MARCH Frist

OTUNBA RUNSEWE AND THE TASK OF A VIBRANT GLOBAL IMAGE FOR NIGERIA

by with No Comment By Kunle Olu Ojo

Otunba Segun Runsewe, (OON),Director-General of  National Council for Arts and Culture (NCAC), under the Federal Ministry of Information and Culture, is a man who has brought dignity to Nigeria and vibrancy to the tourism sector .As they say, creative  thinker can’t be easily pigeonholed, Otunba Runsewe, famously known as ‘Mr. Tourism’ and the ‘Face of Nigerian Culture’ is one of these and a strict constructionist.  He exhibits an ability to rise above conventional thinking and prejudices and epitomizes what constitutes the right stuff on the public service front. One of the primary measures of greatness on the public service is the impact its players’ activities have on the society at large. And Runsewe’s activities have been having a big impact on the Nigerian public.

On the closing week of April 2021, President Muhammadu Buhari  re-appointed Otunba  Runsewe, for another term of four years after an eventful first tenure that attracted local and international recognitions to Nigeria’s rich cultural heritage. Runsewe, had been appointed four years earlier in the month of April 2017, and his re-appointment further brightened the future of the NCAC and the creative industry in Nigeria.

At that time of his re-appointment time, many touted his “empathy” and potential for blazing a new trail as a man who understands how to inspire innovation. Some others said that the re-appointment was an eloquent testimony to his meritorious service rendered to preserve and promote Nigeria’s rich cultural heritage, right from his days as D-G of NTDC, down to his first tenure in office as NCAC D-G which began in May 2017.

Otunba Runsewe brought dignity to the sector while maintaining a revered position as a consistent phenomenon in Nigeria’s culture and tourism sectors, having served in different capacities in the last three decades. He has brought dignity to the sector while maintaining a revered position as a consistent phenomenon in Nigeria’s culture and tourism sectors, having served in different capacities in the last three decades. Undoubtedly, his sterling performance during his first tenure as D-G had a huge impact on the Council owing to his positive attitude towards collaboration with stakeholders in the arts and culture industry. His recognition of the vital role of the media and diverse associations under the culture ministry, retreats with Zonal Directors of the Council, and subsequent collaborations with all stakeholders, all went into the tapestry of his success, especially in job creation through arts, crafts culture, skill acquisition; which as a whole, translate to income generation to Nigeria’s economy.

The annual International Arts and Crafts Expo (INAC) which holds in Abuja has become art, crafts and culture exhibition ground for many countries across the world that queue up to participate in the yearly event.  Apart from job creation, INAC has also become an effective tool for networking, marketing, and promotion of arts, crafts, and cultural products of Nigeria and many other countries.

By dint of hard work, Otunba Runsewe brought rare innovations to the National Festival of Arts and Culture (NAFEST), rebranding the festival and making it a prime national cultural event state governors vigorously bid to host. Each edition of the festival almost always witnesses youth participants engaged in skills acquisition, waste-to-wealth programs, and free medical services with the distribution of hundreds of eyeglasses.

The 2021 edition was hosted by Ekiti state. And it was glorious.  Ado-Ekiti, the state capital, was set agog by NAFEST. Business activities suddenly skyrocketed as a result of the huge influx of visitors from other states of Nigeria. Pounded yam, the staple item in the state’s menu, sold like hotcakes. Nightlife in the state capital also came alive. Visitors could be seen gathering and drinking, both inside and outside the pavilion. Transporters, especially the commercial motorcyclists popularly called Okada, made brisk businesses, probably thanking God for bringing NAFEST to Ekiti State. All the hotels in Ado-Ekiti and the environs also ran out of rooms. Visitors had to pair themselves and share rooms because the hotels had no more rooms to offer. From the look of some hotels, it was obvious that some rooms which were not in use due to lack of patronage were hurriedly fixed and offered to visitors. Although such rooms were not in the best of conditions, visitors had no choice but to make do with them in the face of the acute shortage.

Otunba Runsewe said he was very excited that the people of Ekiti State have been empowered through NAFEST. “All the hotels in Ado-Ekiti are fully booked. People have had to be sharing rooms. It may interest you to know that the same thing happened in Canada – they had an event, but they didn’t have enough rooms. They had to build more hotels. So, we are now begging Ekiti people and saying to them: “Before we come back (for another NAFEST), please build more hotels.”

Indeed, NAFEST has been organized to thrill everybody again and again since Runsewe came on board. Recall that the network of NAFEST used to be direct with the directors of culture in the state. Runsewe looked at the history behind the festival and objected to that idea when he came,  saying, it was wrong to be doing a program of national interest with just the culture chief executives and directors. He was right, for really the National Festival of Arts and Culture (NAFEST) started in 1970, after the Civil War. The idea was what could be used to unite the country back and those wise people saw culture as the major product and it was agreed that NAFEST should kick-start the process.

In an interview, Runsewe disclosed that the festival, in those days, used to look like an inter-house sport. He promised that would not happen under his leadership. He has brought some changes that could be seen in the festival.  And the nation felt this impact in the last years of the NAFEST  event in Ekiti state. It was higher than the editions hosted in Kaduna and Rivers States. Now state governors are beginning to key into this program.

He goes down memory lane of how he was able to rejuvenate the festival some years back.

“Now, for a very long time, the directors had been the engine room of the festival, non-negotiable. But the commissioners were the brainboxes. Neither of these could work without the other and I took a step further, and I said ‘we must go to plead with the governors, because we don’t need to leave everything with the directors, though, a lot of them have good intentions, the person who would give it all the feasibility and support is the governor. So, I took it upon myself to see Governor Nasiru Ahmad el-Rufai of Kaduna State, and he gave me his words that Kaduna was prepared. Anybody who is close to el-Rufai knows he’s a man of his word and really before we got to Kaduna, he’d instructed the secretary to the government of Kaduna who, held a series of meetings with me, and in fact, I also had meetings with the Chief of Staff. Before, it was not the case. It used to be the NCAC and the directors. In the economy of today that we’re trying to improve, we need to tell the drivers in the states the benefits that this sector would bring, and then, they will see the importance. So, el-Rufai gave the approval and said we’re hosting. I’d like to use this opportunity to commend the Emir of Zazzau, who came out with one of the best Durbar outings since the 1940s. People really came out, even foreigners. We had a fantastic outing in Kaduna, and this was because the governor was committed and gave directives.”

To strengthen international partnerships, Runsewe ensured that the Council participated in foreign mission activities such as the first Asian film festival in Abuja and the French Institute animated films festival. While his first tenure also saw some NCAC staff enjoying training, workshop, and seminar in China, the Council also enjoyed the partnership and cultural exchange programs with notable foreign missions like India, Iran, South Korea, Ghana, Russia etc.

Runsewe’s second time in office as the D-G of NCAC is an indication of President Buhari’s belief that he will do more to put Nigeria in the global limelight. Some commentators believe he has an important role to play in ensuring that our buried histories and neglected aspects of our cultures are dug up and documented while those on the brink of extinction, such as Nigerian indigenous languages are revived through constant usage in both spoken and written communications.

That can be incorporated into the existing festivals. Also, materials and books written in indigenous languages can be archived in a standard library and stored at the NCAC offices. Even achievements and programs of the Council can be documented in books and pamphlets and stored for reference purposes.

With Otunba Runsewe’s pedigree for success, innovative skills, and capacity to turn dead agencies into functional and profitable entities, he has proved himself as somebody who can handle higher responsibilities in a country that has historically had the misfortune of having bad leaders manage its affairs. This trait has won him accolades across the globe.

In September last year, Otunba Segun Runsewe bagged China Man of the Year award. The Chinese community, the Consulate and WUSHU Development Association of Nigeria, bestowed Otunba Segun Runsewe, DG of National Council for Arts and Culture, NCAC, as the China Culture Man of the Year.

