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FG Records Over N1trn Monthly Revenue From Subsidy Removal

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The Minister of Finance, Mr Wale Edun, has said the Federation Account is witnessing improved revenue inflow since the removal of subsidy from average of N650 million monthly to over N1 trillion in the last four months.
The Minister stated this on Monday in Asaba at the opening ceremony of a four-day retreat organised for members of the Federation Account Allocation Committee (FAAC) .
Represented by the Permanent Secretary, Finance, Special Duties, Mr Okokon Udo, the Minister said the government had for long, realised that petroleum subsidy was not sustainable.
According to him, subsidy regime eroded revenues that should had been available to fund viable expenditures that were critical to the well-being of the populace.
He said the present administration was mindful of the needs and welfare of Nigerians and assured that it would continue to implement peoples oriented policies..
“We all know that achieving tax revenue to Gross Domestic Product (GDP) target of 22 per cent and tax to GDP of 18 per cent by 2026 are parts of the cardinal objectives of this administration.
“However, in doing that we appreciate the needs not to overburden the tax payers by introducing so many new taxes.
“What is necessary to be done is to broaden the tax base, simplify and streamline tax administration for ease of collection”, he said.
Edun added that, “Among the prior activities of this government after coming into office, was the constitution of a Presidential Committee of Fiscal Policy and Tax Reforns.
“The committee has submitted an interim report which is full of optimism’’.
The Minister also noted that the present administration was not oblivious of the untold hardship faced by Nigerians, following the removal of fuel subsidy, and harmonisation of exchange rates.
He reassured that all the sacrifices made by people would never be in vain.
“Government is bent on ensuring that the economy bounces back to normal as we continue to consolidate on recovery efforts with focusing on achieving inclusive economic growth and development”, he stated.
According to him, President Bola Tinubu-led administration has so far put in place a well-structured palliative measures to cushion the economic consequences of the ongoing reforms.
On the theme of theme of the Retreat, “Creating a Resilient Economic through Diversification of the Nation’s Revenue”, the minister commended the choice, stressing that it was suitabl.
Edun also noted that retreat clearly outlined the urgent need to diversify the nation’s economy.
In an opening remark, Governor Sheriff Oborevwori of Delta tasked the Federal Government to muster the political will by putting necessary policy and institutional framework in place to diversify the nation’s economy.
The Governor, represented by his Deputy, Sir Monday Onyeme said that there was no magic wand to diversify the nation’s economy from over dependence on revenue from crude oil unless concerted efforts were made in other key sectors.
He noted that the diversification of the nation’s economy must go beyond mere rhetoric to concrete measurable steps by facilitating the non-oil exports such as agricultural products, manufactured goods and services as well as the expansion of the revenue base.
Oborevwori affirmed that Delta was taking the lead to diversify its economy by creating a Trade and Export unit to drive the process in order to make economic diversification a reality.
He noted that some schools of thought believed that the discovery of crude oil which led to the neglect of agriculture and other revenue yielding non-oil sectors of the economy was a curse.
Oborevwori said the country had not properly managed its oil wealth adding that it was worrisome that the oil sector contributed between five per cent and seven per cent of the nation’s GDP.
He added that the non-oil sector mostly agriculture, agribusiness, manufacturing and small scale enterprises contributed 93 per cent to 95 per cent, yet the bulk of public revenue was from the oil and gas sector.
“Statistics have made it more exigent for the government to grow the non-oil sector to widen the revenue base, nwhile ensuring that maximum benefits were derived from the e oil industry”, he said.
The Governor commended FAAC committee for its commitment to duty by enhancing revenue accruals into the federation account.
He urged the committee to look into the payment of 13 per cent derivation to oil producing states.
Oborevwori challenged the committee to use the retreat to address the concerns raised by stakeholders in respect of the new roles of the Nigeria National Petroleum Company Limited, among others by giving better understanding on their roles in the economic diversification of the country.
The Tide’s source, reports that Accountant Generals from the thirty six states and the FCT as well as other stakeholders such as the Customs are attending the retreat.

