl.
Edun also noted that retreat clearly outlined the urgent need to diversify the nation’s economy.
In an opening remark, Governor Sheriff Oborevwori of Delta tasked the Federal Government to muster the political will by putting necessary policy and institutional framework in place to diversify the nation’s economy.
The Governor, represented by his Deputy, Sir Monday Onyeme said that there was no magic wand to diversify the nation’s economy from over dependence on revenue from crude oil unless concerted efforts were made in other key sectors.
He noted that the diversification of the nation’s economy must go beyond mere rhetoric to concrete measurable steps by facilitating the non-oil exports such as agricultural products, manufactured goods and services as well as the expansion of the revenue base.
Oborevwori affirmed that Delta was taking the lead to diversify its economy by creating a Trade and Export unit to drive the process in order to make economic diversification a reality.
He noted that some schools of thought believed that the discovery of crude oil which led to the neglect of agriculture and other revenue yielding non-oil sectors of the economy was a curse.
Oborevwori said the country had not properly managed its oil wealth adding that it was worrisome that the oil sector contributed between five per cent and seven per cent of the nation’s GDP.
He added that the non-oil sector mostly agriculture, agribusiness, manufacturing and small scale enterprises contributed 93 per cent to 95 per cent, yet the bulk of public revenue was from the oil and gas sector.
“Statistics have made it more exigent for the government to grow the non-oil sector to widen the revenue base, nwhile ensuring that maximum benefits were derived from the e oil industry”, he said.
The Governor commended FAAC committee for its commitment to duty by enhancing revenue accruals into the federation account.
He urged the committee to look into the payment of 13 per cent derivation to oil producing states.
Oborevwori challenged the committee to use the retreat to address the concerns raised by stakeholders in respect of the new roles of the Nigeria National Petroleum Company Limited, among others by giving better understanding on their roles in the economic diversification of the country.
The Tide’s source, reports that Accountant Generals from the thirty six states and the FCT as well as other stakeholders such as the Customs are attending the retreat.

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Niger Delta

Ibom Developers Prioritise Health Through Medical Outreach Programmes In A’Ibom

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On February 6 and 7, 2024, Ibom Developers took a significant step towards improving the health and well-being of residents in the Ikot Okwo, Ikot Ikwot, and Ndauku communities of Ikot Abasi Local Government Area of Akwa Ibom State through its two-day comprehensive medical outreach programmes. Operating under the theme ‘Good Health Your Greatest Asset,’ the initiative’s primary goal is to facilitate the early resolution of community health issues, recognising the pivotal role that timely intervention plays in safeguarding the overall well-being of the community.
Good health is vital for the sustainable development of host communities, serving as a foundation for economic and social progress.
A healthy population is more productive, enabling greater workforce participation. Sound health reduces healthcare costs, encouraging economic stability. Socially, it enhances the quality of life, ensuring communities thrive.
Speaking at the events, Mrs. Dorothy Akpan Robert said, ‘‘Our community is grateful for this generous gesture, and we sincerely acknowledge Ibom Developers’ dedicated efforts and compassion. This initiative by the company empowers the community by fostering a culture of health consciousness and preventive care.’’
Public health involves preventing diseases, promoting health, educating communities, providing healthcare access, maintaining a healthy environment, and being prepared for emergencies. This helps build resilient communities, a priority for the company.
Also speaking, Chief Ukpe Uyo Amanama said, ‘‘Ibom Developers’ medical outreach programme is a testament to the transformative impact that community-driven health initiatives can have on the lives of individuals and the health landscape of a region.’’
The medical camps, conducted by Ibom Developers, targeted prevalent health concerns in the region, addressing key diseases that have a substantial impact on the communities, such as malaria, typhoid, blood pressure, cough, and skin rashes. Medical supplies were provided during the medical outreach programmes. Sugar tests were also conducted given the increasing rates of diabetes in the region. Those diagnosed were provided with guidance on lifestyle changes.
Dignitaries present at the programme were Mrs. Dorothy Akpan Robert – Women Leader, Ndauku Community; Prince Felix Albert – Vice Council Secretary, Ndauku Community; Chief Happy Negro Dickson – Compound Head of Dickson Family, Ndauku Community; Chief Akpan Amos – Compound Head of Ikot Esighe Family, Ndauku Community; Chief Akpan Amos – Compound Head of Ikot Esighe Family, Ndauku Community; Chief Ufot Frank Udoekpo – Compound Head of Udoekpo Family, Ndauku .

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Niger Delta

Edo Labour Party Aspirant Writes INEC Over Party Congress

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Labour Party (LP )aspirant for the Edo State governorship election, Olumide Akpata has said the political party is not ready for its primary poll.
The former President of the Nigerian Bar Association, (NBA), said this in a letter dated February 18 and addressed to Mahmood Yakubu, Chairman of the Independent National ELectoral Commission (IINEC) and alleged that the party leadership is plotting to handpick a candidate for the election.
It would be noted that the Labour Party had initially fixed February 22 as the date for the conduct of its primary but later shifted it to February 23.
The letter reads, “i write to you in my capacity as an aspirant for the Edo State gubernatorial ticket on the platform of the Labour Party.
“The purpose of this letter is to bring to your attention the lack of preparedness and transparency surrounding the labour party’s planned primaries to produce a gubernatorial candidate for the forthcoming gubernatorial elections in edo state.
“As you are aware, the Electoral Act 2022 mandates political parties to conduct transparent primaries to produce candidates and also mandates the Independent National Electoral Commission (“INEC” or “the commission”) to stipulate timelines for conducting these primaries.
“Numerous aspirants, including myself, have observed with dismay the conspicuous absence of transparency in the process, which has led to a mass exodus of aspirants from the race.
“All of the aspirants, without exception, who have withdrawn from the process so far, have voiced concerns about its undemocratic nature.
“While some have diplomatically cited “personal reasons” for withdrawing, others have been more forthcoming in directly alleging that the party leadership plans to handpick a preferred aspirant regardless of the outcome of any primaries held.”
Akpata added that his attempts to get the leadership of the party to provide accountability fell on deaf ears.
“I have become constrained to speak out at this point because my repeated attempts to get the party leadership to see reason and provide transparency around preparations for the primaries have failed to elicit any positive response.
“Rather, my candid inquiries have been met with disdain and an attempt to bully me into silence.
“I am aware that INEC has demonstrated courage in the past to stand on the side of due process in political parties and entrench internal party democracy. the LP’s primaries in Edo State provide you with another opportunity to walk the talk.
“Mr Chairman, if things go awry, it could result in pre-election disputes to which INEC will inevitably be joined as a necessary party, thereby tying down its already meagre resources and leaving the commission to grapple with yet another unnecessary and avoidable display that could have been averted had the right thing been done and the warning signs heeded.”

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Niger Delta

Gunmen Shoot Dead Councillor In Delta As Police Launch Manhunt

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A Councillor representing Owhase Ward in the Udu Local Government Area Legislative Council, Delta State, identified as Honourable Festus, has been shot dead by unknown gunmen.
The Tide’s source gathered that the councillor was shot in the head by gunmen on Monday at his residence.
The source who confirmed the incident to our source said his death was related to cult activities.
The State Police Public Relations Officer (PPRO), DSP Bright Edafe, who also confirmed the incident stated that the police had begun intense discreet investigation and manhunt of the assailants.
“Yes one Festus was shot on his head by unknown assailants, the wife informed the brother. We are searching for his killers,” Edafe said.

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