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  •   The 20 local councils in Ogun State have received a share of N3 906 204 617 07 which include shares of Statutory Allocation Value Added Tax VAT Exchange gain and non oil from the Federal Allocation for October 2022 This was disclosed at the November 2022 edition of the Joint Account Allocation Committee JAAC meeting held at the Conference Hall Oba s Complex Oke Mosan Abeokuta In his presentation the Commissioner for Finance and Chief Economic Adviser Dapo Okubadejo represented by the Accountant General and Permanent Secretary Ministry of Finance Babatunde Aregbesola said N4 307 029 570 04 was required to pay the first line charges which include primary school teachers salary councils workers salary pensions and other charges adding that the state would argument N400 824 952 to balance up the first line charges for the month He noted that N314 991 562 96 which covers PAYE and a five per cent bond on pension would still be pending until the councils finances improve
    Ogun councils receive N3.90b federal allocation for October
      The 20 local councils in Ogun State have received a share of N3 906 204 617 07 which include shares of Statutory Allocation Value Added Tax VAT Exchange gain and non oil from the Federal Allocation for October 2022 This was disclosed at the November 2022 edition of the Joint Account Allocation Committee JAAC meeting held at the Conference Hall Oba s Complex Oke Mosan Abeokuta In his presentation the Commissioner for Finance and Chief Economic Adviser Dapo Okubadejo represented by the Accountant General and Permanent Secretary Ministry of Finance Babatunde Aregbesola said N4 307 029 570 04 was required to pay the first line charges which include primary school teachers salary councils workers salary pensions and other charges adding that the state would argument N400 824 952 to balance up the first line charges for the month He noted that N314 991 562 96 which covers PAYE and a five per cent bond on pension would still be pending until the councils finances improve
    Ogun councils receive N3.90b federal allocation for October
    Foreign3 days ago

    Ogun councils receive N3.90b federal allocation for October

    The 20 local councils in Ogun State have received a share of N3,906,204,617.

    07, which include shares of Statutory Allocation, Value Added Tax (VAT), Exchange gain and non-oil from the Federal Allocation for October 2022.

    This was disclosed at the November 2022 edition of the Joint Account Allocation Committee (JAAC) meeting held at the Conference Hall, Oba’s Complex, Oke-Mosan Abeokuta.

    In his presentation, the Commissioner for Finance and Chief Economic Adviser, Dapo Okubadejo, represented by the Accountant-General and Permanent Secretary, Ministry of Finance, Babatunde Aregbesola, said N4,307,029,570.

    04 was required to pay the first line charges, which include primary school teachers’ salary, councils workers’ salary, pensions and other charges, adding that the state would argument N400,824,952 to balance up the first line charges for the month.

    He noted that N314,991,562.

    96, which covers PAYE, and a five per cent bond on pension, would still be pending until the councils’ finances improve.

  •  The Federal Government says it will no longer tolerate industrial strikes that do not follow due process particularly during the transition period of the current administration A statement by Mr Olajide Oshundun Head Press and Public Relation in the Ministry of Labour and Employment said that Sen Chris Ngige the minister said this on Thursday in Abuja It said he spoke shortly after receiving an Award of Excellence conferred on him by the Nigerian Association of Resident Doctors NARD at the 42nd Annual General Conference of the association The News Agency Nigeria reports that the award was presented by the immediate past executive council of NARD It would also be recalled that the new executive had during a courtesy visit to Ngige raised some concerns of the doctors NARD had called for the review of the Consolidated Medical Salary Scale CONMESS wage structure It also sought the correction of some minor errors in the circular on upward review of the Medical Residency Training Fund MRTF non taxation of the call duty allowance and complained about the non payment of the new hazard allowances to house officers On the review of CONMESS Ngige said that a committee had already been put in place at the Federal Ministry of Health which was already working internally It committee will swing into action next week to dialogue with the resident doctors and members of the Joint Health Sector Union JOHESU he said He therefore said that there was no need for the doctors to issue a strike threat when the government had put a process in motion to address their concerns The Federal Government will no longer tolerate a strike that does not pass through due process Any group that embarks on strike will be visited with Section 43 of the Trade Dispute Act TDA Laws of the Federation of Nigeria LFN 2004 It says that when a worker goes on strike especially those on essential services the employer can also refuse to pay compensation or wages which accompanies work done The due process of a strike is that social dialogue negotiation with employers should be explored first In the event of failure the Federal Ministry of Labour and Employment office in the affected state or FCT should be notified and finally a Trade Dispute Notice TDN served he said Ngige advised all aggrieved unions to emulate the doctors and commence proactive discussions with the Federal Government rather than resort to strike whenever issues arose Reacting to the circular on upward review of the Medical Residency Training Fund MRTF he assured the medics that the National Salaries Incomes and Wages Commission was working on it He also added that the area of domiciliation of the fund for residents would be addressed during negotiation to align it with the National Residency Training Fund Act which is the guiding law pointing out that a circular derives its life from extant laws According to him the issue of non payment of new hazard allowance to house officers is being addressed by the Office of the Accountant General of the Federation There was an inadvertent error in the submission of their list from the Medical and Dental Council of Nigeria MDCN he noted Ngige assured the workers that the house officers would get their money since they were captured in the payment He however said the Federal Government could not stop the taxation of the call duty allowance of the doctors since it falls under the Personal Income Tax Act PITA to be paid to the states under Pay As You Earn PAYE He added that it was usually deducted by IPPIS on behalf of the state where a medical institution is located Earlier Dr Godiya Ishaya immediate past President of NARD while presenting the award commended the minister for the cooperation Ishaya said that they enjoyed cherished and appreciated the minister s open door policy and appealed to him to extend same to his successor Speaking in a similar vein the new President Dr Emeka Orji commended Ngige for his efforts at restoring industrial harmony and peace He said that the gesture was more felt in the health sector while urging the minister as a medical elder of repute to continue with his good works The NARD delegation also commended Ngige for the registration of the National Association of Medical and Dental Academics NAMDA as a trade union in the university system nanews NewsSourceCredit NAN
     FG cautions workers against quick resort to industrial action
     The Federal Government says it will no longer tolerate industrial strikes that do not follow due process particularly during the transition period of the current administration A statement by Mr Olajide Oshundun Head Press and Public Relation in the Ministry of Labour and Employment said that Sen Chris Ngige the minister said this on Thursday in Abuja It said he spoke shortly after receiving an Award of Excellence conferred on him by the Nigerian Association of Resident Doctors NARD at the 42nd Annual General Conference of the association The News Agency Nigeria reports that the award was presented by the immediate past executive council of NARD It would also be recalled that the new executive had during a courtesy visit to Ngige raised some concerns of the doctors NARD had called for the review of the Consolidated Medical Salary Scale CONMESS wage structure It also sought the correction of some minor errors in the circular on upward review of the Medical Residency Training Fund MRTF non taxation of the call duty allowance and complained about the non payment of the new hazard allowances to house officers On the review of CONMESS Ngige said that a committee had already been put in place at the Federal Ministry of Health which was already working internally It committee will swing into action next week to dialogue with the resident doctors and members of the Joint Health Sector Union JOHESU he said He therefore said that there was no need for the doctors to issue a strike threat when the government had put a process in motion to address their concerns The Federal Government will no longer tolerate a strike that does not pass through due process Any group that embarks on strike will be visited with Section 43 of the Trade Dispute Act TDA Laws of the Federation of Nigeria LFN 2004 It says that when a worker goes on strike especially those on essential services the employer can also refuse to pay compensation or wages which accompanies work done The due process of a strike is that social dialogue negotiation with employers should be explored first In the event of failure the Federal Ministry of Labour and Employment office in the affected state or FCT should be notified and finally a Trade Dispute Notice TDN served he said Ngige advised all aggrieved unions to emulate the doctors and commence proactive discussions with the Federal Government rather than resort to strike whenever issues arose Reacting to the circular on upward review of the Medical Residency Training Fund MRTF he assured the medics that the National Salaries Incomes and Wages Commission was working on it He also added that the area of domiciliation of the fund for residents would be addressed during negotiation to align it with the National Residency Training Fund Act which is the guiding law pointing out that a circular derives its life from extant laws According to him the issue of non payment of new hazard allowance to house officers is being addressed by the Office of the Accountant General of the Federation There was an inadvertent error in the submission of their list from the Medical and Dental Council of Nigeria MDCN he noted Ngige assured the workers that the house officers would get their money since they were captured in the payment He however said the Federal Government could not stop the taxation of the call duty allowance of the doctors since it falls under the Personal Income Tax Act PITA to be paid to the states under Pay As You Earn PAYE He added that it was usually deducted by IPPIS on behalf of the state where a medical institution is located Earlier Dr Godiya Ishaya immediate past President of NARD while presenting the award commended the minister for the cooperation Ishaya said that they enjoyed cherished and appreciated the minister s open door policy and appealed to him to extend same to his successor Speaking in a similar vein the new President Dr Emeka Orji commended Ngige for his efforts at restoring industrial harmony and peace He said that the gesture was more felt in the health sector while urging the minister as a medical elder of repute to continue with his good works The NARD delegation also commended Ngige for the registration of the National Association of Medical and Dental Academics NAMDA as a trade union in the university system nanews NewsSourceCredit NAN
     FG cautions workers against quick resort to industrial action
    General news1 month ago

     FG cautions workers against quick resort to industrial action

    The Federal Government says it will no longer tolerate industrial strikes that do not follow due process “particularly during the transition period of the current administration”.  

    A statement by Mr Olajide Oshundun, Head, Press and Public Relation in the Ministry of Labour and Employment, said that Sen Chris Ngige, the minister, said this on Thursday in Abuja.

    It said he spoke shortly after receiving an “Award of Excellence,” conferred on him by the Nigerian Association of Resident Doctors (NARD) at the 42nd Annual General Conference of the association.

    The News Agency Nigeria reports that the award was presented by the immediate past executive council of NARD.

    It would also be recalled that the new executive had, during a courtesy visit to Ngige, raised some concerns of the doctors.

    NARD had called for the review of the Consolidated Medical Salary Scale (CONMESS) wage structure.

    It also sought the correction of some “minor errors” in the circular on upward review of the Medical Residency Training Fund (MRTF), non-taxation of the call duty allowance and complained about the non-payment of the new hazard allowances to house officers.

    On the review of CONMESS, Ngige said that a committee had already been put in place at the Federal Ministry of Health, which was already working internally.

    “It (committee) will swing into action next week, to dialogue with the resident doctors and members of the Joint Health Sector Union (JOHESU),’’ he said.

    He, therefore, said that there was no need for the doctors  to issue a strike threat when the government had put a process in motion to address their concerns.

    “The Federal Government will no longer tolerate a strike that does not pass through due process.

    “Any group that embarks on strike will be visited with Section 43 of the Trade Dispute Act (TDA), Laws of the Federation of Nigeria (LFN) 2004. “It says that when a worker goes on strike, especially those on essential services, the employer can also refuse to pay compensation or wages which accompanies work done.

    “The due process of a strike is that social dialogue negotiation with employers should be explored first.

    “In the event of failure, the Federal Ministry of Labour and Employment office in the affected state or FCT should be notified and, finally, a Trade Dispute Notice (TDN) served,’’ he said.

    Ngige advised all aggrieved unions to emulate the doctors and commence proactive discussions with the Federal Government rather than resort to strike whenever issues arose.

    Reacting to the circular on upward review of the Medical Residency Training Fund (MRTF), he assured the medics that the National Salaries, Incomes and Wages Commission was working on it.

    He also added that the area of domiciliation of the fund for residents would be addressed during negotiation to align it with the National Residency Training Fund Act which is the guiding law, pointing out that a circular derives its life from extant laws.

