Business
Attorneys- General Caution FIRS On Tax Deductions Recovery Threat
In response to a public notice issued by the Federal Inland Revenue Service (FIRS) that it will recover unremitted tax deductions by States and Local Governments, the Body of Attorneys-General of the 36 States of the Federation (BOAG), has warned the Federal Government agency to stop issuing threats to State Governments.
The group, which gave the warning in a communiqué issued at the end of its meeting in Lagos, condemned the public notice, asserting that they (States) are equal and not subservient to the Federal Government.
BOAG said it will send a written response to the FIRS, highlighting the agency’s erroneous position, saying that it lacks the power to impose any penalty on the states.
The communique was jointly signed by BOAG’s Chairman and Secretary, the Attorneys-General and Commissioner for Justice, Lagos State, Moyosore Onigbanjo, and his Nasarawa State counterpart, Dr Abdulkarim Kana.
On the Federal Government’s attempt to deduct states’ funds to offset a purported consultancy fee of N418 billion arising from the London/Paris Club Loan refunds, the conference resolved to continue to resist, through all legal means, the wrongful deductions of their funds under any guise.
The body advised the Federal Ministry of Justice, the Central Bank of Nigeria (CBN), and other relevant agencies to cease all further action on the matter pending the final resolution of an appeal filed on behalf of the States.
Regarding the court action over the right of states to collect Value Added Tax (VAT) and the subsisting judgment to that effect, the conference resolved that given its absence from the 1999 Constitution, VAT is a residual matter that falls within the exclusive legislative competence of each federating state.
Meanwhile, though the conference affirmed that the judgment of the Rivers Division of the Federal High Court supported the constitutional position that VAT is a residual matter, it added that it was not opposed to a political resolution of the dispute to balance fiscal federalism with equity.
According to the communique, “Regarding the FIRS’ threat to recovering unremitted Tax Deductions by States and Local Governments, the Conference stresses that State Governments are equal and not subservient to the Federal Government.
“BOAG condemns the constant and destabilising threats by Federal Government agencies to the Federating States.
“To that end, BOAG will send a written response to the FIRS, highlighting the agency’s erroneous position and that it lacks the power to impose any penalty on the states.
“Regarding current developments in the Administration of Justice across the 36 States/Inter-State Collaboration and the activities of the Lagos State Domestic and Sexual Violence Agency, BOAG encouraged the States to continue to share experiences on critical matters and areas of commonality in the administration of justice.’’
“BOAG encouraged all states on the use of technology in Court proceedings. It also commended inter-state collaboration in facilitating virtual hearings for police officers and witnesses outside the jurisdiction of the adjudicating court.
“On the issue of stamp duties, BOAG resolved to send its position paper opposing the proposed amendments to the Chairmen of the appropriate Senate and House of Representatives committees in the National Assembly.
“BOAG will write to the Senate president and speaker of the House stating its opposition to proposed amendments to the Stamp Duties Act. BOAG will publicly announce its opposition to the federal government’s proposed amendments to the Stamp Duties Act.
“BOAG will sensitize the governors of the various states concerning the detrimental effects of the Federal Government’s proposed amendments to the Stamp Duties Act. The consultant should present a position paper to BOAG outlining the appropriate steps to take on the matter”.
The conference also resolved to send a delegation to the National Assembly to make representations on the proposed amendment at the public hearing of the Amendment Bill adding that if the Bill crystallised into an Act, all 36 State Attorneys-General will file an action to declare the enactment null and void.
MoniePoint Inc. a digital financial firm in Nigeria, has said it is empowering community pharmacists across the country with innovative payment solutions to improve access to drugs.
The financial firm said it had also provided loans for pharmacists under the aegis of the Association of Community Pharmacists of Nigeria (ACPN) to drive healthcare delivery in the country.
MoniePoint in a release titled, “Inside Nigeria’s community pharmacies: How Moniepoint drives healthcare access with payments and funding”, has reaffirmed its commitment to providing digital payment solutions to improve health outcomes in Nigeria.
The release examined how community pharmacies play a crucial role as vital access points for medical care in Nigeria, especially in areas with limited hospital or clinic access.
According to the release, the ACPN National Chairman, Ambrose Igwekwam, highlighted the critical role played by community pharmacies in Nigeria’s healthcare system over the years.
