Business
AfCFTA: Increase exports, stop relying on imported goods, Bello, Oscar, Sheidu-Shabi advise Nigerians
AfCFTA: Increase exports, stop relying on imported goods, Bello, Oscar, Sheidu-Shabi advise Nigerians
For Nigeria to take maximum advantage of the African Continental Free Trade Area (AfCFTA) opportunities to boost its export, the Federal Government must devise an actionable plan that will reduce its heavy dependence on importation of goods.
Leaders of the business community gave the position at the 2023 summit organised by City Business News Online in Lagos on Wednesday.
The noted that the high rate of importation had wreaked serious havoc on the Nigerian economy over the years.
Principal Partner, Justicia Legal Practitioners and former Executive Secretary, Nigerian Shippers Council (NSC), Hassan Bello, while calling for more exports explained that one of the major problems that Nigeria has is lack of proper planning.
He said, “The Apapa ports were built in the 80s, but no one thought that our population will rise from that time. And so, we began in a way that we don’t even have good roads for transportation. The railway was abandoned. I have never seen a country that has abandoned its rail system like Nigeria.
“Everything was moved by road, so we fancy that road until it came to the climax where the ports became congested and Nigeria losing trillions of naira.
“Why is it that there is no rail connection to the ports, and we have the same thing happening in Lekki now, so planning is part of our major problems.”
Speaking on the theme: “Repositioning Nigerian Economy: 2023 and Beyond” the Chairperson, Women in Logistic and Transport (WiLAT), Pharm Khadijat Ifelola Sheidu-Shabi, said she was hopeful that Nigeria would rise again, but it should look inward and initiate a shift from import-dependent to export-oriented economy.
Sheidu-Shabi said the women and the nation at large should take advantage of the African Continental Free Trade Area (AfCFTA) and maximize the opportunities to the benefit of the nation’s economy.
She said, “I know that we have export terminals coming up and these export terminals are growing. We need to increase our exportation and stop dependence on importation.
“Somebody said if we are denied everything imported, Nigeria will be the greatest country in the world, because he knows that Nigerians can do a lot. Our weakness is importation.
“We even import tissue paper. Tissue paper for crying out loud! We need to reposition. What can’t we do? Despite all our challenges, I want us to look at the positive side of us. We are survivors, we can build this country again.”
She however raised hope that the fuel subsidy withdrawal would make a difference in the economic development, if funds saved could be well managed.
“I know that the subsidy removal, forex liberalisation and insecurity have been our major challenges in recent times. We Nigerians are not lazy people. We live up to challenges. What is happening in our country today, if it happens in other countries, they would have gone to war, but we have been able to come out and we keep moving forward,” she said.
She enjoined the government to tackle the issue of insecurity headlong to create a safe atmosphere for Nigerians to farm and trade in agricultural produce.
Group Managing Director, Nigerian Exchange Group Plc, Oscar Onyema, said the economic situation of Nigeria gives rise to the need to explore other options of generating revenue and attracting investors both locally and internationally.
Oscar was represented at the event by Group Chief Investment Officer, Nigerian Exchange Group Plc, (NGX), Mr Tony Idugboe.
He said, “One of the key areas that could boost the economy as well as create enormous opportunities for investors is the capital market.
“Investing in the capital market gives the nation an opportunity to unlock new avenues for economic growth and development. Capital market serves as a platform for government and businesses to access funds from a broad range of investors, enabling then to expand, innovate, and create new job opportunities.”
Business
Over 60% firms, individuals not paying tax, says LCCI president, warns against overtaxing
Over 60% firms, individuals not paying tax, says LCCI president, warns against overtaxing
President and Chairman of Council, Lagos Chamber of Commerce and Industry LCCI, Gabriel Idahosa, has cautioned against the multiplicity of taxes by the Federal Government, saying the development was not good for the economy. Speaking on an Arise television show monitored in Abuja, Idahosa said it was not possible to begin to raise money for every little thing in government.
He said the federal government should instead increase the capacity of the Federal Inland Revenue Service FIRS to collect taxes, noting that not up to 40 percent of taxable persons and organizations were taxed. According to him, the countries that are most efficient in tax collection are the countries that have the minimum number of taxes.
His words: “It is not really possible to begin to raise money for every little thing in government. To levy for cyber security, industrial training, insurance, levy for police trust fund and others, the whole approach in recent times of trying to put levy on everything is simply not the way to manage public finance in any country.
“The business of raising revenue for government is assigned to a specific organization in government which is the Federal Inland Revenue Service FIRS in the case of Nigeria. It is the business of the FIRS to get revenue for all the services of the Federal Government of Nigeria. The countries that are most efficient in tax collection are the countries that have the minimum number of taxes.
READ ALSO:
- No worker can survive on less than N100,000 minimum wage – Shehu Sani
- DSS manhandles two workers in N’Assembly
- 11 pipeline vandals arrested in Benue
It has been established during the time of the Taiwo Oyedele Tax Reform Commission that some of the levies and taxes that you create does not translate into significant increase in revenue and in any country, the agencies in charge of activities like these, whether it is high level intelligence or security, are funded from the budget of the country and the way they are funded usually is not a matter for public conversation. Nobody exposes the way the intelligence agencies of countries are funded.