    According to him, the issue of non-payment of new hazard allowance to house officers is being addressed by the Office of the Accountant General of the Federation.

    “There was an inadvertent error in the submission of their list from the Medical and Dental Council of Nigeria (MDCN),’’ he noted.

    Ngige assured the workers that the house officers would get their money since they were captured in the payment.

    He, however, said the Federal Government could not stop the taxation of the call duty allowance of the doctors since it falls under the Personal Income Tax Act (PITA), to be paid to the states under Pay-As-You-Earn (PAYE).

    He added that it was usually deducted by IPPIS on behalf of the state where a medical institution is located.

    Earlier, Dr Godiya Ishaya, immediate past President of NARD, while presenting the award, commended the minister for the cooperation.

    Ishaya said that they enjoyed, cherished and appreciated the minister’s open door policy and appealed to him to extend same to his successor.

    Speaking in a similar vein, the new President, Dr Emeka Orji, commended  Ngige for his efforts at restoring industrial harmony and peace.

    He said that the gesture was more felt in the health sector while urging the minister, as a medical elder of repute, to continue with his good works.

    The NARD delegation also commended  Ngige for the registration of the National Association of Medical and Dental Academics (NAMDA) as a trade union in the university system. 

    nanews.       


    NewsSourceCredit: NAN

  •  Vice President Yemi Osinbajo said the Presidential Fertiliser Initiative PFI has delivered over 30 million 50kg bags of NPK fertiliser to Nigerian farmers from 2017 to 2021 Osinbajo s spokesman Laolu Akande in a statement on Friday in Abuja said the vice president inaugurated Pandagric Novum Farms an integrated feed and food manufacturing company in Panda community Karu LGA Nasarawa State The Nigeria Sovereign Investment Authority NSIA and Signature Agri Investments are major investors in the project He said that President Muhmmadu Buhari enlisted NSIA as the project implementing entity of PFI which was restructured in 2022 The vice president said that the Federal Government would continue to create the enabling environment to encourage more private sector investments in the agricultural sector He called for more private sector investments in the agricultural sector Osinbajo said that that the project s inauguration was a foretaste of many possibilities and opportunities for investments in agriculture and other sectors in the country He said What you see today confirms that there is opportunity in Nigeria for investments in agriculture While government commits to creating an enabling environment we will look to the private sector for the investments to galvanise growth in the sector We must indeed work together to re define agriculture for the future in Nigeria Osinbajo said that Buhari passionately believed in the role of the country s agricultural sector as a key driver of job creation and economic growth He cited instances in different sub sectors of the agriculture value chain where the NSIA as part of its key mandates had invested in over the last 10 years Osinbajo said One of these investments is PFI which was established by Buhari in 2016 to address the problem of cost and availability of fertiliser Over its five year run 2017 2021 the programme had delivered over 30 million 50kg bags of NPK 20 10 10 fertiliser to Nigerian farmers and resuscitated the fertiliser blending industry It had revived over 60 otherwise moribund plants scattered across the country created hundreds of thousands of direct and indirect jobs It had also enabled government to conserve foreign exchange by import substitution amounting to over 100million dollars With the sector now reactivated the NSIA s role in the fertiliser value chain has moved upstream Osinbajo also highlighted the Fund for Agricultural Finance in Nigeria FAFIN which was established by the NSIA in partnership with the Federal Ministry of Agriculture and Rural Development and the KfW a development bank The vice president said that in 2018 the NSIA invested 5 million dollars in Babban Gona a high impact scalable agricultural franchise He said that Babban Gona sought to sustainably improve the lives of smallholder farmers through the provision of credit inputs training in good agricultural practices harvesting and storage services and marketing services The vice president said that in order to address unemployment local production growth and food security in particular areas of the country the NSIA in 2017 made a bold step in 2017 In 2017 the NSIAS established an Agriculture Development Fund under a 50 50 joint venture with the Old Mutual Group of South Africa It was done with a commitment of N50 million US 25 million each towards the development and investment in large scale agriculture projects combined with out grower schemes In 2018 the fund committed 29 million dollars towards the acquisition and two phased development of the Pandagric Novum Farms It is an animal feed processing business with backward integration through the farming of maize and soybean Osinbajo said He said that in spite of the global challenges as a result of the COVID 19 pandemic between 2018 and 2022 the fund had successfully completed the development of Pandagric Novum Farms The vice president listed some of the key milestones achieved under the project as the installation of 147 000 metric tonnes per annum capacity poultry feed mill Others were the installation of 75 000 tonnes of storage infrastructure in the form of two silos six bunkers as well as 35 000 tonnes of raw materials and finished goods storage and the installation of 750ha of center pivot irrigation systems He also mentioned the leasing of 3 500 ha of land for the cultivation of maize and soybeans as well as the construction of a 1 4 million cubic meter reservoir for water management More so the successful planting of 856ha of maize and 1 200ha of maize during the 2021 and 2022 wet farming seasons respectively Osinbajo also lauded Pandagric for providing boreholes for all six of its neighbouring communities and developing an out grower scheme while providing inputs and training to over 500 small holder farmers It employs almost 800 direct staff and 2 000 indirect staff making it the largest contributor of PAYE to Nasarawa State and presently has the largest maize farm across the country he said Osinbajo commended Gov Abdullahi Sule of Nasarawa for the visionary zeal he had deployed in three and a half years to make the state a hub for agricultural investments in Nigeria The vice president added that the governor s support was fundamental to the completion of the project NewsSourceCredit NAN
    30m bags of NPK fertiliser delivered to Nigerian farmers–Osinbajo
     Vice President Yemi Osinbajo said the Presidential Fertiliser Initiative PFI has delivered over 30 million 50kg bags of NPK fertiliser to Nigerian farmers from 2017 to 2021 Osinbajo s spokesman Laolu Akande in a statement on Friday in Abuja said the vice president inaugurated Pandagric Novum Farms an integrated feed and food manufacturing company in Panda community Karu LGA Nasarawa State The Nigeria Sovereign Investment Authority NSIA and Signature Agri Investments are major investors in the project He said that President Muhmmadu Buhari enlisted NSIA as the project implementing entity of PFI which was restructured in 2022 The vice president said that the Federal Government would continue to create the enabling environment to encourage more private sector investments in the agricultural sector He called for more private sector investments in the agricultural sector Osinbajo said that that the project s inauguration was a foretaste of many possibilities and opportunities for investments in agriculture and other sectors in the country He said What you see today confirms that there is opportunity in Nigeria for investments in agriculture While government commits to creating an enabling environment we will look to the private sector for the investments to galvanise growth in the sector We must indeed work together to re define agriculture for the future in Nigeria Osinbajo said that Buhari passionately believed in the role of the country s agricultural sector as a key driver of job creation and economic growth He cited instances in different sub sectors of the agriculture value chain where the NSIA as part of its key mandates had invested in over the last 10 years Osinbajo said One of these investments is PFI which was established by Buhari in 2016 to address the problem of cost and availability of fertiliser Over its five year run 2017 2021 the programme had delivered over 30 million 50kg bags of NPK 20 10 10 fertiliser to Nigerian farmers and resuscitated the fertiliser blending industry It had revived over 60 otherwise moribund plants scattered across the country created hundreds of thousands of direct and indirect jobs It had also enabled government to conserve foreign exchange by import substitution amounting to over 100million dollars With the sector now reactivated the NSIA s role in the fertiliser value chain has moved upstream Osinbajo also highlighted the Fund for Agricultural Finance in Nigeria FAFIN which was established by the NSIA in partnership with the Federal Ministry of Agriculture and Rural Development and the KfW a development bank The vice president said that in 2018 the NSIA invested 5 million dollars in Babban Gona a high impact scalable agricultural franchise He said that Babban Gona sought to sustainably improve the lives of smallholder farmers through the provision of credit inputs training in good agricultural practices harvesting and storage services and marketing services The vice president said that in order to address unemployment local production growth and food security in particular areas of the country the NSIA in 2017 made a bold step in 2017 In 2017 the NSIAS established an Agriculture Development Fund under a 50 50 joint venture with the Old Mutual Group of South Africa It was done with a commitment of N50 million US 25 million each towards the development and investment in large scale agriculture projects combined with out grower schemes In 2018 the fund committed 29 million dollars towards the acquisition and two phased development of the Pandagric Novum Farms It is an animal feed processing business with backward integration through the farming of maize and soybean Osinbajo said He said that in spite of the global challenges as a result of the COVID 19 pandemic between 2018 and 2022 the fund had successfully completed the development of Pandagric Novum Farms The vice president listed some of the key milestones achieved under the project as the installation of 147 000 metric tonnes per annum capacity poultry feed mill Others were the installation of 75 000 tonnes of storage infrastructure in the form of two silos six bunkers as well as 35 000 tonnes of raw materials and finished goods storage and the installation of 750ha of center pivot irrigation systems He also mentioned the leasing of 3 500 ha of land for the cultivation of maize and soybeans as well as the construction of a 1 4 million cubic meter reservoir for water management More so the successful planting of 856ha of maize and 1 200ha of maize during the 2021 and 2022 wet farming seasons respectively Osinbajo also lauded Pandagric for providing boreholes for all six of its neighbouring communities and developing an out grower scheme while providing inputs and training to over 500 small holder farmers It employs almost 800 direct staff and 2 000 indirect staff making it the largest contributor of PAYE to Nasarawa State and presently has the largest maize farm across the country he said Osinbajo commended Gov Abdullahi Sule of Nasarawa for the visionary zeal he had deployed in three and a half years to make the state a hub for agricultural investments in Nigeria The vice president added that the governor s support was fundamental to the completion of the project NewsSourceCredit NAN
    30m bags of NPK fertiliser delivered to Nigerian farmers–Osinbajo
    General news2 months ago

    30m bags of NPK fertiliser delivered to Nigerian farmers–Osinbajo

    Vice-President Yemi Osinbajo said the Presidential Fertiliser Initiative (PFI), has delivered over 30 million 50kg bags of NPK fertiliser to Nigerian farmers from  2017 to 2021. Osinbajo’s spokesman, Laolu Akande, in a statement on Friday in Abuja, said the vice-president inaugurated Pandagric Novum Farms, an integrated feed and food manufacturing company in Panda community, Karu LGA, Nasarawa State.

    The Nigeria Sovereign Investment Authority (NSIA) and Signature Agri- Investments are major investors in the project.

    He said that President Muhmmadu Buhari enlisted NSIA as the project implementing entity of PFI, which was restructured in 2022. The vice-president said that the Federal Government would continue to create the enabling environment to encourage more private sector investments in the agricultural sector.

    He called for more private sector investments in the agricultural sector.

    Osinbajo said that that the project’s inauguration was a foretaste of many possibilities and opportunities for investments, in agriculture and other sectors in the country.

    He said:“What you see today confirms that there is opportunity in Nigeria for investments in agriculture.

    “While government commits to creating an enabling environment, we will look to the private sector for the investments to galvanise growth in the sector.

    “We must indeed, work together to re-define agriculture for the future in Nigeria.

    ’’ Osinbajo said that Buhari passionately believed in the role of the country’s agricultural sector as a key driver of job creation and economic growth.

    He cited instances in different sub-sectors of the agriculture value chain where the NSIA, as part of its key mandates, had invested in over the last 10 years.

    Osinbajo said: “One of these investments is PFI, which was established by Buhari in 2016 to address the problem of cost and availability of fertiliser.

    “Over its five-year run (2017 -2021), the programme had delivered over 30 million 50kg bags of NPK 20:10:10 fertiliser to Nigerian farmers and resuscitated the fertiliser blending industry.

