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The naira is forecasted to depreciate to N1,993 against the United States dollar by 2028, posing a significant challenge to Nigeria’s pharmaceutical industry, particularly in importing essential medical devices, a new report by BMI, a Fitch Solutions subsidiary, has revealed.
In the report titled “Weak Naira and Structural Challenges to Constrain Nigeria’s Medical Devices Market Growth”, BMI projected that despite an anticipated rebound in the economy, Nigeria’s medical devices sector will face operational and demand challenges in the near term.
The report noted that Nigeria relies on imports for over 95 per cent of its medical devices, making it vulnerable to fluctuations in exchange rates.
“Continued weakness of the naira will increase medical device import costs and erode consumer purchasing power. Similar to other markets in sub-Saharan Africa, Nigeria heavily relies on medical device imports, with reliance of over 95 per cent.
“We expect that the naira will end 2028 at N1,993/$ from N306/$ in 2018. As the naira weakens, the cost of importing medical devices will continually increase, eroding both the health system and patient purchasing power especially to invest in essential medical technologies given underfunding of the public health sector.
“This would particularly affect high-cost demand for devices such as diagnostics, orthopaedics and dental products. On the export front, a weaker naira will enhance the competitiveness of locally manufactured medical devices, fostering growth in the sector,” the report stated.
While a weaker naira could enhance the competitiveness of locally manufactured medical devices, BMI highlighted persistent barriers to local production.
These include a scarcity of skilled labour, limited access to modern technology, and inadequate infrastructure, which continue to undermine manufacturing efforts despite government incentives.
The administration of President Bola Tinubu has implemented measures aimed at easing these pressures. In June 2024, an executive order was issued to reduce medical service costs by eliminating tariffs, excise duties, and Value Added Tax on specific machinery, equipment, and raw materials, with the goal of lowering local production costs.
However, BMI observed that the medical devices market would continue to face significant challenges in the short term.
The report forecasted that Nigeria’s medical devices market could grow to a value of N171.1bn (£344.7m) by 2028, supported by a large population, an increasing focus on universal health coverage, and the double burden of chronic and communicable diseases.
Nigeria’s economy is expected to recover in 2025, with a growth rate of 3.0 per cent predicted for 2024, compared to 2.9 per cent recorded in 2023.
However, persistent issues such as high inflation, tighter monetary policies, and weak foreign direct investment could weigh on the growth of the medical devices sector.
The PUNCH further observed that the naira traded at N1,681.42 per dollar on Monday, November 11, 2024, reflecting a marginal decline of 0.15 per cent from Friday’s closing rate of N1,678.87, as recorded on November 8, 2024.
FX turnover on the official market dropped significantly by 66.41 per cent, from $1.4bn on Friday to $471.5m on Monday, indicating lower market activity.
During the period under review, the naira reached a high of N1,695 and a low of N1,631.
The United States of America has offered a $25,000 reward for anyone who could provide it with information that could facilitate the arrest of a Nigerian, Olalekan Abimbola Olawusi, who is reportedly facing trial for the alleged murder of his child.
PUNCH Metro gathered from a statement credited to the Supervisory Deputy U.S. Marshal, Don Freeman, and obtained from the agency’s website on Monday, that Olawusi has also been named among the 15 most wanted fugitives in the US.
Freeman noted that Olawusi, who lived in Rhodes Island, US, was arraigned on two counts bordering on first-degree murder caused by inflicting bodily injury to a child and unlawful flight to avoid prosecution.
He added that the incident occurred on April 3, 2017, after police operatives and firefighters found the three-month-old child and rescued him at the hospital where it was discovered that the child had suffered injuries in 18 parts of his body. The discovery was said to have led to the arrest of Olawusi.
Upon his arrest, Olawusi was charged in court on April 20, 2017, but his whereabouts became unknown after he was released the same day while the trial was pending.
Freeman added that the infant died six months after being hospitalised as a result of the injuries he had allegedly sustained from his father’s abuse which prompted the prosecuting department to include a murder charge in the ongoing trial.
He said, “A man wanted in Rhode Island on charges of murder, inflicting serious bodily injury to a child and unlawful flight to avoid prosecution has been added to the U.S. Marshals Service 15 Most Wanted fugitives list with an up to $25,000 reward being offered for information leading to his arrest.