At an impressive ceremony to mark the 2021 mid autumn festival and Chinese national day in Lagos, on Saturday, the Chinese community stated that Otunba Segun Runsewe has worked tirelessly to build a strong cultural tourism relationship between Nigeria and China.

They added that he had, in various ways, convinced the world that Nigeria culture in its diversity has capacity to foster unity and peace among the people of both countries nay the world.

Dr. Matthew Nwaekwe, Coordinator Nigeria/China Business Council, made the presentation at Oriental Hotel, Victoria island, Lagos.

He explained that the Chinese Consulate and the Chinese community in Nigeria were elated at the pace and passion Otunba Runsewe brought to bear on his assignment as Nigeria culture chief, and the conviction to sustain cultural relationship between China and Nigeria.

Creative industries play an important role in the cultural and economic life of many people, embodying tradition and heritage. Specially, the film industry amalgamates an artistic, educational, social, and sometimes even political content, turning into a national identity-bearing agent. Its work combines different contributions and talents, which make it highly complex, a sui generis artisan-artistic-industrial work protected by copyright.

Runsewe is looking at this as Nigeria is rich in tradition and folklore; its creators have the opportunity to create culturally-distinct works for which there is great demand in this increasingly uniform world. The country  is known for being at the heart of African music, and for possessing a well developed music industry which has achieved international acclaim. It has a vibrant book publishing industry, with more publishing houses than any other African country and an influential literature, including a Nobel Prize laureate.

The social and cultural impacts of Runsewe’s  impact  as Director-General of  National Council for Arts and Culture , will echo  for a long time.

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Effects of Corruption of Regulatory Agencies Staff on SMEs and Revenue

by with No Comment Editorial

The recent importation of contaminated fuel into Nigeria, which was reported to be about 100 million liters, is not really unfortunate, it is shameful indeed!  Where were those supposed to inspect the imported toxic fuel when it came in? Who and who conducted inspections? Where were the inspectors? Apart from exposing Nigerians to untold hardship and damage to many vehicles, including high-end ones. This has visited a very sad experience for many vehicle owners. And it has equally caused the Federal Government several billion as well.

We would like to point out some more issues related to the corruption of staff of regulatory agencies. As has been observed for long, all regulation points seem to have become theatres of corruption and extortion in Nigeria. Because of this, so many businesses, especially SMEs, daily face dehydration. This should be looked into with appropriate punishments put in place.

Regulatory agencies are supposed to nurture SMEs to ensure the continuous thriving of business in terms of meeting standards for the market and

making the environment conducive for them. But in many cases, this is lacking. One could see a regulatory

landscape riddled with corruption and harassment of SME businesses. The consequences of these are loss of revenue, both to the business enterprise and government.

After sending staff to the field, regulatory agency heads should properly monitor their staff to make sure no games are being played.

There are many incidents where the staff of these regulatory agencies regularly harass and extort businesses, that are not aware of how to tame them. For instance, those in charge of the environment never let the new entrants in the fumigation business, for example, know all that is needed. Look at the water-packaging business for example. Many NAFDAC staff never let the new entrants into the water business know all that needs to be done initially. They will hide away the information on laws guiding such businesses, allowing the business owner to dig boreholes without telling him to first get the environmental staff to do what they need to do. Rather they allow some loopholes to exist. Then they continue to exploit these loopholes for their own benefit.

Regrettably, some regulatory agencies have now turned to revenue-generating agencies. And as they do this, their activities begin to negatively affect the SMEs. This affects their revenue, and equally deprives the government of much-needed revenue.

The regular monitoring of regulatory agencies’ staff is of paramount importance. Their corruption is killing businesses and depriving the government of revenue. Consequently, heads of regulatory agencies should be responsible for the corruption and misconduct of their staff. The senior personnel on the field should understand the seriousness of their responsibility. To these corrupt staff,  corruption seemingly offers the right tools for them to construct their own future, taking advantage of business owners and depriving the government of huge revenue. We believe this reflects poorly on the regulatory agencies. If proper action is not taken to punish those expected to conduct oversight functions on the “devil fuel” recently brought into the country, such kind of incidents will be repeated.

We call on the Independent Corrupt Practices Commission (ICPC) to have some dedicated lines so entrepreneurs can know who to report to. Also, heads of regulatory agencies need to effectively monitor the activities of their staff and educate the public on what needs to be done, creating regular awareness to prevent undue exploitation and killing of businesses as well as revenue loss to the government.

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OFFICE OF THE ACCOUNTANT GENERAL OF THE FEDERATION

by with No Comment Economy

FAAC SHARES N699.824 BILLION DECEMBER 2021
REVENUE TO FG, STATES AND LGCs

The Federation Accounts Allocation Committee (FAAC) has shared a total of N699.824 Billion December 2021 Federation Account Revenue to the Federal Government, States, and Local Government Councils.
This was contained in a communiqué issued at the end of a virtual meeting of the Federation Account Allocation Committee (FAAC) for January 2022.
The N699.824billion total distributable revenue comprised distributable statutory revenue of N507.267billion; distributable Value Added Tax (VAT) revenue of N187.409 billion and Exchange Gain of N5.148billion.
In December 2021, the total deductions for the cost of collection were N30.003 billion, and the total deductions for statutory transfers, refunds and savings was N36.643 billion. The balance in the Excess Crude Account (ECA) was $35.368 million.
The communiqué confirmed that from the total distributable revenue of N699.824 billion; the Federal Government received N279.457billion, the State Governments received N221.190 billion and the Local Government Councils received N163.879 billion. The sum of N35.297 billion was shared with the relevant States as 13% derivation revenue.
The distributable statutory revenue of N507.267 billion was available for the month. From this, the Federal Government received N248.885 billion, the State Governments received N126.238 billion and the Local Government Councils received N97.324 billion. The sum of N34.820 billion was shared with the relevant States as 13% derivation revenue.
In the month of December 2021, the gross revenue available from the Value Added Tax (VAT) was N201.255 billion. This was higher than the N196.175 billion available in the month of November 2021 by N5.080 billion.
The sum of N5.796 billion allocation to NEDC and N8.050 billion cost of the collection were deducted from the N201.255 billion gross Value Added Tax (VAT) revenue, resulting in the distributable Value Added Tax (VAT) revenue of N187.409billion.
From the N187.409 billion distributable Value Added Tax (VAT) revenue, the Federal Government received N28.111 billion, the State Governments received N93.705 billion and the Local Government Councils received N65.593 billion.
The Federal Government received N2.461 billion from the total Exchange Gain revenue of N5.148 billion. The State Governments received N1.248 billion, the Local Government Councils received N0.962 billion and N0.477 billion was shared to the relevant States as 13% derivation revenue.
According to the Communiqué, in the month of December 2021, Companies Income Tax (CIT) and Value Added Tax (VAT) increased reasonably, Petroleum Profit Tax (PPT) and Oil and Gas Royalties decreased significantly while Import and Excise Duties decreased marginally.

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JONATHAN,ZULUM URGE ENGINEERS TO WORK WITH STATE GOVERNORS

by with No Comment Goverance

Former President Goodluck Jonathan and Borno State Governor Professor Umara Zulum have called on  Nigerian engineers to work with state governors in implementing the infrastructural development of the country.  Jonathan made this declaration on Saturday, January 22 during the investiture ceremony of the 33rd national president and chairman-in-council of the Nigerian Society of Engineers (NSE), Engineer Tasiu Sa’ad Gidari-Wudil, at the International Conference Centre, Abuja. He was the special guest of honour at that event.

