Cloned Nigerian Anchor

Author: Chike Ozohili

  • Taraba Gov declares free primary, secondary education

    Taraba Gov declares free primary, secondary education

    Governor Agbu Kefas of Taraba State has declared free education in all state government primary and secondary schools with effect from the next academic session.

    According to him, this is to cushion the effects of the removal of subsidy on Premium Motor Spirit (PMS).

    Kefas made the declaration while on the assessment tour of primary and secondary schools in Wukari, his hometown.

    According to him, starting from the next academic session, primary and secondary education in Taraba would be free.

    The governor also noted that his administration would immediately embark on a massive renovation of most of the schools to enable them to meet the demands of modern-day education.

    Kefas had recently declared a state of emergency on primary and secondary education and slashed the school fees of Taraba University and that of the College of Nursing and Midwifery by 50 per cent.

    “Let me announce to you that by the next academic session, the state government will take responsibility for the school fees and all of you will attend school free of charge.

    “We will continue to support you to have access to qualitative education for a brighter future of our state,” he said.

    Mr Daniel Nuhu, a Zonal Director of Education, lauded the governor for making out time to personally assess the condition of public schools in the state.

    Nuhu noted that the free education and renovation of primary and secondary schools would go a long way in turning around the fortunes of the less privileged in the state by granting them equal access to quality education. 

  • NCAA records 1.39m inbound, 1.4m outbound passengers in Q1

    NCAA records 1.39m inbound, 1.4m outbound passengers in Q1

    Nigerian Civil Aviation Authority (NCAA) has disclosed that 2,791,591 passengers passed through the nation’s domestic airports in the first quarter of 2023.

    This was disclosed in an executive summary released by the NCAA and sighted by the on Friday in Lagos.

    The report indicates that, of the 2,791,591 passengers,1,391,560 were inbound and 1,400,031 outbound.

    Also, the summary indicates passenger traffic of 870,776 on international airlines operations in the first quarter of the year.

    The breakdown shows that while inbound passenger traffic of 375,700 was recorded, outbound traffic was 495,076 on the international routes.

    In the first quarter, 25 foreign airlines operated 3,073 flights on international routes, while 11 domestic airlines operated 182,88 flights on domestic routes..

    Also, 1,193 complaints were received from passengers by the NCAA, on delayed flights on international routes, with 24 complaints of cancellations and six of air returns.

    On the domestic flights, 101,028 flights were delayed within the first three months, with 284 cancelled and 28 cases of air returns.

    The report indicates that 499 flights were delayed on foreign flights in January, with Air Peace topping the list with 53, followed by Asky with 45, Qatar Airways, 41 and British Airways, with 33, amongst others.

    In February, delayed flights were 325, with AWA recording 30, Ethiopian Airlines 33, and Kenya Airways 11; while in March, 369 flights were delayed, with Qatar Airways recording 32, United Airlines 1 and Air Peace recording 64.

    There were seven cancelled flights in January, 13 in February and four in March.

    A total number of 25 Air/ramp return flights were recorded in the first quarter of the year.

    Missing baggage was 9,087, and the number of those found was 7,942 on international flights, while 31 were found on domestic flights.

    During the period under review, the NCAA received 27 complaints from international operations and 45 on domestic flights.

    Nine cases were resolved on international flights, while 22 were resolved on domestic flights. 

  • Prudential Zenith grows profit by 18% in 2022

    Prudential Zenith grows profit by 18% in 2022

    Prudential Zenith Life Insurance Limited (PZL) says it has recorded a profit after tax of N1.33 billion for the year ended December 31, 2022.

    The figure represented 18 percent increase when compared to N1.131 billion recorded in 2021.

    The company said this in a statement signed by the Head, Corporate Communications, PZL, Mr Bob Ononu, and made available at the weekend in Lagos.

    Ononu said that the company’s audited financial results for the year under review were approved by PZL’s Board and the National Insurance Commission (NAICOM).

    He stated that the result indicated that the firm achieved an impressive growth, despite a challenging business environment, characterised by rising inflation, deteriorating foreign exchange position and temporary cash shortages.

    He noted that the reported financial growth was released one month after PZL celebrated 175 years with Prudential Plc. and the parent company’s eight Prudential Plc’s subsidiaries in Africa.

    The company’s spokesperson stated that its top-line Gross Written Premium (GWP) declined by 15 per cent to N6.39 billion, compared to N7.5 billion in 2021.