“Olalekan Abimbola Olawusi, 48, was charged in Providence with first-degree murder and two counts of inflicting serious bodily injury to a child after Providence Police and Fire personnel found his three-month-old son bleeding from the mouth and nose at a residence on April 3, 2017.
“The child was transported to the hospital in cardiac arrest and needed to be resuscitated to regain a pulse. An examination at the hospital noted 18 injuries at various stages of healing, indicating a pattern of long-term abuse. These injuries included a skull fracture, subdural hematoma, significant brain injury, and fractures of the child’s ribs, clavicle, legs and arms. He was placed on life support but died six months later.
“Providence police arrested and charged Olawusi on April 20, 2017, with first-degree child abuse. He was released the same day and subsequently fled. The murder charge was added following the infant’s death on October 31, 2017.”
The US Supervisory Deputy Marshall noted that after frantic efforts to locate Olawusi, it was discovered that he had fled the country on June 20, 2017, while stressing that further investigation revealed that he was receiving assistance from family members in Nigeria.
He added that the suspect has been placed on the wanted list because he could pose a danger to children and other members of the public and the US would deploy all its resources to ensure that he faces justice.
“Olawusi is wanted for the abuse and murder of an innocent child and has fled the country to avoid justice. We have placed Mr Olawusi on our 15 Most Wanted list due to the heinous crimes he’s committed and the threat he continues to pose to the public. The USMS will exhaust all resources necessary to bring him to justice for his family and the community.
“Olawusi, who uses the alias Olekun Olawusi, stands 5 feet 8 inches tall and weighs approximately 185 pounds. He has black hair and brown eyes. Information regarding his whereabouts may be reported to the U.S. Marshals at 1-877-WANTED2 (926-8332) or via the USMS Tips App,” Freeman concluded.
At least N19.43bn was spent on the maintenance and operations of the Presidential Air Fleet from July 2023 to September 2024, The PUNCH learnt.
Checks by our correspondent on GovSpend, a civic tech platform that tracks and analyses the Federal Government’s spending, showed that for 2024, the payouts amounted to N13.55bn, representing 66 per cent of the allocations for the fleet in the 2024 fiscal year.
Most disbursements were labelled ‘Forex Transit Funds,’ typically funds allocated for foreign exchange requirements to facilitate international transactions and engagements.
In the context of the Presidential Air Fleet, such funds are used to cover expenses related to operations outside the country, including fuel purchases, maintenance or services in foreign currencies.
“When aircraft on the fleet are abroad, payments are often made in U.S. dollars or another foreign currency to ensure uninterrupted operations,” a government official explained.
In July 2023, N1.52bn was disbursed in two tranches of N846m and N675m for ‘Presidential air fleet forex transit funds.’
The following month, N3.1bn was disbursed in three tranches of N388m, N2bn, and N713m for the same item.
In November of that year, N1.26bn was released to the Presidential Air Fleet naira transit account.
In April 2023, three jets were put up for sale, but there were no specifics on which.
In 2022, maintenance expenses for each aircraft ranged from $1.5m to $4.5m annually.
The 2022, 2023 and 2024 appropriation acts earmarked N12.48bn, N13.07bn and N20.52bn respectively.
PHOTOS: Sanwo-Olu, El-Rufai, Sanusi, Abiodun, Others Storm Tunde Bakare’s 70th Birthday Celebration
AFOLABI
The Lagos State Governor, Babajide Sanwo-Olu, alongside other distinguished dignitaries, political leaders, and well-wishers, gathered on Monday to celebrate the 70th birthday of the founder of the Citadel Global Community Church, Pastor Tunde Bakare, at a special thanksgiving service.
Naija News reports that the celebration, which was held in Lagos, had other notable political figures, such as Ogun State Governor, Dapo Abiodun, former Kaduna State Governor, Nasir El-Rufai, and Lagos State Deputy Governor, Obafemi Hamzat and Emir of Kano, Muhammad Sanusi II.
A host of former governors and monarchs were also in attendance, including former Ogun State Governors, Olusegun Osoba and Senator Ibikunle Amosun, former Ekiti State Governor, Kayode Fayemi, and the Alake of Egbaland, Oba Adedotun Gbadebo.