President Muhammdau Buhari who was the distinguished guest of honor was represented by the minister of science and technology,Dr  Ogbonnaya Onu. Delivering President Buhari’s message, Onu told the audience that the Buhari administration had made significant progress in the infrastructural development of the country. Borno State Governor, Babagana Umara Zulum, FNSE, a professor of soil and water engineering, delivered the keynote address at the occasion.

Speaking on “Infrastructural Development in a Stressed Economy – the case of Borno state,’ the governor referenced several cases in his state and lamented that the poor quality of materials often used by engineers in construction was detrimental to the infrastructural development of the country. To remedy the situation, he urged Nigerian engineers to see the need to strengthen their involvement and professional involvement in the infrastructural development of Nigeria

Former President  Jonathan agreed with  Professor Zulum’s view. He charged Nigerian engineers to work with governors in implementing the infrastructural development of

the country. He also lamented over the frequent collapse of buildings in the country, stressing that it does not speak well of the integrity and quality of Nigeria’s engineering. Jonathan charged Nigerian engineers on renewable energy and reviewed Nigeria’s engineering curriculum. He drummed.

“If we diligently apply ourselves to developing alternative and renewable energy sources, we will become a force to be reckoned with in this regard, considering that we have abundant all-year-round sunshine, several kilometres of ocean coastline, and different bodies of water with significant waves, currents, and wind.” He also advised the NSE to: “Pay special attention to the teaching of engineering in schools to ensure that its curriculum is constantly retooled in tune with the changing needs of modern society.”

He described the new NSE president as: “An engineer with years of experience at this time to move the society forward. It is a good thing that the person taking charge today to lead NSE is an accomplished electrical engineer, with a knack for innovation.” The former president thanked the NSE for inviting him to their events, saying: “This is the second time in barely one and a half months that I would be taking part in NSE events, here in Abuja. The first time was in December 2021, where I was represented at my younger brother, Azibaola Robert’s investiture as honorary Fellow of the Nigerian Society of Engineers (FNSE).

“I know that the society was inspired to honor Mr. Robert because of his considerable contributions to the development of engineering and the technological development of Nigeria through the activities of Zeetin Engineering, which he founded.” Speaking on the sidelines of the ceremony, the founder of Zeetin Engineering, Azibaola Robert, FNSE, welcomed the new NSE president on board.

While congratulating Gidari-Wudil, Robert charged him, during his tenure, to throw his weight behind regulation on materials, code of practice in engineering, amongst others.

He urged the new NSE president: “To give energy and bite to the practice of mechanical engineering, to create things in the automobile, aeronautic, electrical, renewable energies, and more. It is only this way that Nigeria can become a force at the world stage.”

It would be recalled that the NSE on Tuesday, December 7, 2021, honored Robert, a popular lawyer, and entrepreneur, as a Fellow. The investiture ceremony was superintended by the immediate past president and chairman in council of the NSE, Engineer Babagana Mohammed at the International Conference Centre, Abuja.

Speaking after his recognition by the NSE, Robert charged the government and wealthy Nigerians to improve on the infrastructural development of the country by investing in the purchase of machines that make machines, rather than spending their money on intangible things.

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Gov. Sanwo-Olu receives Members of the Nigerian Christian Pilgrims Commission (NCPC)

by with No Comment Goverance

Executive Secretary, Nigerian Christian Pilgrim Commission (NCPC) Rev. Dr. Yakubu Pam (left) presenting a souvenir to Lagos State Governor, Mr. Babajide Sanwo-Olu, during a courtesy visit at Lagos House, Marina.

Executive Secretary, Nigerian Christian Pilgrim Commission (NCPC) Rev. Dr. Yakubu Pam; Lagos State Governor, Mr. Babajide Sanwo-Olu; Chairman, Lagos State Christian Pilgrim Welfare Board (LSCPWB), Rev. Akinpelu Johnson and Board Secretary, (LSCPWB), Mrs. Yetunde Gbafe, during a courtesy visit at Lagos House, Marina.

 

Abdulahi Attah and Transition to a new Way of Thinking at FCT-IRS

by with No Comment Taxation

The Chairman of FCT-IRS Abdullahi Attah, is a man who believes the use of technology, collaboration with other similar agencies and better public awareness to help drive revenue for government through making public see tax payment as a vital obligatiuon.

What Attah is doing carries  a wider question on FCT-IRS’s ability to reform itself and emerge stronger to be bale to widen the tax net. For years, stakeholders in some of the most vital sectors of the economy have been the beneficiaries of largesse driven by official policies have been short-changing government on tax returns. Then many high networth individuals too cheat government on tax. For example high profile marriages are done regularly; expensive cars also full Nigerian roads without being taxed .

In many of these examples, affluent individuals made generous financial gains without either paying their tax dues and/or presiding over unreasonable financial returns. Attah effort at shoring up FCT-IRS target may not include these immediately,  but he is doing something that will lead to  sharpest increases in tax collection within the FCT.

This was especially pertinent  in terms of government  promises of taking on powerful economic interests in favour of the public. And with people like Attah, that promise is gradually being fulfilled. the story has far from reached its logical end.

Going forward, Attah faces the challenge of staff to decisively help him boost collection. In March this year, he took decisive steps by engaging some consultants, strong individuals connected to tax administration in Nigeria.   165 consultants were engaged to audit six years’ back duty taxes of Ministries Departments and Agencies(MDAs), enterprises and corporate organisations.

The Executive Chairman of FCT-IRS, Mr Abdulahi Attah, disclosed this while speaking on some innovations the agency had put in place to improve the system of tax administration in the territory on Monday in Abuja.

Attah, who said that the consultants were employed with the approval of Bureau of Public Procurement (BPP), added that the years of back duty taxes would be between 2015 and 2020.

According to him, the law requires taxable persons and organisations to file their annual returns on or before the end of March. He noted that the services of the consultants became necessary because Abuja had numerous MDAs and companies

“Abuja being the Headquarters of Nigeria has 930 MDAs and many companies resident within. So, there is no way we would have enough staff to do that.  So, we hired people to help us do this audit,” Attah said.

The executive chairman, therefore, appealed to employers of labour to file their 2020 tax return and urged them to cooperate with the consultants in the discharge of their duties. He said that the agency had written to many companies, saying that “some ask for extension till April. We are willing to give them that extension.”

Attah also disclosed that with the approval got to automate most of the agency’s services, FCT-IRS would be 80 per cent automated by the end of 2021 for transparency and accountability. That will far make things a lot  easier for the FCT-IRS.

Equally, this is being quickly backed up by a similar push for technological application to drive efficiency . Towards realizing this objective Attah led a 27 man delegation to Lagos state ministry of finance in August. He led the delegation to the ministry for a study on taxation and revenue generation.

He disclosed that 60 per cent of the Federal Government Revenue came from Lagos State  During that visit , Mr Abdullahi Attah,  said, “the need to come here is imperative because 60 per cent of Nigerian businesses and the Federal Government revenue come from Lagos State and 60 per cent of Nigeria tax revenue is generated from Lagos. So Lagos is a very important integral part of the nation.

The essence of this visit is to appeal to the Lagos State officials to assist us in achieving a unified tax system which provides adequate tax information or data that is codified. This can be achieved if Lagos and Abuja collaborate, because we need a system that will drive itself, not manually.”

The Commissioner for Finance, Dr Rabiu Olowo, who was represented by the Permanent Secretary, Ministry of Finance, Mrs Yemi Ayoola, said, “The state government has adopted the use of technology where necessary to reduce physical human interference in the process of revenue collection to aid swift revenue generation.

In September, FCT-IRS stated that double taxation adversely affects the ease of doing business because it erodes confidence, builds discouragement. The agency is looking to harmonise taxation in Nigeria’s 3rd largest IGR earning territory.

