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FG considers tax reforms to attract investors, Senate gives reasons for purchasing ₦160m SUVs | 5 Things That Should Matter Today

  • The federal government considers tax reforms to attract investors
  • EFCC Chairman directs agency personnel to declare their assets
  • Senate gives reasons for purchasing ₦160m SUVs
  • House of Representatives call CBN Governor for lifting Forex restrictions on certain items
  • Lagos State leads other 35 states at IGR

Across Nigeria’s 36 states and the Federal Capital Territory, these are the five top Nigerian news stories you shouldn’t miss.

Nigerian flag

The Presidential Committee on Tax Reforms and Fiscal Policy has stated its desire to reduce the taxes imposed by the state and FG in Nigeria from 60 to 10.

Although Nigeria has the continent’s largest economy, it self-sabotages itself by discouraging foreign investors due to its various money-collection programs and taxes.

Chairman of the Committee, Taiwo Oyedele, along with Zacch Adedeji, Chairman of the Federal Inland Revenue Service (FIRS), revealed that the Committee was devoted to consolidating all the taxes at all levels of government in less than 10.

EFCC Chairman directs agency personnel to declare their assets

The newly appointed Chairman of the Economic and Financial Crimes Commission (EFCC), Ola Olukoyede, has instructed his agency’s staff members to report their assets.

The Chairman announced this at the agency on Tuesday, 24, while he addressed the staff at its headquarters in Abuja.

“All of us will declare our assets from Level 17 downward. I did mine, so there’s no reason for anyone to be afraid to do the same. Even the commission’s secretary did; you may have done it in the past, but there’s a need for all of us to do it again. We will declare our assets, and we are going to investigate them.”

Senate gives reasons for purchasing ₦160m SUVs

Representatives official vehicles

The Senate has given its reasons for wanting to buy the latest 2023 ₦160 million SUVs for the 107 Senators.

According to the Red Chamber, the lawmakers required the vehicles to fulfil their tasks.

The Chairman of the Committee on the Senate Services, Sunday Karimi (APC, Kogi West), stated that the criticisms received from the public were unnecessary as members of the other arms of government use similar vehicles.

“A Minister has more than three land cruisers, Prado, and other vehicles, and you are not asking them questions; why us?” he asked.

House of Representatives call CBN Governor for lifting Forex restrictions on certain items

Central Bank of Nigeria

The House of Representatives recently summoned the Governor of the Central Bank of Nigeria, Yemi Cardoso, over his decision to lift Foreign Exchange restrictions on 43 items.

The reason for this summon is based on the motion which was moved by Sada Soli Jibia (APC, Katsina).

He reminded the Plenary that in 2015, the CBN imposed these restrictions to preserve the foreign exchange and boost domestic production of these items.

“The decision of the CBN will greatly affect local production of items such as rice, cement, and palm oil, among others, as it will force local manufacturers to hold the short end of the stick, invariably leading to factory closure and ultimately eroding our capacity to build the country’s local economy.” Sada Soli said.

“Some listed items enjoy 60%-70% subsidy from their countries of origin, thus putting Nigeria’s local products at a comparative disadvantage and without any protection, and will lead to job losses and social exclusion,” he argued.

Lagos State leads other 35 states at IGR

Lagos State is once again the leading state with the highest Internally Generated Revenue (IGR), nearly ₦2 trillion.

According to the National Bureau of Statistics (NBS) report, Lagos generated ₦651 billion, while Rivers and FCT produced ₦172 billion and ₦124 billion, respectively.

“The 36 states and the FCT generated a total  ₦1,925,612,626,650.76 as IGR in 2022. This grew by 1.57% compared to ₦1,895,786,762,263.80 in 2021.” the report reads.

The NBS stated that the 2022 IGR had two primary revenue sources, namely, Taxes, Ministries, Departments and Agencies (MDAs) revenue.