Lagos State Governor Babajide Sanwo-Olu, who attended the service, shared pictures from the event on social media, expressing his joy at joining others to commemorate the milestone.
In addition to the celebration, Sanwo-Olu revealed that Bakare’s autobiography, titled The Last, But Definitely Not the Least, was officially launched at the event.
He wrote, “Today, I attended a special celebration service to commemorate the 70th birthday of Pastor Tunde Bakare, Overseer of the Citadel Global Community Church, and the launch of his autobiography, ‘The Last, But Definitely Not The Least.’
“Pastor Tunde Bakare’s dynamic preaching and teaching have inspired many, and his dedication to service and commitment truly stand out. He has positively impacted the body of Christ and has been a beacon of hope through his efforts in spreading the gospel.
“As he celebrates this remarkable milestone, I pray that God grants him grace and strength to continue the vital work he does. May He also bless him with good health, allowing him to render even more service to humanity and to God’s kingdom.”
'No Single Individual Can Govern Nigeria Alone' – Aregbesola Demands Return To Parliamentary System Of Govt
AFOLABI
A former Governor of Osun State, Rauf Aregbesola, has stated that he is opposed to the executive system of government.
He opined that it is high time Nigeria ditched the presidential system of government and returned to the parliamentary system.
According to him, it is impossible for a single individual to govern 120 million people without checks and balances.
Aregbesola stated this at a National Dialogue on Home-Grown Parliamentary System in Abuja on Monday.
Reports have revealed that some politicians are trying to influence voters through the distribution of food and cash ahead of the Ondo State governorship election holding this Saturday.
Various political parties are providing essential goods such as rice, noodles, maize, and fertilizers to local communities in a last-ditch effort to attract voters throughout the state.
Some voters have informed Daily Trust about the tactics being used by parties to gain votes.
In Ifedore LGA, community leader Joseph Ayeni mentioned that a prominent party distributed rice and noodles to locals, presenting it as a gesture of goodwill from their candidate.
“They came to our community with packs of noodles and bags of rice, which they distributed from their bus, saying it was from the governorship candidate,” Ayeni recounted.
“We shared the rice, while the women divided the noodles.”
Additionally, it was reported that certain political factions have also been handing out monetary presents to encourage voters to support their affiliated campaign organizations whenever the locals come together to hear the candidates discuss their strategies and initiatives.
A farmer, seeking to remain unidentified, mentioned that his region got corn, agricultural supplements, and even insecticides from a different political group.
“They gave out these items during their campaign, saying they couldn’t visit without bringing something for us,” the farmer told reports, adding that not all residents benefitted equally.
As these patterns of behavior accelerate, the election oversight organization Yiaga Africa has expressed worries about the use of incentives to encourage voting.
In Akure, Safiya Bichi, who leads Yiaga Africa’s team focused on knowledge, management, and learning, highlighted cases of offering money in exchange for votes in various local government regions, such as Akure South, Ifedore, and Owo.
Ms. Bichi shared that party leaders are working together with local community figures to distribute food and money, with the intention of swaying the results of the elections.
She condemned the practice, noting that tensions are rising as parties accuse each other of vote manipulation.
“This situation highlights the need for vigilance and peaceful conduct,” Bichi stated.
She urged security agencies to take proactive steps to ensure a safe and fair election.
“Ensuring the safety of voters, election officials, and participants is crucial to maintaining electoral integrity. Preventive measures are essential to avert violence and ensure a peaceful election,” Bichi added.
A security expert and a member of the Arewa Consultative Forum (ACF) have revealed that Lakurawa terrorist group, operating in parts of northern Nigeria, has existed for several years.
Recalls that the Defence Headquarters announced the emergence of a new terrorist group, ‘Lakurawa,’ in Nigeria’s North-West.
However, security expert Bulama Bukarti and ACF Publicity Secretary Tukur Muhammad-Baba, clarified that the group has been active for some time.
“The group that is called Lakurawa today has been sporadically living or camping in the northwestern part of Nigeria for over six years now. They first started illegally entering Nigeria around 2016, 2017,” Bukarti stated on Channels Television’s Politics Today.