    He said the insurers underwriting costs were effectively managed, resulting in an eight per cent growth in underwriting profit while investment income grew by 28 per cent year-on-year.

    According to him, the growth was due to a substantial increase in the company’s interest-generating assets.

    Ononu said that the shareholders equity grew by 11 per cent to N1.34 billion, between 2022 and 2021, reflecting an increase in retained earnings.

    “The 175-year milestone not only signifies Prudential’s rich heritage and enduring success, but also exemplifies the company’s commitment to continuous evolution and meeting the ever-changing needs of customers.

    “Prudential has over the years transformed countless lives through innovative insurance solutions that empower individuals and businesses to achieve financial security and prosperity,” he said.

    Comenting on the insurer’s 175 years celebration, Mr Chuks Igumbor, Managing Director, PZL, appreciated its customers and staff, while urging them to always uphold the firm’s core values and strive to help customers get the best of life.

    Prudential Plc is a leading provider of life and health insurance, as well as asset management services in 24 markets across Asia and Africa.

    The insurance company promotes financial inclusion and ensures healthcare affordability and accessibility, protects individuals’ wealth, helps them grow their assets, and empowers them to save for their goals.

  • NSCDC arrests 12 petroleum marketers for removing NMDPRA seals

    NSCDC arrests 12 petroleum marketers for removing NMDPRA seals

    The Nigeria Security and Civil Defence Corps (NSCDC) has arrested 12 petroleum marketers for removing the seals of the Nigeria Mainstream Downstream Petroleum Regulatory Authority (NMDPRA).
    NSCDC Spokesperson, Kogi Command, Alex Agiri, who disclosed this in Lokoja on Friday, said the operatives of the command arrested them in Lokoja, Idah, Ankpa, Dekina, and Ajaokuta Local Government Areas of the state.
    The NMDPRA had in June shut down over 50 petrol stations for under-dispensing and operating without an NMDPRA storage and sale license.
    Agiri said the operatives made the arrest while monitoring the activities of some petroleum marketers whose filling stations were recently sealed by NMDPRA for operating illegally.
    He said, “These petroleum marketers, who were arrested by NSCDC in collaboration with NMDPRA, have been found wanting in the area of under dispensing.
    “They also harassed the officials of NMDPRA who are saddled with the responsibility of regulating their activities.
    “The role of NSCDC is that we collaborate with the NMDPRA in making sure that anything that has to do with oil theft is taken with a keen interest in terms of dispensing, and location of the product among others.
    “It is against the rule that when a filling station is sealed by relevant government’s agency, a marketer now removes the seal, harasses or even beat the officials; it is a grievous offense,” he said.
    Agiri assured that the NSCDC Commandant, Kogi Command, CC Ahmad Gandi, would ensure that the erring marketers faced the consequences of their actions.
    On his part, the State Coordinator, NMDPRA, Mr Ogbe Godwin, said some marketers violated the law by subjecting his surveillance team to consistent harassment.
    “Our surveillance team must have access to all oil and gas facilities in Kogi without fear, intimidation from any source.
    “Any marketer that tampers with NMDPRA seals will be handed over to the law enforcement agency for further prosecution,” Godwin said.
    He urged marketers to follow all the right channels of approval and upload all relevant documents required for the storage and sales license of their facilities.
    NMDPRA state coordinator said a total of 96 filling stations had expired licenses, adding that out of the figure, 50 stations were sealed.
    According to him, as at this week, 46 out of them have so far gone online to renew their licenses and upload all relevant documents to perfect the registration with NMDPRA. 

  • Tinubu sets up Tax Reforms Committee

    Tinubu sets up Tax Reforms Committee

    Special Adviser (Special Duties, Communications and Strategy) to the President, Dele Alake, in a statement Friday, said, the committee will be chaired by Fiscal Policy Partner and Africa Tax Leader at PriceWaterhouseCoopers (PwC), Mr. Taiwo Oyedele.

    It will comprise experts from both the private and public sectors and have responsibility for the various aspects of tax law reform, fiscal policy design and coordination, harmonization of taxes, and revenue administration.

    Special Adviser to the President on Revenue, Mr. Adelabu Zacch Adedeji, explained that President Tinubu recognizes the importance of a sound fiscal policy environment and an effective taxation system for the functioning of the government and the economy.

    ”Nigeria ranks very low on the global ease of paying taxes while the country’s Tax to GDP ratio is one of the lowest in the world and well below the African average.

    ”This has led to an overreliance on borrowing to finance public spending which in turn limits the fiscal space as debt service costs consume a greater portion of government revenue, annually resulting in a vicious cycle of inadequate funding for socio-economic development.