    “It had revived over 60 otherwise moribund plants scattered across the country, created hundreds of thousands of direct and indirect jobs.

    ”It had also enabled government to conserve foreign exchange by import substitution amounting to over 100million dollars.

    “With the sector now reactivated, the NSIA’s role in the fertiliser value chain has moved upstream.

    ’’ Osinbajo also highlighted the Fund for Agricultural Finance in Nigeria (FAFIN) which was established by the NSIA in partnership with the Federal Ministry of Agriculture and Rural Development and the KfW (a development bank).

    The vice-president said that in 2018, the NSIA invested 5 million dollars in Babban Gona – a high impact, scalable agricultural franchise.

    He said that Babban Gona sought to sustainably improve the lives of smallholder farmers through the provision of credit, inputs, training in good agricultural practices, harvesting and storage services, and marketing services.

    The vice-president said that in order to address unemployment, local production growth and food security in particular areas of the country, the NSIA, in 2017, made a bold step in 2017. “In 2017, the NSIAS established an Agriculture Development Fund under a 50:50 joint venture with the Old Mutual Group of South Africa.

    ”It was done with a commitment of N50 million (US$25 million each) towards the development and investment in large-scale agriculture projects, combined with out-grower schemes.

    “In 2018, the fund committed 29 million dollars towards the acquisition and two-phased development of the Pandagric Novum Farms.

    ”It is an animal feed processing business with backward integration through the farming of maize and soybean,” Osinbajo said.

    He said that in spite of the global challenges as a result of the COVID-19 pandemic, between 2018 and 2022, the fund had successfully completed the development of Pandagric Novum Farms.

    The vice-president listed some of the key milestones achieved under the project as the installation of 147,000 metric tonnes per annum capacity poultry feed mill Others were the installation of 75,000 tonnes of storage infrastructure in the form of two silos, six bunkers, as well as 35,000 tonnes of raw materials and finished goods storage and the installation of 750ha of center pivot irrigation systems.

    He also mentioned the leasing of 3,500 ha of land for the cultivation of maize and soybeans, as well as the construction of a 1.4 million cubic meter reservoir for water management.

    More so, the successful planting of 856ha of maize and 1,200ha of maize during the 2021 and 2022 wet farming seasons, respectively.

    Osinbajo also lauded Pandagric for providing boreholes for all six of its neighbouring communities and developing an out-grower scheme, while providing inputs and training to over 500 small holder farmers.

    “It employs almost 800 direct staff and 2,000 indirect staff, making it the largest contributor of PAYE to Nasarawa State; and presently has the largest maize farm across the country,” he said.

    Osinbajo commended Gov. Abdullahi Sule of Nasarawa for the visionary zeal he had deployed in three and a half years to make the state a hub for agricultural investments in Nigeria.

    The vice-president added that the governor’s support was fundamental to the completion of the project.


    NewsSourceCredit: NAN

  •  The Federal Capital Territory Internal Revenue Service FCT IRS says it has embarked on an aggressive drive to capture more people in the informal sector in its tax net The Acting Chairman of the service Mr Haruna Abdullahi said while fielding questions on the News Agency of Nigeria Forum in Abuja He said while public servants formed the bulk of tax payers in the FCT constituting more than 90 per cent the service had mapped out strategies to fully capture the informal sector The News Agency of Nigeria reports that people in the informal sector are those who are not directly under government regulation and are largely unregistered These set of people include vulcanisers commercial motorcyclists commercial drivers hair stylists and fashion designers among others Abdullahi said that capturing the informal sector in the FCT tax net would go a long way in expanding the revenue base of the service When we give a breakdown of our collections taxes from Pay as You Earn PAYE is always significantly the highest form of collection that we have Those under PAYE are salary earners public servants mainly those in the formal sector and of course employers of labour So what the service is doing is to say everyone must contribute to the basket You cannot be sitting and you are not contributing to the basket We are engaging the formal informal sector high net worth individuals as well as low net worth individuals in the tax net If you look at the structure of our collections the PAYE has started going down Meanwhile other forms of collection like direct assessment where individuals and business people file their returns is increasing he said Abdullahi said the drive would continue until a substantial part of the informal sector was captured by the service NewsSourceCredit NAN
    FCT-IRS on aggressive drive to capture vulcanisers, drivers, others in tax net
     The Federal Capital Territory Internal Revenue Service FCT IRS says it has embarked on an aggressive drive to capture more people in the informal sector in its tax net The Acting Chairman of the service Mr Haruna Abdullahi said while fielding questions on the News Agency of Nigeria Forum in Abuja He said while public servants formed the bulk of tax payers in the FCT constituting more than 90 per cent the service had mapped out strategies to fully capture the informal sector The News Agency of Nigeria reports that people in the informal sector are those who are not directly under government regulation and are largely unregistered These set of people include vulcanisers commercial motorcyclists commercial drivers hair stylists and fashion designers among others Abdullahi said that capturing the informal sector in the FCT tax net would go a long way in expanding the revenue base of the service When we give a breakdown of our collections taxes from Pay as You Earn PAYE is always significantly the highest form of collection that we have Those under PAYE are salary earners public servants mainly those in the formal sector and of course employers of labour So what the service is doing is to say everyone must contribute to the basket You cannot be sitting and you are not contributing to the basket We are engaging the formal informal sector high net worth individuals as well as low net worth individuals in the tax net If you look at the structure of our collections the PAYE has started going down Meanwhile other forms of collection like direct assessment where individuals and business people file their returns is increasing he said Abdullahi said the drive would continue until a substantial part of the informal sector was captured by the service NewsSourceCredit NAN
    FCT-IRS on aggressive drive to capture vulcanisers, drivers, others in tax net
    Economy3 months ago

    FCT-IRS on aggressive drive to capture vulcanisers, drivers, others in tax net

    The Federal Capital Territory Internal Revenue Service (FCT-IRS), says it has embarked on an aggressive drive to capture more people in the informal sector in its tax net.

    The Acting Chairman of the service, Mr Haruna Abdullahi said while fielding questions on the News Agency of Nigeria Forum in Abuja.

    He said while public servants formed the bulk of tax payers in the FCT, constituting more than 90 per cent, the service had mapped out strategies to fully capture the informal sector.

    The News Agency of Nigeria reports that people in the informal sector are those who are not directly under government regulation and are largely unregistered.

    These set of people include vulcanisers, commercial motorcyclists, commercial drivers, hair stylists and fashion designers among others.

    Abdullahi said that capturing the informal sector in the FCT tax net would go a long way in expanding the revenue base of the service.

    “When we give a breakdown of our collections, taxes from Pay as You Earn (PAYE) is always significantly the highest form of collection that we have.

    “Those under PAYE are salary earners, public servants mainly those in the formal sector and of course employers of labour.

    “So, what the service is doing is to say everyone must contribute to the basket.

    “You cannot be sitting and you are not contributing to the basket.

    “We are engaging the formal, informal sector, high net worth individuals as well as low net worth individuals in the tax net.

    “If you look at the structure of our collections, the PAYE has started  going down.

    “Meanwhile, other forms of collection like direct assessment where individuals and business people file their returns is increasing,” he said.

    Abdullahi said the drive would continue until a substantial part of the informal sector was captured by the service.


    NewsSourceCredit: NAN

  •  Benue Internal Revenue Service BIRS insists that the Jos Electricity Distribution Company JED Plc is owing the board the sum of N433 1 million in accumulated taxes This is contained in a press statement on Saturday signed by Suswam Terhemba Media Assistant to the board Chairman made available to the News Agency of Nigeria in Makurdi According to the statement the company is indebted to BIRS to the tune of N433 104 395 00 in accumulated taxes The statement further stated that BIRS had sealed up the administrative offices of JED Plc in Makurdi Gboko and Otukpo sighting a court order against the company by the state High Court According to the statement the Service outrightly objected to the request by JED Plc for the swapping of their tax liabilities as their request had no provision in the law The statement further stated that if JED Plc had incontrovertible evidence against the position of the service as claimed they should tender such evidence before the court of law JED Plc is indebted to BIRS in unpaid accumulated taxes of taxes and levies amounting to N433 104 395 00 million The distrain by sealing of the company by BIRS was with a valid court warrant obtained on the 13th April 2022 at the State High Court after exhausting all forms of diplomacy with the company The operations of BIRS is strongly guided by law and the revenue administration law of the state has no provision for debt swap or swapping of tax liabilities said the statement The statement added the affected offices would remain sealed until the company defrayed the tax liabilities or the court warrant was vacated by a court of competent jurisdiction The statement said all sealed premises did not affect the transmission and distribution of electricity by the company as the service was mindful so as not to throw the state into darkness The management of Jos Electricity Distribution Plc had earlier refuted the allegations of tax default levelled against it by BIRS Its Head Corporate Communications Dr Friday Adakole Elijah in a statement said the company was not owing BIRS such a humongous amount of money being claimed by the Chairman Dr Elijah in the statement claimed that the company had remitted its PAYE adding that there is incontrovertible evidence to show that Jos Electricity Distribution Plc has been remitting their PAYE to the Board Account Number Union Bank 0025168481 He said the two bodies had earlier mandated their tax consultants to ascertain the true situation of things adding that Jos Electricity was represented by Sanstone Associates Ltd He said consultants of both entities met for six weeks and reconciled stating that the figure of 156 515 414 47 was arrived at on the 23rd February Dr Ejilah further said Benue State government s indebtedness to the Jos Disco as at Dec 31 2021 was 157 943 414 14 He said the company had pleaded with the Board to swap the said total tax liability by deducting it from the state government s indebtedness to the company NAN
    BIRS insists Jos Disco owes N433m
     Benue Internal Revenue Service BIRS insists that the Jos Electricity Distribution Company JED Plc is owing the board the sum of N433 1 million in accumulated taxes This is contained in a press statement on Saturday signed by Suswam Terhemba Media Assistant to the board Chairman made available to the News Agency of Nigeria in Makurdi According to the statement the company is indebted to BIRS to the tune of N433 104 395 00 in accumulated taxes The statement further stated that BIRS had sealed up the administrative offices of JED Plc in Makurdi Gboko and Otukpo sighting a court order against the company by the state High Court According to the statement the Service outrightly objected to the request by JED Plc for the swapping of their tax liabilities as their request had no provision in the law The statement further stated that if JED Plc had incontrovertible evidence against the position of the service as claimed they should tender such evidence before the court of law JED Plc is indebted to BIRS in unpaid accumulated taxes of taxes and levies amounting to N433 104 395 00 million The distrain by sealing of the company by BIRS was with a valid court warrant obtained on the 13th April 2022 at the State High Court after exhausting all forms of diplomacy with the company The operations of BIRS is strongly guided by law and the revenue administration law of the state has no provision for debt swap or swapping of tax liabilities said the statement The statement added the affected offices would remain sealed until the company defrayed the tax liabilities or the court warrant was vacated by a court of competent jurisdiction The statement said all sealed premises did not affect the transmission and distribution of electricity by the company as the service was mindful so as not to throw the state into darkness The management of Jos Electricity Distribution Plc had earlier refuted the allegations of tax default levelled against it by BIRS Its Head Corporate Communications Dr Friday Adakole Elijah in a statement said the company was not owing BIRS such a humongous amount of money being claimed by the Chairman Dr Elijah in the statement claimed that the company had remitted its PAYE adding that there is incontrovertible evidence to show that Jos Electricity Distribution Plc has been remitting their PAYE to the Board Account Number Union Bank 0025168481 He said the two bodies had earlier mandated their tax consultants to ascertain the true situation of things adding that Jos Electricity was represented by Sanstone Associates Ltd He said consultants of both entities met for six weeks and reconciled stating that the figure of 156 515 414 47 was arrived at on the 23rd February Dr Ejilah further said Benue State government s indebtedness to the Jos Disco as at Dec 31 2021 was 157 943 414 14 He said the company had pleaded with the Board to swap the said total tax liability by deducting it from the state government s indebtedness to the company NAN
    BIRS insists Jos Disco owes N433m
    Economy6 months ago

    BIRS insists Jos Disco owes N433m

    Benue Internal Revenue Service (BIRS) insists that the Jos Electricity Distribution Company, (JED) Plc is owing the board the sum of N433.1 million in accumulated taxes.

