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Reps to commence debate on tax reforms bills – Deputy Spokesman
Deputy Spokesman for the House of Representatives, Rep. Philip Agbese (APC-Benue), says the house is set to commence debate on the four tax reforms bills initiated by President Bola Tinubu.
Agbese told newsmen in Abuja on a Saturday that members of the house had taken time to read through the bills.
The News Agency of Nigeria (NAN) reports that the bills are: Nigeria Tax Bill 2024, Tax Administration Bill, Nigeria Revenue Service Establishment Bill and Joint Revenue Board Establishment Bill.
NAN also reports that the bills seek to provide fiscal framework as well as clear and concise legal frameworks for all taxes in the country and reduce disputes in tax administration.
According to Agbese, Nigerians will remain grateful to the Executive Chairman, Federal Inland Revenue Service (FIRS), Dr Zacchaeus Adedeji, for the reforms.
He explained that the bills, presently before the chambers, intended to stimulate the country’s fiscal policy.
“Nigerians will appreciate very soon because when these bills are passed and the Federal Government has more money to spend, critical infrastructure will be developed, jobs will be created and, to a great extent, poverty will be reduced.
“We hope to debate these bills on Tuesday and we expect robust deliberations that will ultimately lead to the passage of the bills.
“Most of our colleagues have read the bills and as a result, they are now shifting grounds. Those initially opposed to the bills are now advocating for their speedy consideration and passage.
“When we converge next week, more supporters will have been won over, but I want to add that this is not only about lawmakers.
“These bills are about Nigerians, from the top company executive to the farmer in a rural village. I say this because public policy affects everyone,” he said.
“If passed into law, these bills will rejig the economy and ensure rapid development of critical infrastructure,” he said.
Agbese called on Nigerians to rally around the tax bills, adding that as lawmakers, the interest of the country surpassed individual or sectional consideration.
He commended Tinubu for championing a new direction of tax administration in the country, saying that Nigeria was going toward progressive taxation.
“If the tax bills are well implemented, we will have a new tax regime that takes away the burden from poor Nigerians and small companies; it is a new thinking that will do us good,” he said.
The lawmaker also commended the role played by the Chairman of Federal Inland Revenues Service (FIRS), Dr Zacch Adedeji, in initiating the bills.
He particularly lauded the FIRS boss for thinking creatively and championing reforms that would improve the nation’s revenue through effective tax administration.
The lawmaker said that FIRS, with Adedeji’s stewardship, had been surpassing its revenue target.
According to him, FIRS collected a record N12.374 trillion in 2023, which was 10.7 per cent higher than its target of N10.7 trillion.
“Nigerians will appreciate this man very soon because when these bills are passed and the Federal Government has more money to spend, critical infrastructure will be developed, jobs will be created and, to a great extent, poverty will be reduced,” he said.
The deputy spokesperson stated that there were not many persons of Adedeji’s capacity in charge of government agencies.
He said that FIRS set a revenue target of N19.41 trillion for 2024 and that as of the end of September, it had already collected N18.5 trillion which is so commendable.
NAN recalls that the Nigeria Governors’ Forum, comprising all the 36 state governors, had kick against the bills and called for their withdrawal from the parliament. (NAN)
The Economic and Financial Crimes Commission (EFCC) has declared four individuals wanted over the alleged fraud perpetrated on crypto bridge exchange (CBEX), a trading platform.
The four suspects are Adefowora Olanipekun, Adefowora Oluwanisola, Emmanuel Uko, and Seyi Oloyede.
More to follow…
The Oodua Integrity Group, a Nigerian civil society organisation, has called on Inspector General of Police (IGP) Kayode Egbetokun to investigate and arrest an alleged gun runner, land grabber,popularly called then insert Lucky Blessings Abuah aka bullets of Achala Ibusa village operating in Asaba and Ibuzor, Delta State, accusing him of orchestrating criminal activities with the aid of rogue police officers.
Tosin Olaoluwa, the group’s South-South coordinator, made the appeal following intelligence gathered from concerned residents.
The suspect, identified as Achala Ibusa but popularly known as “Bullet,” is accused of running a network involving illegal arms trafficking, land grabbing, and cult-related activities.
Olaoluwa claimed Bullet operates with the protection of police officers from Rivers State, in violation of regulations prohibiting officers from working outside their command without approval.
According to the group, four AK-47 rifles were recently discovered hidden in a house in Ibuzor.
