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We’ll account for oil revenue – Finance Minister

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The Minister of Finance and Coordinating Minister of the Economy, Mr Wale Edun, says the administration of President Bola Tinubu will account for revenue from oil.

Edun said this when he appeared before the House of Representatives Committee on Appropriation to defend the 2024 appropriation bill.

He said the issue of accounting for oil revenue is germane, “and clearly whatever we have met as a way of monitoring oil revenue and payment into the federation account will be done.”

The minister said he was in agreement with many who had pointed out the fact that, the federal government must have a system of paying into government coffers with exchange rates.

He said that the current administration`s plan was to increase revenue from taxation, adding that there was a need to increase the efficiency of tax administration collection.

Edun said the government depends on foreign direct investment, including domestic and the private sector to grow the economy.

He said the government was not spending enough on key infrastructure, adding that there was a need to interrogate why there seemed to be an overestimation of certain expenditures.

The minister said the plethora of share waste in the number of taxes was being compressed, saying that 90 per cent of tax revenue from the government comes from a particular tax end.

According to him, all the rest that goes out in the name of taxes and levies do not go into the government coffer.

Edun said there was a comprehensive revamping of tax administration, which was done through the instrumentality of the tax reform committee.

This, according to him, has a lot to operate with and will be suggesting ways to go about the tax system.

Rep. Abubakar Bitchi, the Chairman, Appropriation, said there was a need to look at the 2024 budget proposal in order to support the president’s renewed hope agenda.

He said money was needed to achieve this through more funding, saying all the revenue-generating agencies were summoned to ensure Nigeria got the money.

We need to find a way out to achieve the objective of the president’s renewed hope budget. Nigerians are happy that we are reducing borrowing.

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Reps disown trending draft bill seeking return to regional govt

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The House of Representatives has disowned a trending draft ‘bill’ for discussion, seeking a return to the regional system of government.

Titled, “A Bill for an Act to substitute the annexure to Decree 24 of 1999 with a new governance model for the Federal Republic of Nigeria,” the draft seeks among others, a new extant laws to be cited as “The Constitution of the Federal Republic of Nigeria New Governance Model for Nigeria Act 2024.”

The document, which has been trending on social media, is said to have been drafted by one Dr Akin Fapohunda, who is neither a lawmaker in the Senate or the House of Representatives; an indication that the said draft legislation is a private bill.

Dismissing the draft bill in a telephone conversation with our correspondent, House spokesman,  Akin Rotimi, said, “The Committees on Rules and Business and Constitution Review have confirmed that there is no such bill before them.”

Similarly, the Chairman, House Committee on Rules and Business, Francis Waive, told PUNCH Online that the said bill is not before the committee.

He said, “There are two routes to making presentations for constitutional amendments. One is by members proposing an amendment bill during the plenary. The second is by memoranda from individuals and groups to the Constitution Review Committee

“Please, note that memoranda submitted should eventually come by way of bills sponsored by a member of the committee.
On this specific memo (draft bill) under reference, I doubt if it has come before the Rules and Business Committee for listing. I speak as chairman of the committee.”

Meanwhile, the man behind the bill spoke with our correspondent exclusively on the matter on Friday.

Fapohunda told our correspondent that he retired from the public service as a director in the Presidency.

“I have a PhD. in Agricultural Science, but I am into Information and Communication Technology. I have been involved in constitution drafting for years,” he said.

Fapohunda gave a reason for coming up with the draft bill, saying, “The President, this week returned us to the old national anthem. At independence, Nigeria embraced a regional system of government. So, I felt we could also revisit the past and return to regionalism.

‘I have done a preliminary draft for Nigerians to ponder over. Next week, I will be seeing my representative in the House of Representatives. We hope that senators and House members can embrace this modest proposal for a change.

“If this is acceptable, we can then sit down and do a proper drafting of the bill.”

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[BREAKING]: Labour declares indefinite strike

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Members of the organised labour, on Friday, declared a nationwide indefinite strike over the Federal Government’s refusal to raise the proposed minimum wage from N60,000.

The President of the Nigeria Labour Congress, Joe Ajaero, disclosed this at an ongoing press conference in Labour House, Abuja.

Ajaero said the strike would begin by midnight on Sunday, June 2, 2024.

Details shortly…

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FG student loan: Over 60,000 have applied — NELFUND

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The Nigerian Education Loan Fund (NELFUND) has disclosed that it has received over 60,000 applications from students of Federal Government institutions since it launched the students loan application portal.

However, NELFUND revealed that 30,000 applications have been successfully processed.

NELFUND also said so far, 90 percent of federal universities have submitted their students’ data to its dashboard, adding that 10 percent of federal institutions were yet to submit theirs.

Besides, the students loan agency declared that its portal for submission of data from state owned tertiary education begins in three weeks time.

To this end, it appealed to state institutions to begin submission of data of their students for onward processing.

Details later…

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