    This is contained in a press statement on Saturday signed by Suswam Terhemba, Media Assistant to the board Chairman, made available to the News Agency of Nigeria in Makurdi.

    According to the statement, the company is indebted to BIRS to the tune of N433,104,395.00 in accumulated taxes.

    The statement further stated that BIRS had sealed up the administrative offices of JED Plc in Makurdi, Gboko and Otukpo sighting a court order against the company by the state High Court.

    According to the statement, the Service outrightly objected to the request by JED Plc for the swapping of their tax liabilities, as their request had no provision in the law.

    The statement further stated that if JED Plc had incontrovertible evidence against the position of the service as claimed, they should tender such evidence before the court of law.

    “JED Plc is indebted to BIRS in unpaid accumulated taxes of taxes and levies amounting to N433,104,395.00 million.

    “The distrain by sealing of the company by BIRS was with a valid court warrant obtained on the 13th April, 2022 at the State High Court after exhausting all forms of diplomacy with the company.

    “The operations of BIRS is strongly guided by law, and the revenue administration law of the state has no provision for debt swap or swapping of tax liabilities,” said the statement.

    The statement added the affected offices would remain sealed until the company defrayed the tax liabilities or the court warrant was vacated by a court of competent jurisdiction.

    The statement said all sealed premises did not affect the transmission and distribution of electricity by the company, as the service was mindful so as not to throw the state into darkness.

    The management of Jos Electricity Distribution Plc had earlier refuted the allegations of tax default levelled against it by BIRS.

    Its Head, Corporate Communications, Dr Friday Adakole Elijah, in a statement said the company was not owing BIRS such a “humongous amount of money being claimed by the Chairman.”

    Dr Elijah in the statement claimed that the company had remitted its PAYE adding that, “there is incontrovertible evidence to show that Jos Electricity Distribution Plc has been remitting their PAYE to the Board Account Number – Union Bank 0025168481.”

    He said the two bodies had earlier mandated their tax consultants to ascertain the true situation of things adding that Jos Electricity was represented by “Sanstone Associates Ltd.”

    He said consultants of both entities met for six weeks and reconciled, stating that the figure of ₦156,515,414.47 was arrived at on the 23rd February.

    Dr Ejilah further said Benue State government’s indebtedness to the Jos Disco as at Dec. 31, 2021 was ₦157,943,414.14.

    He said the company had pleaded with the Board to swap the said total tax liability by deducting it from the state government’s indebtedness to the company.

    (NAN)

  •  The Jos Electricity Distribution Company JEDC has refuted allegations of tax default of N433 million that led to the sealing of its office in Makurdi by the Benue Internal Revenue Services BIRS The News Agency of Nigeria reports that a statement by Mr Suswam Terhemba Media Assistant to the Board Chairman BIRS on Thursday in Makurdi said the administrative office of JEDC in Makurdi was sealed on Wednesday over alleged tax default Terhemba said the Board Chairman Mrs Mimi Adzape Orubibi who led the enforcement team said the company and one other were in default on PAYE withholding tax and other levies to the state Adzape Orubibi explained that the enforcement was pursuant to a court order granted by Justice Theresa Igoche of the Benue High Court against the companies The chairman said the board had sent demand notices to the defaulting companies and followed up with reminders as contained in sections 57 and 58 of Personal Income Tax Act PITA 2011 as amended After BIRS met with JEDC and reconciled the figures we gave them 30 days to pay and they did not pay So we followed up with reminders of 14 and seven days which they still did not pay We thereafter approached the court with all our documented evidence and got the warrant to distrain by sealing up the premises of the company until the tax liabilities are defrayed she said However Head Corporate Communications JEDC Dr Friday Adakole Elijah in a statement on Thursday said the company was not owing BIRS such a humongous amount of money being claimed by the Chairman Elijah claimed that the company had remitted its PAYE adding that there was incontrovertible evidence to show that JEDC had been remitting their PAYE to the BIRS s account He said the two bodies had earlier mandated their tax consultants to ascertain the true situation of things adding that JEDC was represented by Sandstone Associates Ltd He said consultants of both entities met for six weeks and reconciled stating that the figure of 156 515 414 47 was arrived at on Feb 23 Ejilah further said the Benue State government s indebtedness to the Jos Disco as at Dec 31 2021 was 157 943 414 14 He said the company had pleaded with Board to swap the total tax liability by deducting it from the state government s indebtedness to the company NAN
    JEDC refutes tax default allegation
     The Jos Electricity Distribution Company JEDC has refuted allegations of tax default of N433 million that led to the sealing of its office in Makurdi by the Benue Internal Revenue Services BIRS The News Agency of Nigeria reports that a statement by Mr Suswam Terhemba Media Assistant to the Board Chairman BIRS on Thursday in Makurdi said the administrative office of JEDC in Makurdi was sealed on Wednesday over alleged tax default Terhemba said the Board Chairman Mrs Mimi Adzape Orubibi who led the enforcement team said the company and one other were in default on PAYE withholding tax and other levies to the state Adzape Orubibi explained that the enforcement was pursuant to a court order granted by Justice Theresa Igoche of the Benue High Court against the companies The chairman said the board had sent demand notices to the defaulting companies and followed up with reminders as contained in sections 57 and 58 of Personal Income Tax Act PITA 2011 as amended After BIRS met with JEDC and reconciled the figures we gave them 30 days to pay and they did not pay So we followed up with reminders of 14 and seven days which they still did not pay We thereafter approached the court with all our documented evidence and got the warrant to distrain by sealing up the premises of the company until the tax liabilities are defrayed she said However Head Corporate Communications JEDC Dr Friday Adakole Elijah in a statement on Thursday said the company was not owing BIRS such a humongous amount of money being claimed by the Chairman Elijah claimed that the company had remitted its PAYE adding that there was incontrovertible evidence to show that JEDC had been remitting their PAYE to the BIRS s account He said the two bodies had earlier mandated their tax consultants to ascertain the true situation of things adding that JEDC was represented by Sandstone Associates Ltd He said consultants of both entities met for six weeks and reconciled stating that the figure of 156 515 414 47 was arrived at on Feb 23 Ejilah further said the Benue State government s indebtedness to the Jos Disco as at Dec 31 2021 was 157 943 414 14 He said the company had pleaded with Board to swap the total tax liability by deducting it from the state government s indebtedness to the company NAN
    JEDC refutes tax default allegation
    Economy6 months ago

    JEDC refutes tax default allegation

    The Jos Electricity Distribution Company, (JEDC) has refuted allegations of tax default of N433 million that led to the sealing of its office in Makurdi by the Benue Internal Revenue Services (BIRS).

    The News Agency of Nigeria reports that a statement by Mr Suswam Terhemba, Media Assistant to the Board Chairman, BIRS, on Thursday in Makurdi, said the administrative office of JEDC in Makurdi was sealed on Wednesday over alleged tax default.

    Terhemba said the Board Chairman, Mrs Mimi Adzape-Orubibi, who led the enforcement team, said the company, and one other, were in default on PAYE, withholding tax and other levies to the state.

    Adzape-Orubibi explained that the enforcement was pursuant to a court order granted by Justice Theresa Igoche of the Benue High Court against the companies.

    The chairman said the board had sent demand notices to the defaulting companies and followed up with reminders as contained in sections 57 and 58 of Personal Income Tax Act (PITA), 2011 as amended.

    “After BIRS met with JEDC and reconciled the figures we gave them 30 days to pay and they did not pay. So we followed up with reminders of 14 and seven days which they still did not pay.

    “We thereafter approached the court with all our documented evidence and got the warrant to distrain by sealing up the premises of the company until the tax liabilities are defrayed,” she said.

    However, Head, Corporate Communications, JEDC, Dr Friday Adakole Elijah, in a statement on Thursday, said the company was not owing BIRS such a “humongous amount of money being claimed by the Chairman.” Elijah claimed that the company had remitted its PAYE, adding that there was incontrovertible evidence to show that JEDC had been remitting their PAYE to the BIRS’s account.

    He said the two bodies had earlier mandated their tax consultants to ascertain the true situation of things adding that JEDC was represented by “Sandstone Associates Ltd.”

    He said consultants of both entities met for six weeks and reconciled, stating that the figure of ₦156,515,414.47 was arrived at on Feb. 23.

    Ejilah further said the Benue State government’s indebtedness to the Jos Disco as at Dec. 31, 2021 was ₦157,943,414.14.

    He said the company had pleaded with Board to swap the total tax liability by deducting it from the state government’s indebtedness to the company.

    (NAN)

