Protesters insist on street rallies, reject IGP confined locations proposal – Newstrends
Connect with us

News

Protesters insist on street rallies, reject IGP confined locations proposal

Published

on

Protesters insist on street rallies, reject IGP confined locations proposal 

Inspector General of Police (IGP) Kayode Egbetokun on Tuesday held a virtual meeting with promoters of the planned nationwide protest where he proposed holding the event in confirmed locations for adequate security and protection.

But the organisers turned down the suggestion and insisted on street demonstration.

The mass action expected to begin on August 1 is a protest against bad governance and unpopular economic policies of the government inflicting hardship on the majority of Nigerians.

At a meeting with the organisers on Tuesday, Egbetokun said, “It is not advisable to go on street processions because as you are planning a protest, some are planning violence.”

However, Ebun-Olu Adegboruwa (SAN), a lawyer to the Take It Back Movement, one of the groups organising the nationwide protests, rejected the proposal of the IGP.

Human rights lawyer Femi Falana (SAN), representatives of the Nigerian Bar Association (NBA), and leaders of civil society organisations also attended the virtual meeting.

Adegboruwa named some of the points of convergence for the protests as Eagle Square, Abuja; Alausa Park, Lagos; Akpakpava Lane, Benin City; School of Agric, Bauchi; Rosewale Filling Station, Iwo Road, Ibadan; Maiduguri Roundabout, opposite State Stadium, Damaturu, Yobe State; Rainbow Roundabout and Pantani Stadium, River and Freedom Park, Osogbo.

Speaking at Tuesday’s meeting, Egbetokun warned against street processions which he said could be hijacked by criminals and enemies of the state.

“Confining peaceful protesters to particular locations will help us a lot,” the IGP said.

But Adegboruwa said there would be street processions before protesters converged on the specific locations already sent to the police.

“Our letter to the Inspector General of Police indicates that there will be processions that will be guided to achieve peace during the protests,” he said, noting that leaders will also make speeches on the days of the protest.

The lawyer assured the IGP that the organisers would not be destructive.

Egbetokun in his response said, “I will not be able to guarantee security for your members if you embark on street processions.

“I believe that a peaceful protest in a confined location will be safe.”

The police boss quickly added that if Commissioners of Police in states across the Federation have enough manpower, they could deploy their men to guard protesters during street processions.

He advised the organisers to contact police commands in their various locations to notify them of their requests for security cover during street procession and confined protests.

News

Ex-Reps Speaker Dogara backs Tax Reform Bills

Published

on

Former Speaker of the House of Representatives, Yakubu Dogara

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.

READ ALSO:

“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

Continue Reading

News

$2.2bn Eurobond oversubscription by 300% pass mark for Tinubu’s reforms – Finance minister

Published

on

Minister of Finance and Coordinating Minister of the Economy, Mr. Olawale Edun

$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.”

READ ALSO:

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

Continue Reading

News

Tax reform bills not to impoverish the north – Presidency

Published

on

Bayo Onanuga, special adviser on Information & Strategy

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.

READ ALSO:

“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.

“The proposal, as contained in section 59(3) of the Nigeria Tax Bill, only seeks to consolidate some of the earmarked taxes imposed on companies and replace them with a single tax to be shared with the key agencies as beneficiaries in a phased manner until 2030.

“The time frame offers ample opportunity for the affected agencies to explore other funding sources in addition to budgetary allocations in line with the constitution and international best practices.

“It is a misrepresentation of facts to conclude that changing an agency’s funding source amounts to scrapping it. None of the countries leading globally in education, science, engineering, or information technology have similar earmarked taxes.

“The government imposes major taxes, be it income tax, consumption tax, or other taxes, to channel resources to its areas of priority at the time. Imposing a separate tax to fund an agency is an aberration that has yet to yield results despite the huge burden on businesses. The tax bill seeks to address this problem.

“Relevant stakeholders and public analysts owe it a duty to properly educate themselves about the bills’ contents and avoid misleading the public for any reason. We may be entitled to our opinions, but such views must be informed and based on facts, not emotions targeted at inflaming passions.

“In a period like this, when our people across the country look up to leaders for guidance and direction on matters of public importance, such as the Tax Reform Bills, leaders should be more measured in their public utterances to avoid heating the polity and polarising the country unduly.

“President Tinubu welcomes the public interest these bills have generated. He encourages leaders across the country, including Governors, Traditional rulers, Civil Society Activists, Students, trade associations, professional associations, and the general public, to take advantage of the Public Hearings that the National Assembly will organise to present their views on how best to reform our taxes and fiscal regime.

“What is never in doubt is the imperative of changing the existing tax laws and administration that have become obsolete and unhelpful in achieving the growth and development we desire for our country.

 

Tax reform bills not to impoverish the north – Presidency

Continue Reading

Trending