He explained that Lakurawa members typically cross into Nigeria, stay temporarily, and then retreat to the Sahel region or Niger.
Bukarti added that both the Nigerian Army and the police are aware of the group’s activities.
“In 2018, they (Nigerian Army) fought the same group and pushed them back to the Niger Republic and this group has been staying; camping in northwestern Nigeria since 2016-2017,” Bukarti elaborated.
Muhammad-Baba supported Bukarti’s remarks, adding that the group has been known to security agencies, including the Department of State Services (DSS), since its initial appearance.
“This is not a new group. In fact, when they emerged about 2017 and 2018, I think, at least, the DSS is aware of it,” he said.
He recalled an instance where a journalist discussed the issue with the DSS, noting that while the group was initially expected to leave, they requested time to dispose of cattle they had acquired, potentially through zakat.
President Bola Ahmed Tinubu, on Monday, called for a halt to Israeli hostilities in Gaza, emphasizing that the long-standing conflict has caused “immeasurable suffering” to Palestinians.
Speaking on Monday at the extraordinary Arab-Islamic Summit in Riyadh, Saudi Arabia, Tinubu urged an immediate cessation of violence in the region, highlighting the severe humanitarian crisis unfolding in Gaza.
Addressing leaders gathered to discuss the escalating tensions in the Middle East, President Tinubu expressed his concern over the deteriorating conditions in Gaza, describing them as a humanitarian disaster requiring urgent attention.
Tinubu’s remarks come amid increased international calls for peace and negotiations, with mounting casualties and widespread destruction reported in Gaza.
Read the full speech of the president below:
“1. Let me begin by expressing my appreciation to His Majesty, King Salman Bin Abdul-Aziz Al-Saud, the Custodian of the Two Holy Mosques, for convening this significant Summit.
“2. It is with a profound sense of duty that I stand before you today as we work to end the Palestinian conflict and realise the two-state solution. This aim is as essential as it is urgent.
“3. The conflict in Palestine has persisted for far too long, inflicting immeasurable suffering on countless lives. As representatives of nations that value justice, dignity, and the sanctity of human life, we have a moral obligation to collectively bring about an immediate end to this conflict.
“4. It is not enough to issue empty condemnations. The world must work towards an end to Israeli aggression in Gaza, which has persisted for far too long. No political aim, no military strategy, and no security concern should come at the expense of so many innocent lives.
“5. In a rules-based international order, States have the right of self- defence. But self defence must take proportionality into account, in line with global legal, diplomatic – and moral – frameworks. An entire civilian population, their dreams and futures, cannot be dismissed as collateral.
“6. Humanitarian aid is not a privilege — it is a basic human right. No individual, regardless of nationality, ethnicity, or religion, should be denied access to the aid in times of crisis. We must also ensure that humanitarian workers on the frontlines are safe to carry out their mission in Gaza.
“Excellencies,
“7. The two-state solution stands as a beacon of hope, representing the rights of both Israelis and Palestinians to self-determination and peace. It is not just a diplomatic article of faith; it is a vision grounded in the principles of equality and mutual recognition.
“8. Achieving this vision requires a commitment to dialogue and respect for history. We all know this conflict did not begin on October 7th 2023. It can only be resolved through principled compromise, based on appreciation of the proper context.
“9. This conflict, in the cradle of history, is so visceral that the ripples of division spread far and quickly. The corrosive impact of the images of endless violence, repeated on a billion smart phones around the world is huge. We need to find new pathways to peace, without delay.
“10. Nigeria has always championed the cause of peace and cooperation among nations. Our own experiences, domestically and regionally, have taught us that identity politics are no substitute for respecting the nuances of diversity.
“11. The path to reconciliation may be fraught with challenges, but it is through honest conversation that we can foster understanding. The international community has the opportunity to bring to bear new thinking on this most relentless challenge. It is our duty to engage in this dialogue with sincerity and resolve, recognising the complexities that each side faces.
“Your Highness,
“12. Let us not forget the human cost of this conflict. We must prioritise the voices of the families torn apart, the children who grow up in fear, and the communities that long for stability. It is our responsibility to advocate for their rights and build a future where their dreams are no longer stifled by nightmares.