  •  The Nigeria Export Processing Zones Authority NEPZA has signed a Memorandum of Understanding MoU with Federal Inland Revenue Service FIRS for effective administration of taxes in the free trade zones Signing the MoU on Tuesday in Abuja the Executive Chairman of FIRS Muhammad Nami said that the importance of the agreement was to foster greater collaboration between the two agencies According to Nami the intention is to promote the smooth operation of activities or approve enterprises in the zones and ensure effective administration of taxes applicable in the operation of zones under NEPZA Reason why we have been a bit careful is that we have two mandates and the mandates are conflicting FIRS is asked to generate revenue for the government to be able to fund it s budgetary requirements This is also for government to be able to provide social amenities critical infrastructure and ensure security of lives and properties In your own case you are asked to attract investments So the need for this collaboration becomes necessary so that we don t disagree in the course of pursuing our respective mandates he said While saying that the agency prioritised stakeholders engagements the FIRS boss said that certain data and information were required to succeed in its mandate We cannot do it alone we feel we require certain information and support of agencies like the ones present here to succeed For us to be able to do this we have come up with so many innovations to establish a tax incentive department Available record shows that NEPZA and FIRS have been working harmoniously since 2010 and the aim today is to further that collaboration The design of the mou is expected to have better working relationship that will promote the fulfilment of our respective mandates he said Nami said that while FIRS would ensure that her operations and processes would not hinder the smooth operation of the approved enterprises it is expected that they would be prompt in filing tax returns The enterprises are also expected to make remittances of taxes where applicable he said Nami said that FIRS would have access to the zones to conduct tax compliance check at periodic intervals in line with the MoU According to him if there are any challenges they would be resolved with speed of cordiality On his part the Managing Director of NEPZA Prof Adesoji Adesugba said that the MoU aimed at unbundling and strengthening the tax schedule for compliance purpose in line with section 19 of the NEPZA Act He said that section 19 of the NEPZA act mandates free zones enterprises to file returns for statistical and data Such information makes public the record of sales purchases and other key operation of the enterprise as the authority may require from time to time This requirement is also contained in the Finance Act 2022 he said Adesugba said that that section 8 of the NEPZA Act approved that enterprises operating in zones should be exempted from all federal state and local government taxes levies and rates However they are under obligations to pay all deferred taxes including duties when they extent their businesses to the custom territories So the widely held notion that enterprises in the zones do not pay tax all remained misplaced This new understanding is expected to correct this wrong notion For instance the personnel of the over 500 enterprises that operate in the 42 zones across the country religiously comply with PAYE tax The monies are automatically generated and paid to the FIRS in the locations they work Adesugba said The NEPZA boss said that the importance of growing the country s zone scheme in growing nation s economy could not be overemphasised Suffice to say that the authority has through the management of the zones attracted a cumulative investment of 22 billion dollars and generated over N40 billion as gross domestic product for Nigeria he said Adesugba however said that that the zones scheme comes with huge prospects and challenges But we are assiduously re tweaking our operations to ensure the scheme yields the desired impact in the nation s economy We are also committed to ensuring that this new understanding is strictly respected and followed to the latter Adesugba said NAN
    NEPZA, FIRS sign MoU on effective tax administration in free trade zones
     The Nigeria Export Processing Zones Authority NEPZA has signed a Memorandum of Understanding MoU with Federal Inland Revenue Service FIRS for effective administration of taxes in the free trade zones Signing the MoU on Tuesday in Abuja the Executive Chairman of FIRS Muhammad Nami said that the importance of the agreement was to foster greater collaboration between the two agencies According to Nami the intention is to promote the smooth operation of activities or approve enterprises in the zones and ensure effective administration of taxes applicable in the operation of zones under NEPZA Reason why we have been a bit careful is that we have two mandates and the mandates are conflicting FIRS is asked to generate revenue for the government to be able to fund it s budgetary requirements This is also for government to be able to provide social amenities critical infrastructure and ensure security of lives and properties In your own case you are asked to attract investments So the need for this collaboration becomes necessary so that we don t disagree in the course of pursuing our respective mandates he said While saying that the agency prioritised stakeholders engagements the FIRS boss said that certain data and information were required to succeed in its mandate We cannot do it alone we feel we require certain information and support of agencies like the ones present here to succeed For us to be able to do this we have come up with so many innovations to establish a tax incentive department Available record shows that NEPZA and FIRS have been working harmoniously since 2010 and the aim today is to further that collaboration The design of the mou is expected to have better working relationship that will promote the fulfilment of our respective mandates he said Nami said that while FIRS would ensure that her operations and processes would not hinder the smooth operation of the approved enterprises it is expected that they would be prompt in filing tax returns The enterprises are also expected to make remittances of taxes where applicable he said Nami said that FIRS would have access to the zones to conduct tax compliance check at periodic intervals in line with the MoU According to him if there are any challenges they would be resolved with speed of cordiality On his part the Managing Director of NEPZA Prof Adesoji Adesugba said that the MoU aimed at unbundling and strengthening the tax schedule for compliance purpose in line with section 19 of the NEPZA Act He said that section 19 of the NEPZA act mandates free zones enterprises to file returns for statistical and data Such information makes public the record of sales purchases and other key operation of the enterprise as the authority may require from time to time This requirement is also contained in the Finance Act 2022 he said Adesugba said that that section 8 of the NEPZA Act approved that enterprises operating in zones should be exempted from all federal state and local government taxes levies and rates However they are under obligations to pay all deferred taxes including duties when they extent their businesses to the custom territories So the widely held notion that enterprises in the zones do not pay tax all remained misplaced This new understanding is expected to correct this wrong notion For instance the personnel of the over 500 enterprises that operate in the 42 zones across the country religiously comply with PAYE tax The monies are automatically generated and paid to the FIRS in the locations they work Adesugba said The NEPZA boss said that the importance of growing the country s zone scheme in growing nation s economy could not be overemphasised Suffice to say that the authority has through the management of the zones attracted a cumulative investment of 22 billion dollars and generated over N40 billion as gross domestic product for Nigeria he said Adesugba however said that that the zones scheme comes with huge prospects and challenges But we are assiduously re tweaking our operations to ensure the scheme yields the desired impact in the nation s economy We are also committed to ensuring that this new understanding is strictly respected and followed to the latter Adesugba said NAN
    NEPZA, FIRS sign MoU on effective tax administration in free trade zones
    Economy6 months ago

    NEPZA, FIRS sign MoU on effective tax administration in free trade zones

    The Nigeria Export Processing Zones Authority (NEPZA) has signed a Memorandum of Understanding (MoU) with Federal Inland Revenue Service (FIRS) for effective administration of taxes in the free trade zones.Signing the MoU on Tuesday in Abuja, the Executive Chairman of FIRS, Muhammad Nami, said that the importance of the agreement was to foster greater collaboration between the two agencies.According to Nami, the intention is to promote the smooth operation of activities or approve enterprises in the zones and ensure effective administration of taxes applicable in the operation of zones under NEPZA.“Reason why we have been a bit careful is that we have two mandates and the mandates are conflicting.“FIRS is asked to generate revenue for the government to be able to fund it’s budgetary requirements.“This is also for government to be able to provide social amenities, critical infrastructure and ensure security of lives and properties.“In your own case you are asked to attract investments. So, the need for this collaboration becomes necessary so that we don’t disagree in the course of pursuing our respective mandates,’’ he said.While saying that the agency prioritised stakeholders’ engagements, the FIRS boss said that certain data and information were required to succeed in its mandate.“We cannot do it alone we feel we require certain information and support of agencies like the ones present here to succeed.“For us to be able to do this, we have come up with so many innovations to establish a tax incentive department.“Available record shows that NEPZA and FIRS have been working harmoniously since 2010 and the aim today is to further that collaboration.“The design of the mou is expected to have better working relationship that will promote the fulfilment of our respective mandates,’’ he said.Nami said that while FIRS would ensure that her operations and processes would not hinder the smooth operation of the approved enterprises, it is expected that they would be prompt in filing tax returns.“The enterprises are also expected to make remittances of taxes where applicable,’’ he said.Nami said that FIRS would have access to the zones to conduct tax compliance check at periodic intervals in line with the MoU.According to him, if there are any challenges, they would be resolved with speed of cordiality.On his part, the Managing Director of NEPZA, Prof. Adesoji Adesugba, said that the MoU aimed at unbundling and strengthening the tax schedule for compliance purpose in line with section 19 of the NEPZA Act.He said that section 19 of the NEPZA act mandates free zones enterprises to file returns for statistical and data.“Such information makes public the record of sales, purchases and other key operation of the enterprise as the authority may require from time to time.“This requirement is also contained in the Finance Act 2022,’’ he said.Adesugba said that that section 8 of the NEPZA Act approved that enterprises operating in zones should be exempted from all federal, state and local government taxes, levies and rates.“However, they are under obligations to pay all deferred taxes, including duties when they extent their businesses to the custom territories.“So, the widely held notion that enterprises in the zones do not pay tax all remained misplaced.“This new understanding is expected to correct this wrong notion.“For instance, the personnel of the over 500 enterprises that operate in the 42 zones across the country religiously comply with PAYE tax.“The monies are automatically generated and paid to the FIRS in the locations they work,’’ Adesugba said.The NEPZA boss said that the importance of growing the country’s zone scheme in growing nation’s economy could not be overemphasised.“Suffice to say that the authority has through the management of the zones attracted a cumulative investment of 22 billion dollars and generated over N40 billion as gross domestic product for Nigeria,’’ he said.Adesugba, however, said that that the zones scheme comes with huge prospects and challenges.“But we are assiduously re-tweaking our operations to ensure the scheme yields the desired impact in the nation’s economy.“We are also committed to ensuring that this new understanding is strictly respected and followed to the latter,’’ Adesugba said. (

    (NAN)

  •   The Internal Revenue Service of the Federal Capital Territory FCT IRS said it remitted N118 billion to the coffers of the federal Capital Territory Administration in November with a projection of N202 billion in 2022 The service s acting chief executive officer Haruna Abdullahi told reporters in Abuja on Wednesday that the figure meant the organization exceeded its target penny Despite the challenges faced by the impact of COVID 19 we were able to meet and exceed our revenue target of N109 billion cents by the end of November 2021 With this the Service has so far collected and remitted the sum of N118 billion Abdullahi said He also said that during the year under review the Service hired some consultants to conduct a six year back tax audit of Ministries Departments and Agencies MDA Companies and Corporate Organizations in the FCT Abdullahi said that the commitment had begun to bear fruit because liabilities were established and demand notices were issued in accordance with Section 54 PITA CAP P8 LFN 2004 As amended It is also important to inform you that we are currently meeting with some 250 MDAs for the review and reconciliation of IPPIS Personal Income Tax PAYE This is to address issues of incorrect remittances no remittances and insufficient remittances from MDA employees at the FCT This exercise is carried out in collaboration with the General Accounting Office of the Federation and the Joint Tax Board Let me use this medium to invite all MDAs that are coming for the fiscal year to come forward before the December 10 2021 deadline he said The interim president said the Service will not lean on its oars until it becomes the highest sub national revenue generating agency in the country Therefore he requested the support of all major stakeholders including the media to achieve the goal Although it is a huge task but with the determination and commitment of Board members management staff and stakeholders like you we will reach the goal of 2022 he said He said the Service planned to embark on an aggressive public illustration campaign to educate and mobilize potential taxpayers with a view to boosting the FCT revenue base The acting president explained that since the beginning of the Service residents and taxpayers have been educated and sensitized about their civic responsibilities Abdullahi said that in 2022 in collaboration with relevant law enforcement agencies the Service would also embark on the execution of its mandates This is in accordance with section 8 and Part V of the FCT IRS Act of 2015 This resolution has become necessary to address defaulters who insist on defrauding the FCT Administration he said Source NAN
    FCT-IRS remits N118bn to FCTA, targets N202bn in 2022
      The Internal Revenue Service of the Federal Capital Territory FCT IRS said it remitted N118 billion to the coffers of the federal Capital Territory Administration in November with a projection of N202 billion in 2022 The service s acting chief executive officer Haruna Abdullahi told reporters in Abuja on Wednesday that the figure meant the organization exceeded its target penny Despite the challenges faced by the impact of COVID 19 we were able to meet and exceed our revenue target of N109 billion cents by the end of November 2021 With this the Service has so far collected and remitted the sum of N118 billion Abdullahi said He also said that during the year under review the Service hired some consultants to conduct a six year back tax audit of Ministries Departments and Agencies MDA Companies and Corporate Organizations in the FCT Abdullahi said that the commitment had begun to bear fruit because liabilities were established and demand notices were issued in accordance with Section 54 PITA CAP P8 LFN 2004 As amended It is also important to inform you that we are currently meeting with some 250 MDAs for the review and reconciliation of IPPIS Personal Income Tax PAYE This is to address issues of incorrect remittances no remittances and insufficient remittances from MDA employees at the FCT This exercise is carried out in collaboration with the General Accounting Office of the Federation and the Joint Tax Board Let me use this medium to invite all MDAs that are coming for the fiscal year to come forward before the December 10 2021 deadline he said The interim president said the Service will not lean on its oars until it becomes the highest sub national revenue generating agency in the country Therefore he requested the support of all major stakeholders including the media to achieve the goal Although it is a huge task but with the determination and commitment of Board members management staff and stakeholders like you we will reach the goal of 2022 he said He said the Service planned to embark on an aggressive public illustration campaign to educate and mobilize potential taxpayers with a view to boosting the FCT revenue base The acting president explained that since the beginning of the Service residents and taxpayers have been educated and sensitized about their civic responsibilities Abdullahi said that in 2022 in collaboration with relevant law enforcement agencies the Service would also embark on the execution of its mandates This is in accordance with section 8 and Part V of the FCT IRS Act of 2015 This resolution has become necessary to address defaulters who insist on defrauding the FCT Administration he said Source NAN
    FCT-IRS remits N118bn to FCTA, targets N202bn in 2022
    Economy12 months ago

    FCT-IRS remits N118bn to FCTA, targets N202bn in 2022

    The Internal Revenue Service of the Federal Capital Territory (FCT-IRS) said it remitted N118 billion to the coffers of the federal Capital Territory Administration in November with a projection of N202 billion in 2022.

