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Adopt national confab recommendations on security, others, S’West leaders tell FG
South-West leaders including state governors, traditional rulers and ministers have demanded a review of the nation’s architecture and reports of the 2014 and previous national conferences and adopt relevant recommendations on security and other troubling national issues.
The meeting hosted by Lagos State Government hosted was at the instance of all the six governors of the region, to forge a common front with traditional institutions in addressing the issues that led to the recent nationwide youth protest, which ended in violence.
President Muhammadu Buhari was represented at the event by his Chief of Staff, Prof. Ibrahim Gambari.
Current members of the Federal Executive Council (FEC) from the region and the Inspector General of Police (IGP), Muhammed Adamu, attended the event.
This obviously is the fallout of the threat resulting from the recent destruction of key public and private assets in Lagos and other states in the unrest that followed the #endSARS protests and sought to find the way forward.
The leaders, in a communique issued after the meeting stated and signed on behalf of the participants by Chairman of the South-West governors, Governor Rotimi Akeredolu of Ondo State and Ooni of Ife Oba Enitan Ogunwusi, stated, called for a “review of reports of constitutional conferences including 2014 National Conference and implement some of the recommendations, especially with reference to security, economy and equal treatment for citizens all over the country.”
They stated, “The security architecture of the country requires adjustment to adequately address the threats and realities of insecurity in the country. There should be more police presence in communities in the South west states.
“While there are legitimate concerns contained in the initial ENDSARS movement, these have been hijacked by criminal and other elements with ulterior and negative forces and degenerated into anarchy.
“There is a need to undertake preventive actions aimed at prevention of repeat of what happened in the country following the ENDSARS demonstrators. Security needs to be strengthened in all states.
“We wish to encourage the Nigeria Police by responding to their needs and appeal to them to do more to protect lives and properties and enhance security all over the country.”
They noted that the prolonged closure of the border had caused economic difficulties and sought its review with a view to permitting the resumption of economic and trading activities.
The need to address youth unemployment and empowerment was also raised and demanded a comprehensive programme on this.
“We recognize the damaging and negative impact of fake/false news and worry about its destructive and dangerous potency of fake news. We call on Federal Government to use the instrumentality of existing laws and those regulations bench-marked from other countries to provide safeguards against the spread of fake news. 2015 Cyber Act will also be fully used.
“The Federal Government should ensure that technology is used effectively for the advancement of the Nigerian security and not its destruction by working with the technology cum social media platforms like Facebook, Twitter, Instagram etc. The regime of checks and gate keeping should be fully employed,” the communiqué stated.
On the prolonged faceoff between the FG and university lecturers, the leaders called for urgent resolution of the crisis so that students could return to school in earnest.
They also “endorse the call by traditional rulers call for regular consultations with state governors and federal authorities on challenges facing the state and for appropriate recognition of their role in the constitution.”
Earlier at the meeting, President Buhari, who spoke through Professor Gambari, had said the political class must go beyond the lip service and equip the young people with skills that would make them competitive in market.
He said, “Our government’s efforts are emerging from multiple levels. The vice president and governors are designing an engagement framework through the National Economic Council that will be rolled out across states of the federation.
“Chief among them is police reform across all its dimensions; community policing as an additional layer that can resolve some of our security issues.”
Ministers who attended were Lai Mohammed (Information and Culture), Babatunde Fashola (Works and Housing), Olurunnimbe Mamora (Health – State), Rauf Aregbesola (interior), Olamilekan Adegbite (Mines and Steel Development), Niyi Adebayo (Industry, Trade and Investment) and Sunday Dare (Youth and Sports).
Royal fathers in attendance are The Ooni of Ife, Oba Adeyeye Ogunwusi, the Alaafin of Oyo, Oba Lamidi Adeyemi, Olugbo of Ugboland, Oba Akinruntan Obateru, Oba of Lagos, Oba Rilwan Akiolu, the Alawe of Ilawe Ekiti, Oba Adebanji Alabi and Olu of Ilaro, Oba Kehinde Olugbenle.