“The technical issue of whether the Act was correct or not is minor. The big issue is should government of Nigeria encourage all agencies to be coming with all manner of levies for every single thing. You want something on health and you have a levy, in security you have a levy etc. That should be the more important conversation, that there should be a concerted effort to increase the capacity of the FIRS to do the job of revenue collection.
As we speak, not up to 40 percent of taxable persons are taxed. The first thing to do is to bring all taxable people into the net and then tax them accordingly. You don’t even need to raise the tax. More than 60 percent of taxable organizations and individuals are not paying tax. That should be the focus. The first level of taxation is identity. Identify economic actors at all levels right to the remotest villages.
The capacity of the FIRS to reach tax payers across the country was not built over time but with the dwindling of oil revenue, that capacity has been increased. You are beginning to see FIRS offices in several parts of the urban areas and state capitals but more than 60 percent of Nigerian businesses are not in the urban areas or state capitals. Any country that wants to collect tax, has to go very granular. Businesses that exist in every village must be taxed and that is where the FIRS is moving slowly but steadily”, he stated.
Over 60% firms, individuals not paying tax, says LCCI president, warns against overtaxing
Aviation
FAAN begins sale of e-tags at airports
FAAN begins sale of e-tags at airports
The Federal Airport Authority of Nigeria (FAAN) on Friday commenced the sale of electronic tags (e-tags) at airports.
The initiative, it said in a statement, was in line with the presidential directive that mandating the use of e-tags for accessing the nation’s federal airports.
“Following the presidential directive that all citizens are mandated to pay for e-tags at all the 24 federal airports across the country, we wish to inform the general public that the e-tags are available for sale from Friday, 17th May, 2024 at the following locations,” FAAN said.
“Lagos: Murtala Muhammed International Airport Lagos, Terminal 1, 5th Floor) Office of HOD Commercial. Contact: 08033713796 or 08023546030.
“Abuja: Nnamdi Azikiwe International Airport, HOD Commercial Office (General Aviation Terminal) Contact: 08034633527 or 08137561615.”
FAAN however said there would be an option to pay in cash at the access gates for motorists without e-tags.
On May 14, Minister of Aviation and Aerospace Development, Festus Keyamo, announced that everyone, including the President and Vice President, would pay tolls at the airports.
Keyamo said the government was losing over 82 per cent of the revenue it should have earned from the access fee.
Business
Your pension funds safe, won’t be accessed illegally, FG tells workers
Your pension funds safe, won’t be accessed illegally, FG tells workers
Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun, says the Federal Government has no plans of illegally accessing the N20 trillion pension funds for infrastructure development.
He said noone should entertain any fear over the safety of the contributions of workers that make up the pension funds.
Edun had earlier said the spoken on a move to use the pension funds as part of the government’s efforts to bridge Nigeria’s estimated 20 million housing deficit, and provide massive housing and mortgage loans at 12 per cent interest rates, with 25-year repayment plans.
The minister’s comments had elicited serious reactions from notable groups and Nigerians, including the organised labour and a former Vice President, Alhaji Atiku Abubakar, who advised the government to suspend the move.
Atiku said the move was potentially disastrous for retired Nigerians dependent on their pensions.
But in a statement personally issued on Thursday, Edun said the stories making the rounds that the government planned to illegally access the savings and pension contributions of workers were false.
He stated that the pension industry was guided by rules, adding that the government would be strictly guided by extant rules in accessing the pension funds of workers.
The minister stressed that government would not go outside the stipulated limitations on what the funds could be invested in.
The statement read in partu, “It has come to my notice that there are stories making the rounds that the Federal Government plans to illegally access the hard-earned savings and pension contributions of workers. Nothing could be farther from the truth.
“The pension industry, like most the financial industries, is highly regulated. There are rules. There are limitations about what pension money can be invested in and what it cannot be invested in.
“The Federal Government has no intention whatsoever to go beyond those limitations and go outside those bounds, which are there to safeguard the pensions of workers.
“What was announced to the Federal Executive Council was that there was an ongoing initiative drawing in all the major stakeholders in the long-term saving industry, those that handle funds that are available over a long period to see how, within the regulations and the laws, these funds could be used maximally to drive investment in key growth areas, including infrastructure, housing, and, of course, to find a way to provide Nigerians with affordable mortgages.
“Within this context, there is no attempt, nor is it being considered, to offer unsafe investments for pension funds or even insurance funds or any investment funds.
“No attempt whatsoever to increase the risk. No attempt whatsoever to lower the returns that would otherwise be earned.”
Nigeria will stop fuel importation by June – Dangote
Rainstorms kill seven, many others injured
Olanipekun, Yayale, Elechi, Yusuf Ali, others named higher institutions’ governing council chairmen
-
Business2 days agoDollar crashes against Naira at official market
-
News1 day agoUsing pre-registered SIM card may land you in jail, NCC warns
-
metro2 days agoThree police officers sentenced to life imprisonment in Anambra
-
News2 days agoWike, Fubara are ego-driven, crude – Reno Omokri
-
metro23 hours agoFire guts new NNPCL tank farm in Lagos
-
International2 days agoUK says it’s developing radio frequency to blast out drones
-
News2 days agoUpdated: Reps condemn assault on Nasarawa female doctor by patient family
-
News1 day agoPolice grill Osun monarch, Ataoja of Osogbo, over petition