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Naira devaluation raised Nigeria’s external debt by about N30.03tn between 2023 and June 2024 when considered in naira terms, an analysis by The PUNCH showed.
Despite a reduction in the country’s debt when measured in US dollars, the exchange rate shift has made Nigeria’s foreign obligations far more costly in local currency.
Data from the Debt Management Office shows that as of June 1, 2023, Nigeria’s external debt stood at $43.16bn.
At an exchange rate of N770.38 to the dollar, this amounted to N33.25tn. However, by June 1, 2024, the naira had depreciated by 47.6 per cent, with the exchange rate rising to N1,470.19 to the dollar.
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As a result, Nigeria’s external debt, which has dropped to $42.90bn, is now equivalent to N63.07tn.
In dollar terms, Nigeria’s external debt dropped by 0.60 per cent or $258.18m between June 2023 and the same month of 2024.
However, in naira terms, there was an increase of 89.7 per cent or N29.82tn within the same period.
The PUNCH further observed that if the June 2023 exchange rate (N770.38/$1) had been used, Nigeria’s external debt would have been N33.05tn.
This further shows that the naira devaluation added N30.02tn to Nigeria’s external debt in one year as the country battles currency weakness and rising total debt.
While the nominal value of Nigeria’s external debt in dollar terms has remained relatively stable, the depreciation of the local currency has caused a steep rise in the naira equivalent.
The PUNCH further observed that external debt accounted for 46.96 per cent of Nigeria’s total debt by June 2024, up from 38.05 per cent recorded in the same month last year.
Further analysis by The PUNCH showed that Multilateral lenders remain Nigeria’s largest external creditors, accounting for over half of the country’s external debt (50.41 per cent or $21.62bn) as of June 2024.
These creditors include the International Monetary Fund, the World Bank Group, the African Development Bank Group, and the Islamic Development Bank, among others.
Nigeria owes $1.61bn to the IMF, making up 3.75 per cent of the total external debt.
The World Bank’s share of Nigeria’s debt totals $16.32bn, with the majority owed to the International Development Association, which accounts for $16.32bn, which represents 38 per cent of Nigeria’s total external debt.
The International Bank for Reconstruction and Development, another arm of the World Bank, is owed $484.0m, or 1.13 per cent.
Nigeria’s debt to the AfDB group is $3.87bn, representing 9.03 per cent of the total external debt.
This includes $1.63bn to the African Development Bank and $991.89m to the African Development Fund.
Nigeria owes $4.97m to Arab Bank for Economic Development in Africa a negligible amount relative to the total, at 0.01 per cent.
Debt to the European Development Fund totals $30.72m, or 0.07 per cent of Nigeria’s external debt.
Nigeria’s debt to the IsDB stands at $241.84m, or 0.56 per cent of the total debt, while Nigeria’s debt to the International Fund for Agricultural Development is $273.51m, which is 0.64 per cent of the external debt stock.
Bilateral Creditors, such as China and France, have provided Nigeria with $5.89bn (13.72 per cent of total external debt) in credit financing.
China is Nigeria’s largest bilateral creditor, with $5.07bn owed to the Exim Bank of China, and this constitutes 11.83 per cent of the total external debt.
Nigeria owes $623.55m to France (Agence Française de Développement), or 1.45 per cent of the total external debt and $52.18m to Japan (Japan International Cooperation Agency), representing 0.12 per cent.
The country’s debt to India (Exim Bank of India) is $22.35m, or 0.05 per cent, and to Germany (Kreditanstalt für Wiederaufbau) $115.81m, or 0.27 per cent of total external debt.
Commercial creditors, primarily through Eurobonds, form a significant portion of Nigeria’s external debt.
Nigeria owes $15.12bn in Eurobonds, accounting for 35.24 per cent of the total external debt.
The Eurobond debt is expected to increase by the end of the year, as Nigeria recently raised $2.2bn from its latest Eurobond auction.
Nigeria also has smaller debts to various syndicated loans and financial institutions. For instance, $270m, or 0.63 per cent of the total external debt, is owed to a syndicate of banks.
The PUNCH earlier reported that Nigeria’s external debt might rise to $45.1bn by the end of 2024 as the Federal Government planned to secure additional external funding.
The Debt Management Office revealed in its latest report that the country’s external debt stock increased by $780m in the second quarter of 2024, growing from $42.12bn in March to $42.9bn as of June 2024.
