The former member of the Board of the Trustees, BoT, of the Peoples Democratic Party, PDP, and a former ally of Governor Godwin Obaseki, Charles Idahosa has rejoined the All Progressives Congress, APC.

Idahosa said he was rejoining the party he left with Obaseki about four years ago to ensure victory for the APC in the September 21 governorship election.

He made this statement at his residence where he was received by leaders of the party, led by the Secretary of the APC in Edo State, Lawrence Okah.

Idahosa revealed that his greatest regret while in PDP, was not allowing Obaseki to resign as Edo Governor when he opened up to him (Idahosa) in his Benin residence that he was tired of the troubles he was getting from the leadership of the party led by Comrade Adams Oshiomhole.

Olayemi Cardoso, governor of the Central Bank of Nigeria (CBN), has hinted interest rates would remain high until inflation rate subsides.

In a Financial Times report on Monday, Cardoso also said orthodox policies would be implemented to tame inflation.

In March, Nigeria’s inflation rate rose to 33.20 percent — from 31.70 percent in February.

Consequently, CBN’s monetary policy committee (MPC) raised the interest rate by 200 basis points in March to 24.75 percent.

Cardoso said there is “every indication” that MPC would “do whatever is necessary” to rein inflation.

“They will continue to do what has to be done to ensure that inflation comes down,” Cardoso said.

“Let’s face it: for a long period of time, the CBN did not embrace orthodox monetary policies.

“We want to go back to using an orthodox method, and it will take us to where we want to go.”

Cardoso said the apex bank had been “reoriented” to focus on “price and monetary stability”.

He said the official window of the foreign exchange (FX) market has been stabilised.

According to the governor, investors previously had a “tendency to head for the window” in response to currency fluctuations, however, there has been a “fundamental shift”.

“They’re getting more comfortable with the market,” Cardoso said.

The naira fell to its lowest level of N1,627.40/$ in the official FX window on March 8 but rallied to N1,154.08/$ on April 18 — after which the local currency began to lose its gains.

As of May 10, the official FX rate stood at N1,466.31/$.

Also, Cardoso maintained that raising interest rates has been crucial.

He hoped that high interest rates would not linger for too long and act as a disincentive to investment and production.

“Hiking interest rates obviously has had a dampening effect on the foreign exchange market, so that has begun to moderate. It’s not a zero-sum game. You lose on one side, you get on the other,” he said.

He said inflation was higher than he had hoped, blaming “distortions” mainly due to high food prices.

Cardoso said it is not directly within CBN’s control.

Food inflation rose to 40.01 percent in March, compared to the 24.45 percent rate recorded in the same month last year.

KPMG Nigeria says the implementation of the cybersecurity levy should be reconsidered due to the current economic climate.

On May 6, the Central Bank of Nigeria (CBN) directed deposit money banks (DMBs) to start charging a 0.5 percent cybersecurity levy on electronic transactions, in line with the Cybercrime Act 2024 as amended.

Speaking on the directive in its latest tax alert issue, KPMG said this is certainly “not the right time to implement this levy”.

The firm added that although the idea was not new, it was unjustified under the prevailing economic condition.

KPMG said the key objective of the cybercrime levy is to ensure that there is dedicated and adequate funding available to address the growing threats of cyber-attacks.

However, KPMG said higher taxes do not lead to sustainable growth, adding that no country can tax itself to prosperity.

According to the firm, unintended consequences of any measure must be thoroughly evaluated before implementation.

“Undoubtedly, Nigeria faces a significant revenue challenge. This has, therefore, constrained, and continues to constrain, the country’s capacity for achieving sustainable growth,” KMPG said.

“Given this context, the government may go to any length to mobilise the required revenue.

“Perhaps, it is in recognition of this that the current administration and the Presidential Committee on Fiscal Reforms have often emphasized that the government will not introduce new taxes. Though the cybercrime levy is not new as it has been in existence since 2015, the question is why implement it now given the prevailing economic challenges?

“The timing of any reforms is essential to the success of such reforms. This underscores the current public resistance to the implementation of the levy.

“Hopefully, the National Insurance Commission (NAICOM) and the Nigerian Communications Commission (NCC) will consider this before introducing their guidelines with respect to those businesses under their purview.

“However, consideration must be given to the country’s prevailing economic conditions. The current economic climate does not justify its implementation now.”

FG SHOULD FOCUS ON TAX REFORMS THAT ADDRESS REVENUE LEAKAGES

KPMG said the federal government should focus on reforms that address revenue leakages and be financially prudent in the utilisation of public funds.

“Various reports have indicated that the government will raise about N3 trillion annually from the levy,” the firm said.

“However, there has been no formal presentation to the public of the cost and benefit analysis. It is always critical that the enactment of any tax or levy be accompanied by the tax expenditure statement to provide information as to whether the benefits of such tax or levy outweigh its cost.

“It is not sufficient to provide only the revenue projection, which is not certain as no details have been provided with respect to this; albeit there have been reports on how the money would be spent.