    The service's acting chief executive officer, Haruna Abdullahi, told reporters in Abuja on Wednesday that the figure meant the organization exceeded its target penny.

    “Despite the challenges faced by the impact of COVID-19, we were able to meet and exceed our revenue target of N109 billion cents by the end of November 2021.

    "With this, the Service has so far collected and remitted the sum of N118 billion," Abdullahi said.

    He also said that during the year under review, the Service hired some consultants to conduct a six-year back tax audit of Ministries, Departments and Agencies (MDA), Companies and Corporate Organizations in the FCT.

    Abdullahi said that the commitment had begun to bear fruit because liabilities were established and demand notices were issued in accordance with Section 54 PITA, CAP P8, LFN, 2004 (As amended).

    “It is also important to inform you that we are currently meeting with some 250 MDAs for the review and reconciliation of IPPIS / Personal Income Tax / PAYE.

    “This is to address issues of incorrect remittances, no remittances and insufficient remittances from MDA employees at the FCT.

    “This exercise is carried out in collaboration with the General Accounting Office of the Federation and the Joint Tax Board.

    "Let me use this medium to invite all MDAs that are coming for the fiscal year to come forward before the December 10, 2021 deadline," he said.

    The interim president said the Service will not lean on its oars until it becomes the highest sub-national revenue generating agency in the country.

    Therefore, he requested the support of all major stakeholders, including the media, to achieve the goal.

    "Although it is a huge task, but with the determination and commitment of Board members, management, staff and stakeholders like you, we will reach the goal of 2022," he said.

    He said the Service planned to embark on an aggressive public illustration campaign to educate and mobilize potential taxpayers with a view to boosting the FCT revenue base.

    The acting president explained that since the beginning of the Service, residents and taxpayers have been educated and sensitized about their civic responsibilities.

    Abdullahi said that in 2022, in collaboration with relevant law enforcement agencies, the Service would also embark on the execution of its mandates.

    "This is in accordance with section 8 and Part V of the FCT-IRS Act of 2015. This resolution has become necessary to address defaulters who insist on defrauding the FCT Administration," he said.

    Source: NAN

  •  By Ad m l r nbon Motor third party insurance or third party liability cover which is sometimes also referred to as the act only cover is a statutory requirement under the Motor Vehicles Act It is referred to as a third party cover since the beneficiary of the policy is someone other than the two parties involved in the contract the car owner and the insurance company The policy does not provide any benefit to the insured However it covers the insured s legal liability for death disability of third party loss or damage to the third party property Since the third party insurance cover is mandatory all non life insurance companies have an obligation to provide this cover In the Indian context automobile dealers arrange for a comprehensive insurance cover along with vehicle registration This comprehensive cover is an add on to the mandatory third party cover and protects the car owner from financial losses caused by damage or theft of the vehicle The cost of a comprehensive cover is several times that of a stand alone third party cover since damage claims are more frequent than third party claims Until now the premium for motor third party insurance was calculated on the basis of a schedule of rates provided by the Tariff Advisory Committee an arm of IRDA the insurance regulator But IRDA has done away with the motor tariff The compensation to the victim is largely decided by the earning capacity of the accident victim Many members of the insuring public and third party road users have not fully realized the importance of Motor Third Party Insurance in Nigeria Motor third party Insurance covers the insured s policy holder legal liabilities for death and bodily injuries to third parties and third party property damage While remedies for bodily injuries and death are unlimited since we cannot put value on life never mind that some people attach no value to life in Nigeria the limit for third party property damage is N1million This limit can be increased with payment of additional premium So third party motor insurance is very important as far as third party road users are concerned Now the issue starts from how we source this policy Many vehicle owners get theirs from motor park touts and touts in government offices Who licensed them to issue policies Do they have the consent of these insurance companies whose policies they are issuing The purchasers are not interested they only want a paper to show the police so that they can let my people go With this mind set the whole essence of motor third party insurance which is to have in place the minimum insurance to take care of the vehicle owner s legal liabilities to third parties while using his vehicle on the road is defeated Specifically section 143 of the Road Traffic Act states that a person must not use a motor vehicle on a road unless there is in force in relation to the use of the vehicle by that person such a policy of insurance or security in respect of third party risks Many vehicle owners do not have the resources to take care of their legal liabilities for third party bodily injuries death or property damage whilst using their vehicles on the road These third parties include pedestrians other vehicles occupiers of these vehicles and properties owned by third parties This makes motor third party insurance even more imperative In the event of an accident likely going to lead to a claim the policy holder through his broker or in person if he has no broker must notify the underwriter as soon as possible His responsibility is to describe what happened It is not his responsibility to accept liability for the loss that is for the underwriter to determine based on the account of the accident by policy holder Please note that a third party motor policy provides relief for third parties only it does not cover own damage or provide personal relief for the policyholder there is a variant of Motor Third Party insurance in the market where For a premium of N10 000 the policy can be extended to cover own damage to the limit of N250 000 But it is a wonderful policy because for just N5 000 premium you transfer the unlimited liabilities for third party bodily injuries and death and limited third party property damage liabilities to your underwriter According to some analysts the insurance company loses about N530Billion yearly as a result of failure by vehicle owners to purchase the compulsory Third Party Motor Insurance Findings revealed further that about 11 8Million registered vehicles plying the road only 1 2Million of them have valid insurance certificates This situation has deprived insurers the premium and exposed many road users to the menace of reckless vehicle users The need to drive the uptake and acceptance of Third Party Motor Insurance cannot be over emphasized This is scandalous and the implications are grave It means many Nigerian third party road users would have no access to any compensation in the event of bodily injuries death or damage to their properties Ignorance aside any wonder that many road accidents are resolved with quarrels and fisticuffs Kudos to the Ogun State government for the introduction of e Third Party Motor Insurance in the system now the motorists cyclists and other stakeholders involved will be able to collect their insurance certificate without any stress and with the security on the paper it will be very cumbersome for touts and impostors to produce the fake document for our motorists Even the governor of Ogun State who is represented by the Chief Economic Adviser and Commissioner for Finance Mr Dapo Okubadejo at the official flag off of the e Third Party Motor Insurance admitted that economic prosperity of the State largely depended on the contributions of residents and stakeholders who were involved in the growth and development of the State He then appealed to the prospective applicants of the new document to be wary of fake vendors not to patronize touts and apply for it in proxy Indeed he said that it is everybody responsibility to key into this scheme so as to nip the crooks and touts circulating fake third party insurance documents in the bud Also the Executive Chairman Ogun State Internal Revenue Service OGIRS Mr Olugbenga Tony Olaleye said that the Third Party Motor Insurance Certificate is the least policy motorists must obtain before being eligible to use the road added that scheme will be of great benefit to them He informed that his agency will commence total enforcement from Tuesday October 2 2021 on all revenue items warning members of the public to ensure all outstanding tax liabilities including vehicle papers were updated Also the State Coordinator Ogun e Third Party Insurance Scheme Mr Akinyoola Moses Afolabi said that National Insurance Commission NAICOM which supervised the recapitalization process for the industry including Nigerian Insurers Association NIA had came together with the Nigeria Insurance Industry Platform NIIP to regularize the scheme He also said the Nigeria Insurance Industry Database NIID with the National Assembly has equally came up with several interventions to help in deepening the market improved product quality and banish reduce incidence of fake papers in the industry He then allayed fear of post flag off challenges which might forced the people to issue fake document or resolved in bribery scandal but he emphasized that with the resolve of all practitioners and continued support from the State government all stakeholders would surely overcome the bottlenecks Indeed revenue losses to government are also enormous billions of Naira in value added tax remittances to the National Insurance Commission company income taxes and pay as you earn PAYE This is what a few crooks who do not pay taxes on their transactions have denied the rest of us There is a simple remedy to the avalanche of fake motor insurance policies The umbrella body of underwriters in Nigeria the Nigerian Insurers Association NIA has a platform the Nigerian Insurance Industry Database It has a database of all genuine motor insurances issued by Nigerian insurance companies and so far has records of over four million genuine motor policies in the database You can check the status of a motor policy either with the policy number or registration number of the vehicle But I guess this all important database has either not been given enough publicity or it is not worth the while of many policy holders to check the status of a policy that costs only N5 000 chicken change which will keep some irritants law enforcement agents off their backs For many vehicle owners one of the measures to enforce compulsory motor third party insurance which is checking of vehicle particulars by law enforcement agents has become the reason for obtaining motor third party insurance And many law enforcement agents have taken advantage of this mindset These law enforcement agents have not helped the industry in particular and Nigerians in general They go to the road to check vehicle particulars not for love of mankind Nigeria or the insurance industry but because of what they can get from defaulters or gullible and ignorant vehicle users Mention must however be made of the few law enforcement agents who call insurance companies to confirm the authenticity of the motor policies purportedly issued by them or access the NIID right there on the road to confirm the authenticity of a policy Only if the good law enforcement agents were in the majority r nbon an opinion writer poet journalist and public affairs analyst writes in from Federal Housing Estate Olomore Abeokuta Ogun State Can be reached via orunbonibrahimademola gmail com or 08034493944 and 08029301122
    Ogun e-Third Party Motor Insurance: The Impacts On Economic Development
     By Ad m l r nbon Motor third party insurance or third party liability cover which is sometimes also referred to as the act only cover is a statutory requirement under the Motor Vehicles Act It is referred to as a third party cover since the beneficiary of the policy is someone other than the two parties involved in the contract the car owner and the insurance company The policy does not provide any benefit to the insured However it covers the insured s legal liability for death disability of third party loss or damage to the third party property Since the third party insurance cover is mandatory all non life insurance companies have an obligation to provide this cover In the Indian context automobile dealers arrange for a comprehensive insurance cover along with vehicle registration This comprehensive cover is an add on to the mandatory third party cover and protects the car owner from financial losses caused by damage or theft of the vehicle The cost of a comprehensive cover is several times that of a stand alone third party cover since damage claims are more frequent than third party claims Until now the premium for motor third party insurance was calculated on the basis of a schedule of rates provided by the Tariff Advisory Committee an arm of IRDA the insurance regulator But IRDA has done away with the motor tariff The compensation to the victim is largely decided by the earning capacity of the accident victim Many members of the insuring public and third party road users have not fully realized the importance of Motor Third Party Insurance in Nigeria Motor third party Insurance covers the insured s policy holder legal liabilities for death and bodily injuries to third parties and third party property damage While remedies for bodily injuries and death are unlimited since we cannot put value on life never mind that some people attach no value to life in Nigeria the limit for third party property damage is N1million This limit can be increased with payment of additional premium So third party motor insurance is very important as far as third party road users are concerned Now the issue starts from how we source this policy Many vehicle owners get theirs from motor park touts and touts in government offices Who licensed them to issue policies Do they have the consent of these insurance companies whose policies they are issuing The purchasers are not interested they only want a paper to show the police so that they can let my people go With this mind set the whole essence of motor third party insurance which is to have in place the minimum insurance to take care of the vehicle owner s legal liabilities to third parties while using his vehicle on the road is defeated Specifically section 143 of the Road Traffic Act states that a person must not use a motor vehicle on a road unless there is in force in relation to the use of the vehicle by that person such a policy of insurance or security in respect of third party risks Many vehicle owners do not have the resources to take care of their legal liabilities for third party bodily injuries death or property damage whilst using their vehicles on the road These third parties include pedestrians other vehicles occupiers of these vehicles and properties owned by third parties This makes motor third party insurance even more imperative In the event of an accident likely going to lead to a claim the policy holder through his broker or in person if he has no broker must notify the underwriter as soon as possible His responsibility is to describe what happened It is not his responsibility to accept liability for the loss that is for the underwriter to determine based on the account of the accident by policy holder Please note that a third party motor policy provides relief for third parties only it does not cover own damage or provide personal relief for the policyholder there is a variant of Motor Third Party insurance in the market where For a premium of N10 000 the policy can be extended to cover own damage to the limit of N250 000 But it is a wonderful policy because for just N5 000 premium you transfer the unlimited liabilities for third party bodily injuries and death and limited third party property damage liabilities to your underwriter According to some analysts the insurance company loses about N530Billion yearly as a result of failure by vehicle owners to purchase the compulsory Third Party Motor Insurance Findings revealed further that about 11 8Million registered vehicles plying the road only 1 2Million of them have valid insurance certificates This situation has deprived insurers the premium and exposed many road users to the menace of reckless vehicle users The need to drive the uptake and acceptance of Third Party Motor Insurance cannot be over emphasized This is scandalous and the implications are grave It means many Nigerian third party road users would have no access to any compensation in the event of bodily injuries death or damage to their properties Ignorance aside any wonder that many road accidents are resolved with quarrels and fisticuffs Kudos to the Ogun State government for the introduction of e Third Party Motor Insurance in the system now the motorists cyclists and other stakeholders involved will be able to collect their insurance certificate without any stress and with the security on the paper it will be very cumbersome for touts and impostors to produce the fake document for our motorists Even the governor of Ogun State who is represented by the Chief Economic Adviser and Commissioner for Finance Mr Dapo Okubadejo at the official flag off of the e Third Party Motor Insurance admitted that economic prosperity of the State largely depended on the contributions of residents and stakeholders who were involved in the growth and development of the State He then appealed to the prospective applicants of the new document to be wary of fake vendors not to patronize touts and apply for it in proxy Indeed he said that it is everybody responsibility to key into this scheme so as to nip the crooks and touts circulating fake third party insurance documents in the bud Also the Executive Chairman Ogun State Internal Revenue Service OGIRS Mr Olugbenga Tony Olaleye said that the Third Party Motor Insurance Certificate is the least policy motorists must obtain before being eligible to use the road added that scheme will be of great benefit to them He informed that his agency will commence total enforcement from Tuesday October 2 2021 on all revenue items warning members of the public to ensure all outstanding tax liabilities including vehicle papers were updated Also the State Coordinator Ogun e Third Party Insurance Scheme Mr Akinyoola Moses Afolabi said that National Insurance Commission NAICOM which supervised the recapitalization process for the industry including Nigerian Insurers Association NIA had came together with the Nigeria Insurance Industry Platform NIIP to regularize the scheme He also said the Nigeria Insurance Industry Database NIID with the National Assembly has equally came up with several interventions to help in deepening the market improved product quality and banish reduce incidence of fake papers in the industry He then allayed fear of post flag off challenges which might forced the people to issue fake document or resolved in bribery scandal but he emphasized that with the resolve of all practitioners and continued support from the State government all stakeholders would surely overcome the bottlenecks Indeed revenue losses to government are also enormous billions of Naira in value added tax remittances to the National Insurance Commission company income taxes and pay as you earn PAYE This is what a few crooks who do not pay taxes on their transactions have denied the rest of us There is a simple remedy to the avalanche of fake motor insurance policies The umbrella body of underwriters in Nigeria the Nigerian Insurers Association NIA has a platform the Nigerian Insurance Industry Database It has a database of all genuine motor insurances issued by Nigerian insurance companies and so far has records of over four million genuine motor policies in the database You can check the status of a motor policy either with the policy number or registration number of the vehicle But I guess this all important database has either not been given enough publicity or it is not worth the while of many policy holders to check the status of a policy that costs only N5 000 chicken change which will keep some irritants law enforcement agents off their backs For many vehicle owners one of the measures to enforce compulsory motor third party insurance which is checking of vehicle particulars by law enforcement agents has become the reason for obtaining motor third party insurance And many law enforcement agents have taken advantage of this mindset These law enforcement agents have not helped the industry in particular and Nigerians in general They go to the road to check vehicle particulars not for love of mankind Nigeria or the insurance industry but because of what they can get from defaulters or gullible and ignorant vehicle users Mention must however be made of the few law enforcement agents who call insurance companies to confirm the authenticity of the motor policies purportedly issued by them or access the NIID right there on the road to confirm the authenticity of a policy Only if the good law enforcement agents were in the majority r nbon an opinion writer poet journalist and public affairs analyst writes in from Federal Housing Estate Olomore Abeokuta Ogun State Can be reached via orunbonibrahimademola gmail com or 08034493944 and 08029301122
    Ogun e-Third Party Motor Insurance: The Impacts On Economic Development
    Opinion1 year ago