In a related development, the Federal Executive Council approved a $2.2bn external borrowing plan as part of the Federal Government’s 2024 Appropriation Act financing programme.
Although the borrowing plan included a combination of Eurobond and Sukuk offerings, valued at $1.7bn and $500m, Nigeria has raised the entire $2.2bn from its latest Eurobond auction out of over $9bn subscriptions.
Justifying the borrowing, the Minister of Finance, Wale Edun, said the external financing initiative aligned with the administration’s broader economic recovery plan, which focused on stabilising macroeconomic conditions, adjusting market pricing for foreign exchange and petroleum products, and supporting local production.
He added that earlier in the year Nigeria’s successful domestic issuance of dollar bonds highlighted the growing resilience and sophistication of the country’s financial market, attracting both local and international investors who showcased confidence in the Federal Government’s economic reform agenda.
The PUNCH earlier reported that the Federal Government spent $3.58bn servicing its foreign debt in the first nine months of 2024, representing a 39.77 per cent increase from the $2.56bn spent during the same period in 2023.
This was according to data from the Central Bank of Nigeria on international payment statistics.
The significant rise in external debt service payments shows the mounting pressure on Nigeria’s fiscal balance amid ongoing economic challenges.
The World Bank, in its latest International Debt Report, revealed that developing nations spent an unprecedented $1.4tn on foreign debt servicing in 2023, driven by a surge in interest rates to their highest levels in 20 years,
Interest payments alone reached $406bn, a nearly 30 per cent increase from the previous year, severely impacting spending in critical sectors such as health, education, and environmental programs.
According to the report, the most vulnerable economies, those eligible for loans from the World Bank’s International Development Association, bore the brunt of the financial strain.
Award-winning Nollywood actress Mercy Aigbe has suffered a significant loss as her multi-million naira Lagos mansion was engulfed in flames.
The fire, which caused extensive damage to property and valuables, left the actress heartbroken. Reports suggest the incident might have been avoidable, intensifying the emotional strain on the star.
In a statement shared on her official social media accounts, Mercy Aigbe expressed gratitude that no lives were lost in the unfortunate incident.
She also thanked her fans for their unwavering support during this challenging time.
“Devastated, I thank God no life was lost. It is well,” she wrote.
Media
Devastated ! Thank God no life was lost! It is well . pic.twitter.com/bZFTUJRNru
— Mercy Aigbe (@realmercyaigbe) December 4, 2024
The National Information Technology Development Agency (NITDA) has revealed that foreign digital companies operating in the country, including Google, Microsoft, and TikTok, among others, paid a total of N2.55 trillion in taxes in the first half of this year.
Hadiza Umar, director of corporate communications & media relations,
disclosed this in a statement on Tuesday quoting data from the Federal Inland Revenue Service (FIRS) and the National Bureau of Statistics (NBS).
NITDA commended Google, Microsoft, X, and TikTok for their compliance with the Code of Practice for Interactive Computer Service Platforms/Internet Intermediaries.
The code, which was issued jointly by the Nigerian Communications Commission (NCC), National Broadcasting Commission (NBC), and NITDA outlines clear guidelines for promoting online safety and managing harmful content.
While highlighting the impacts of the regulatory framework, NITDA noted that this has also boosted the government’s revenue through the payment of taxes by digital companies.
“Data from the Federal Inland Revenue Service (FIRS) and the National Bureau of Statistics (NBS) reveal that foreign digital companies, including interactive computer service platforms and internet intermediaries (such as social media platforms) operating in Nigeria, contributed over N2.55 trillion (approximately $1.5 billion) in taxes in H1 2024.
“This significant increase in revenue underscores the role of robust regulatory frameworks in shaping compliance and driving revenue growth in the digital economy,” NITDA stated.
Providing an update on the level of compliance with the Code of Practice for Interactive Computer Service Platforms/Internet Intermediaries, NITDA said all the digital platforms have been making efforts to address user safety concerns in line with the Code and the platforms’ community guidelines.
The highlight of the overall statistics across all the platforms shows that there were 4,125,283 registered complaints in 2023.
About 65.8 million contents were taken down, 379,433 were removed and re-uploaded after appeal by users and 12.09 million users closed and deactivated their accounts.
While commending the progress made, NITDA emphasised the need for continued collaboration and innovation to address emerging challenges and ensure a safer and more responsible digital space.