Attah  disclosed,  at a stakeholders conference in Lagos, on Tuesday, themed: “Towards a Harmonised Revenue Management Framework in the FCT. The FCT revenue boss said the agency could not continue to work in silos, and needed collaboration with stakeholders to form a new way of working to achieve their shared objectives.

“When the issue of harmonised systems or a framework is discussed in the FCT, there is usually some concern about what is sought to be achieved,” he said.

“The Area Councils, as we know are autonomous and self-governing, however, we all form part of the FCT administration, with a focus on providing services to indigenes and residents of the territory.

“The issue, therefore, is how best to work together within the existing governance system in the FCT and ensure that we are able to pool resources, utilise existing systems, know-how and even data to enable us to maximise the revenue generation potentials of the FCT-IRS.

“In doing this, we do not believe that any one organisation within the FCT administration has all the information and knowledge, but if we work together, then we will improve collaboration, exchange of information and subsequently enhance our ability to improve revenue generation and management within the FCT,” he explained.

He disclosed that in 2020, Lagos State recorded the highest Internally Generated Revenue of N418.99 billion, accounting for 32.1% of the total and closely followed by Rivers State with N117.19 billion. Others with the highest IGR in 2020 include FCT (N92.06 billion), Delta (N59.73 billion), and Kaduna (N50.75 billion).

Attah was appointed in October 2017.  At that time, FCT Minister Muhammad Bello announced the confirmation of Malam Abdullahi Attah as Chairman/Chief Executive of Federal Capital Territory Internal Revenue Service (FCT-IRS) by House of Representatives.

He said the confirmation ended the process of ratification by the two chambers of the national legislature and paved the way for the agency’s commencement of operation. Bello stated this in an interactive session with FCT Executive Council, Area Council Chairmen, heads of security agencies and traditional rulers in Abuja.

The minister expressed hope that the coming into effect of the FCT IRS would boost the Administration’s revenue profile and provide fund for the implementation of projects that would make life meaningful for FCT residents.

In April 2017, President Muhammadu Buhari had earlier on reconstituted the Board of Federal Capital Territory Internal Revenue Service. President  Buhari then  appointed Mr. Attah as Chairman/Chief Executive and seven others as board members.

Until his appointment, Mr. Attah, a chartered accountant, was a member of the governing council of the federal University in Lafia.  He also served at various times as special adviser to the Executive Chairman of the Federal Inland Revenue Service, FIRS, and a director of the same organisation. He also served as a pioneer member of the Economic and Financial Crimes Commission, EFCC.

As soon as he got into office,  he fired on with all power and dedication.  After one year in office in  2018,  the agency had captured 1.2 million taxpayers in its data base as a result of the innovations brought in by Attah.

At that time, he explained that the service leveraged on existing bio-metric data base like that of National Identity Management Commission (NIMC) to register them. He said the taxpayers were captured adequately, correctly and they were given unique identification numbers that could not be duplicated.

According to him, in line with the ongoing reform on tax administration, the service did the registration online without bringing the taxpayers to the office physically.

“In the past, taxpayers have to go to tax offices to register and take their bio-metrics and that is when Federal Inland Revenue Service (FIRS) was collecting taxes on behalf of FCT.

“As part of the reform, you don’t have to come in person, through the system and various data base, we are able to identify residents of FCT and registered them accordingly.

He also disclosed that FCT-Internal Revenue Service generated N59 billion from taxation this year. He stressed that FCT-IRS was still working hard to increase the revenue, with an estimation of about N6 billion to be generated this month alone.

“Our target for 2019 is about two times and it is N130 billion. We strongly think we can achieve that because the Federal Inland Revenue Service (FIRS) is giving us eight of their offices and 117 staff so that we can actualise that.

“If you compare that with what FIRS has been doing from eight offices and 200 staff vis-a-vis our own with one office, just about 30 staff and 40 NYSC members, we would have done about 30 per cent higher,” Attah said.

He declared that the FCT-IRS intends to collaborate with FIRS to take over the files from them so that the record of every tax payer that had been on FIRS system can be taken over for the number of years he had been a tax payer.

Attah, declared that one of the main objectives is to ensure that all tax payers in the FCT file their annual tax returns in the manner and with the time specified by law whether under formal employment or in the informal sector under Section 41 (3) of the Personal Income Tax Act 2011 (as amended).

He similarly disclosed that since the commencement of the issuance of Taxpayer Identification Number (TIN) to FCT residents, over one million tax payers had been captured in the database and the exercise had recorded significant success.

True to his projections at that time, things have been working at the FCT-IRS. Excitedly, Attah  is doing much to make such a transition sooner rather than later, the FCT’s ambition to strengthen its tax collection.

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AVM Mohammed Idris and the Task of Preparing Military Personnel for Productive Post-service Life

by with No Comment GoveranceMilitary

Shaping the future essentially means planning to build a robust, prosperous and sustainable existence, as well as a successful development model that meets the competitive demands of life. This ensures that the concerned entity excels in various areas of development compared to its counterparts worldwide. This is what  AVM Mohammed Idris , the Commandant Nigerian Armed Forces Resettlement Centre, (NAFRC) Oshodi, is doing as he oversees the task of integrating military retirees into productive civil life.

Expectedly, as customary to military tradition, concern with values, dedication, discipline and leadership is key. They are  comfortable with the key principles and concepts, and able to explain them clearly.  Be outstanding.  AVM Idris have learnt  principles, concepts and combine them with moral values that make people credit him with integrity and a sense of compassion. These he deploys at  NAFRC to help drive training  and advancement of knowledge for retiring service personnel.

With a vision to be a world class training institution capable of repositioning not only ex servicemen but retirees of other paramilitary/security agencies and organisations in order to cope with the challenges of post service life, the Nigerian Armed Forces Resettlement Centre (NAFRC) was established to provide military personnel with relevant vocational and entrepreneurial training, in preparation for living a productive and fulfilling life in retirement.

first established as an idea by the British Colonial Government’s as a Vocational Resettlement Centre (VRC) for the West African Frontier Force (WAFF) that fought on the side of the Allied Forces in the Second World War in 1945, the center was mandated to impact relevant skills to meet the resettlement needs of the ex-combatants of the war in Nigeria and Ghana.

However, by the end of the Nigerian Civil War in 1970, the mandate was redefined to meet the urgent need of rehabilitating the disabled soldiers of the civil war. Thus, the centre became an army establishment and was accordingly renamed the Nigerian Army Rehabilitation Centre to rehabilitate the disabled soldiers of the Nigerian Civil War.

In the early 1980s, it became necessary to review the mandate of the centre when virtually all the disabled soldiers had been rehabilitated. Accordingly, with the introduction of the concept of Defence Headquarters, in the Nigerian Armed Forces Resettlement Centre in 1982 with a renewed mandate.

On June 20 this year, 343 courses 1, 2021 soldiers were disengaged from the military after six months of training at the Nigerian Armed Forces Resettlement Centre (NAFRC), Oshodi. Their disengagement brought to over 50,000 personnel equipped with vocational and entrepreneurship skills since the inception of NAFRC.

The retirees, including 26 women, comprised 266 from the Army, 71 from the Navy and seven from Air Force, while the forces lost two men.

Speaking at the graduation, the Chief of Defence Staff (CDS), Gen. Lucky Irabor, said the concluded pre-retirement course trained retiring personnel on rudiments for successful reintegration into civilian life after meritorious service to the country and asked them to remain dedicated, disciplined as they reintegrate into the civil society.

Irabor, who was represented by the acting chief of training and operations, Defence Headquarters, Rear Admiral Okon Eyo, said their completion of the intensive training was a reflection of determination, commitment and discipline, which were attributes acquired in the course of service to the nation.

He added that the retired soldiers had been transferred from active military duty to the legion of veterans who will continue to make positive contributions to the Federal Republic of Nigeria.