    ”While some incremental progress has been recorded over the years, the outcomes have not been transformative enough to change the narrative,” he said.

    Adedeji outlined the key challenges in Nigeria’s tax system to include multiple taxes and revenue collection agencies, fragmented and complex tax system, low tax morale, high prevalence of tax evasion, high cost of revenue administration, lack of coordination between fiscal and economic policies, and poor accountability in the utilization of tax revenue.

    The establishment of this committee reflects President Tinubu’s commitment to addressing these challenges and bringing about transformative reforms in fiscal policy and taxation.

    The committee’s primary objective is to enhance revenue collection efficiency, ensure transparent reporting, and promote the effective utilization of tax and other revenues to boost citizens’ tax morale, foster a healthy tax culture, and drive voluntary compliance.

    These efforts will not only improve Nigeria’s revenue profile but also create a more conducive and internationally-competitive business environment.

    ”Our aim is to transform the tax system to support sustainable development and achieve a minimum of 18% Tax to GDP ratio within the next 3 years without stifling investment or economic growth.

    ”It should be noted that this committee will not only advise the government on necessary reforms, but will also drive the implementation of such recommendations in support of the comprehensive fiscal policy and tax reform agenda of the current administration,” the SA on Revenue added.

  • Germany to boost Africa infrastructure with €10m

    Germany to boost Africa infrastructure with €10m

    The African Development Bank (AfDB) said the German Government will provide 10 million Euros, to replenish the  New Partnership for Africa’s Development Infrastructure Project Preparation Facility (NEPAD-IPPF) Special Fund.

    The support will be done through the KfW.

    NEPAD-IPPF is a multi-donor Special Fund, hosted by AfDB with a leading project preparation facility in Africa that plays a catalytic role in providing technical and financial assistance for the preparation of regional infrastructure projects and programs.

    Its mandate is to spur sustainable infrastructure development on the African continent through the preparation of bankable, investment-ready projects.

    According to the Bank, the fund will help boost the development in the African continent. The fund would be provided by the German Federal Ministry for Economic Cooperation and Development (BMZ).

    The agreement was signed in Berlin by Helmut Gauges, Head of Financial Cooperation in Sub-Saharan Africa on behalf of KfW, and AfDB Vice-President and Chief Financial Officer, Hassatou N’Sele.

    According to the statement, Germany’s support will bolster NEPAD-IPPF’s efforts towards priority areas such as green and climate-smart infrastructure.

    It said it would ensure stronger focus on the second Priority Action Plan of the Programme for Infrastructure Development in Africa for the period 2021-2030 (PIDA-PAP 2).

    It said it would also support Africa’s transformation under the Africa Continental Free Trade Area (AfCFTA) by boosting intra- and extra-African trade.

    The KfW Director, Christoph Tiskens, said the partnership would support infrastructure development on the continent.

    Tiskens said this would focus on areas such as climate change, gender, Agenda 2063, and a stronger focus would be on attaining the Sustainable Development Goals (SDGs).

    “The KfW, on behalf of the German Government, is a key partner of AfDB and will continue to support facilities that play a key role in economic growth and poverty reduction,”Tiskens said.

    The AfDB Vice-President and Chief Financial Officer, said the support of partners such as Germany would enable AfDB to deliver on its important development mission.

    N’Sele said this was especially as economies in Africa navigated new challenges in the face of overlapping global crises.

    “With the replenishment of NEPAD-IPPF Special Fund, we are determined to further support our clients.

    “While helping them realise their economic potential through increased infrastructure investments, contributing to green growth, inclusion, and job creation,” she said.

  • Crypto poses significant tax problems – Experts

    Crypto poses significant tax problems – Experts

    Experts have warned that the use of cryptocurrencies poses significant challenges to tax collection and administration.

    They argue that the bewildering speed with which they have developed and the pseudonymity they can provide have left tax systems playing catchup.

    According to a new paper on IMF Blog, they say the situation has left policymakers struggling to accommodate cryptocurrencies within their tax system.

    It is estimated that a 20 percent tax on capital gains from cryptos would have raised about $100 billion worldwide amid soaring prices in 2021, which is about 4 percent of global corporate income tax revenues, or 0.4 percent of total tax collection.

    “But with total crypto market capitalization down 63 per cent from the late-2021 peak, tax revenues would then have shriveled. If these losses were fully offset against other taxes, there would be a corresponding reduction in revenue. In more normal times and with the current market size, global crypto tax revenues would probably average less than $25 billion a year.