[Businessday]
Rivers State Governor, Siminalayi Fubara, has debunked claims of his administration engaging in excessive borrowing to fund governance.
Naija News reports that Fubara made the clarification on Wednesday at the inauguration of the 11.8km Okehi-Umuola-Eberi road, a vital link between two sister local government areas of Etche and Omuma.
The Governor noted that the only loan obtained by his administration was a ₦200 billion facility earmarked for the construction of the ring road project, an over 50km dual carriageway connecting six local government areas in the state.
Fubara further challenged those speculating reports of purported borrowing by his administration to verify his clarification with the Debt Management Office (DMO).
He reiterated his administration’s commitment to ensuring the happiness and development of Rivers State residents despite attempts to undermine his efforts.
Fubara also pledged to finish more roads and medical facilities for the residents of Etche and Omuma, adding that vengeance should not be the driving force behind governance, citing the previous administration’s decision to suspend a road via Etche that connected Rivers State to Imo State because it led to the home of an opposition figure.
Fubara Vows To End Unreasonable Violence In Rivers State
In related news, Fubara has vowed to put an end to what he described as unreasonable violence in Rivers State.
The Governor disclosed plans to implement the report of the State Commission of Inquiry on the destruction of local government secretariats.
Fubara stated this at the presentation of the Commission’s report by its chairman, Justice Ibiwengi Minakiri, a serving judge of the State High Court, at the Government House in Port Harcourt.
Fubara argued that politics should not be synonymous with violence but a contest of ideas without permanent enemies or friends.
The governor applauded the Commission for its resilience in completing the task despite attempts to derail the work, including legal challenges and other forms of obstruction.
He wondered why anyone would oppose a Commission dedicated to uncovering the truth and expressed disbelief that individuals who invested in building council complexes could later destroy their own legacies.
[NaijaNews]
Nigerian lawyers have shared their views on the proposed derivation of Value Added Tax (VAT) based on consumption.
The Tax Reform Bills draft was framed by a team led by Mr. Taiwo Oyedele, Chairman of the Presidential Fiscal Policy and Tax Reforms Committee.
Oyedele had criticized the injustice in the current mode of VAT distribution, which considers the location where VAT is remitted, rather than where goods are supplied or consumed.
The federal government maintains that the fiscal reform agenda will devolve more resources to Nigeria’s state and local governments, ultimately benefiting the Nigerian people and fostering a democracy that works for them.
In an exclusive interview with Nairametrics, prominent legal practitioners shared their views on the bills and made recommendations to relevant stakeholders.
Contentions Surrounding VAT
A key issue associated with the Tax Reform Bills is how VAT will be applied.
- At a recent event with tax consultants, Oyedele stated that it is inappropriate for multiple consumption taxes to exist across states, emphasizing that states should discontinue their consumption taxes.
“Why don’t we just eliminate these other consumption taxes? Let’s focus solely on VAT. Make it an incentive for them. Tell the federal government, ‘Please, cede 5% of your VAT revenue to states.’ So, the federal government collects 15%, and states begin collecting 10%,” he suggested.
“Let’s give the extra 5% to states. Based on the VAT collection trend for 2024, that 5% will be close to N350 billion, which is more than five times what states are currently collecting from consumption taxes,” he added.
- However, Governors of the 19 Northern states, along with traditional rulers and stakeholders from the region, have expressed opposition to the bill, particularly concerning the draft for VAT distribution based on derivation. Most lawmakers from the Northern bloc have aligned with their position.
What Nigerian lawyers are saying
Ahmed Raji, SAN, in an exclusive interview with Nairametrics, advised that a potential solution would be to acknowledge that VAT is a consumption tax.
- He noted that VAT, as a consumption tax not covered by the exclusive list and not expressly mentioned in the 1999 Constitution, should be regulated by each state.
- Raji explained that the federal government should handle VAT related to imports
- and exports, while each state should manage its own VAT, with exceptions for imports, exports, and free trade zones (assuming VAT applies there).
“For example, if banks in Kano are doing daily transactions, the tax authority in Kano should be able to inspect their books and collect VAT from them. They don’t have to remit everything to the Headquarters. By devolving VAT powers to the states, this issue would be resolved, akin to the sales tax system in the U.S., where each state manages its own tax laws. There is no central tax law in America,” he said.