“13. I call upon all of us to come together in solidarity, to stand firm in our resolve, and to work towards peaceful coexistence, free from fear and violence. Together, we can turn the vision of a two-state solution into reality, one that embodies the promise of a better tomorrow for all.
“14. Finally, Nigeria calls for the creation of a dedicated Secretariat comprised of selected Heads of Government (or their senior representatives) to travel globally, canvass support, oversee the implementation of the Summit’s resolutions and provide regular reports to the joint OIC-Arab leadership until permanent peace is achieved.
“15. I thank you all.”
Media
President Bola Tinubu, on Monday, acknowledged the hardship in the country but promised that it would only be for a while.
The President assured that the policies and programmes of his administration are on track, but Nigerians should not expect instant results.
President Tinubu, who was represented by the Secretary to the Government of the Federation, Senator George Akume, spoke at the 70th birthday of the Serving Overseer of Citadel Global Community, Pastor Tunde Bakare, in Lagos.
He appealed for patience and understanding from Nigerians, assuring that there would be light at the end.
Akume, in his speech, said: “The President acknowledges that times are hard, but at the end of it all, there is always light. And solutions to complex problems can never be as instant as coffee, but we are on the right track.”
Speaking about the celebrant, President Tinubu described Pastor Bakare as a precious human being who has served with dedication, principles of honesty, transparency, and fairness in many aspects of life.
The President acknowledged Bakare’s zeal for a better Nigeria and his dedication to humanity.
He said: “We are here to celebrate a true man of God, a most precious human being. It gives me great joy to honour a man whose life has been an embodiment of passion, integrity and an unwavering commitment to justice and righteousness. PTB has been a beacon of hope and a voice for the voiceless in our society.
“His decades of service and dedication, principles of honesty, transparency, and fairness have been in the respect and admiration of many across this nation. His life journey reflects our commitment not just to spiritual growth, but also to the social and political development of our country.
“I acknowledge your relentless passion for better Nigeria, a country where equal justice and good government prevails. This celebration is a testament to a life of strength and courage, of powerful messages and fearless advocacy, deep volumes of your dedication to lifting humanity.
“It is these values that allow you to make such a difference. As you unveil your token of growth, the vast but definitely not the least, we look forward to gaining insights into the endless experiences that have shaped you into the formidable figure we see today.”
![Donald Trump’s Major Appointments So Far [Full List]](/media/k2/items/cache/806da4df4475055f30b039271d884bfa_S.jpg)
US President-elect Donald Trump is swiftly assembling his administration, appointing key allies to central positions in a bid to kickstart his policy agenda even before inauguration day.
Within days of his election win, Trump has moved to fill crucial roles, appointing well-known loyalists and signaling his intention to circumvent Senate confirmations for some positions.
Among the prominent appointments, Trump has chosen Tom Homan, a hardline advocate for strict immigration enforcement, as “border czar,” entrusting him with overseeing immigration and deportation policies.
Homan, the former acting director of U.S. Immigration and Customs Enforcement (ICE), is well-known for his tough stance on immigration, aligning with Trump’s campaign promise to aggressively combat illegal immigration.
Additionally, New York Congresswoman Elise Stefanik, a close Trump ally and vocal supporter of Israel, has been picked by Trump for U.S. Ambassador to the United Nations. Stefanik’s nomination, if confirmed by the Senate, comes as the U.N. faces challenges from ongoing conflicts in Gaza and Lebanon, where she is expected to play a critical role in representing U.S. interests and supporting allies.
Stephen Miller, a former senior advisor known for his staunch anti-immigration views, is also expected to return as Deputy Chief of Staff. His reappointment suggests a continuity of Trump’s strict immigration policies and signals an emphasis on border security and deportations.
Trump, a former US President, had on Sunday named his co-campaign manager, Susie Wiles as his New Chief of Staff.
Trump’s selection process has drawn intense scrutiny, with the president-elect reportedly encouraging Senate Republicans to support recess appointments to bypass the traditional confirmation process.
With inauguration set for January 20, Trump has begun laying the groundwork for a swift implementation of his agenda.
More...
The leader of the world’s Anglican communion faced growing pressure on Monday to resign after a damning report which concluded the Church of England had covered up a serial abuse case.
