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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

INEC Woos Young Female Voters In Edo

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The Independent National Electoral Commission (INEC), Edo State office, has called on young female voters to be ambassadors of the commission ahead of the September 21 governorship election in the State.
The State Resident Electoral Commissioner (REC), Dr. Anugbum Onuoha, made the call in Benin at a one-day awareness campaign for young female voters to actively participate in the election.
Onuoha said as ambassadors of the commission, they were critical stakeholders who should sensitise their peers, parents and acquittance to shun violence and not engage in vote buying or selling.
He also urged them to sensitise the electorate on the need to vote for a candidate that they thought could bring development to the State.
“All of you are young girls and my advice to you is that your conscience should always be alive. If you sell your votes, you sell your future.
“Let us have an election that we will call our own. Election that will emanate from the collective will of the people.
“Let us have an election that is free and people will adjudge that, indeed, the election was free and fair.
“Even though the losers will always complain, let the majority of the people say this election was free and fair”, he said.
According to him, as you go to your various destinations, please, be an ambassador of INEC, take this message to every nooks and crannies of this State.
“That, this upcoming election, there should be no vote buying, and that nobody should use money to buy people’s conscience”, he added.
Onuoha, however, assured that INEC would conduct the election in line with the mission and vision of its mandate to conduct free, fair and credible elections.
Earlier, Victoria Eta-Messi, Director, Gender Relations, INEC said statistics showed that more males voted in the 2023 general election than the females.
She noted that young female voters were often marginalised in the political sphere due to restrictive laws, institutional barriers and discriminatory cultural practices.
According to her, this awareness campaign was part of effort to ensure that they understood their rights and the power of their votes.

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Niger Delta

LG Boss Pledges Support For Opobo Students

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The Caretaker Committee (CTC) Chairman of Opobo/Nkoro Local Government Council, Rt. Hon. Enyiada Cookey-Gam, has reaffirmed his dedication to the welfare and academic success of students from the area.
He made the promise during a courtesy visit by the Executives of the National Union of Opobo Students (NUOS) at his Port Harcourt residence.
Hon. Cookey-Gam, who emphasised his commitment to annual bursary payments, with the next round expected in 2025, clarified that bursary payments are an annual exercise, saying the last disbursement was in January 2024.
He disclosed plans to upgrade the student union secretariat, with the council’s engineer, Dandeson Diri, set to collaborate on the project.
The chairman directed the NUOS President to nominate a graduate for the position of Special Assistant on Student Affairs, while also pledging to consider the union’s request for an 18-seater bus to aid students’ transportation.
The NUOS National President, Comrade Noah Brown, along with other student leaders, expressed their gratitude and noted the significance of these initiatives to students’ welfare.
Also, the NUOS Senate President, Comrade Felix Toby, urged for continued efforts to ensure student needs are met, stressing that financial challenges should not hinder education.
Chief of Staff and IYC students representative, Comrade Clifford Oko Jaja, on his part, commended the students for their dedication and representation of the LGA in various campuses.
He noted that Hon. Cookey-Gam’s “ongoing support underscores his commitment to the educational advancement and overall wellbeing of Opobo/Nkoro students”.

Theresa Frederick & Charity Amiso

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Niger Delta

Okpebholo: Edo Denies Plan To Cause Crisis On Suspects’ Arrest

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The Edo State Government has denied any plan to cause mayhem should those responsible for the July 18 attack on Sennator Sunday Okpebholo and Philip Shaibu were arrested and prosecuted.
The Tide’s source recalls that Okpebholo, the governorship candidate of APC, and Shaibu, the just reinstated Deputy Governor of the State, were attacked on their arrival in Benin from Abuja by gunmen.
In the attack, a police officer was killed and many others injured.
The State Commissioner for Communication and Orientation, Chris Nehikhare, said in Benin that the Governor was only reacting to alleged plans by the opposition to rig the election come September 21.
Nehikhare said, in a statement, that the Governor planned to seek redress in court should the election be rigged.
The Commissioner said the Governor’s statement followed a call by the APC for the impeachment of Godwin Obaseki for allegedly calling for mayhem should the killers of a police officer in the Benin airport attack were arrested.
Nehikhare noted that the threat was only in respect to the forthcoming governorship election in the State.
He accused the APC of plotting to disrupt a peaceful election, citing the recent violence and mayhem caused by the party’s supporters.
“The APC has clearly shown their plan for the September 21 governorship election, which is to cause mayhem, make the state ungovernable, and take advantage of the chaos to manipulate the forthcoming governorship election”, he said.
The Commissioner advised the opposition to “read the mood of the nation” and stop what would lead to crisis in the country”.

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