- Raji believes that allowing states to manage their own VAT would foster healthy competition, encouraging more aggressive tax regimes and the pursuit of optimal systems.
- He also emphasized the need for collaboration and public sensitization to ensure the public understands the benefits of the proposed tax bills.
- Raji advised the federal government to engage state governors and other stakeholders constructively so that they understand the benefits of the proposed tax reforms.
- He also advocated for more Town Hall meetings across Nigeria’s six geopolitical zones to clarify any grey areas of the bills.
“I’m not saying FIRS is right, or the Governors’ Forum is wrong. There should be collaboration, sensitization, and the exchange of ideas between both parties. However, they should not just dismiss the bill outright,” he said.
- Chief Rafiu Oyeyemi Balogun, SAN, in an exclusive interview, explained that the contentions surrounding the new Tax Reform Bills, which have passed their second reading in the National Assembly, are not unexpected given Nigeria’s diverse tribes and religious differences.
- He cautioned that rejecting the bill entirely could be counterproductive, potentially hindering the growth of tax administration and governance in Nigeria.
- He advised that the rule of law should prevail, allowing stakeholders to present their positions on the bills to the National Assembly for consideration.
“The Northern Governors’ Forum should assemble a team of tax practitioners, administrators, and legal experts to comprehensively study the bills, identify sections that should be amended or removed, and present well-reasoned arguments for their position. These findings should be presented to the National Assembly and defended during the public hearing,” he said.
- If the derivation principles in VAT revenue distribution are the core issue in some quarters, Balogun suggested that this concern could be singled out and addressed separately.
- In a statement shared with Nairametrics, Dr. Olisa Agbakoba, SAN, expressed support for the tax reform bill from a revenue generation perspective, particularly as it targets corporate entities and the wealthier classes.
“Northern Nigeria may have a valid concern. We’ve always distributed revenue based on clear principles. So, the North is asking why the revenue-sharing formula in the proposed Tax Reform bill isn’t aligned with how we share oil revenue. This is a significant issue,” he said.
Agbakoba stressed that Nigeria will continue to struggle with equitable revenue distribution until it devolves revenue collection to the states, which would require a significant decentralization of power.
“My honest opinion is that it’s long overdue for political and economic power to be devolved from the Federal Government to states, and from states to local governments. This is the only way the economy can shift from relying on shared revenue to generating its own,” he concluded, adding that consumption tax should go to the states where the revenue is generated.
[Nairametrics]
Former Vice President Atiku Abubakar has has condemned the arrest of a civil rights activist, Dele Farotimi, describing it as a reminder of “the dark days of military dictatorship.”
Farotimi was arrested on Monday over his book titled, ‘Nigeria and its criminal justice system’ said to have allegedly defamed a Senior Advocate of Nigeria, Afe Babalola.
In a statement personally signed by him on Wednesday, the Peoples Democratic Party (PDP) Presidential Candidate in the last election, noted that there is no need for police involvement in his case since it is said to border on defamation.
He alleged that Farotimi’s arrest is a symbol of the President Bola Tinubu-led administration’s desire to suffocate the fundamental right to free expression.
Atiku counselled that if anyone feels wronged by defamatory words, the person can approach the court, noting that freedom of expression is a fundamental right guaranteed by the constitution
He said: “The arrest and detention of lawyer and human rights advocate, Dele Farotimi, is unequivocally condemned. It serves as a grim reminder of the dark days of military dictatorship when the iron fist of tyranny sought to crush all dissent.
“I am made aware that Dele is being accused of defamation — an offense that, under normal circumstances, should not warrant the involvement of law enforcement.
“The Police’s intervention in such matters is nothing less than the use of a sledgehammer to swat a fly, an overreach of unimaginable proportions.
“This alarming trend, particularly the recent abduction — or rather, the arrest — of Dele Farotimi, is emblematic of this administration’s insidious agenda to suffocate the fundamental right to free expression. The aim is clear: to intimidate and harass citizens, particularly those who oppose the regime and the press, thus paving the way for the establishment of a one-party state.
“It is imperative to remind the Tinubu administration that these repeated acts of arrest stand in direct contradiction to the principles of democracy.
“Freedom of speech and association are not privileges but constitutionally enshrined rights. If anyone feels wronged by defamatory words, they are free to seek redress in the courts, not at the hands of the state’s enforcers.