    Ogun e-Third Party Motor Insurance: The Impacts On Economic Development

    By: Adémólá ÒrúnbonMotor third-party insurance or third-party liability cover, which is sometimes also referred to as the 'act only' cover, is a statutory requirement under the Motor Vehicles Act. It is referred to as a 'third-party' cover since the beneficiary of the policy is someone other than the two parties involved in the contract (the car owner and the insurance company). The policy does not provide any benefit to the insured. However, it covers the insured's legal liability for death/disability of third-party loss or damage to the third-party property.Since the third-party insurance cover is mandatory, all non-life insurance companies have an obligation to provide this cover. In the Indian context, automobile dealers arrange for a comprehensive insurance cover along with vehicle registration. This comprehensive cover is an add-on to the mandatory third party cover and protects the car owner from financial losses, caused by damage or theft of the vehicle.The cost of a comprehensive cover is several times that of a stand-alone third-party cover, since damage claims are more frequent than third-party claims. Until now, the premium for motor third-party insurance was calculated on the basis of a schedule of rates provided by the Tariff Advisory Committee, an arm of IRDA, the insurance regulator. But IRDA has done away with the motor tariff. The compensation to the victim is largely decided by the earning capacity of the accident victim.Many members of the insuring public and third party road users have not fully realized the importance of Motor (Third Party) Insurance in Nigeria. Motor (third party) Insurance covers the insured’s (policy holder) legal liabilities for death and bodily injuries to third parties and third party property damage. While remedies for bodily injuries and death are unlimited since we cannot put value on life (never mind that some people attach no value to life in Nigeria) the limit for third party property damage is N1million.This limit can be increased with payment of additional premium. So third party motor insurance is very important as far as third party road users are concerned. Now the issue starts from how we source this policy. Many vehicle owners get theirs from motor park touts and touts in government offices. Who licensed them to issue policies? Do they have the consent of these insurance companies whose policies they are issuing? The purchasers are not interested; they only want a paper to show the police, so that they can “let my people go.”With this mind-set, the whole essence of motor (third party) insurance, which is to have in place the minimum insurance to take care of the vehicle owner’s legal liabilities to third parties, while using his vehicle on the road, is defeated. Specifically, section 143 of the Road Traffic Act, states that: “a person must not use a motor vehicle on a road unless there is in force, in relation to the use of the vehicle by that person, such a policy of insurance or security in respect of third party risks…”Many vehicle owners do not have the resources to take care of their legal liabilities for third party bodily injuries, death or property damage whilst using their vehicles on the road. These third parties include pedestrians, other vehicles, occupiers of these vehicles and properties owned by third parties. This makes motor (third party) insurance even more imperative.In the event of an accident likely going to lead to a claim, the policy holder, through his broker or in person, if he has no broker, must notify the underwriter as soon as possible.His responsibility is to describe what happened. It is not his responsibility to accept liability for the loss; that is for the underwriter to determine, based on the account of the accident by policy holder. Please note that a third party motor policy provides relief for third parties only; it does not cover own damage or provide personal relief for the policyholder there is a variant of Motor (Third Party) insurance in the market where. For a premium of N10,000, the policy can be extended to cover own damage to the limit of N250,000). But it is a wonderful policy, because for just N5,000 premium, you transfer the unlimited liabilities for third party bodily injuries and death and limited third party property damage liabilities to your underwriter.According to some analysts, the insurance company loses about N530Billion yearly as a result of failure by vehicle owners to purchase the compulsory Third Party Motor Insurance. Findings revealed further that about 11.8Million registered vehicles plying the road, only 1.2Million of them have valid insurance certificates. This situation has deprived insurers the premium and exposed many road users to the menace of reckless vehicle users. The need to drive the uptake and acceptance of Third Party Motor Insurance cannot be over emphasized.This is scandalous and the implications are grave. It means many Nigerian third party road users would have no access to any compensation in the event of bodily injuries, death or damage to their properties. Ignorance aside, any wonder that many road accidents are resolved with quarrels and fisticuffs.Kudos to the Ogun State government for the introduction of e-Third Party Motor Insurance in the system, now the motorists, cyclists and other stakeholders involved will be able to collect their insurance certificate without any stress, and with the security on the paper, it will be very cumbersome for touts and impostors to produce the fake document for our motorists.Even, the governor of Ogun State, who is represented by the Chief Economic Adviser and Commissioner for Finance, Mr. Dapo Okubadejo, at the official flag off of the e-Third Party Motor Insurance admitted that economic prosperity of the State largely depended on the contributions of residents and stakeholders who were involved in the growth and development of the State.He then appealed to the prospective applicants of the new document to be wary of fake vendors, not to patronize touts and apply for it in proxy. Indeed, he said that it is everybody responsibility to key into this scheme, so as to nip the crooks and touts circulating fake third party insurance documents in the bud.Also, the Executive Chairman, Ogun State Internal Revenue Service (OGIRS), Mr. Olugbenga Tony Olaleye, said that the Third Party Motor Insurance Certificate is the least policy motorists must obtain, before being eligible to use the road, added that scheme will be of great benefit to them.He informed that his agency will commence total enforcement, from Tuesday, October 2, 2021 on all revenue items, warning members of the public to ensure all outstanding tax liabilities, including vehicle papers were updated.Also, the State Coordinator, Ogun e-Third Party Insurance Scheme, Mr. Akinyoola Moses Afolabi, said that National Insurance Commission (NAICOM), which supervised the recapitalization process for the industry, including Nigerian Insurers Association (NIA) had came together with the Nigeria Insurance Industry Platform (NIIP), to regularize the scheme.He also said the Nigeria Insurance Industry Database (NIID), with the National Assembly has equally came up with several interventions to help in deepening the market, improved product quality and banish/reduce incidence of fake papers in the industry.He then allayed fear of post flag-off challenges, which might forced the people to issue fake document or resolved in bribery scandal, but he emphasized that with the resolve of all practitioners and continued support from the State government, all stakeholders would surely overcome the bottlenecks.Indeed, revenue losses to government are also enormous: billions of Naira in value added tax, remittances to the National Insurance Commission, company income taxes and pay as you earn (PAYE). This is what a few crooks, who do not pay taxes on their transactions, have denied the rest of us. There is a simple remedy to the avalanche of fake motor insurance policies.The umbrella body of underwriters in Nigeria, the Nigerian Insurers Association (NIA), has a platform, the Nigerian Insurance Industry Database. It has a database of all genuine motor insurances issued by Nigerian insurance companies and so far has records of over four million genuine motor policies in the database.You can check the status of a motor policy either with the policy number or registration number of the vehicle. But I guess this all-important database has either not been given enough publicity or it is not worth the while of many policy holders to check the status of a policy that costs only N5,000 (chicken change) which will keep some “irritants” (law enforcement agents) off their backs.For many vehicle owners, one of the measures to enforce compulsory motor (third party) insurance, which is checking of vehicle particulars by law enforcement agents, has become the reason for obtaining motor (third party) insurance. And many law enforcement agents have taken advantage of this mindset. These law enforcement agents have not helped the industry, in particular, and Nigerians in general. They go to the road to check vehicle particulars not for love of mankind, Nigeria or the insurance industry, but because of what they can get from defaulters or gullible and ignorant vehicle users. Mention must, however, be made of the few law enforcement agents who call insurance companies to confirm the authenticity of the motor policies purportedly issued by them or access the NIID right there on the road to confirm the authenticity of a policy. Only if the good law enforcement agents were in the majority.Òrúnbon, an opinion writer, poet journalist and public affairs analyst, writes in from Federal Housing Estate, Olomore, Abeokuta, Ogun StateCan be reached via: orunbonibrahimademola@gmail.com, or 08034493944 and 08029301122.

