APA – Lagos (Nigeria)
The report that the Chairman of the Presidential Fiscal Policy and Tax Reforms Committee, Taiwo Oyedele, has said the Federal Government will be saving N8tn annually from the fuel subsidy removal and exchange rate unification policies is one of the trending stories in Nigerian newspapers on Wednesday.
The Punch reports that the Chairman of the Presidential Fiscal Policy and Tax Reforms Committee, Taiwo Oyedele, has said the Federal Government will be saving N8tn annually from the fuel subsidy removal and exchange rate unification policies.
Oyedele spoke during a panel session at the Lagos Chamber of Commerce and Industry 2024 Economic Outlook and Budget Analysis.
He, therefore, said it was critical for the government to spend the amount saved from the two policies to ameliorate the suffering of the average Nigerian.
He said, “The Nigerian people made sacrifices as a result of the fuel subsidy removal of the government; that is N4tn savings a year. We did naira floatation. It is not perfect. We are also saving another N4tn. So we are having about roughly N8tn transferred from the private pockets of the people to the government.
“So, what we are saying to the government is — can we be intentional in spending this N8tn to make sure that it impacts the people most positively? Starting with the multidimensional poverty. why is it that more than 133 million people in Nigeria are living in multidimensional poverty? So these are the conversations we are having now. We want to build a platform where we can track how these monies are being spent.”
He added, “In the committee, we tried to look at the most pressing issues we face as a country — inflation, forex instability, lack of investments. One of our recommendations is for the government to suspend some taxes. We call them nuisance taxes because they frustrate people, and we can’t even see the money in government treasury.”
The newspaper says that the Nigerian National Petroleum Company Limited says it has in the past one week uncovered no fewer than 83 illegal refineries in the Niger Delta.
The NNPCL disclosed this on its X handle on Tuesday, as part of its war on crude oil theft, saying 15 illegal pipeline connections were also discovered within the same period.
“In the past week, 15 illegal pipeline connections and 83 illegal refineries have been uncovered in the Niger Delta,” the NNPCL said.
According to a video shared with the post, it was disclosed that between January 6 and 12, a total of 211 incidents of oil theft and vandalism were reported
The NNPCL also said 15 illegal pipeline connections were also discovered within the same period.
NNPCL in a documentary shared on X, stated that between January 6 and 12, 2023, a total of 211 incidents of oil theft and vandalism were reported.
It said 15 illegal pipeline connections were also discovered within the same period.
The Guardian reports that a new Jersey court in the United States has ruled in favour of returning assets worth around $8.9 million reportedly stolen by government officials in Nigeria around 2014 to the country. According to the BBC, Jersey’s Attorney General served a forfeiture notice to the Royal Court in Jersey in November.
The court ruled that negotiations will begin with the Federal Government on returning the stolen funds, which were deposited in a Jersey bank account in 2014.
Money transfers were disguised as government-approved contracts for acquisition of arms during the Boko Haram insurgency from 2009 to 2015. The Jersey government stated that it is likely that a significant portion of the funds intended for lawful arms transactions was redirected through overseas bank accounts allegedly involving Shell companies.
The Attorney General’s office also said the funds were believed to have been stolen by members of the former ruling party, and were shared during the 2015 general elections in the country.
Mark Temple KC, the Attorney General of His Majesty, mentioned that the Government of Jersey collaborated closely with the Federal Republic of Nigeria to reclaim the assets on behalf of the Nigerian people.
His words: “This case again demonstrates the effectiveness of the 2018 Forfeiture Law in recovering the proceeds of corruption and restoring that money to victims of crime.
“I now intend to negotiate an asset return agreement with the Federal Republic of Nigeria.” He continued: “Negotiations for the return of these assets will now take place with the Federal Republic of Nigeria. The transfer of money was disguised as government-sanctioned contracts for arms purchases during the Boko Haram insurgency in Nigeria between 2009 and 2015.”
The newspaper says that President Bola Tinubu, yesterday, stunned guests when he declared that, like his predecessor in office, Muhammadu Buhari, he has adopted a non-interference policy to promote democracy in the country.
At the official launch of two books, including one titled, “Working with Buhari: Reflections of a Special Adviser, Media and Publicity (2015 – 2023), authored by former presidential spokesman, Femi Adesina, the President said as a democrat responsible for nation building, he has decided to emulate his predecessor.
The second was a volume of five books, Muhammadu Buhari: The Nigerian Legacy (2015 – 2023), edited by Dr. Udu Yakubu. Tinubu stated: “After handing over, you said ‘I will be far away in Daura, but if you need me, contact me. But I won’t intrude in whatever you are doing. I won’t interfere or breathe down your throat’.
“We’ve partnered to make democracy flourish in Nigeria. President Muhammadu Buhari, thank you. Except when I call you to say how are you living? How are you on the farm? We don’t hear from you either to nominate or intrude in the cabinet or complain about anything. Thank you for being who you are.”
“Well, I’ve emulated you, one of those things is non-interference, being a democrat, responsible for nation building. Staying on course, I am determined to do just that. Because I campaigned for this job. And you told me in our discussions that it’s not easy. But I went out there dancing for it, making promises, doing Kokoma, doing all collabos, and making music. So, I cannot complain. We will be there,” he added.
Tinubu said he is poised to deliver on the promises he made to Nigerians during the campaigns. Lauding the ex-leader, the President recalled the many battles Buhari faced, especially in the area of insecurity, assuring that his administration would not rest until it rids the country of those he called agents of darkness.
In his remarks, Buhari, who was visiting the nation’s capital for the first time since leaving office last May, assured that he kept record of everything done under his watch, adding that he was aware that he might be required to give account of his stewardship someday.
GIK/APA