news
Just IN : Tinubu Approves Taiwo Oyedele as Chairman of Fiscal Policy and Tax Reforms Committee
President Bola Tinubu has approved the establishment of a Presidential Committee on Fiscal Policy and Tax Reforms.
The committee according to a statement issued by Dele Alake, Special Adviser to the President on Special Duties, Communications and Strategy on Friday will be chaired by Fiscal Policy Partner and Africa Tax Leader at PriceWaterhouseCoopers (PwC), Mr. Taiwo Oyedele.
The statement said that setting up the committee was in consonance with President Tinubu’s promise to remove all barriers impeding business growth in Nigeria.
It explained that the committee will comprise experts from both the private and public sectors and have responsibility for the various aspects of tax law reform, fiscal policy design and coordination, harmonization of taxes, and revenue administration.
Explaining further, the Special Adviser to the President on Revenue, Mr. Adelabu Zacch Adedeji, said that President Tinubu recognizes the importance of a sound fiscal policy environment and an effective taxation system for the functioning of the government and the economy.
He said, ”Nigeria ranks very low on the global ease of paying taxes while the country’s Tax to GDP ratio is one of the lowest in the world and well below the African average.
”This has led to an overreliance on borrowing to finance public spending which in turn limits the fiscal space as debt service costs consume a greater portion of government revenue, annually resulting in a vicious cycle of inadequate funding for socio-economic development.
”While some incremental progress has been recorded over the years, the outcomes have not been transformative enough to change the narrative,” he said.
Adedeji outlined the key challenges in Nigeria’s tax system to include multiple taxes and revenue collection agencies, fragmented and complex tax system, low tax morale, high prevalence of tax evasion, high cost of revenue administration, lack of coordination between fiscal and economic policies, and poor accountability in the utilization of tax revenue.
The establishment of this committee reflects President Tinubu’s commitment to addressing these challenges and bringing about transformative reforms in fiscal policy and taxation.
The committee’s primary objective is to enhance revenue collection efficiency, ensure transparent reporting, and promote the effective utilization of tax and other revenues to boost citizens’ tax morale, foster a healthy tax culture, and drive voluntary compliance.
These efforts will not only improve Nigeria’s revenue profile but also create a more conducive and internationally-competitive business environment.
”Our aim is to transform the tax system to support sustainable development and achieve a minimum of 18% Tax to GDP ratio within the next 3 years without stifling investment or economic growth.
”It should be noted that this committee will not only advise the government on necessary reforms, but will also drive the implementation of such recommendations in support of the comprehensive fiscal policy and tax reform agenda of the current administration,” the SA on Revenue added.
Mr. Oyedele is said to be a highly accomplished professional with extensive expertise in fiscal policy, taxation, and economic matters. He currently serves as PWC Africa tax leader.
He is the Thematic Lead for the Fiscal Policy & Planning Commission and serves as the Chairman of the West Africa Debt Management Roundtable of the Nigerian Economic Summit Group (NESG).
He chairs the Taxation & Fiscal Policy Faculty Board of the Institute of Chartered Accountants of Nigeria (ICAN) and is a member of the Nigerian Taxation Standards Board.
He also serves as a member of the Ministerial Committee on the implementation of Nigeria’s National Tax Policy.
He is a member of the Global Tax Forum and has previously served as a member of the Global Governing Council of the Association of Chartered Certified Accountants (ACCA).
As an educator, Oyedele holds the position of Associate Professor at the Babcock University Business School.
He is an alumnus of the London School of Economics & Political Science, Yale University and Harvard Kennedy School Executive Education. He is a guest lecturer at the Lagos Business School and the Founder and President of Impact Africa Foundation.
By Cynthia Alo To prevent collapse of the manufacturing sector, job losses and more suffering for Nigerians at the bottom of the economy ladder, world’s leading management and financial consultancy, PricewaterhouseCoopers, PwC, has called on the Federal Government to improve the tough operating environment in the country before imposing the proposed…
news
APC Launches Reps Primaries, Embraces All-Inclusive Screening Approach — Morka
![]()
Abbas, Kalu, Ihonvbere, Doguwa, Faleke, Obasa, Amaewhule, others in race for tickets
Primaries to pick candidates of the All Progressives Congress (APC) for next year’s elections begin tomorrow.
Aspirants for House of Representatives tickets will take the first shots across the 360 constituencies.
As of last night, the party’s national secretariat was busy coordinating reports from screening centres, while appeal committees also sat to consider different cases as they arose.
“The process is tough, and the schedule is tight,” a member of the party’s National Working Committee (NWC) told The Nation.
The party assured its members that, despite the logistical difficulties, the process would proceed as planned.
