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FG Set To Reduce Taxes To 9

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In order to create a more business-friendly environment, the Federal Government says it is working to reduce taxes from the current 62 to a maximum of nine.
The Chairman, Presidential Fiscal Policy and Tax Reforms Committee, Mr. Taiwo Oyedele, disclosed this, Tuesday, at the 2023 annual conference of the Institute of Chartered Accountants of Nigeria (ICAN) in Abuja.
He said the step had become imperative, as the current multiplicity of taxes had made tax administration cumbersome and ineffective.
Oyedele compared Nigeria’s tax revenue of N15.194 trillion in 2022 to the equivalent of N78 trillion revenue of South Africa, with only 10 taxes in the same period.
To achieve the tax reduction goal, he said administrative intervention and constitutional amendment would be required.
In her remarks, the Accountant -General of the Federation (AGF), Dr. Oluwatoyin Madein, noted that accountants played very critical roles and unique responsibilities in driving the nation’s development.
According to her, “transparency builds trust”, and such accountants must ensure accountability in both the public and private sectors.
The AGF tasked accountants to also address the unique needs of marginalised communities, with a view to ensuring inclusiveness of the various segments of the nation.
On his part, the President of ICAN, Dr. Innocent Okwuosa, warned against growing disparities across socio-economic lines in the country.
“We have chosen not to be silent on the disparities which we consider as a threat to our nation.  The wide gap between the rich and the poor is now a threat to the nation.  We have been consistent in demanding accountability from the three tiers of government.
“It is evident that addressing socio-economic disparities has become a moral imperative for nations, especially given the widening inequalities across various indictators.
“To rectify this situation, key measures should include bolstering fiscal management, rationalising preferential trade restrictions and tax exemptions.
“Such decisive actions would notably enhance the business environment, attract foreign direct investments and reduce inflation”, he stated.
Dr. Okwuosa added that there was need for inclusive development blueprint for Nigeria.
In a message, President Bola Tinubu promised to take steps to ensure economic development for all Nigerians.
He said in the message delivered by the Minister of Power, Mr. Adebayo Adelabu, that he was determined to create an “inclusive, equitable and prosperous Nigeria,” adding that “inclusivity is a moral responsibility”.
The President urged accountants to engage in robust discussions on transformative policies that would enhance inclusive development, adding that the administration was committed to learning from ICAN’s expertise to work towards a better future for all Nigerians.
In her remarks, the President of the International Federation of Accountants (IFAC), Ms. Asmaa Resmouki, accountants must develop their competences in order to achieve sustainability and transparency.
She said core competences must apply to business acumen and ethical behaviour.
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MoneyPoint Empowers Pharmacists With Payment Solutions 

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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

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Embrace AI, CIIN Urges Insurance Operators 

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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.

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NASRDA Reassures On Strengthening Nigeria’s Space Capability 

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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

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