“There are many government agencies that have not been audited for years and nothing has happened! It is, therefore, critical that practical measures be put in place to ensure transparency and accountability.

“Hopefully, the government will reconsider delaying the implementation of the levy, which has been in the books since 2015.

“Government should focus on tax reforms that address revenue leakages and be financially prudent in the utilisation of public funds.

“Combining revenue-raising initiatives with responsible spending practices is essential for fiscal sustainability.”

The firm also raised concerns that businesses may resort to any measures to avoid the payment of the levy.

KPMG also said it is important that the government consider phasing in tax reforms on a gradual basis to minimise potential shocks to the economy.

The federal government said that the days of being above the law in paying taxes are over.

The Chairman of the Presidential Fiscal Policy and Tax Reforms Committee, Taiwo Oyedele, said this at the committee’s closing session on Sunday in Abuja.

Oyedele said the proposed new reforms would focus on the top 5 per cent of that sector, the middle class, and the elite for taxes.

He stated that the committee is drafting legislation to bring about necessary changes to the country’s fiscal policy and tax reform ecosystem.

The chairman stated that the new laws will ensure that reviews are continued by all governments, adding that they don’t want the entire effort to go to waste after a year or two.

He urged all stakeholders to fully cooperate with the government in implementing a new fiscal and tax policy for the general good of the citizens by ensuring compliance.

“We think that the days of being above the law in paying taxes are over. The same thing we’re saying to our leaders, whether they are elected or appointed.

“We think they have to lead by example by showing that they have paid the taxes, not only on time but correctly, to the lawful authorities as contained in the various laws,” he said.

He stated that the Federal Government is developing a system that will give tax relief to 95% of the informal sector in the country.

He said this would be achieved by exempting businesses earning N25 million a year or less from the various taxes hindering their progress over time.

“So, we think that 95 per cent of the informal sector should be legally exempted from all taxes; withholding tax, company income tax, and even payees on their staff.

“We’re using data to inform our decisions. Currently, if you earn N25 million a year or less, you don’t have to pay company income tax, and you don’t have to worry about VAT.

‘’We think that the informal sector are people who are trying to earn legitimate living; we should allow them to be and support them to grow to a point where they can then have the ability to pay taxes,” he said.

He explained that some of the taxes Nigerians complained about were already in the constitution, which the committee had examined and called for review.

Oyedele said that the committee report will go through the standard legislative process to obtain full legal backing.

Fiorentina's hops of getting back into Europe for next season have taken a huge hit in the past few months, and although a spot in the Europa Conference League is still on the cards from a mathematical point of view, fans will be disappointed to see the Europa League spot of sixth disappear after previously occupying a spot in the top six just a matter of months ago. 

The Florence side now sit down in ninth and 10 points adrift of Roma in sixth, with Fiorentina now winning only 14 of the 34 games so far. On the other hand, this does also mean one extra game to play, so there is still a glimmer of hope.

Fiorentina are coming into this one, however, with yet another spot in the Europa Conference League final after losing to West Ham United last season in the same competition's final.

This comes after a 1-1 draw with Club Brugge in Belgium where Lucas Beltran scored a penalty in the final 10 minutes of the game to hand the Serie A side a 4-3 on aggregate after winning 3-2 on home soil.

On the other hand, Fiorentina did lose to Hellas Verona last weekend in Serie A, which has put their hopes of another spot in Europe in serious doubt. Gaetano Castrovilli scored in the first half that day for his side.

The last win for Vincenzo Italiano’s men came in a 5-1 battering over Sassuolo, as Nicolas Gonzalez carried on his great form with a brave, alongside a finish each from Riccardo Sottil, Lucas Martinez Quarta and a goal from Antonin Barak.

As for Monza, they will be pleased to have survived another season, where they continue to battle to get into the top half of the Serie A table.

The club currently sit in 11th with a gap of two points on Torino up in 10th. As well as this, Monza have not had any fears of relegation for some time, but they will want to better their 11th-placed finish from last campaign.

SRC: FORBET

Several key political figures in the Andoni local government Area of Rivers State have expressed their admiration for the dedication shown by the Minister of the Federal Capital Territory (FCT), Nyesom Wike, towards advancing the goals of President Bola Tinubu-led administration, Naija News reports.

The group includes former and current political leaders from the Peoples Democratic Party (PDP), All Progressives Congress (APC), and Labour Party (LP), as well as respected Elder Statesmen, Community Leaders, Youth, and Women Leaders from the region. 

They emphasized their unwavering support for Wike as a token of gratitude for his backing of Erastus Awortu during the 2021 Local Government Chairmanship election.

The political bigwigs also commended Awortu’s administration for proffering solutions to insecurity and decayed infrastructure in the area.

During a recent visit to the council’s chairman at Ngo, the group expressed their admiration for his accomplishments as his tenure nears its conclusion. Additionally, they assured him of their unwavering support for his re-election campaign.