    “There are also important fairness issues at stake. Though their pseudonymity makes it hard to be sure exactly who holds crypto, there are signs that ownership is heavily concentrated among the relatively wealthy—even though holding crypto is strikingly common across people with low incomes too.

    “There is also VAT. Crypto transactions have similarities to those in cash in their potential for being hidden from tax administrations. Today, the share of purchases made with crypto is still small. But widespread use, if tax systems were not prepared, could someday mean widespread evasion of VAT and sales taxes, leading to materially lower government revenues. This may be the biggest threat from crypto,” the report showed.

    The report noted that due to their ‘pseudonymous’ nature, it is difficult to tax crypto assets as most transactions use public addresses that are extremely difficult to link with individuals or firms.

    “A more troubling possibility is that reporting rules (and the failures of some crypto intermediaries) could induce people to transact increasingly through decentralized exchanges or directly through peer-to-peer trades where no central governing body oversees these transactions. Those are still extremely difficult for tax administrators to penetrate.

    “Given the complexity of the fundamental challenges posed by pseudonymity, the rapidity of innovation, the vast information gaps, and the uncertainties ahead, the tide has not yet turned in the battle to incorporate crypto properly into the wider tax system. Some of the elements needed for doing so—such as clarity in their classification for tax purposes—are clear.

    “But the challenges are fundamental, and the risks, particularly to the VAT and sales taxes, may be greater than people recognize. As many (though far from all) governments are beginning to realize, policymakers need to develop clear, coherent, and effective frameworks for taxing crypto,” it added.

  • ALTON calls for total abolition of 5% telecoms tax

    ALTON calls for total abolition of 5% telecoms tax

    The Association of Licensed Telecoms Operators of Nigeria (ALTON), has called on President Bola Ahmed Tinubu to go a step further and abolish the 5 per cent Excise Duty on telecommunications services.  

    The ALTON Chairman, who made the call on a ChannelsTV programme monitored by the NIGERIAN ANCHOR, said telecommunications companies offer services and that subscribers will bear the brunt if the suspension is not lifted.

    On Thursday, President Tinubu signed four Executive Orders, one of which is suspending the 5 percent tax on telecoms companies.

    According to Adebayo, the 5 per cent tax on telecoms companies was unnecessary in the first place as they only offer services.

    Adebayo said: “If they bring it back, we will pass the burden to subscribers.”

    While saying that the sector needs protection from the three tiers of government, the ALTON Chairman said multiplicity of taxes had tremendously increased the cost of service delivery to subscribers.

    “The weight of the tax itself would have been on the subscribers. As a sector, we face over 39 taxes and levies across the country. And sadly, a number of them are not captured in any document and some of them are repeated at both the federal and the state levels.

    “And when we talk of high cost of service delivery and the burden being passed to the end users, all of them are due to multiple taxation on the services that we provide. For greater good, government should consider the total abolition of the 5 per cent Excise Duty on telecoms services,” he explained.

  • World Bank approves $1bn to improve security for Lake Chad Region

    World Bank approves $1bn to improve security for Lake Chad Region

    The World Bank has provided one billion dollars to strengthen resilience and improve the livelihood of the people in the countries affected by the insurgency in Lake Chad.

    The bank’s Country Manager for Chad, Mr. Rasit Pertesv, made this known during the Fourth Lake Chad Governor’s Forum meeting in N’Djamena, Chad.

    The forum occurs amidst shifting conflict patterns and emerging challenges that have resulted in widespread displacement, damage to the social fabric, interrupted public services, and weakened institutional capacities across the affected countries – Chad, Cameroon, Niger, and Nigeria.

    He said that the funds which were disbursed among the crisis-affected countries have helped in revitalizing economic development, creating jobs, and improving the lives of people who had suffered the brunt of the crises.

    The country manager said that the zero-interest financing from the International Development Association provided support for two major regional development priorities which include the recovery of livelihoods to reduce the vulnerability of people living in Lake Chad

    He said that it would go a long way in expanding cross-border economic activity to spur greater opportunity and integration in the areas of agriculture, energy, transport, and regional trades.

    Pertev lauded the regional stability program aimed at restoring and improving security in Lake Chad and called for redoubled efforts toward sustainable recovery in areas that were economically affected.

    “The world bank has written a regional memo for Lake with emphasis on the strategic approach towards enhancing the socio-economic of the region and the improvement of security and development. 