Igwekwam, however, expressed concerns over the challenges confronting the nation’s pharmaceutical industry which he said was hindering access to affordable medicines.
The pharmacist listed poor infrastructural systems, power, transportation, regulatory bottlenecks, importation dependency, and limited research opportunities as major challenges facing the pharmaceutical sector.
He also stressed the need for robust collaborative efforts with institutions like Moniepoint to strengthen the sector.
“As Nigeria continues to grow, improving local pharma manufacturing to meet the demands of this growth presents a key opportunity for us all.
“There is also the African Continental Free Trade Area Agreement, which is expected to boost our industry, especially when we start producing our drugs locally, which will provide the much needed foreign exchange from exports.
“We are also seeing advancements in digital health and technology which would hopefully deepen the practice of e-prescription in Nigeria”, the ACPN boss said.
Corlins Walter
In order to enhance customer service and streamline operations, the Chartered Insurance Institute of Nigeria (CIIN) has called on stakeholders in the insurance industry to embrace Artificial Intelligence (AI).
The President of the institute, Yetunde Ilori, made this call at the 2024 Office Representatives Committee (ORC) Workshop, organised by the institute, with the theme “AI and the Future of the Insurance Industry”, in Lagos.
Ilori at the event, emphasised the importance of AI adoption, noting that it was not a threat to jobs but rather a tool to improve efficiency across the insurance sector.
“It is not about AI taking over our jobs, but about us using AI to simplify processes and give maximum satisfaction to all the customers we serve whether as underwriters, brokers, loss adjusters, or in educating our members”, she said.
The workshop, which brought players in the insurance sector together, aimed to address how AI could be leveraged to transform business processes and improve customer interactions.
The Chairman of the ORC, Monica Nwachukwu, underscored the role of AI in modernising the industry, adding, “AI can automate customer and claims processes, allowing insurers to provide faster and more efficient services to their customers”.
She explained how AI could help extract data from legacy systems, enhancing decision-making processes.
“By integrating AI with APIs, insurers can feed valuable data into AI solutions to improve operations and customer service”, she added.
In his address, the Managing Partner of A4S and Training Heights, Orlando Odejide, stressed the need for companies to align their strategies with future technologies like AI, especially as they prepare for 2025.
“Any organisation that wants to grow into the future must have its strategic plan in place. If your strategy for 2025 is not ready, it should be done by October”, he advised.
He encouraged participants to think critically about how AI could be integrated into their business models to ensure they remain competitive.
“The idea is for you to use this workshop as a platform to think about your organization and how AI can help streamline your processes and improve growth”, Odejide noted.
In order to gain global respect and recognition, the National Space Research and Development Agency (NASRDA) has reaffirmed its determination to pursue its goal in ensuring that Nigeria’s space capabilities are recognised on the world stage.
The agency also reaffirmed its commitment to positioning Nigeria as a key player in the global space economy.
In a statement by the Director of Media and Corporate Communications, Dr. Felix Ale, NASRDA revealed that the Director-General of the agency, Matthew Adepoju, emphasised this during recent engagements at the 79th United Nations General Assembly and the Nigerian Association of Chambers of Commerce, Industry, Mines and Agriculture (NACCIMA) and Global Alliance Business Association international conference in Michigan, United States.
The statement noted that Adepoju outlined a forward-thinking agenda, stressing the importance of Nigeria’s space programme as a leader in research, exploration, and technological innovation.
“Our goal is to ensure that Nigeria’s space capabilities are recognised on the world stage.
“We must foster collaborations with global space agencies to enhance our satellite capabilities and technological infrastructure”, he stated.
The NASRDA boss said the agency is focusing on enhancing satellite capabilities, expanding international collaborations, and leveraging space science for national development.
He said NASRDA will have no stone unturned in pursuit of excellence, ensuring the agency secures the necessary resources and recognition to propel it forward.
“The relationships we build today will pave the way for tomorrow’s advancements in space science.
“Innovation and progress thrive in an environment built on collaboration and inclusivity”, he stated.
He emphasised that with the support of the government, international partners, and a dedicated team, NASRDA is poised to make significant strides in the evolving global space landscape.
“We are on the brink of a new era for Nigeria’s space agency. Together, we will ensure our nation stands out in the global space economy”, he said.
Corlins Walter