Two mobile police officers guarding the property reportedly distanced themselves from the find, raising suspicions of their involvement with Bullet, who is allegedly a leader of the Viking cult.
The Oodua Integrity Group further alleged that an assistant commissioner of police is complicit in Bullet’s activities.
The group highlighted that up to 10 mobile police officers are attached to Bullet, despite IGP Egbetokun’s recent directive to withdraw such personnel from individuals not legally entitled to their services.
“We urge the IGP to take immediate action to arrest the culprit in the interest of the general public,” Olaoluwa said, describing Bullet as a miscreant exploiting government security agents to perpetrate crimes.
In a separate incident, the group claimed that security agents from an agency in Abuja, acting on intelligence, were prevented from arresting Bullet by his police escorts.
The officers, reportedly from Rivers State, allegedly used tear gas and fired shots to obstruct the operation.
The Oodua Integrity Group warned that Bullet’s activities, including stockpiling AK-47s and other weapons in Asaba and Ibuzor, pose a significant threat to public safety.
They called for a thorough investigation into the allegations and the immediate apprehension of those involved.
The Nigeria Police Force has yet to respond to the allegations. Efforts to reach a spokesperson for comment were unsuccessful at the time of reporting.
The competition and consumer protection tribunal has upheld the $220 million fine imposed on Meta Platforms Incorporated by the Federal Competition and Consumer Protection Commission (FCCPC).
In a statement on Friday by Ondaje Ijagwu, the agency’s director for corporate affairs, FCCPC said the tribunal also awarded $35,000 to the commission as the cost of investigation.
On July 19, 2024, FCCPC imposed a fine of $220 million on Meta, the parent company of WhatsApp, Facebook, and Instagram, for multiple data privacy violations.
However, Meta said it would appeal the fine.
The case stemmed from a 38-month joint investigation by the FCCPC and the Nigeria Data Protection Commission (NDPC) into the privacy practices and consumer data policies of WhatsApp and Meta.
Delivering judgment on Thursday in Abuja, the tribunal led by Thomas Okosun ruled that the FCCPC acted within its constitutional and statutory powers in investigating and sanctioning the companies for alleged anti-competitive and exploitative practices.
The tribunal dismissed the appeals filed by Meta and WhatsApp, which challenged the legal basis of the commission’s findings and orders.
Instead, it upheld the commission’s position on nearly all contested issues.
Gbolahan Elias (SAN) led WhatsApp and Meta’s legal teams, while Babatunde Irukera led the FCCPC’s legal team.
According to the statement, both teams had made their final arguments on behalf of their respective clients on January 28.
‘FCCPC ADHERED TO DUE PROCESS’
The tribunal, in its ruling, found that the FCCPC adhered to due process and acted within the law.
It resolved issues one to seven primarily in favour of the commission.
“The Tribunal resolved Issues 1 to 7 largely in favour of the FCCPC, dismissing the appellants’ objections to the Commission’s findings, orders, and legal competence,” the statement reads.
“One of the central issues (Issue 3), which alleged a breach of fair hearing, was decided in favour of the Commission, with the Tribunal affirming that the FCCPC fully discharged its quasi-judicial responsibilities by affording the appellants ample opportunity to respond.
“The Tribunal found no violation of constitutional due process.
“On Issue 4, which questioned the Commission’s powers in data protection and privacy, the Tribunal held that the FCCPC acted within its statutory mandate, reaffirming its authority under Section 104 of the FCCPA to regulate competition and consumer protection even in regulated industries.
“On Issue 5, which challenged the Commission’s findings regarding Meta’s privacy policies, the tribunal also resolved in the FCCPC’s favour.
“The Tribunal found no error in the Commission’s conclusions and held that the privacy policy in question did, in fact, offend Nigerian law.
“While issue 7 was largely resolved in favour of the commission, the tribunal set aside Order 7 of the commission’s final order, stating that it lacked sufficient legal basis.”
Commenting on the judgment, Tunji Bello, executive vice chairman (EVC) and chief executive officer (CEO) of the FCCPC, welcomed the ruling, describing it as a landmark judgment reinforcing the commission’s mandate to protect consumers and ensure fair market practices.
He commended the commission’s legal team for their diligence.
Bello reaffirmed the commission’s commitment to enforcing the provisions of the Federal Competition and Consumer Protection Act (FCCPA) in line with President Bola Tinubu’s renewed hope agenda.