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Fitch ratings: Shettima praises Tinubu for transparency in financial dealings

Vice President Kashim Shettima has said the President Bola Tinubu-led federal government has performed well in its fiscal responsibilities and management, as the administration maintains transparency in financial dealings.

He cited the recent ranking by global credit rating agency, Fitch, which upgraded Nigeria’s credit outlook to positive, describing it as a reflection of increasing confidence in the nation’s economy.

Senator Shettima spoke on Thursday during the 141st meeting of the National Economic Council (NEC) at the Presidential Villa, Abuja.

“There is no doubt that this government has demonstrated transparency in its financial dealings and protections. Therefore, it is not surprising that just a few days ago, Fitch Ratings upgraded Nigeria’s credit outlook to positive, citing reform progress under President Tinubu.

“This reflects the increasing confidence in our economic trajectory, especially in light of policy changes aimed at reducing our debt service burden,” he stated.

NEC also had members of the Institute of Chartered Accountants of Nigeria in attendance to “shed light on the accountability index and their ranking of states on public financial management (PFM).”

This, the VP said, would guide the government at all levels to adjust their “finances and planning for the rainy days based on realistic projections.”

NEC deliberated on the general state of the economy and resolved to do more to improve the situation across the country, especially supporting the growth of Micro, Small, and Medium Enterprises (MSMEs).

Urging Council members to assess the administration’s journey so far and acknowledge the impact of their decisions, Shettima drew attention to the nation’s MSMEs, describing them as the backbone of the country’s economy.

“As we plan for stability, we must remember that the backbone of our economy isn’t solely comprised of our big corporations. While these entities play a vital role in tracking the nation’s productivity and employment data, it is our Micro, Small, and Medium Enterprises (MSMEs) that should keep us awake at night.

“Accounting for about 96% of all businesses in the country and contributing 49% of the national GDP, MSMEs are the backbone of our economy. The past few months of our efforts to mend the economy have caused disruptions that have sent shockwaves throughout the industry. We cannot afford to ignore this reality; immediate intervention is essential to mitigate the damage and ensure their survival,” he pointed out.

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Reps move to harmonize various taxations by FG, States, LGAs

The House of Representatives at the plenary, on Wednesday passed through second reading a Bill for an Act to alter the constitution of the Federal Republic of Nigeria, 1999, (as amended), to clarify the taxation powers of the Federal, State and Local Governments.

The proposed legislation titled, “Bill for an Act to alter the Constitution of the Federal Republic of Nigeria, 1999 (as amended), to Clarify the Taxation Powers of the Federal, State, and Local Governments; to Define the Scope of Taxes and Levies Collectible by Each Tier of Government; to Prevent Multiple Taxation and Unlawful Outsourcing of Revenue Collection and for Related Matters,” was sponsored by the Deputy Speaker, Rt. Hon. Benjamin Kalu, Ph.D, CFR and six other lawmakers.

Leading the debate on its general principles, one of the Co-Sponsors, Hon. Joshua Audu Gana said the bill seeks to clearly define the scope of taxes and levies on Nigerians by each tier of Government and if passed, would prevent multiple taxations and unlawful outsourcing of revenue collections.

Gana argued that, the Bill would “bring order where confusion reigns”, to create clarity where overlaps have persisted, “and to ensure that every naira raised, shared or spent by government is traceable, lawful, and transparent”.

He added that, these government agencies contract private consultants or agents unlawfully to collect taxes and levies, giving room for corruption, harassment and revenue leakages.

He said, “At the heart of this Bill is a simple but transformative goal which is to align the revenue powers of the Federation, States and Local Governments in a way that promotes efficiency, discourages duplication, and restores trust in the fiscal system.

“Honourable Colleagues, the fiscal architecture of our federation has, over time, become congested and conflicting. Multiple taxes and levies are imposed at different tiers of government, often on the same taxpayers. Revenue agencies overlap, creating inefficiencies and litigations over collection rights; as seen in the disputes over Value Added Tax (VAT), Stamp Duties, and Personal Income Tax”.

The Bill was passed and referred to the Committee on Constitution Review for further legislative actions.

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Reps to probe harmful substances use in preserving frozen foods

The House of Representatives has resolved to investigate the alleged use of harmful chemicals as preservatives for frozen foods across the country.

The resolution of the House was sequel to the adoption of a motion of urgent public importance brought before the Green Chamber in plenary by the member representing Ehime Mbano/Ihitte Uboma/Obowo Federal Constituency, Imo State, Hon Chike Okafor, on Wednesday.

Some non-governmental organisations operating in the health sector have been consistent in their outcry over the alleged use of dangerous chemicals, including formalin, sodium hydroxide, snipers, kerosene and carbide as preservatives in frozen fish, prawns, shrimp, meat, and other food items in Nigerian markets.

There are reports from regulatory bodies, health experts, and media investigations revealing that some of the chemicals used for embalming corpses, industrial processes, and ripening fruits are now being used to prolong the shelf life of perishable foods.

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Police arrest Sowore

Sowore brands Buhari’s govt despicable, as ASUU, COEASU strikes linger

Nigeria Police have reportedly arrested human rights activist Omoyele Sowore.

Sowore was taken into custody at the Federal High Court in Abuja.

This was revealed in a post on X by human rights lawyer Inibehe Effiong, who accused the police and President Bola Tinubu’s administration of undermining Nigeria’s judicial system.

He wrote: “The arrest of Omoyele Sowore at the Federal High Court in Abuja moments ago is preposterous.
“The police and the Tinubu regime are making a mockery of our judicial system.He should be freed immediately. Stop the shenanigans.”

Sowore had earlier posted on Facebook that he was with Kanu Agabi, the lead lawyer for Nnamdi Kanu, at the Federal High Court.

According to him, Agabi disclosed that his team would be withdrawing from the case, leaving Kanu to continue his trial without representation.

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