Leading lights of the party, which controls an overwhelming majority in the Green Chamber, such as Speaker Abbas Tajudeen, Deputy Speaker Benjamin Kalu, House Leader Prof. Julius Ihonvbere, spokesman Akin Rotimi, long-standing member Ado Doguwa, Finance Committee Chairman James Abiodun Faleke, former minister Nkeiruka Onyejeocha, Chijioke Edoga and Leke Abejide, who defected from the African Democratic Congress (ADC), are among those seeking tickets to return.
Among those seeking a return to the House are Bimbo Daramola (Ekiti), Kafilat Ogbara (Lagos), Oluwole Oke (Osun) and Donald Ojogo (Ondo).
There are also high-profile lawmakers from state Houses of Assembly bidding to move to the House of Representatives.
These include Speakers Mudashiru Obasa (Lagos) and Martins Amaewhule (Rivers).
National Publicity Secretary Felix Morka said the date fixed for the intra-party selection is sacrosanct.
The screening of the contenders has set the stage for what is largely expected to be direct primaries and, in some cases, consensus arrangements.
According to the APC guidelines, direct primaries should be adopted where consensus agreements fail.
Sources said the panel cleared all aspirants from Lagos, Ondo, Ekiti, Enugu and Rivers states.
However, a source said members of the Appeal Committee were at the Treasures Suites in Abuja handling last-minute petitions arising from the screening exercise.
According to the source, governors still hold the ace, having been saddled by the party with negotiating the “mode of primary” best suited for their respective states.
A senior party official confirmed that the committee refused to bow to external interference.
He said despite intense lobbying and “pressure from opponents,” the screening panels opted for an all-inclusive approach.
The source added: “No aspirant was disqualified. I was part of the team that handled Lagos, Ondo, Ekiti, Enugu and Rivers states, and I am sure that all the aspirants were cleared.
“There was pressure to disqualify some, but the screening committee stood its ground.”
The party’s National Working Committee (NWC) reviewed the report of the screening committee on Tuesday and yesterday.
While the official results have not been formally gazetted, sources at the party’s headquarters confirmed that the reports have been ratified.
Already, the NWC has dispatched primary election committees to the states to liaise with governors for rancour-free shadow elections that will produce acceptable candidates.
A member of the NWC reiterated the party’s resolve to adhere to the revised schedule of activities and timetable.
He said: “We have done everything possible for the primaries to be held as scheduled.”
Emphasising that the timetable would not change, Morka said the clarification became necessary following misleading reports.
He said the primaries will be held as follows: senatorial, May 18; House of Assembly, May 20; governorship, May 21; and presidential, May 23.
news
Breaking : Energy Commission DG Nabbed by EFCC Over Alleged N500bn Scam
![]()
Operatives of the Economic and Financial Crimes Commission have arrested the Director-General of the Energy Commission of Nigeria, Dr. Mustapha Abdullahi, over alleged money laundering offences.
A source within the anti-graft agency, who spoke on condition of anonymity because he was not authorised to comment officially on the matter, disclosed on Wednesday that Abdullahi was arrested in Abuja and is currently being held in the custody of the commission.
According to the source, the investigation involves alleged fraud amounting to about N500 billion.
“We have arrested the Director-General of the Energy Commission of Nigeria, Dr. Mustapha Abdullahi, over alleged money laundering offences. He was arrested in Abuja and is currently in our custody. The amount involved is estimated at N500 billion,” the source said.
The commission is yet to issue an official statement regarding the arrest as investigations continue.
news
Foreign Investors Drag Senator Fasuyi to EFCC Over Alleged $2.98 Million Fraud
![]()
Senator Cyril Fasuyi, representing Ekiti North Senatorial District, has been dragged before the Economic and Financial Crimes Commission (EFCC) over an alleged fraud involving the sum of $2,980,535.00.
The petition, submitted by Mr. Nuel Wilson, West Africa Regional Representative of Integrated Packaging Systems FZCO (IPS Ingredis) and its Nigerian subsidiary, IPS Ingredis Integrated Systems Limited, accused Senator Fasuyi and his wife, Mrs. Elizabeth Adun Fasuyi, of conspiracy, fraudulent conversion, obtaining by false pretence, stealing, and diversion of foreign investment funds.
According to the petition, which was acknowledged by the EFCC on December 10, 2020, the Dubai-based company alleged that the senator and his wife, operating under the name Legacy Foods Limited, failed to remit payment for products supplied to them after several business transactions.
The petition stated that IPS Ingredis, a company registered in Dubai, United Arab Emirates, conducts the business of sales, supply, and distribution of raw materials across different countries, including Nigeria, through its local subsidiary based in Lagos State.
The complainant explained that the business relationship between both parties began in November 2015 after the suspects were introduced to the company by one of its Chinese customers. Following several meetings, the Fasuyis allegedly represented themselves as credible business partners interested in the company’s line of products.