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Niger Delta

Upgrade Water Infrastructure In Calabar, NSE Urges C’River Govt

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The Nigerian Society of Engineers (NSE) has urged the Cross River State Government to take steps towards improving the quality of water supply to residents of Calabar metropolis.
The call was made by participants who spoke at a one-day public lecture to mark NSE 2024 Engineering Week in Uyo on Wednesday.
The Guest Lecturer, Dr. Nkpa Ogarekpe, described the quality of water being supplied from private boreholes in the city as poor an unsafe.
Speaking at the lecture with the theme: “Safety Issues with Domestic Borehole Water Source”, Ogarekpe urged the government not to treat the issue of unsafe water with levity.
Ogarekpe, a lecturer at the Department of Civil Engineering, University of Cross River, said some private boreholes in the city were sunk close to dump sites and gully erosions.
“Some privately-owned boreholes are sunk close to the Lemna Dump site and gully erosions within the Calabar metropolis, often supply contaminated water.
“This is not an assumption, it is the result of a study conducted on some boreholes within Calabar metropolis”, he said.
The lecturer quoted the World Health Organisation as saying that water could only be confirmed safe if it posed no significant health risk after consumption.
“A research conducted on some local boreholes within Calabar shows that the issue of pollution is caused within the metropolis.
“Borehole 48, located at Ikot Efanga, is in a place with significant level of pollution, of course you are all aware of the open dump site in that place.
“Borehole 23 is close to the gully erosion at Ndidem Osang Iso, and that gully is being used as a dump site”, he said.
In her speech, NSE National President, Mrs. Margaret Oguntala, expressed the need for engineers to play active roles in ensuring quality standards for domestic water sources.
Represented by Dr. Ndifon Agbiji, the National Executive Member in charge of Professional Development Board, Oguntala, urged the state government to upgrade the water infrastructure in the state.
“The NSE branch in calabar should remind the State Government and the public of the role of engineers in this regard.
“Sometime ago, Cross River was ranked as one of the best states in the supply of potable water, but we are seeing a gradual decline from this status”, she said.
The NSE president stated investment in water infrastructure remained critical to the health and wellbeing of the residents.

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Niger Delta

MOSIEND Hails Tinubu Over Ajayi’s Appointment As DSS DG

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The Movement for the Survival of the Izon Ethnic Nationality in the Niger Delta (MOSIEND) has hailed President Bola Tinubu over the appointment of Mr. Tosin Ajayi as Director General of the Department of State Services (DSS).
MOSIEND said Ajayi’s appointment is an acknowledgement of his competence and dedication to protecting the nation’s internal security.
National President of MOSIEND, Amb. Kennedy Tonjo West, stated this in a statement made available to newsmen in Port Harcourt.
West noted that Ajayi, as the most senior director in the service, Ajayi has a track record of excellent performance and integrity, always putting his heart and soul into everything he does.
He noted further that the new DSS boss proved his mettle during his years of service in Rivers and Bayelsa States, where he left an imprint of excellence and professionalism, adding that he has all it takes to reposition the secret police for optimum service delivery.
Before his appointment as DSS DG, Ajayi, an indigene of Ogun State, was in charge of Kogi State Command.
West said the entire members of MOSIEND are very optimistic over Ajayi’s appointment because, “He is a brave, diligent and detribalized officer, an astute administrator and core operations officer”.
According to MOSIEND, “These are the qualities that are most needed to reposition and improve service delivery in the force, and we are very confident that Tosin Ajayi will change the narratives and leave a positive mark.
“His presence in Rivers and Bayelsa States created a lot of peace and stability in the Niger Delta region.
“He is somebody we know, someone we have worked with and we know his capacity when you talk about security and intelligence gathering.
“He was responsible for the setting up of the Special Incident Response Unit (SIRU) which was meant to tackle kidnapping, armed robbery and cultism in Rivers State, and everyone can attest to it that it was a great success.
“He was very active, and created relationships with communities, that was how we came to know him, and we are very sure that Nigerians will enjoy his services.
“We pray God to give him more wisdom, understanding and strength to accomplish his goals because we know him as an accomplished officer dedicated to the welfare of officers”, West stated.

Chinedu Wosu

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Niger Delta

Police Neutralise Kidnap Kingpin In A’Ibom

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The Police Command in Akwa Ibom State says it has neutralised a suspected kidnap kingpin and sea pirate.
The State Police Public Relations Officer, ASP Timfon John, who announced this to newsmen in Uyo yesterday, said the suspect was neutralised on Wednesday during a gun battle with operatives of the command in his hideouts of Uyanga Community in Cross River State.
She said one G3 rifle with four live ammunitions were recovered from the suspect.
She also disclosed that the suspect’s remains had been deposited at the morgue, while investigations with the intent to arrest other members of the gang were ongoing.
“The suspect, a gang leader of bling bling marine strike force terrorising Uruan/Oron waterways, was responsible for kidnapping of a High Court Judge and the killing of her Police Orderly.
“The kingpin was also responsible for the gruesome murder of another prominent person in the state and the kidnapping of his sales representative, among other persons”, she said.
She continued that the State Commissioner of Police, CP Waheed Ayilara, had reassured Akwa Ibom’s residents of the determination of the command to make the state safe and secure for business to thrive.
Ayilara, therefore, called on Akwa Ibom people to report all suspicious movements to the police.

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