FG begins yam production, storage centres in Oyo, others – Newstrends
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FG begins yam production, storage centres in Oyo, others

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The Federal Government says it is establishing production and storage centres for yam in many states such as Oyo, Ekiti, Nasarawa, Niger, Benue and Kogi.

Minister of Agriculture and Rural Development, Alhaji Sabo Nanono, stated this at a yam stakeholders’ meeting in Abuja.

The minister, represented by a director in the ministry, Mrs Karim Babangida, said the ministry was already enlisting the active participation of state governments, youths, women and other key stakeholders to boost capacity and production in the sector.

He said, “The ministry on its part has included yam as a priority crop in 2020 fiscal year out of over 28 crops being promoted in the ministry.

“This year, the ministry has established an aeroponics system in Oyo State for the production of clean seed yam; established cold storage facilities in Oyo, Ekiti and Benue states; construction of modern yam storage facility in Nasarawa State has been completed.

“10,000 node vine cuttings and 80,000 clean foundation seed yams were distributed to elite farmers in Imo State while 75,000 yam seeds were distributed to farmers in Ibadan.

“In addition, the ministry has introduced dry season yam farming using Benue and Nasarawa states as pilot states while plans are under way to distribute seed yams to farmers in Kogi, Niger and Taraba for dry season farming.

“The ministry is collaborating with relevant Research Institutes for the production and distribution of disease free foundation seed yam and value addition. These efforts are aimed at developing the yam sector while cushioning the effect of COVID-19 pandemic.”

He said the last restriction of movement negatively affected the food supply chains, incomes and livelihoods in the country.

“Since smallholders are the most vulnerable, it become imperative for the government to bring together stakeholders in the yam sector in order to chart the way forward along the value chains so as to cushion the effect of the COVID-19 pandemic.

“It is hoped that this effort and other complementary interventions by different stakeholders will make the government to increase the resilience of farmers and the national food systems in general,” he added.

“Understandably, therefore, if we must sustainably feed our teeming population of about 200 million people and our neighbouring countries that rely on Nigeria for some of their food requirements; the yam sector must be developed along its value chain,” he noted.

The minister, however, expressed hope that the suggestions emanating from the meeting would guide the government to improve more on the current attention given to yam development in the ministry.

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Over 60% firms, individuals not paying tax, says LCCI president, warns against overtaxing

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President and Chairman of Council, Lagos Chamber of Commerce and Industry LCCI, Gabriel Idahosa

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.

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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

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FAAN begins sale of e-tags at airports

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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.

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Your pension funds safe, won’t be accessed illegally, FG tells workers

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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.”

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