Three members of the General Synod, the Church’s national assembly, have started a petition demanding that Archbishop of Canterbury Justin Welby quit in the wake of the revelations.
It found the Church had repeatedly failed to act over “abhorrent” abuse carried out by John Smyth, a lawyer who organised evangelical summer camps in the 1970s and 1980s.
He is believed to have attacked as many as 130 boys and young men at his home in southern England after grooming them at the camps, which would make Smyth the most prolific known serial abuser associated with the Church.
The findings of the long-awaited independent review into the case found that Welby “could and should” have formally reported the abuse to authorities in 2013, when he claimed to have first learned of it.
Smyth died aged 75 in South Africa in 2018 while under investigation by British police and never faced any criminal charges.
Welby, the Church of England’s highest-ranking cleric, said last week he was “deeply sorry that this abuse happened” and that he “had no idea or suspicion of this abuse before 2013” when he became archbishop.
He told Britain’s Channel 4 News that he had considered resigning but decided not to.
“If I’d known before 2013 or had grounds for suspicion, that would be a resigning matter then and now. But I didn’t,” he told the broadcaster.
However, the petition by three members of the General Synod — which comprises 483 lay members and clergy — urges Welby to step down.
It argues that Welby “held a personal and moral responsibility to pursue this further… which he failed to fulfil”.
“Given his role in allowing abuse to continue, we believe that his continuing as the Archbishop of Canterbury is no longer tenable,” it adds.
By Monday morning, it had garnered more than 1,600 signatures, while a growing number of priests were speaking out against him.
Giles Fraser, the vicar of St Anne’s Church in southwest London, told BBC radio on Monday it was “a terrible situation”.
“I’m afraid he’s really lost the confidence of his clergy,” he said.
“He’s lost the confidence of many of his bishops, and his position is completely untenable.”
A United States man, Anthony Nephew, shot himself, his wife, ex-partner, and two children after the November 5 election that brought President-elect Donald Trump into office.
According to authorities who spoke to the New York Post on Sunday, the 46-year-old Minnesota father had expressed anger over Trump’s election.
The shooter, aged 46, had a “pattern of mental health issues,” Duluth Police Chief Mike Ceynowa said on Friday — one day after authorities found five people dead inside two homes in the city.
Authorities found Anthony Nephew’s ex-partner, Erin Abramson, 47, and their son, Jacob Nephew, 15, dead from apparent gunshot wounds inside their home on Thursday afternoon, police said.
After identifying Anthony Nephew as a suspect, police found his 45-year-old wife, Kathryn Nephew, and their 7-year-old son, Oliver Nephew, dead from gunshot wounds inside their family home nearby.
Before the tragedy, Anthony Nephew had been sharing left-wing and anti-Trump posts on his Facebook account.
“My mental health and the world can no longer peacefully coexist, and a lot of the reason is religion,” Anthony Nephew wrote in July.
“I am terrified of religious zealots inflicting their misguided beliefs on me and my family. I have intrusive thoughts of being burned at the stake as a witch or crucified on a burning cross.
“Having people actually believe that I or my child are Satan, or the anti-Christ, or whatever their favourite boogeyman they are afraid of this week.”
In another post, he accused Republicans of “making it harder for women to leave” abusive relationships.
“Gilead here we come,” he wrote, referencing The Handmaid’s Tale, a dystopian novel turned Hulu series in which women, stripped of their rights, are forced to reproduce for the ruling class.
Anthony Nephew also shared other political posts, including an image of former President Barack Obama, Trump, President Joe Biden, and Vice President Kamala Harris. The word “hate” was under Trump’s face, while the words “hope,” “heal,” and “grow” corresponded with the Democratic politicians.
“Not that anyone cares, but as an Independent voter, I would really like to see both the political parties in our country pick better candidates,” he wrote in July. “We can do better than a binary choice between fascism and not fascism.”
Anthony Nephew had previously issued a chilling warning about his struggles with mental health, writing in an op-ed for the Duluth News Tribune in 2021, “For millions of Americans, a breakdown leads to suicide — or homicide before suicide.”
“Mental health in this country is stigmatised, ignored, or treated as a burden for the individual to bear alone, with little help and even less understanding,” he wrote.
“Americans deny they have mental health struggles — because they have to, because they’re told to, or because they don’t realise their mind is broken.”