Admonishing the officers on the challenges ahead, he said, post-service life has its peculiar challenges, which would include management of resources, especially retirement benefits, influences from friends and family members, management of both mental and physical health as well as integrating with the civil society, urging them to be proactive in conduct to avoid problems.

In his remark, NAFRC commandant, AVM Mohammed Idris, said the centre has been well-positioned to optimally deliver on its core mandate of vocational training not just for retiring personnel of the Armed Forces of Nigeria but also for all Nigerians.

Awo Okonkwo, who served in the army said: “It was a challenging moment for him. He thanked God for seeing him through another retiree, who served in the Navy, Lawal Olamiposi, said it was a tough time serving as an officer, as a wife and a mother.

She said: “Being an officer requires a lot from me, especially being able to manage my in-laws, children and home. When I am at home, I put my military self away and act like a wife and mother and when I am away I am an officer.”

Two weeks before that D-day, the Commandant had urged retiring personnel to be good ambassadors of the country as they prepare to bow out. He gave the admonition during an Interdenominational Thanksgiving Service held at the centre in Oshodi, Lagos on June 11th , as part of event to commemorate their graduation for the six months skill acquisition at the centre.

The Commandant who was represented by the Director of Logistics, Commodore Ignatius Iliya, urged the retiring personnel to be loyal to the institution and the country by bringing their experiences to bare for the advantage of their fatherland.

He said: “ The Commandant is quite happy that we have started this training about six months ago and we have the opportunity of joining the graduands to appreciate God in this interdenominational church service, as part of the graduation ceremony.

“The Commandant has admonished those that are leaving very soon and wishes them the very best in their endeavors after they depart from service on Friday. He also wants them to bring to bear those skills: be they practical, theoretical and all they have been taught ,whenever they leave the force,” he said.

He advised members of the public to accept the retiring personnel as they reintegrate into the society, having been away in the course of their service in the Armed Forces.

He explained that with such collaboration, the retiring men would assist in providing information that would foster peace and security in the country.

On his part, the Director of Coordination, Commodore Adesoji Babalola, disclosed that 344 trainees comprising those from the Nigerian Army, Navy and Airforce were taken through 41 skills within the last six months.

The training according to him, would go a long way to creating a means of survival for them after retirement.

In his sermon , the Chaplain, NAFRC Protestant Church, Flying Officer, Reverend John Moses, charged the retiring personnel to be truthful and avoid being used to bridge peace and unity of the country, admonishing that smoking and engaging in money doubling should be avoided.

For the men and officers undergoing training there, it is new dawn of transitioning into civil life after their 35 years sojourn into the military. For 35 years, they have gone through series of military trainings to ensure they turned out to be professional soldiers in their various units and fields. In those years, their entire process are wired in a military pattern, which is often with precision, regimentation, dedication to duty and discipline.

Throughout those years, they recite the soldiers creed, and are dedicated to the actualisation of the Armed Forces core responsibilities whatever the cost or odds. However, after 35 years, it is time to de-brief them. Their thinking process is made to go back to the civilian life they were used to before their sojourn into military life.

Thus to ensure a smooth and seamless transition back to civil life, NAFRC was created. At the centre located at Oshodi, Lagos, the retirees undergo six months training and re-training to ease their transition. They are also equipped with relevant civilian skills that would ensure they are kept busy.

Here, they are equipped with relevant trades and vocational skills. For the fashion wing, courses like shoemaking, barbing, tailoring, laundry and weaving are taught.  The fine arts and printing training courses also exist. These include the likes of fine arts, ceramics making, photography and printing as its core base. There is also soap and cosmetics department with courses like soap and cosmetics making and domestic products. Then the agricultural section has general agric/food/cash crop, poultry, piggery, fishery, rabbitary, ruminants and snailery.

To make beneficiaries if the training able to benefit from opportunities in the real estate sector, there are the woodwork section and the building and civil works section. The woodwork section boasts of carpentry and joinery, furniture design and construction, as well as the machined woodwork, while the building and civil works section has bricklaying and concreting, plumbing and pipe lifting, painting and spraying.

For the electrical and electronics section, courses like refrigeration and air conditioning, electrical installation and maintenance practice, as well as radio and television. The auto mechanics wing boasts of mechanical engineering, battery charging, vulcanising and car wash.

Other departments like fabrication and welding have the fabrication, welding, machining and fitting, as well as foundry, while the music department deals with instrument learning and entertainment, even as the food and beverages department deals with bakery and the information technology department takes care of computer appreciation, hardware maintenance, networking and internet, as well as systems development and design.

Given the important role the centre is saddled with it, it is therefore expected that consistency in providing quality training, geared towards preparing the retirees to face the challenges of re-integrating into civil life, is sacrosanct.

And the Commandant Air Vice Marshal Adamu Idris has been ensuring this. AVM Mohammed Idris was appointed the Commandant Nigerian Armed Forces Resettlement Centre, (NAFRC) Oshodi in May this year.

Until his appointment,  AVM Mohammed Idris was  COPP, HQ NAF. he had also been  the Air Officer Commanding (AOC) Tactical Air Command (TAC) of the Nigerian Air Force (NAF), Air Vice Marshal (AVM) Mohammed Idris on Friday, 14 July 2017 .He took charge at the Headquarters in Makurdi, from AVM Nurudeen Balogun Before that appointment as the AOC TAC,  AVM Idris was the Director of Training at the NAF Headquarters.

RELOAD DEC 2021 TELESCOP

The Megawatts Qualities of Ali Modu Sheriff

by with No Comment Politics

Senator  Ali Modu Sheriff, a former two-time governor of Borno State is a trailblazer well versed in national politics, untying  many political tangles to achieve result. Besides being Borno state’s top  politician, he is also a leading political figure in Nigeria, with skills to unite the various interest groups across the country.

Having been in the game of politics which he plays like football for over 20 years now, Modu Sherrif carries the ball like an extension of himself, his sure gait an indication of the same. This is the North East political point guard – who has been taking his politics to incremental new heights for a longwhile now.

With influence  that spans the country,  he came into his current identity under as a result of his megawatts values and resilience, coupled with his skill to bulldoze his way through seeming odds have helped the Pillar of Borno State politics  set himself apart in national politics.

Sheriff’s own personal political  journey is somewhat of an awe-inspiring tale for young people who dream big. His dedication  to whatever he sets out to achieve constantly puts him in the spotlight and earned him an invite to many political circle try-outs. It is a life lesson Sheriff encapsulates in an advice he often repeats  in conversation: “Never give up on thing.”

With a vast political network,  he can address capacity problem in leadership today.  His experience and knowledge of party administration, dating back to his active participation in politics during.  He  has vast political network,  and can address capacity problem in leadership today.  His experience and knowledge of party administration, dating back to his active participation in politics to the Abacha era,  and his rugged personality puts him in a good stead to weather any storm.

But his participation in politics became very notable since 1999. Elected twice as governor of Borno State, this APC stalwart was earlier elected senator on the platforms of the National Republican Convention, NRC; the United Nigeria Congress Party, UNCP and the All Nigeria Peoples Party, ANPP.

Before the ANPP merged with other political parties to form the APC, Sheriff was the chairman, Board of Trustees, BoT, of the party. Although, the Court of Appeal sitting in Port Harcourt, the Rivers State capital, declared him the authentic national chairman of the PDP in February 2017, the Supreme Court in July of same year sacked the National Working Committee he chaired, thus paving way for the acting chairmanship of Senator Ahmed Makarfi.

Before the recent  nationwide local government congresses of the APC, Sheriff demonstrated his altruistic disposition to the party by traversing the length and breadth of the country, mobilising grassroots support and appealing to Nigerians, old and young, on the imperative of sustaining the legacies of the President Muhammadu Buhari government beyond 2023.