“It is an appalling abuse of power to use the Police as a tool for personal vendettas. In 2019, I was defamed. I did not involve the Police to flex muscles and intimidate the defaming citizen, but I took the case to court where I am currently seeking reliefs for the injuries to my name and integrity. Therefore, I call for the immediate and unconditional release of Dele Farotimi.”
[DailyTrust]
Human rights lawyer, Femi Falana, SAN, has called for caution on the part of the Nigeria Police Force, saying the arrest and detention of an activist, Dele Farotimi, is illegal.
In a statement made available to journalists, Falana stated: “Without any fear of contradiction, Lagos State is among the two states in Nigeria that have decriminalised defamation in its entirety.”
He called for Farotimi’s release.
“I have confirmed that Mr. Dele Farotimi was arrested in Lagos on Tuesday for alleged criminal libel.
“In demanding for Mr. Farotimi’s unconditionally release from illegal custody, I wish to state, without any fear of contradiction, that Lagos State is among the two states in Nigeria that have decriminalised defamation in its entirety.”
[DailyPost]
The Senate has suspended action on the tax reform bills currently before it.
It further instructed the Committee on Finance to stay action on the public hearing pending the time the agitation in the public space is addressed.
The Senate further constituted a special committee to meet with the executive branch and work with the Federal Government to resolve the issues surrounding the tax reform bills.
This was made known by the Deputy Senate President, Jibrin Barau, who presided during the plenary on Wednesday.
There have been a lot of controversies surrounding the Tax Reform Bills since its introduction to the National Assembly.
The bills are the Joint Revenue Board of Nigeria (Establishment) Bill, 2024; Nigeria Revenue Service (Establishment) Bill, 2024; Nigeria Revenue Service (Establishment) Bill, 2024 and Nigeria Tax Bill, 2024.
Northern governors have rejected the bills, describing them as anti-democracy.
Following this, the National Economic Council requested that the tax reforms bill be withdrawn from the NASS for more consultations.
Amidst the controversy, Senator Shehu Buba (APC, Bauchi South) in an interview with British Broadcasting Service, Hausa Service said Northern Senators agreed to recall the Tax Reforms Bills.
He said, “These bills are complex and require thorough review by tax policy experts.”
He claimed that northern lawmakers strongly oppose the proposed “derivation” formula in the value-added tax (VAT) distribution system, arguing that northern states would be unfairly impacted.
Also, on Tuesday, the president instructed the Ministry of Justice to liaise with the judiciary.
Speaking about these controversies, the Deputy Senate president noted that the delegation will meet on Thursday at the National Assembly to resolve all the issues that have been the cause of the uproar.
Barau said, “On the tax reform bills currently before us, we acknowledge that the Senate remains the highest legislative assembly in this country.
“The Senate comprises men and women of wisdom and experience, entrusted to legislate for the peace, stability, and development of the nation.
“The Senate of the Federal Republic of Nigeria, like similar bodies globally, serves as a stabilising force in times of difficulty or disagreement. Through dialogue and consensus, the Senate has consistently provided solutions to national challenges since 1999.”
He added, “In this regard, we have decided to set aside politics, ethnicity, and regionalism to work together on resolving the issues surrounding the tax reform bills.
“In collaboration with the Executive Arm of Government, we agreed to establish a forum to identify and address contentious areas to ensure national unity and progress.
“Before the introduction of these bills, we faced numerous challenges, including insecurity and economic issues.
“The President has been working to address these problems, and we are committed to supporting these efforts while tackling global economic challenges. We also agreed that no other issues should aggravate the country’s current difficulties.
“It has been mutually decided between the Executive and the Senate to engage the Judiciary to sort out these matters.
“the Attorney General of the Federation will be involved in discussions to identify and resolve areas of disagreement for the nation’s benefit.
“Tomorrow, the committee established by the Senate, along with its leadership, will meet with the Attorney General to address these issues.”
Barau further instructed, “Consequently, the Senate Committee on Finance has been directed to pause further actions on public hearings and other matters related to the tax reform bills until the issues are resolved.”
Members of the committee are all the leadership of the Senate including other members, Adamu Ailero (PDP, Kebbi Central), Orji Kalu (APC, Abia North), Seriake Dickson (PDP, Bayelsa West) Titus Zam (Benue South), Abdullahi Yahaya (Kebbi), Adeola Olamilekan (APC, Ogun West), Sani Musa (APC, Niger East) and Adetokunbo Abiru (APC, Lagos East).
