By Femi Ogunshola

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. (NAN)(www.nannews.ng)

Edited by Benson Iziama/Joseph Edeh

By Ginika Okoye

Some bank customers in the Federal Capital Territory (FCT), have appealed to the Central Bank of Nigeria (CBN) to urgently address cash crunch issues to ensure swell celebrations during the yuletide.

Some of the customers who are also small business owners told the News Agency of Nigeria (NAN) in Abuja on Monday, that the development would result to financial transaction difficulties if not addressed.

Mrs Esther Eduk, a customer said she visited no fewer than four different bank’s Automated Teller Machines (ATM) points but could not access cash.

She said the development negated the yuletide season which was meant for sharing love and giving.

“I went to my bank to collect money but I was surprised that they do not have.

“All the bank ATM points that I went to along Nyanya-Mararaba road had no cash in them.

“This is very discouraging and considering this season, it is not healthy,’’ she said.

Another customer and a Point of Sale (PoS) operator, Mr Lucky Igado, said he was unable to withdraw money from his bank.

Igado said the situation had halted his business which was his only source of income.

He appealed to the CBN to urgently resolve the issue.

“I went to the bank to withdraw some money for my business but I did not get.

“I was even ready to pay extra just to keep my business going but I didn’t get. This is frustrating.

“President Bola Tinubu was affected by this cash crunch issue during his election. He should please help us to make ends meet,’’ he said.

Another customer, Mrs Adaora Ejeh, also appealed to banks to make cash available to ease the stress faced by customers.

NAN reports that the CBN in a statement issued by its Corporate Communications Department said there was no shortage of banknotes, saying there was enough for economic activities in the country.

CBN said the scarcity was caused by a large volume of cash withdrawals from its branches by Deposit Money Banks (DMBs) across the country.

The bank also said that panic withdrawals by bank customers were partly responsible for the scarcity. (NAN) (www.nannews.ng)

Edited by Ese E. Eniola Williams

By Ginika Okoye

In a resounding victory, the Federal Competition and Consumer Protection Commission (FCCPC) has been awarded the prestigious Leadership Newspaper 2023 Government Agency of the Year, drawing praise from consumers across the nation.

Numerous consumers expressed their appreciation on X account, with Hilda @ Hilsneurone describing it as a “well-deserved award.”

She commended the agency’s dedication to improving consumer experiences and expressed gratitude to Mr. Babatunde Irukera and the entire FCCPC team.

Thormiewa@ Thormiewa lauded the agency as “the best 100 percent,” while Paikoishaku @Paikoishaku1 praised it as “a very responsive agency that knows its onions.”

He specifically commended Babatunde Irukera’s charismatic and dedicated leadership.

Ikenna Maduako, known as Mistaiyke, echoed the sentiment, stating, “well deserved.”

The FCCPC officially announced the award on its X account on Monday, attributing it to the agency’s commitment to fostering fairness, regulatory stability, competition, and consumer protection in the country’s market.

According to the Leadership Newspaper, the Commission, under the leadership of Mr Babatunde Irukera, significantly contributed to shaping a business environment characterised by fairness.

Irukera’s unwavering commitment to ethical business practices and consumer-centric initiatives was highlighted as a key factor that made the FCCPC a formidable force against unethical practices.

In response, Mr Babatunde Irukera expressed gratitude for the honor, acknowledging the constant scrutiny faced by the agency.

He emphasised being reflective about the work ahead, encouraged the dedicated team, and expressed determination to continue their mission. (NAN) www.nannews.ng

Edited by Chinyere Joel-Nwokeoma

By Nana Musa

Nigeria needs to review its fiscal policy and embark on tax reforms to earn enough revenue to run the economy.

Minister of Finance and Co-ordinating Minister of the Economy, Mr Wale Edun, made the declaration in Abuja on Monday while defending the ministry’s 2024 budget before the Senate committee on finance.

Edun said the measures would attract domestic and foreign direct investment for job and wealth creation.