Also at the forum are the Olubadan of Ibadanland, Oba Saliu Adetunji; the Ayangburen of Ikorodu, Oba Kabiru Sotobi; the Olowo of Owo, Oba Olateru Olagbegi; the Orangun of Oke-Ila, Oba Adedokun Abolarin, among others.
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Ex-Reps Speaker Dogara backs Tax Reform Bills
Ex-Reps Speaker Dogara backs Tax Reform Bills
Former Speaker of the House of Representatives, Yakubu Dogara, has urged Nigerian governors to contribute constructively to the controversial Tax Reform Bills rather than attempting to block them. Dogara made this appeal during a town hall meeting on the bills, broadcast by Channels Television.
He dismissed claims that the timing of the bills and the alleged lack of consultation with governors were sufficient reasons to halt the reforms.
Dogara prioritised national interest over regional or sectional biases in addressing the country’s challenges.
“When I decided to join this discussion, I received numerous calls pleading with me not to show up,” Dogara revealed. “But I believe leadership demands engagement, even when there are disagreements. We must rise above sectionalism and approach this with a national leadership mindset to solve our problems.”
The former Speaker also criticized governors, particularly from the North, for raising concerns about consultation. He argued that many governors fail to engage stakeholders when enacting laws in their states.
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“At the state level, how many people do governors consult when making laws? In some cases, these laws are written from their living rooms,” Dogara said. “Should the process stop because governors were not fully engaged? To me, the answer is no.”
Baba Yusuf, Group CEO of Global Investment and Trade Company, emphasized that the proposed tax reforms would benefit the North significantly.
He highlighted that the legal frameworks could address about 70% of the region’s multidimensional poverty. Yusuf also encouraged citizens to review the bills independently rather than relying solely on political leaders.
Taiwo Oyedele, Chairman of the Presidential Committee on Tax Reform, stated that extensive consultations were conducted with major stakeholders, including governors. He noted that most stakeholders overwhelmingly supported the bills.
Oyedele dismissed concerns raised by Governor Babagana Zulum of Borno State, who argued that the reforms might leave Northern states unable to pay minimum wage. “Our analysis and data do not support that fear,” Oyedele said.
The town hall discussion highlighted the need for constructive dialogue and leadership to ensure the successful implementation of the tax reforms, which are crucial for addressing Nigeria’s economic challenges.
Ex-Reps Speaker Dogara backs Tax Reform Bills
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$2.2bn Eurobond oversubscription by 300% pass mark for Tinubu’s reforms – Finance minister
$2.2bn Eurobond oversubscription by 300% pass mark for Tinubu’s reforms – Finance minister
The diverse range of subscriptions from multiple investors (local and foreign) to Nigeria’s $2.2 billion Eurobonds is a testament of the confidence in President Bola Ahmed Tinubu’s economic reforms, Minister of Finance and Coordinating Minister of the Economy, Mr. Olawale Edun, said yesterday.
The Eurobond had been oversubscribed by 300 per cent by investors from the United Kingdom (UK), North America, Europe, Asia and Middle East as at yesterday.
According to the minister, the peak orderbook of $9.0 billion was an expression of continued investor confidence in Nigeria’s sound macro-economic policy framework and prudent fiscal and monetary management.
The demand for the bonds came from a combination of fund managers, insurance and pension funds, hedge funds, banks and other financial institutions.
Edun said: “The successful issuance signposts increasing confidence in ongoing efforts of President Bola Tinubu administration to stabilise the Nigerian economy and position it on the path of sustainable and inclusive growth for the benefit of all Nigerians.
“The broad range of investor appetite to invest in our Eurobonds is encouraging as we continue to diversify our funding sources and deepen our engagement with the international capital markets.”