[Punch]
An Ado-Ekiti Magistrate court on Wednesday remanded a Lagos based human rights lawyer, Dele Farotimi over an alleged case of defamation against Aare Afe Babalola SAN the founder of Afe Babalola University.
Farotimi, who was arrested at his chamber in Lagos on Tuesday by officers from Ekiti State Police Command, was arraigned for allegedly publishing a book “Nigeria and it’s Criminal Justice System where he alleged that Aare Afe Babalola corrupted the Judiciary and procured judgements in the supreme court there by exposing him to hatred, contempt, ridicule and damage his hard earn career.
The suspect Dele Farotimi pleaded not guilty to all the sixteen count charge.
Police prosecutor, Samson Osun called for the remand of the suspect in prison custody pending further investigation and it’s outcome for the maintenance of security in the country.
Counsel to the defendant, Dayo Akeredolu opposed the remand call and pleaded with the court to admit the defendant to bail on very liberal terms and on self recognisance because the case at hand is bailable and the suspect is a known figure who is not constituting any threat .
He said the defendant is presumed innocent until proven guilty.
In his ruling, the presiding Magistrate, Abayomi Adeosun remanded the suspect in prison custody and adjourned hearing till December 10.
[Vaguard]
The Nigerian Police Force has disclosed how a group of police officers corruptly obtained ₦43,160,000 from a cargo worker at the Nnamdi Azikiwe International Airport in Abuja last year.
According to a statement issued on Wednesday by the NPF Public Relations Officer, ACP Muyiwa Ogunjobi, the incident occurred in August 2023 and found Inspector Ekende Edwin, Inspector Esther Okafor, and Sergeant Talabi Kayode, all of whom work at the Zone 7 Headquarters, guilty of the crime.
Officers, led by Inspector Esther Okafor and instructed by DSP Peter Ejike, wrongfully arrested Andrew Ejah, an employee of FATFAD Cargo Nigeria Limited, who was transporting ₦74,950,000 for clients.
According to Ogunjobi, the police detained Ejah without authority at Zone 7 Headquarters in Abuja and intentionally misrepresented the recovered money as ₦31,790,000. The authorities also requested a share of the proceeds to close the case.
When contacted by the supposed money owners, the cops stated that the amount they had seized from the apprehended suspect was N31,790,000. They demanded a portion of the funds to jeopardise the investigation and suppress the case.
Outraged by their acts, the money owners petitioned the Force Headquarters in Abuja, and the case was referred to the IGP Monitoring Unit for investigation.
During the procedure, the officers recovered N31,790,000 in cash, claiming that this was the whole amount recovered from Andrew Ejah during his detention.
Following extensive investigations and a series of trials before duly constituted disciplinary panels, NPD stated that it was discovered that the officers took photographs of the suspect and the sacks of money at the point of arrest but claimed the phone they used was damaged and subsequently lost in an attempt to conceal their misconduct.
However, forensic information revealed that the policemen planned to steal a portion of the money, totalling N43,160,000, and tasked one of them with moving the cash out of the FCT for hiding until the heat subsided.
They then used a variety of techniques and gimmicks to hide their traces. One example is the dissemination of this misleading narrative and misinformation throughout numerous internet blogs and newspaper platforms.
“The Nigeria Police Force is concerned about recent media reports claiming that the Inspector-General of Police, IGP Kayode Adeolu Egbetokun, PhD, NPM, is protecting a cartel accused of smuggling suspicious new banknotes from the Central Bank of Nigeria.
“The NPF unequivocally rejects these charges, describing them as unfounded and orchestrated attempts to destroy the IGP’s image and the Force’s integrity.
“They then used a variety of techniques and gimmicks to hide their traces. One example is the dissemination of this misleading narrative and misinformation throughout numerous internet blogs and newspaper platforms.
“The event at Nnamdi Azikiwe International Airport on August 26, 2023, has been thoroughly examined. The officers involved—DSP Peter Ejike (a lawyer in charge of the Zone 7 Legal Section), Inspector Ekende Edwin, Inspector Esther Okafor, and Sergeant Talabi Kayode, all from the Zone 7 Headquarters—were found guilty and sentenced appropriately.
“These policemen have been suspended after being found guilty of significant misconduct, tampering with exhibits, abuse of office, corrupt practice, unauthorised duty, and conduct unbecoming of a police officer. The movement of such a large sum of money by the supposed cargo company could have been probed and handled professionally by the police, but the officers were consumed by greed and thus acted criminally and unprofessionally.
