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Reps Move To Block $30bn Annual Revenue Leakages

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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.

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Kwankwaso Agrees To Rejoin APC, Gives Terms, Conditions

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The 2023 presidential candidate of the New Nigeria People’s Party (NNPP), Sen. Rabiu Musa Kwankwaso, has given terms and conditions to rejoin the All Progressives Congress (APC).
Sen. Kwankwaso, while addressing a gathering at his Kano residence, said any political alliance must recognise and respect the interests of his party and political movement.

The former two-term governor went down memory lane to recall how they founded the APC but were used and dumped.

In his words, “…those calling on us to join APC, we have agreed to join the APC but on clear agreement that protects and respects the interest of my party, NNPP and my political movement, Kwankwasiyya. No state where you go that you don’t have NNPP and Kwankwasiyya. We have gubernatorial candidates, senatorial candidates and others.

“We are ready to join APC under strong conditions and promises. We will not allow anyone to use us and later dump us.

“We were among the founding fathers of the APC and endured significant persecution from various security agencies while challenging the previous administration.

“Yet when the party assumed power, we received no recognition or appreciation for our sacrifices, simply because we didn’t originate from their original faction.

“We are not in a hurry to leave the NNPP; we are enjoying and have peace of mind. But if some want a political alliance that would not disappoint us like in the past, we are open to an alliance. Even if it is the PDP that realised their mistakes, let’s enter an agreement that will be made public,” Sen. Kwankwaso stated.

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I Would Have Gotten Third Term If I Wanted – Obasanjo 

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Former President Olusegun Obasanjo has dismissed long-standing claims that he once sought to extend his tenure in office, insisting he never pursued a third term.

Speaking at the Democracy Dialogue organised by the Goodluck Jonathan Foundation in Accra, Ghana, Chief Obasanjo said there is no Nigerian, living or dead, who can truthfully claim he solicited support for a third term agenda.

“I’m not a fool. If I wanted a third term, I know how to go about it. And there is no Nigerian, dead or alive, that would say I called him and told him I wanted a third term,” the former president declared.

Chief Obasanjo argued that he had proven his ability to secure difficult national goals, citing Nigeria’s debt relief during his administration as a much greater challenge than any third term ambition.

“I keep telling them that if I could get debt relief, which was more difficult than getting a third term, then if I wanted a third term, I would have got it too,” he said.

He further cautioned against leaders who overstay in power, stressing that the belief in one’s indispensability is a “sin against God.”

On his part, former President Goodluck Jonathan said any leader who failed to perform would be voted out of office if proper elections were conducted.

Describing electoral manipulation as one of the biggest threats to democracy in Africa, he said unless stakeholders come together to rethink and reform democracy, it may collapse in Africa.

He added that leaders must commit to the kind of democracy that guarantees a great future for the children where their voices matter.

He said: “Democracy in Africa continent is going through a period of strain and risk collapse unless stakeholders came together to rethink and reform it. Electoral manipulation remains one of the biggest threats in Africa.

“We in Africa must begin to look at our democracy and rethink it in a way that works well for us and our people. One of the problems is our electoral system. People manipulate the process to remain in power by all means.

“If we had proper elections, a leader who fails to perform would be voted out. But in our case, people use the system to perpetuate themselves even when the people don’t want them.

“Our people want to enjoy their freedoms. They want their votes to count during elections. They want equitable representation and inclusivity. They want good education. Our people want security. They want access to good healthcare. They want jobs. They want dignity. When leaders fail to meet these basic needs, the people become disillusioned.”

The dialogue was also attended by the President of the ECOWAS Commission, Dr. Omar Touray, Bishop Matthew Hassan Kukah of the Sokoto diocese of Catholic Church among others who all stressed that democracy in Africa must go beyond elections to include accountability, service, and discipline.

 

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Rivers Assembly Resumes Sitting After Six-Month Suspension

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The Rivers State House of Assembly yesterday resumed plenary session after a six-month state of emergency imposed on the state by President Bola Tinubu elapsed on Wednesday midnight.

President Bola Tinubu had lifted the emergency rule on September 17, with the Governor of the state, Siminalayi Fubara, his deputy, Ngozi Odu, and members of the state assembly asked to resume duties on September 18.

The plenary was presided over by the Speaker of the House, Martins Amaewhule, at the conference hall located within the legislative quarters in Port Harcourt, the state capital.

The conference hall has served as the lawmakers’ temporary chamber since their official chamber at the assembly complex on Moscow Road was torched and later pulled down by the state government.

The outgone sole administrator of the state, Ibok-Ete Ibas, could not complete the reconstruction of the assembly complex as promised.

Recall that on March 18, President Bola Tinubu declared a state of emergency in Rivers following the prolonged political standoff between Fubara and members of the House of Assembly loyal to the Minister of the Federal Capital Territory, Nyesom Wike.

He subsequently suspended the governor, his deputy, Ngozi Odu, and lawmakers for six months and installed a sole administrator, Vice Admiral Ibok-Ete Ibas (rtd.), to manage the state’s affairs.

The decision sparked widespread controversy, with critics accusing the president of breaching the Constitution.

However, others hailed the move as a necessary and pragmatic step.

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