Now as the forthcoming All Progressives Congress (APC) national convention draws near, the former Borno State Governor is showing interest  in the National Chairmanship of the party. And many groups seem united in their appreciation of his megawatt values.

Not surprisingly, a good number of party faithful have since identified the former governor as the right man to succeed the caretaker working committee chaired by the Yobe State governor, Mai Mala Buni, given  Senator Sheriff’s own  knowledge of the power game and network of friendship cultivated and nurtured over the past three decades.

Sometimes ago, Senator Modu Sheriff  expressed willingness to work with the party’s governors as well as other leaders to deliver on the party’s campaign promises. Since Sheriff made that pledge in a statement, in Abuja, there has been incremental  groundswell of support for him, as  his  campaign organization  reaches out to different spheres of influence in the party across the country.

As a result of this, some groups have started to throw their weight behind him, notably in the south.  Not quite long ago, South South APC support groups in the party have endorsed the aspiration of former governor. They want him to emerge the next national chairman of the party because of his megawatts values, leadership and organizational skills.

The decision was reached during consultative meetings with various groups comprising of youth groups, women groups and stakeholders caucus of the party in the region by Comrade Jator Abido on behalf of Senator Sheriff. The groups asserted that Modu Sheriff  possessed the right credentials to ensure that the APC gets victory in 2023 general elections.

According to a statement signed by Comrade Jator Abido, the various groups are planning a solidarity rally to be held in Delta State for the region to endorse Sheriff as the consensus candidate of the region for the position of national chairman of APC.

“Senator Ali Modu Sheriff is the best candidate for APC national championship position as he posses the right credentials that can guarantee the victory of the party 2023. He is a bridge builder with dexterity to unite the various interests across the country.

“After due consideration, the groups unanimously resolved that Sen Sheriff remains the only person that will ensure that what is due to the region is retained. Consequently, there is going to be a solidarity rally and endorsement that will be held on the 30th of October in Delta State to declare support for Sen Ali Modu Sherif as a consensus candidate for the South South. Under a Sheriff chairmanship, every member of the party will enjoy better dividends that will go round”, the statement added.

Recently, the Chairman of the Southeast Governors Forum, David Umahi also threw his weight behind  the former governor as the national chairman of the All Progressive Congress, APC. Umahi advocated that Sheriff be allowed to go in unopposed for the position of the national chairman of the ruling All Progressives Congress, APC, adding that he is the only man that can be accessed at any time. Umahi said this while addressing  Sheriff who came for consultations in Ebonyi State.

“One thing I know about this man (Ali Modu sheriff) is that he is accessible and very humble to the core. He is a good man, if I were the leader of the party (APC) I will just announce him unopposed. I want to assure you that my father, Mr President is the leader of the party (APC) has a great role to play.

“He is the only one that can take the decision but if it is thrown open to make our choice, he is my choice. If Mr President says, well for the interest of the party, we will always obey him.

“Our prayers are with you sir, and I want to assure you that I have no regret to say that Mr President is a man with a good heart. And it is for other leaders to have the same good heart, it is for other leaders to be patriotic and then the country will be a better place for all of us.

“If one has a good heart and others are not patriotic, no development can happen. No one man can achieve anything on his own, and so, I call for support for Mr President. And he (Buhari) is a man that is conscious of his integrity and no one can take it out from him.

“I have no regret or apology in saying that Mr President is a man with a good heart” he insisted.

Earlier in a remark, Sheriff, said he intends to unite the party if allowed to be the national chairman of APC.

“The only two strongest states in Southeastern Nigeria are APC states. With what I have seen, I can now tell people to visit Ebonyi State, this is because the governor (Umahi) have made APC governors proud” he said.

Meanwhile the Senator Sheriff campain  organization recently  raised the alarm over an alleged plot by an unnamed serving Senator, who is also interested in contesting for the APC chairmanship to sow a seed of discord between Sheriff and other party leaders.

Mikko said, “It has come to the notice of Sen. Ali Modu Sheriff Campaign Organisation that a former governor and a serving Senator who is also interested in contesting the APC National Chairmanship position, is hatching a plan to use the media to course mischief and disaffection between Sheriff, APC governors and its leadership.

“The public and APC governors in particular, should note that such disinformation is baseless and untrue and cannot be coming from Ali Modu Sheriff.

“It is only to create friction in the polity. Sheriff remains loyal to APC and to its governors whom he has good working relationship with over the years.”

The campaign team quoted Sheriff as saying he has great regards for party leaders especially governors with whom he has enjoyed a tremendous working relationship with over the years.

And in a statement reported by a national newspaper, an APC chieftain in Borno State, Mustapha Gambo, underscored the suitability of Sheriff as Buni’s successor thus: “He has a temperament uncommon among politicians of today. The unique thing about this aspiration is that chieftains of the party, made up of former governors, serving and ex-National Assembly members, members of State Houses of Assembly across the states of the federation, serving and former ministers to mention a few, want him to come on board and pilot the affairs of our party at this critical time.”

According to him, APC parades seasoned leaders, many of whom have paid their dues over time. However, the politics of 2023 is such that a greenhorn with limited knowledge of party administration “is not what we need if we must realise our dream of renewing our tenancy of Aso Rock beyond 2023.”

“Those that have been linked with interest in the office of the national chairman of the APC, no doubt, are respected leaders and stakeholders in the Nigerian project. We can’t deny the fact that these are men who have written their chapters in the historical compendium of our country’s journey to democracy.

We need to win the next presidentialelection and convince Nigerians that voting APC was the best electoral decision they could ever made. “We need a strong character, a man who has seen it all in the field of business and politics. APC needs a man who is contended with what the Almighty God has given to him; not a leader who is coming to rehabilitate himself and revive dwindling businesses.

This is the strength of Sheriff’s aspiration and commitment to a party he has done a lot for since it came into existence in 2013.” Gambo’s optimism notwithstanding, questions have been asked as to how the former governor would succeed in charting a new course for the APC, given his affiliation with the PDP in the past.

This is indeed true. Senator Ali Modu Sheriff is adept at building relationship, never one to openly disregard others. And it explains why Senator Sheriff , a founding member of the APC, was able to leave the party in 2014 for the opposition Peoples Democratic Party, PDP, emerging  as its national chairman two years later. It was a feat many attributed to his vast political network, experience and knowledge of party administration.

Elected twice as governor of Borno State, the APC stalwart was earlier elected senator on the platforms of the National Republican Convention, NRC; the United Nigeria Congress Party, UNCP and the All Nigeria Peoples Party, ANPP.

For too long, Senator Modu Sheriff  has tried to be one the greatest politicians in , and a great statesman. Could this be the senator’s moment to undergo to turn things around? Could he revitalize APC’s national standing?  Many believe he can do that, for he has an inner seriousness and steel, combined with constructive and creative cajoling and nudging. He will have to match his words with deeds to ensure the APC is in the advanced guard of those trying to build the country. He has reputation for matching his words with action.  As far as he is concerned, there will be no room for half measures or fudges.

Senator Sherrif, with his big leadership and negotiation  credentials and a leading role in reaching out to the grassroots,  will be a great asset for the APC in its quest for electoral victory in 2023 general elections. A little less skepticism might persuade the rest of the world to follow his lead.

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Elumelu Foundation Empowers Women in Business

by with No Comment Business

The Tony Elumelu Foundation last week of November announced that it would grant a total of $16.8 million in non-refundable seed capital to 3,369 women in Africa, bringing its total foundation disbursement to $24.75 million in 2021 alone.

This was made known through  an online statement by Tony Elumelu, Chairman of United Bank for Africa.(UBA) He revealed that the grant would be targeted at young women who would make up 68% of total candidates.