The National Women Leader of the GrassRoots Development Initiative (GDI), Mabel Ogolo, highlighted that with divine guidance and political vision, Wike appointed Erastus Awortu to bring relief to the people of Andoni during his time in office.

“Indeed, the choice was right because within weeks into his administration, Andoni became so peaceful and free from the challenges of insecurity and underdevelopment which bedevilled the area,” she said.

A prominent member of the APC and a candidate for governorship in the 2023 general election, Sampson Ngerebara, praised Awortu’s administration as a realization of his vision for Andoni.

He highlighted the administration’s focus on rebuilding infrastructure and enhancing human capacity by utilizing the resources of the people.

In response, Awortu, the Council Chairman, expressed gratitude to the leaders for their unwavering support despite the political crisis in the state and commended their loyalty to Wike, a former governor of the state.

Furthermore, the chairman emphasized his dedication to the progress and advancement of the area. He stated that he would rather forgo his second-term bid than collaborate with politicians whose past actions disrupted the peace and development of the region.

The General Overseer of Redeemed Christian Church of God, RCCG, Pastor Enoch Adeboye, has disclosed how God dealt with some billionaires who questioned his accountability over their tithes.

Pastor Adeboye disclosed that four billionaires from one of the branches of RCCG had written to him demanding to know how the ministry spent their tithes.

Addressing his members, Pastor Adeboye disclosed that God punished the branch as most of the members started suffering in their businesses and their contracts were being cancelled.

He said: “The tithe that was coming from this family was hefty. All of a sudden a handful of the big men wrote to me and said every month, you must give us an account of how you are spending our tithe. I said okay, ‘what they are asking for is alright, they are simply asking for transparency. Nothing is wrong with that.

“I said, however, I have gone through the Bible, I have not seen anywhere where God spoke to Moses and said every month, you must give an account of the tithe children of Israel to them. So, I said alright, I will do two things.

“Number one, I will prepare a detailed account of how your money is spent, including if we buy a bottle of coke for first timers. I will put it in a file and every month when you people come for the Holy Ghost Service, that file be on the table. I won’t give it to you. I will put it on the table.

“Anyone who wants to see it can go and read it. But make sure you wait till I have left the room because everything that we are doing in earth is being recorded in heaven. I don’t want my God to say you are the one who handed it over to them and you are there when they were reading. And I did it.

“Number two, I told the treasurer, from now on, any tithe that came from this family, don’t add it to the rest, put it aside. Let me find out if the God who sent me can run his church without these people’s contributions. So, for two separate years, every kobo that came for this family was kept in a separate account.

“It was when Aboaba came from Ibadan, I sent him there and then after he had been in the church for some months, he came to me. He said the people you asked me to go and join are complaining that things are not going well, and they have found out that they offended me, and that’s why their contracts are being cancelled and all manner of things are happening.

“I said we are not quarrelling and God knows I wasn’t quarrelling. I just ignore it. He then said when you knew this was the problem, why did you send me there? I said I didn’t know anything was happening. I just want to know how gracious God can be to me. Then, we reconciled. It wasn’t everybody that offended me.

“It was a handful of people who thought that they were cleverer than God and they brought problems to everybody. It will interest you to know that every one of those involved in that group is no longer in the church and they are not where they ought to be, let me just put it like that.”

The Independent Electoral Commission, INEC, has announced May 20, 2024 as deadline for political parties contesting in the forthcoming Ondo State governorship election, to submit names of their candidates.

This was made known on Monday by the INEC Chairman, Professor Mahmood Yakubu, during a consultative meeting with political party leaders ahead of the 2024 Edo and Ondo States governorship elections.

Yakubu stated that parties were expected to finalise and submit the names of their candidates before May 20, adding that there will be no extension of time. 

This, according to him, is when the portal for candidates in the forthcoming Ondo governorship election will close.

The INEC boss said: “Turning to Ondo State, political parties have just concluded their primaries. Eighteen (18) political parties conducted primaries monitored by the Commission. I wish to remind you that parties have one week to the deadline for the nomination of candidates which is 6.00pm on Monday 20th May 2024 when the portal automatically shuts down. I urge you to adhere strictly to the deadline. Political parties have been given 23 days (over three weeks) from the end of primaries to prepare and submit the list of only two candidates (Governorship candidate and running mate) to the Commission. There will be no extension of time.”

Super Eagles head coach, Finidi George, has picked two foreigners and his former international teammate, Daniel Amokachi, as his assistants.

The names of the two foreign assistants will be revealed before the Super Eagles 2026 FIFA World Cup qualifying fixtures against Bafana Bafana of South Africa and Squirrels of Benin.

Finidi has also retained Olatunji Baruwa as the goalkeeper’ s trainer.

Baruwa occupied same position under the previous head coach, Jose Peseiro.

The 53-year-old was unveiled by the Nigeria Football Federation (NFF) on Monday.

The former Ajax star officially left his post as Enyimba head coach on Sunday to concentrate on his new job.

Finidi was in charge of the Nigeria Premier Football League champions for the next three years.

He guided the two-time African champions to their 10th NPFL title last season.