  •   Gov Muhammad Badaru of Jigawa on Wednesday presented a budget of N156 58 billion for the state s 2021 fiscal year to the state s House of Assembly The budget was tagged Budget of Sustained Economic Growth and Social Transformation Meeting the Next Level Agenda II Badaru said that it is higher than the 2020 Original and Revised Budgets by 2 4 per cent and 29 per cent Based on the aggregated proposed revenue and expenditure estimates the 2021 Appropriation Bill is seeking the consideration of the Honorable House to appropriate the sum of 156 580 billion for the services of the Jigawa State Government during the period of January 1 to December 31 2021 This is higher than the 2020 Original and Revised Budgets by 2 4 per cent and 29 per cent respectively he said The governor said of the total proposed estimates N78 346 billion was earmarked for recurrent expenditures including provisions for contingency and stabilization funds while N78 241 was for capital investments With a difference of only about 0 1 per cent the recurrent to capital expenditure ratio is almost exactly 50 50 It is worthy of note that despite the rising cost of personnel cost due to the new minimum wage and the rising cost of service delivery due to inflationary trends we try to ensure that as much resources as possible are earmarked for capital investments Based on the parameters used in the MTEF projections and considering current trends we consider this budget size as very realistic and achievable barring any fiscal uncertainties The proposed budget is envisaged to be funded from the following major sources and while most of these are self explanatory I would add that some of the key Capital Receipts and Reimbursements include Refunds to the State in respect of PAYE Deductions by the Federal Government Refunds in respect of the defunct PHCN Ground Rents World Bank Grants in respect of SFTAS and the new CARES Programme Others are UBEC and TETFund Grants for Primary and Tertiary Education respectively and World Bank Grant for Better Education Service Delivery for All And the African Development Bank Grant for Agricultural Transformation and Islamic Development Bank Loan for Agricultural Development Highlighting the proposed expenditure estimates Badaru said the amount earmarked for personnel cost includes provisions for staff promotions annual increments and recruitments in critical arrears particularly in the education and health sectors It also includes provision for J Teach under which we plan to engage up to about 4 000 unemployed tertiary education graduates with a minimum of NCE Certificates Secondly the provision for other recurrent expenditure consists of a number of major expenditure items such as operational maintenance of public utilities including urban street lights and water supply schemes maintenance of educational institutions including students payment and Payments for National Examinations payments of internal and external scholarships and Payment of Vehicles Advances to Civil Servants Thirdly in accordance with the priorities of the budget almost 50 per cent of the total proposed budgetary provisions are earmarked to the two most critical human development sectors namely education and health The total provisions for recurrent and capital expenditure across these two sectors amount to about N78 25 billion equivalent to almost 50 per cent of the total budget While the education sector accounts for 36 4 per cent of the total budget the health sector allocations amount to about 13 5 per cent about one point below the target mark of Abuja Declaration This is largely due to the transfer of some recurrent expenditure aspects to the Local Government following their financial autonomy Moreover it is gratifying that the health sector is a major recipient of development assistance such that if support to the sector by the FCDO for LAFIYA and SUNMAP programAmes are to be quantified and factored into the budget these would significantly offset the one per cent shortfall he said Responding the Speaker of the assembly Alhaji Isa Idris commended the governor for presenting the budget on time pointing out that it would give the house an ample time to scrutinize it Idris promised to ensure passage of the bill in line with procedure and provisions of the house standing rules Edited By Saidu Adamu Ismail Abdulaziz Source NAN
    Gov. Badaru presents N156.5bn 2021 budget to assembly
      Gov Muhammad Badaru of Jigawa on Wednesday presented a budget of N156 58 billion for the state s 2021 fiscal year to the state s House of Assembly The budget was tagged Budget of Sustained Economic Growth and Social Transformation Meeting the Next Level Agenda II Badaru said that it is higher than the 2020 Original and Revised Budgets by 2 4 per cent and 29 per cent Based on the aggregated proposed revenue and expenditure estimates the 2021 Appropriation Bill is seeking the consideration of the Honorable House to appropriate the sum of 156 580 billion for the services of the Jigawa State Government during the period of January 1 to December 31 2021 This is higher than the 2020 Original and Revised Budgets by 2 4 per cent and 29 per cent respectively he said The governor said of the total proposed estimates N78 346 billion was earmarked for recurrent expenditures including provisions for contingency and stabilization funds while N78 241 was for capital investments With a difference of only about 0 1 per cent the recurrent to capital expenditure ratio is almost exactly 50 50 It is worthy of note that despite the rising cost of personnel cost due to the new minimum wage and the rising cost of service delivery due to inflationary trends we try to ensure that as much resources as possible are earmarked for capital investments Based on the parameters used in the MTEF projections and considering current trends we consider this budget size as very realistic and achievable barring any fiscal uncertainties The proposed budget is envisaged to be funded from the following major sources and while most of these are self explanatory I would add that some of the key Capital Receipts and Reimbursements include Refunds to the State in respect of PAYE Deductions by the Federal Government Refunds in respect of the defunct PHCN Ground Rents World Bank Grants in respect of SFTAS and the new CARES Programme Others are UBEC and TETFund Grants for Primary and Tertiary Education respectively and World Bank Grant for Better Education Service Delivery for All And the African Development Bank Grant for Agricultural Transformation and Islamic Development Bank Loan for Agricultural Development Highlighting the proposed expenditure estimates Badaru said the amount earmarked for personnel cost includes provisions for staff promotions annual increments and recruitments in critical arrears particularly in the education and health sectors It also includes provision for J Teach under which we plan to engage up to about 4 000 unemployed tertiary education graduates with a minimum of NCE Certificates Secondly the provision for other recurrent expenditure consists of a number of major expenditure items such as operational maintenance of public utilities including urban street lights and water supply schemes maintenance of educational institutions including students payment and Payments for National Examinations payments of internal and external scholarships and Payment of Vehicles Advances to Civil Servants Thirdly in accordance with the priorities of the budget almost 50 per cent of the total proposed budgetary provisions are earmarked to the two most critical human development sectors namely education and health The total provisions for recurrent and capital expenditure across these two sectors amount to about N78 25 billion equivalent to almost 50 per cent of the total budget While the education sector accounts for 36 4 per cent of the total budget the health sector allocations amount to about 13 5 per cent about one point below the target mark of Abuja Declaration This is largely due to the transfer of some recurrent expenditure aspects to the Local Government following their financial autonomy Moreover it is gratifying that the health sector is a major recipient of development assistance such that if support to the sector by the FCDO for LAFIYA and SUNMAP programAmes are to be quantified and factored into the budget these would significantly offset the one per cent shortfall he said Responding the Speaker of the assembly Alhaji Isa Idris commended the governor for presenting the budget on time pointing out that it would give the house an ample time to scrutinize it Idris promised to ensure passage of the bill in line with procedure and provisions of the house standing rules Edited By Saidu Adamu Ismail Abdulaziz Source NAN
    Gov. Badaru presents N156.5bn 2021 budget to assembly
    Economy2 years ago

    Gov. Badaru presents N156.5bn 2021 budget to assembly

    Gov. Muhammad Badaru of Jigawa on Wednesday presented a budget of N156.58 billion for the state’s 2021 fiscal year to the state’s House of Assembly.

    The budget was tagged “Budget of Sustained Economic Growth and Social Transformation-Meeting the Next Level Agenda II”.

    Badaru said that it is higher than the 2020 Original and Revised Budgets by 2.4 per cent and 29 per cent.

    “Based on the aggregated proposed revenue and expenditure estimates, the 2021 Appropriation Bill is seeking the consideration of the Honorable House to appropriate the sum of 156,580 billion for the services of the Jigawa State Government during the period of January 1 to December 31, 2021.

    “This is higher than the 2020 Original and Revised Budgets by 2.4 per cent and 29 per cent respectively,” he said.

    The governor said of the total proposed estimates, N78.346 billion was earmarked for recurrent expenditures, including provisions for contingency and stabilization funds, while N78.241 was for capital investments.

    “With a difference of only about 0.1 per cent, the recurrent to capital expenditure ratio is almost exactly 50:50.

    “It is worthy of note that despite the rising cost of personnel cost due to the new minimum wage and the rising cost of service delivery due to inflationary trends, we try to ensure that as much resources as possible are earmarked for capital investments.

    “Based on the parameters used in the MTEF projections and considering current trends, we consider this budget size as very realistic and achievable barring any fiscal uncertainties.

    “The proposed budget is envisaged to be funded from the following major sources, and while most of these are self-explanatory, I would add that, some of the key Capital Receipts and Reimbursements include Refunds to the State in respect of PAYE Deductions by the Federal Government.

    “Refunds in respect of the defunct PHCN Ground Rents, World Bank Grants in respect of SFTAS and the new CARES Programme. Others are UBEC and TETFund Grants for Primary and Tertiary Education respectively and World Bank Grant for Better Education Service Delivery for All.

    “And the African Development Bank Grant for Agricultural Transformation and Islamic Development Bank Loan for Agricultural Development”.

    Highlighting the proposed expenditure estimates, Badaru said the amount earmarked for personnel cost includes provisions for staff promotions, annual increments and recruitments in critical arrears particularly in the education and health sectors.

    “It also includes provision for J-Teach under which we plan to engage up to about 4,000 unemployed tertiary education graduates with a minimum of NCE Certificates.

    “Secondly, the provision for other recurrent expenditure consists of a number of major expenditure items such as operational maintenance of public utilities, including urban street lights and water supply schemes, maintenance of educational institutions, including students payment and Payments for National Examinations, payments of internal and external scholarships, and Payment of Vehicles Advances to Civil Servants.

    “Thirdly, in accordance with the priorities of the budget, almost 50 per cent of the total proposed budgetary provisions are earmarked to the two most critical human development sectors namely education and health.

    “The total provisions for recurrent and capital expenditure across these two sectors amount to about N78.25 billion equivalent to almost 50 per cent of the total budget.

    “While the education sector accounts for 36.4 per cent of the total budget, the health sector allocations amount to about 13.5 per cent- about one point below the target mark of Abuja Declaration.

    “This is largely due to the transfer of some recurrent expenditure aspects to the Local Government following their financial autonomy.

    “Moreover, it is gratifying that the health sector is a major recipient of development assistance such that if support to the sector by the FCDO for LAFIYA and SUNMAP programAmes are to be quantified and factored into the budget, these would significantly offset the one per cent shortfall,” he said.

    Responding, the Speaker of the assembly, Alhaji Isa Idris, commended the governor for presenting the budget on time, pointing out that it would give the house an ample time to scrutinize it.

    Idris promised to ensure passage of the bill in line with procedure and provisions of the house standing rules.


    Edited By: Saidu Adamu/Ismail Abdulaziz
    Source: NAN

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