Elumelu revealed that, ”3,369 young women will each receive $5k non-returnable seed capital as part of the 2021 Tony Elumelu Foundation Entrepreneurship Programme.

“This is $16.8m non-refundable grant to young African women and makes up over 68% of the total candidates selected this year.”

He added that in 2021, the Tony Elumelu Foundation disbursement is $24.75 million to 5,000 African SMEs for #TEF2021 Programme.

It was reported earlier this year that the Tony Elumelu Foundation (TEF), Africa’s leading philanthropy empowering young African entrepreneurs from all 54 African countries, successfully trained over 200,000 entrepreneurs in core business management skills as part of its 2021 TEF Entrepreneurship Programme.

Early in Niovember, Mr. Elumelu disclosed that the Tony Elumelu Foundation had trained 1.5 million young Africans across the continent through the Tony Elemelu Entrepreneurship program which provides $5,000 non-refundable seed capital to those who are beneficiaries in Business training and mentorship for young entrepreneurs to scale their enterprises.

 

BUA POSITIONs FOR EFFICIENT ENERGY

This gas power plant will also be the third power plant to be commissioned by BUA from Wartsila as BUA Cement seeks to increase its total production capacity across all its locations to 17million metric tonnes by 2023.

Speaking at the signing ceremony, Abdul Samad Rabiu, Chairman of BUA, who signed on behalf of the cement producer said that BUA was committed to utilizing cleaner, more efficient energy sources for its cement operations rather than relying on coal or heavy fuels.

According to Rabiu, the 70MW gas-powered plant ordered by BUA for its Obu Line 3 cement plant will ensure that the company remains very efficient in its energy utilization in the cement production process.

“Currently we have phased out the use of coal across our factories and are shifting to gas powered plants. As we ramp up our capacity, there is  need to complement it with efficient power supply and Wartsila’s technology has ben found to be durable and uniquely aligned with our vision for more efficient power generation at all our production locations.”

ASR Africa Boosts Ogun State Healthcare Systems With N2.5bn Grant

The Abdul Samad Rabiu Africa Initiaitive (ASR),and initiative of the  chairman and founder of BUA Group, has awarded a 2.5 billion Naira ASR Africa Tertiary Healthcare Systems  Supports grant towards the construction of a Mother &Child Hospital at the state-owned Olabisi Onabanjo University.

This N2.5billion grant, which was presented to the Ogun State Governor, Prince Dapo Abiodun at a ceremony in Abeokuta, was drawn from the $100million annual ASR Africa Fund for Social Development and Renewal.

Presenting the award letter for the “ASR Africa Mother & Child Hospital” to Governor Dapo Abiodun, Ubon Udoh, Managing Director, ASR Africa Initiative said the grant was part of efforts by Abdul Samad Rabiu, the founder and Executive Chairman of BUA Group to give back to Nigeria and the Africa continent. Udoh added that the state-focused Tertiary Healthcare Systems Support Grant was awarded to Ogun State and 3 others in 2021 in recognition of their current efforts in delivering quality healthcare services and infrastructure within those states.

According to Udoh, “The grant is part of efforts of the Chairman of the BUA Group Abdul Samad Rabiu to give back to the African Continent and make a lasting impact in sustainable development as a means of uplifting and restoring the dignity and lives of Africans.

Reacting, Governor Dapo Abiodun thanked the ASR Africa Initiative and its founder Abdul Samad Rabiu for their continuous support to the people of Ogun State and noted that his government remains focused on improving the socio-economic well-being of citizens especially around healthcare delivery.

The Governor said the ASR Africa Mother and Child Hospital will provide additional opportunities for the people to access medical care in the state reaffirming his administration’s commitment to put in place appropriate policies towards providing efficient and effective healthcare for the people.

 

Minister Affirms Govt’s Commitment To Cushion COVID-19 Effect On Economy

The Minister for Finance, Budget and National Planning, Dr. Mrs Zainab Shamsuna Ahmed, has affirmed commitment to grow Nigerian economy in spite of the COVID-19 pandemic and the dwindling revenue from oil.

The Minister for Finance made this position known through the Minister of State on budget and planning, Prince Clem Agba, during a three-day 4th National Workshop on ‘COVID-19 and the Global Economy: Implications on the Nigerian National Treasury’ which took place at Ibom Hall, Uyo, Akwa Ibom State.

The Minister of Finance while speaking lauded the Akwa Ibom State Ggvernor, Deacon Udom Emmanuell and the members of the State Executive Council for accepting to host the 4th National Treasury Workshop in the State.

She noted that the theme of the workshop was very apt and has effectively captured the mood of the nation, given the dwindling revenue profile of the country and the attendant challenges in the cash flow occasioned by the outbreak of COVID-19 pandemic.

“We have on ground strategy geared towards the expansion of Government’s activities to cushion the effect of the pandemic with the estimated stimulus package made available by the Federal Government of Nigeria in the tune of N2.3trillion”

“Knowing the enormity of the challenges posed by the pandemic therefore calls for prudent management of whatever fund that is available in the most accountable , efficient and transparent manner.

RELOAD DEC 2021 TELESCOP

How CBN is Pushing the Frontiers of the Economy for Macroeconomic Stability and sustainable Growth on the Watch of Godwin Emefiele

by with No Comment BankingEconomy

Godwin Emefiele, Governor Central Bank of Nigeria (CBN) is a man of insight passionate about quality decisions in his tasks of targeting inflation, ensuring interest rate stability, and employment generation to fully support productivity and society. These roll on the back of quality decisions to achieve macroeconomic stability to push the frontiers of the economy for sustainable growth and economic development.  The most recent action in the Nigerian monetary policy authorities is the eNaira.

President Muhammadu Buhari launched  Nigeria’s digital currency at the Presidential Villa, Abuja on Monday, October 25th. In announcing the launch of the e-Naira, the CBN stated that the product, which was put together following many years of research, would advance the boundaries of the payments system in order to make financial transactions easier.

With this launch, Nigeria, Africa’s largest economy in terms of GDP and the continent’s most populous country (over 200 million inhabitants), is a pioneer on the continent, alongside Ghana, which has been testing its e-Cedi as a new means of exchange since September.

“We have become the first country in Africa and one of the first in the world to have introduced a digital currency for our citizens,” said President Buhari.

According to Mr Emefiele,  the eNaira would support a resilient payment ecosystem, encourage rapid financial inclusion, reduce the cost of processing cash, enable direct and transparent welfare intervention to citizens and increase revenue and tax collection. He said eNaira would also facilitate diaspora remittances, reduce the cost of financial transactions, and improve the efficiency of payments.

“Therefore, the eNaira is Nigeria’s CBDC and it is the digital equivalent of the physical naira. As the tagline simply encapsulates, the eNaira is the same naira with far more possibilities.

“The eNaira – like the physical naira – is a legal tender in Nigeria and a liability of the CBN. The eNaira and naira will have the same value and will always be exchanged at one naira to one eNaira.”

  eNaira benefits include:

The e-Naira is expected to foster economic growth by offering easier access to capital and financial services which will increase economic activities at low/no interest transaction rates.

It is also expected to provide secure and cheaper diaspora remittance options and make such transactions faster.

Due to its traceability, the e-Naira makes it more difficult for individuals or organizations to indulge in fraud.

While the impossibility of being forged, makes it very strong and reliable, the e-Naira provides financial inclusion by making financial services available to communities without enough banking opportunities.

Local and international trade is expected to be increased with the emergence of the e-Naira, and the nation’s digital currency is expected to aid revenue collection by reducing the cost of handling cash.