Based on the agreement, the company reportedly supplied various raw materials, including corn starch, maltodextrin, shortening, maltose syrup, and other products to Legacy Foods Limited through multiple purchase orders.
The petition further alleged that goods worth over $9 million were supplied to the suspects during the course of the business relationship. However, the company claimed that after selling the products, the suspects allegedly refused to pay the outstanding sum of $2,980,535.00.
“Our clients supplied goods worth over $9,000,000.00 to the suspects. The suspects, after selling all the goods, refused to pay the sum of Two Million, Nine Hundred and Eighty Thousand, Five Hundred and Thirty Five United States Dollars worth of products already supplied,” part of the petition read.
The foreign investors also accused the suspects of allegedly diverting proceeds from the sales for personal use and benefits, despite repeated demands for payment.
According to the petition, investigations allegedly revealed that the products supplied had been sold and disposed of, while proceeds were allegedly converted for personal gains.
The complainant described the development as “a calculated attempt to dispossess foreign investors of their investment in Nigeria through fraudulent means.”
The petition also emphasized the need for Nigerian authorities to protect foreign investments and uphold the spirit of bilateral investment agreements between Nigeria and the United Arab Emirates.
Meanwhile, the petition named Mrs. Elizabeth Adun Fasuyi as a co-suspect in the matter. She was reportedly present in court alongside her husband at a point during proceedings but allegedly avoided arrest by operatives of the anti-graft agency.
Senator Cyril Fasuyi, representing Ekiti North Senatorial District, has been dragged before the Economic and Financial Crimes Commission (EFCC) over an alleged fraud involving the sum of $2,980,535.00.
The petition, submitted by Mr. Nuel Wilson, West Africa Regional Representative of Integrated Packaging Systems FZCO (IPS Ingredis) and its Nigerian subsidiary, IPS Ingredis Integrated Systems Limited, accused Senator Fasuyi and his wife, Mrs. Elizabeth Adun Fasuyi, of conspiracy, fraudulent conversion, obtaining by false pretence, stealing, and diversion of foreign investment funds.
According to the petition, which was acknowledged by the EFCC on December 10, 2020, the Dubai-based company alleged that the senator and his wife, operating under the name Legacy Foods Limited, failed to remit payment for products supplied to them after several business transactions.
The petition stated that IPS Ingredis, a company registered in Dubai, United Arab Emirates, conducts the business of sales, supply, and distribution of raw materials across different countries, including Nigeria, through its local subsidiary based in Lagos State.
The complainant explained that the business relationship between both parties began in November 2015 after the suspects were introduced to the company by one of its Chinese customers. Following several meetings, the Fasuyis allegedly represented themselves as credible business partners interested in the company’s line of products.
Based on the agreement, the company reportedly supplied various raw materials, including corn starch, maltodextrin, shortening, maltose syrup, and other products to Legacy Foods Limited through multiple purchase orders.
The petition further alleged that goods worth over $9 million were supplied to the suspects during the course of the business relationship. However, the company claimed that after selling the products, the suspects allegedly refused to pay the outstanding sum of $2,980,535.00.
“Our clients supplied goods worth over $9,000,000.00 to the suspects. The suspects, after selling all the goods, refused to pay the sum of Two Million, Nine Hundred and Eighty Thousand, Five Hundred and Thirty Five United States Dollars worth of products already supplied,” part of the petition read.
The foreign investors also accused the suspects of allegedly diverting proceeds from the sales for personal use and benefits, despite repeated demands for payment.
According to the petition, investigations allegedly revealed that the products supplied had been sold and disposed of, while proceeds were allegedly converted for personal gains.
The complainant described the development as “a calculated attempt to dispossess foreign investors of their investment in Nigeria through fraudulent means.”
The petition also emphasized the need for Nigerian authorities to protect foreign investments and uphold the spirit of bilateral investment agreements between Nigeria and the United Arab Emirates.
Meanwhile, the petition named Mrs. Elizabeth Adun Fasuyi as a co-suspect in the matter. She was reportedly present in court alongside her husband at a point during proceedings but allegedly avoided arrest by operatives of the anti-graft agency.
-
news6 years agoUPDATE: #ENDSARS: CCTV footage of Lekki shootings intact – Says Sanwo – Olu
-
lifestyle6 years agoFormer Miss World: Mixed reactions trail Agbani Darego’s looks
-
health5 years agoChairman Agege LG, Ganiyu Egunjobi Receives Covid-19 Vaccines
-
lifestyle5 years agoObateru: Celebrating a Quintessential PR Man at 60
-
health6 years agoUPDATE : Nigeria Records 790 new cases of COVID-19
-
health6 years agoBREAKING: Nigeria confirms 663 new cases of COVID-19
-
entertainment1 year agoAshny Set for Valentine Special and new Album ‘ Femme Fatale’
-
news12 months agoBREAKING: Tinubu swears in new NNPCL Board