Police in Duluth, a city of nearly 90,000 residents about 135 miles north of Minneapolis, have not yet determined a motive for the shootings.
Police said there is no ongoing threat to the community.
Former Senate President, Bukola Saraki, has cautioned members of the Peoples Democratic Party (PDP) to move away from personal ambition and focus on the party amid the current leadership crisis.
Addressing a gathering of PDP members in Abuja, Saraki said the PDP has come a long way and should not be sacrificed for individual aspirations.
Saraki’s caution comes amid the bickering within the former ruling party, which dates back to the build-up of the 2023 presidential election.
Chieftains like Nyesom Wike, Governor Seyi Makinde, and some other former governors had worked against PDP’s presidential candidate in 2023.
Since the last presidential election, the PDP has continued to witness a leadership crisis.
However, Saraki said: “The party was built on ideas, philosophies, and policies. Let us move away from building ideas on personal ambition. We cannot have an ambition if we don’t have a party. We cannot have a party if we don’t have ideas. This is where it starts.
“Let us stop talking about who is running for councillor, governor, or president in 2027. Let us focus on what the PDP represents. What are the issues and policies that we must address? This is what Nigerians want to know.
“The message we send to Nigerians is that this is a serious party. We are leaders. Let PDP lead in that way.”
Taiwo Oyedele, Chairman Presidential Fiscal Policy and Tax Reforms Committee, has explained why the Value Added Tax, VAT, distribution proposal before the National Assembly is generating so much controversy.
Oyedele stated that the current VAT system is fractured, with the major issues centred on disputes over VAT administration between some states and the Federal Government, among others.
He gave the explanation on Monday via a post on his X handle, titled, “10 most frequently asked questions about the Tax Reform Bills”.
DAILY POST reported that President Bola Tinubu had on September 3 transmitted four tax reform bills to the National Assembly for consideration.
The reforms stemmed from the recommendations of the Presidential Committee on Fiscal and Tax Reforms headed by Taiwo Oyedele, for the review of existing tax laws.
At the heart of the debate is the proposed shift to a derivation-based model for Value Added Tax distribution.
The Bills had generated mixed reactions across the country.
Giving further explanations on the gains of the proposed tax bills, Oyedele said his committee’s analysis showed that a central collection system is more efficient and benefits all states in the country.
He also stated that the reform seeks the discontinuation of all consumption taxes other than VAT.
Oyedele said: “Why is the VAT proposal generating so much controversy? Are we trying to fix what is not broken?
“The current VAT system is fractured. The major issues include:
“(i) disputes over VAT administration between some states and the federal government resulting in some landmark judgements and pending court cases. This is compounded by the fact that VAT is not stated in the 1999 Constitution thereby creating a lacuna. Our analysis shows that a central collection system is more efficient and benefits all. Once the contentious issues have been resolved, then VAT can be properly included in the constitution. The current sharing formula of FG 15%, States 50% and LGs 35% is proposed to become FG 10%, States 55% and LGs 35%.
“(ii) imposition of parallel consumption taxes in some states along with VAT which increases the tax burden on the people and contributes to multiple taxation. The reform seeks the discontinuation of all consumption taxes other than VAT.
“(iii) basis of distribution – the current formula for sharing VAT among states is based on 20% derivation, 50% equality and 30% population. The tax reform proposes a different model of derivation which will attribute VAT to the place of supply and consumption rather than the current model which attributes VAT to the state where it is remitted thereby favouring states with companies headquarters. Further, derivation under the new model will account for 60% of VAT distribution for better equity and to discourage any state from seeking to administer VAT as a state tax, which will not only result in much lower revenue for all tiers of government but will impose a higher burden on businesses.
“The proposed derivation model is contained under S.22(12) of the Nigeria Tax Administration Bill which states that “For the purpose of attribution, any return under this section shall provide details of derivation of taxable supplies by location.
“The controversy has arisen from the perception that the proposed formula would lead to lower revenue for some states. However, the 5% to be ceded by the FG can be set aside for equalisation transfers to cater for any shortfall to a state under the new model. This ensures that no state is worse off in the short term while significantly enhancing economic activities and revenue for all states in the medium to long term.”