“It is important to highlight that the circulating false narrative is sponsored misinformation created by mischief makers who seek to divert attention away from the illegal conduct of police personnel by seeking to link concerns with the Inspector-General of Police. The policemen involved will face prosecution once all legal and administrative procedures have been completed,” according to the statement.
The NPF requested the public and media to stop disseminating this false narrative, which aims to tarnish the Inspector-General of Police’s reputation.
It stated that such misinformation weakens public trust and distracts from the current administration’s ongoing attempts to modernise the police force by removing unprofessional individuals.
More...
Taiwo Oyedele, chairman of the presidential committee on tax policy and fiscal reforms, says efforts are being made to protect the interests of states opposed to the proposed tax reform bills.
Oyedele spoke on ‘The Morning Show,’ an Arise Television programme, on Wednesday.
There have been criticisms against the tax reform bills since President Bola Tinubu dispatched them to the national assembly.
The tax bills have elicited mixed reactions, with some stakeholders from the north opposed to their passage.
Oyedele said the federal government believed the resistance would come from Lagos and Rivers states.
The chairman expressed disappointment over the rejection of tax reform bills, adding that the pushback was not expected from those opposing it.
“We had not envisaged that there was going to be pushback from the other states; we thought the pushback would come from Lagos mostly, maybe a little from Rivers,” Oyedele said.
“It’s almost like we ended up with, the people we are fighting for, are now fighting us.”
Oyedele noted that value-added tax (VAT) derivation is sensitive for states due to its difference from oil and gas derivation based on production.
‘TAX BILLS ALIGN WITH CONSTITUTION’
Oyedele said the federal government’s proposal aligns with the provision of the constitution.
“VAT derivation I think that word is sensitive because people think about where it’s based on production. If they’re not producing crude oil, you don’t get any part of that derivation,” he said.
“Whereas for VAT, every state consumes. If you share anything based on VAT derivation, everyone gets something from it.
“The Constitution with respect to stamp duty it actually says under Section 163 says stamp duty should be shared based on derivation.
“So what we are proposing is not strange to our constitution, when it comes to matters of tax generation we must recognise where they’re being generated otherwise we end up in a situation where one state will get a supreme court judgement.”
On October 3, Tinubu asked the national assembly to consider and pass the bills.
The legislations comprise the Nigeria tax bill, Nigeria tax administration bill, Nigeria Revenue Service establishment bill, and the Joint Revenue Board establishment bill.
Tinubu is also seeking to repeal the law establishing the Federal Inland Revenue Service (FIRS) and replace it with the Nigeria Revenue Service.
However, the Northern States Governors Forum (NSGF) has kicked against the bills after a joint meeting with the northern traditional rulers’ council at the Kaduna government house on October 28.
The governors asked the national assembly to reject any legislation that may harm the region’s interests, calling for equitable and fair implementation of policies and programmes to prevent marginalisation of any geopolitical zone.
On October 31, the presidency assured the northern governors that the tax reform bills were not recommended by Tinubu to shortchange any part of the country.
On Monday, Yakubu Dogara, a former speaker of the house of representatives, asked northerners not to condemn Tinubu over the bills.
Dogara advised that they should view the reforms as an opportunity rather than a disadvantage, noting that the north can survive on its own without VAT.
[TheCable]
Suspected internet fraudsters have allegedly shot a collaborator over a disagreement arising from the sharing of N94 million proceeds from an online scam.
The incident reportedly occurred on Sunday at Okhoro road in the Egor Local Government Area of Edo State.
The victim was said to have been driving in his Sport Utility Vehicle when the gunmen who drove in another vehicle accosted him.
A source on Tuesday said the gunmen ordered him out of his car and shot him at a close range.
The source described the victim as “Aza Man”, a code name by internet fraudsters for a person who provides bank account for receiving proceeds of Internet fraud.
According to the source, the Aza man ran into trouble after he reneged on agreement with other members of the syndicate on the sharing formula for the N94 million realised from a scam.
“While the Aza man was promised a certain percentage of the amount upon the payment, he refused and instead retained the fund to himself.
“He refused to share with the group,” the source said.
Meanwhile, when contacted, SP Moses Yamu, the Public Relations Officer of the Police Command in Edo on Tuesday confirmed the shooting.