He explained that the ministry was spearheading digitalisation to achieve greater efficiency and cost reduction in governance to boost the economy.

“Digitalisation is a veritable tool in safeguarding against wrongful use and invasion of the entire public service system,’’ Edun said.

He noted also that a solid revenue performance would further enhance the economy and explained that the 2023 supplementary budget would run concurrently with that of 2024.

Earlier, Chairman of the committee, Sen. Mohammed Musa said the country needed a budget that would renew the hope of Nigerians.

He noted that that was the reason President Bola Tinubu tagged the 2024 budget: `Budget of Renewed Hope’’.

Musa noted that when hope is rekindled in Nigerians, the multiplier effect would bring economic wellbeing that would percolate to every household.

He commended Edun for a job well done and assured of the committee’s support considering the minister’s antecedents. (NAN) (www.nannews.ng)

Edited by Alli Hakeem

Some the fellows during the Fellowship conferment ceremony of the Nigerian Institution of Mechanical Engineers (NIMechE) on Saturday in Lagos.

By Grace Alegba

The Nigerian Institution of Mechanical Engineers (NIMechE) on Saturday called for mentorship of the younger generation and review of curriculum of tertiary institutions to curb ‘Japa’ syndrome, mass relocation abroad by Nigerians.

The National Chairman, NIMechE, Mrs Olufunmilade Akingbagbohu, during the Institute’s Fellowship Ceremony in Lagos, said engineering was about solving problems and was the bedrock of development.

Akingbagbohu urged older engineers to adopt and mentor younger ones for them to see opportunities in solving several problems confronting the nation instead of running to other countries.

“We need to encourage them, so that they will not Japa but will stay and develop Nigeria,” she said.

She said engineering practice in Nigeria had suffered a great loss due to the curriculum design, which did not capture current realities and technological advancements.

She said, “curriculum should be hands-on and skill-based” and not just abstract and irrelevant old theories.

She said the NIMechE evolved programmes to bring the academia and industry together to close the gap for commercialisation of research works.

She added that NIMechE had begun a mentorship project targeted at training over 5,000 young engineers for the labour market.

She said NIMechE, in its bid to create the right environment for the growth and development, was also building an industrial academy.

L-R: Chairman, Board of Fellows, Nigerian Institution of Mechanical Engineers (NIMechE) Prof. Oluwatoyin Ashiru; the National Chairman, Dr Olufunmilade Akingbagbohu and the Deputy National Chairman, Alhassan Mohammed during NIMechE Fellowship Ceremony in Lagos on Saturday night

The Chairman, Board of Fellows, NIMechE, Prof. Oluwatoyin Ashiru, in his welcome address, said the fellowship conferment was highly competitive as the criteria for selection were stringent.

Ashiru advised new fellows to adopt a lifelong habit of continuous learning, develop soft skills for effective communication and grow capacity in other areas for the development of Nigeria.

“As engineers we should be learning continuously; any one that thinks he knows everything, knows nothing,” he said.

Some Fellows of NIMechE at the event

The Guest Speaker, Mr Kunle Ogunbayo, speaking on the theme, “The World is Moving Very Fast – Can We, Or Should We, Keep Pace?,” said new agreements would be reached at the ongoing 28th United Nations Climate Change conference.

He said the implementation of COP28 was always a problem because countries usually considered thier national interests, which ended up subsuming global agreements.

Ogunbayo admonished the Federal Government and local engineers to adopt measures that would make the lives of Nigerians better.

The guest speaker urged engineers to document their codes to preserve their knowledge and experiences for future generations to learn from.

He said currently young people without requisite engineering training were the ones writing codes and algorithms and if older engineers didn’t take urgent actions their knowledge would not be passed on.

“Unless we become active participants in the development of these systems and the eventual transition to Artificial Intelligence enabled systems, the collective institutional knowledge of our firms, especially those of the more senior members of the profession, could be lost,” he said.

The News Agency of Nigeria reports that 26 fellows were inducted at the ceremony. (NAN) (www.nannews.ng)

GA/SA

Edited by Salif Atojoko

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