Thus eNaira is Part of the CBN’s strategy to enhance the country’s macro-economic stability. Notably,  macroeconomic stability eliminates uncertainty in economic activity, increases the country’s investment attractiveness, as well as increases the economic activity in the future. The level of macroeconomic stability is the key to assessing investment risk.  The greater the level of macroeconomic stability, the greater the market confidence and propensity to take risks.  In the period that Mr. Emefiele has been in the saddle, the CBN has been aggressively pushing strategies to ensure that the level of macroeconomic stability increase.

Crucially, the Nigerian economy is factor-driven , just it is monolithic. Oil contributes more than 80 percent of foreign exchange earnings, a development that readily exposes the economy to shocks. The economy is also largely import-dependent without much production. Then there is a heavy reliance on fuel importation.  These show serious fundamental flaws in the economy. It was reported that the economy recorded the highest import bill of N6.85 trillion in twelve years with a 54 percent increase during the first quarter (Q1) 2021. Equally, the trade deficit stood at N5.81 trillion in first half (H1) 2021.

There is also the challenges of the inability of the country to issue debt in local currency and reliance on external grants and concessional loans to fund government deficits and capital spending .

All these places a lot of burden on the economy and even the value of the Naira.  So exchange rate issue gradually becomes a sore point. This has caused many to raise concerns over the health of the economy,  even as CBN has been aggressive in formulating policies in the management of both the demand and supply of the intractable foreign exchange challenge. CBN is doing its best here to ensure macroeconomic stability.

The exchange rate is the price of one currency in terms of another and it is the backbone of international trade. It helps to determine the health of an economy and the well-being of citizens through the quantum and ratio of imports and exports. A country’s exchange rate is determined by its foreign exchange earnings, by its production and export as well as external reserves, and a number of variables interplay in the dynamics of foreign exchange.

In the absence of strong productivity and huge oil import, the Naira weakens. And this has led to strong criticisms of the Central Bank of Nigeria, CBN and its Governor Mr Emefiele.  And while concerns rage over exchange rate issues, some observers  also point out that there seems to be no synergy between fiscal policy of government and CBN’s monetary policy.

This is true, of course.  Many economists and  private sector leaders see the need for more synergy between fiscal and monetary policy. The Executive branch is responsible for that. The CBN is charged with formulating monetary policy to complement the fiscal policy in the attempt to grow the economy, control interest and exchange rates and curb inflation while aiming to provide jobs.

And lately, Vice President, Professor Yemi Osinbajo has also voiced his concern over this lack of synergy .  He felt the CBN is intruding into the terrain of fiscal policy, which is the exclusive forte of the executive.  He recently observed.

“There must be synergy between the fiscal and monetary authorities. We must be able to deal with the synergy; we must handle the synergy between the monetary authority, the CBN, and the fiscal side.

Sometimes, it appears that there is competition, especially on the fiscal side. If you look at some of the interventions, you will find that those interventions are interventions that should be managed by the ministries.

“The Ministry of Industry, Trade and Investments should handle MSMEs (micro, small and medium enterprises) and we should know what CBN is doing. In other words, if the CBN is  intervening in the MSME sector, it should be with the full cooperation of the Ministry of Industry….”.

 

Of course, in recent times,  the CBN has involved in a lot interventions in order to stimulate local production , maximize the potentials of the economy and achieve the goals of macroeconomic stability. CBN Governor Emefiele is well aware that in the absence of any coherent, comprehensive and comprehensible fiscal policy, he has to act to prevent economic crises.  And that he has been doing.

Of course, just as it is a primary duty of CBN to formulate monetary policies to drive the economy, there are also some fundamental and aberrant factors inherent in the economy that damp  some policies, aimed at stimulating energetic inflows and pushing the frontiers of the economy further.

Until those fundamentals are tackled, the economy may continue to witness exchange rate instability. It is well known that the economy is factor-driven and monolithic, with crude oil contributing more than 80 per cent of foreign exchange earnings. Then the economy is import-dependent.

Ordinarily large scale importation is good because it indicates that an economy is robust. It also offers citizens wider product choices even at cheaper rates. But it becomes problematic when it is not matched with a robust manufacturing base, exports and other services such as tourism which promote foreign exchange inflows.

Other challenges of the economy include what development economists call the commitment of “original sin,”which  is the inability of a nation to issue debt in local currency and reliance on mostly external grants and concessional loans to fund government deficits and capital spending and which tended to pass currency risk to customers. CBN has been aggressive in formulating policies in the management of both the demand and supply of the intractable foreign exchange challenge.

Some of the policies such as the prohibition of 41 items from the Interbank foreign exchange market and the establishment of the Importers’ and Exporters ‘ (I&E) FX Window made reasonable impacts until the situation was exacerbated by the COVID-19 pandemic which crashed oil price  and  distorted the trajectory and momentum of the economy.

Also CBN introduced the dollar for naira policy to stimulate inflows. The policy offers a rebate of N5 for every $1 of remitted funds to Nigeria. This is expected to drive Diaspora remittances. While some analysts are optimistic that it would create impact on inflows, others believe it would not.

Sometimes ago, in a press report, Professor of Economics at Olabisi Onabanjo University, Sheriffideen Tella noted that “it won’t have any major impact on Diaspora remittances.”

According to him, “the first thing is that the amount (N5) is too small to attract those living abroad to start sending money home.” But CBN Governor, Godwin Emefiele, noted that remittances improved from a weekly average of about $5 million to over $30 million per week through the Bank’s foreign exchange initiatives.

The CBN has taken all these decisions to save the economy. This is why some observers wonder at  Vice President Osinbajo’s comment on Emefiele and the CBN. Expectedly, many objective observers are asking questions. Is this fair to  CBN? Is the portrayal of Mr  Emefiele, a true reflection of what has gone on the last six and years?

Notably, in any economy everything revolves around the formulation and execution of a fiscal policy. Was there one? When was it announced? And when did implementation start?  These are observers have raised. They are of the view that there is lack of coordinated fiscal policy. This is what has necessitated  CBN’s interventions, they say.

These observers  point out that in the last few years, the Federal Government has failed to set out clear fiscal policies in the annual budgets. All they is done is to announce how much would be spent and the sector allocations. No single budget address has included the fiscal policies that would underlie the attempt to achieve the objectives stated in the budget – particularly, the GDP growth  target. This explains why Nigeria has missed the growth target for six years in a row.

Normally each budget revolves round targets  which the country sets to achieve each year. Everybody will then be made  aware of the Budget Thrusts or priorities for the year.

Ordinarily this happens as the Minister of Finance addresses top public officials, with the leaders of the Organised Private Sectors, OPS, Banking, Labour, Academia and the International Community being on seat.  Then the minister will lay out the regime of taxes, duties, tariffs, fees, surcharges etc expected to yield the revenue projections.  Expectedly, the address will announce the changes to the list of products imported or exported.

But so far, this has never happened since 2015. And since the CBN has the task of ensuring macroeconomic stability, it has to act to avoid exchange rate problems. Then its interventions, in the Nigerian economy is to grow the MSME, with effectiveness of some policies which aim at stimulating energetic inflows and pushing the frontiers of the economy.

Emefiele knows that a badly mismanaged economy results in exchange rate problems; that sooner or later devaluation of the currency will be the only option left. In the absence of any coherent, comprehensive and comprehensible fiscal policy, he had to act to prevent worse deterioration of our position.

It should be recognized that macroeconomic stabilization is important for the development of enterprises. The economic situation and its level in the future have a fundamental importance for economic activity.

The purpose of a stabilization policy, including a combination of fiscal and monetary policy is to alleviate fluctuations in business cycles, which is supposed to lead to lasting economic balance. However, it should be emphasized that from the point of view of sustainable development, political decisions, economic conjunction, social and ecological crises should also be taken into account.

Overall, the apex bank has done well to initiate notable policies aimed at pushing the frontiers of the economy while ensuring microeconomic stability on the watch of Mr Godwin Emefiele.