    Also speaking, the Executive Secretary of the Lake Chad Basin Commission, Amb. Mamman Nuhu, emphasized that prevailing poverty, unemployment, and illiteracy created a susceptible environment for the extremist group’s ideology to spread rapidly among communities in the Lake Chad region. 

    Nuhu said that the region’s majority youth population, traditionally reliant on farming and cattle rearing, had their livelihoods disrupted, making them vulnerable to Boko Haram’s propaganda. 

    “Since the development of the Regional Strategy for Stabilisation, Recovery, and Resilience (RS-SRR) in 2018, the strategy has acted as a regional architecture for responding to the complex security, humanitarian and development issues plaguing the region. 

    “It emphasizes the need for a comprehensive, multi-sectoral, and coordinated set of sub-national, national, and cross-border initiatives to achieve long-term stabilization, recovery, and resilience.

    “As a result, several initiatives and programmes have sprung up to facilitate regional cooperation, respond to humanitarian needs and foster peace and development in the region, one of which is the Lake Chad Basin Governors’ Forum.

    On his part, Amb.  Adeoye Bankole, Commissioner for Political Affairs, Peace and Security, African Union Commission, said the Lake Chad Basin Governors Forum is an essential platform for promoting sustainable regional peace and security in the region.

    “The African Union encourages further collaboration among member states and international partners to support the forum’s efforts towards consolidating peace in the region and creating better opportunities for the people of the Lake Chad Basin,” he added.

    Njoya Tikum, Director, UNDP Sub-Regional Hub for West and Central Africa. “UNDP will continue to support the LCBC in creating a brighter future for the Lake Chad Basin—a future where security is restored, communities are rebuilt, and opportunities abound.

    “The Regional Stabilisation Facility, born out of the Lake Chad Basin Governors’ Forum, has been instrumental in implementing the RS-SRR. Through collaborative efforts, we have been able to co-create practical and enduring solutions that have enabled nearly half a million internally displaced persons to return to their communities and significantly enhance their quality of life,” he said.

    The Lake Chad Governors Forum, themed “New Opportunities for Peace in a Shifting Security Context,” aims to improve understanding of emerging security trends in the region and their implications to ongoing efforts to restore state authority. 

    It also seeks to explore the future of the RS-SRR, which is now in its final year of implementation and find ways to scale up and forge partnerships to address the plight of forcibly displaced people, including refugees and internally displaced persons.

  • Troops destroy 30 illegal refining sites, 125 storage tanks in Niger Delta

    Troops destroy 30 illegal refining sites, 125 storage tanks in Niger Delta

    The Defence Headquarters says troops of the armed forces have in the last three weeks discovered and destroyed 30 illegal refining sites and 125 storage tanks in various operations in the South-South.

    Brig-Gen. Abdullahi Ibrahim who spoke on behalf of the Director, Defence Media Operations said this on Thursday in Abuja at the bi-weekly media briefing on the operations of the armed forces.

    Ibrahim said 227 ovens, 11 dugout pits and 21 wooden boats were also destroyed by troops of Operation DELTA SAFE while conducting Operation OCTOPUS GRIP.

    He said troops also recovered 1,675,700 litres of crude oil, 74,500 litres of Automotive Gas Oil, 10 vehicles, 20 motorcycles, eight weapons and 330 assorted ammunitions during the operation.

    Ibrahim said 42 economic saboteurs were arrested by the troops, who were handed over to appropriate authorities for further action.

    He said the air component of the operation conducted air interdiction missions during which they observed active illegal refining sites, equipment, reservoirs and wooden boats loaded with illegally refined products.

    Ibrahim added that the troops of Operation UDO KA had sustained the fight against the outlawed Indigenous People of Biafra/Eastern Security Network criminals and other social vices in the South-East.

    He said the troops neutralised four Indigenous People of Biafra/Eastern Security Network criminals, arrested 37 suspected criminals and rescued 15 kidnapped civilians during various operations in the zone.

    Ibrahim said four AK-47 rifles, two AK-47 magazines, five pump action rifles, two locally made pistols, one dane gun, eight launcher tubes, 13 live cartridges and locally made hand grenades were recovered within the weeks under review.

    He said other items recovered were one bag of explosives, IED wires, one bow and arrow, two trucks loaded with vandalised railways sleepers, four vehicles, six motorcycles, 32 mobile phones, one tricycle and N15,000.

    According to him, all recovered items apprehended suspects and rescued kidnapped civilians have been handed over to the appropriate authority for further action.