He noted, however, that “investigation had commenced, with the aim of arresting the perpetrators.”
Yamu added that the victim was undergoing treatment at a medical facility in the state.
(NAN)
Deposit Money Banks in the Federal Capital Territory have increased their maximum over-the-counter withdrawal limit to N50,000 per day, findings by The PUNCH have shown.
A survey conducted by our correspondent on Tuesday revealed that banks, including Guaranty Trust Bank and Zenith Bank, have increased the withdrawal limit, enhancing it from N5,000 that was allowed to customers last month.
At the GTBank branch located along the airport road, customers were allowed to withdraw N50,000 over the counter but a limit of N20,000 at its Automated Teller Machines.
An official who spoke to our correspondent said the bank is now in possession of more cash and that is the reason why the limit was increased.
“We now have more cash and that is why we are giving out more money. Simple.”
Meanwhile, Point of Sales operators have stated that an increase in the withdrawal limit would not reduce their service charge.
Currently, POS operators charge N800 for a withdrawal of N20,000 and N2,000 for a withdrawal of N50,000.
An operator, Faith, said a steady supply of cash would reduce service charges and not a one-time compliance by banks.
He said, “How will I reduce my charges because banks are now giving N50,000? Let it be stable first, then it would reduce.”
The British Government is set to deport popular pastor, Tobi Adegboyega, to Nigeria after losing his case against deportation at the immigration tribunal.
PUNCH Online reports that the UK government had shut down his church, SPAC Nation, after investigations exposed a misuse of funds by the church leadership.
It was gathered that the UK authorities closed the church after Adegboyega failed to properly account for more than £1.87 million of outgoings and operating with a lack of transparency.
However, according to The Telegraph, an immigration tribunal ruled that he should be deported back to Nigeria after investigations.
After arriving on a visitor’s visa in 2005, Adegboyega has lived in the UK unlawfully ever since.
In 2019, the pastor applied for leave to remain under ECHR’s right to a family life.
His application was initially dismissed by a first-tier immigration tribunal before he appealed.
Having been married to a British woman, the pastor claimed deportation would breach his right under the European Convention of Human Rights to a family life and failed to consider his community work with SPAC.
His legal team described him as a ‘charismatic’ community leader of a large, well-organised church who had ‘intervened in the lives of many hundreds of young people, predominantly from the black communities in London, to lead them away from trouble’.
Politicians including former Prime Minister, Boris Johnson, and senior figures within the Metropolitan Police had ‘lauded’ his work, he claimed, but no testimony by them was submitted to the court.
However, the Home Office contended ‘all is not as it seems’ and dragged him before an immigration tribunal.
However, according to the judgment as quoted by The Telegraph, the tribunal said evidences against the Nigerian pastor were taken to consideration.
The judgment reads, “Various manifestations of [Mr Adegboyega’s] church have been closed down, by either the Charity Commission or the High Court, because of concerns over its finances and lack of transparency.
“Former members of the church have alleged that it is a cult, in which impoverished young people are encouraged to do anything they can to donate money, including taking out large loans, committing benefit fraud and even selling their own blood.
“It is alleged that the church leadership lead lavish lifestyles and there have, it is said, been instances of abuse. The [Home Office’s] case before us was that all of this needs to be taken into account when evaluating whether [Mr Adegboyega] is in fact of real value to the UK.”
Speaking at the tribunal, Adegboyega said that claims that his chruch was a cult was unfounded and attacks on him and the church were politically motivated.
He also maintained no one had ever faced criminal charges over his church’s finances, adding that his deportation would breach his human rights.
However, the tribunal was told the Charity Commission concluded “there had been serious misconduct and/or mismanagement in the administration of the charity which was sustained over a substantial period of time.”
The tribunal also found Adegboyega’s evidence to be “hyperbolic in many instances’ and had ‘sought to grossly inflate his influence.”
The tribunal concluded, “We are not satisfied that the good work that SPAC Nation undertakes generally would collapse or even significantly suffer should the appellant be required to leave the UK.
“Weighing all of the foregoing in the balance we conclude that the decision to refuse leave to remain was wholly proportionate.
“Mr Adegboyega seeks to rely on family and private life relationships, all of which have been established whilst he was in the UK unlawfully, and which would survive his return to Nigeria.
“The interference would therefore be limited, and lawful in all the circumstances.”