Central Bank of Nigeria (CBN) Governor Olayemi Cardoso said the outcome underscored the growing confidence of investors and the resilience of the Nigerian credit.
He described the strong demand as Nigeria’s “improved liquidity position and continued access to international markets to support the financing needs of the government.”
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Director-General, Debt Management Office (DMO), Ms. Patience Oniha said with the successful pricing of the bond notes on intra-day basis, Nigeria has registered a landmark achievement in the international capital market.
According to her, the size of the orderbook at approximately more than four times of the offer amount, and the strong and diverse investor base helped in pricing the new bond notes.
“The DMO remains committed to maintaining transparency and open communication with investors and stakeholders and appreciates the continued confidence and support of the international and Nigerian investors who participated in the pricing.”
She added that the new notes would be admitted to the official list of the UK Listing Authority and they are available for trade on the London Stock Exchange’s regulated market, the FMDQ Securities Exchange Limited and the Nigerian Exchange (NGX)
“The proceeds from this Eurobond issuance will be used to finance the 2024 fiscal deficit and support the government budgetary needs,” Ms. Oniha said.
Nigeria mandated Chapel Hill Denham, Citigroup, Goldman Sachs, J.P. Morgan and Standard Chartered Bank as Joint Bookrunners.
FSDH Merchant Bank Limited acted as Financial Adviser on the issuance.
The Eurobond attracted about $9 billion subscriptions in overwhelming show of enthusiasm by the international capital market for long-term investments.
The Eurobond offer, launched yesterday by the Federal Government, is the first in more than two years.
It offers two tenors of a six and half years and 10 years Eurobonds. Both medium-tenor and long-tenor bonds were massively oversubscribed.
$2.2bn Eurobond oversubscription by 300% pass mark for Tinubu’s reforms – Finance minister
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Tax reform bills not to impoverish the north – Presidency
Tax reform bills not to impoverish the north – Presidency
The presidency has said no part of the controversial tax reform bills is meant to impoverish the northern part of the country.
In a statement by Bayo Onanuga the Special Adviser to President Tinubu on Information and Strategy, the presidency denied that the bills recommend the scrapping of the Tertiary Education Trust Fund (TETFUND), The National Agency for Science and Engineering Infrastructure (NASENI) and the National Information Technology Development Agency (NITDA) .
The statement read, “Since the public debate around the transformative tax bills before the National Assembly began in the last few weeks, various political actors and commentators have tried to obfuscate the facts, deliberately misinforming and misleading the public.
“Unfortunately, most reactions are not grounded in facts, reality, or sufficient knowledge of the bills. While some commentators have attempted to incite the people against lawmakers, others have polarized one section of the country against another.
“The tax reform bills will not make Lagos or Rivers more affluent and other parts of the country, as recklessly canvassed, poorer. The bills will not destroy the economy of any section of the country. Instead, they aim to enhance the quality of life for Nigerians, especially the disadvantaged, who are trying to make a living.
Contrary to the lies being peddled, the bills do not suggest that NASENI, TETFUND, and NITDA will cease to exist in 2029 after the passage of the bills.
“Government agencies, such as NASENI, TETFUND, and NITDA, are funded through budgetary provisions with company income tax and other taxes paid by the same businesses that are being overburdened with the special taxes.
One reason President Bola Tinubu embarked on the Tax and Fiscal Policy Reforms is the need to streamline tax administration in Nigeria and make the operating environment conducive for businesses.
For decades, businesses, investors, and private sector players in Nigeria have complained of being overburdened by a myriad of taxes and levies, including those earmarked to fund various government agencies and initiatives.
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“The multiple taxes complicate the economic environment, making Nigeria uncompetitive for investment and preventing many businesses from growing or continuing their operations. Some companies have had to make the rational decision to relocate to other countries. We can not continue on this path or wait for 20 years if this country is to deliver the prosperity we need for our people.
Tax reform bills not to impoverish the north – Presidency
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