Business

Chaos in House Of Representatives over stepping down of South-East development commission bill

Published

7 years ago

June 2, 2017

The House of Representatives was again thrown into a rowdy session on Thursday, forcing a hasty adjournment of proceedings.

The cause of the rowdiness was the rejection of a bill seeking to establish a South-East Development Commission.

The bill failed at the session, which was presided over by the Speaker, Mr. Yakubu Dogara, after it had been debated.

A similar bill to establish the North-East Development Commission had since been passed by the National Assembly, awaiting the assent of President Muhammadu Buhari.

However, South-East lawmakers immediately protested the decision on the grounds that the House could have, at least, allowed the bill to pass the second reading for more views to be collated from Nigerians at a public hearing.

Tension had built up in the House since Wednesday when the bill was billed to be moved for second reading.

However, it was stepped down on Wednesday because the lead sponsor and Deputy Minority Leader of the House, Mr. Chukwuka Onyeama, was unavailable in the chambers.

He returned soon after the bill was stood down.

The bill was re-listed for Thursday (yesterday), but again, Onyeama was unavailable just as the bill was to be taken and it had to be stood down a second time in line with the rules of proceedings.

But South-East lawmakers began a loud protest, insisting that the bill must be taken.

In the midst of the rowdiness, Onyeama reappeared in the chambers, just like he did on Wednesday after the bill had been stood down.

Dogara had to bend backwards to approve a motion for the rescission of the earlier ruling stepping down the bill.

The speaker said, “Let me clarify that it was not as if the bill was stopped. The sponsor of the bill was not around and we followed the rules to step it down.

“Now that he is here, we will take it. Nobody will shut out anybody because we don’t have the right to do that.”

Dogara calmed frayed nerves and opened debate on the bill.

Onyeama, while leading the debate, said the South-East geopolitical zone needed the commission to develop collapsed infrastructure and the damage suffered by the zone as a result of the Nigerian Civil War.

“The war led to massive destruction of critical infrastructure in the region, including roads, houses and environmental degradation,” he said.

Onyeama added that the region was worst-hit by erosion and other ecological problems.

The lawmaker stated that the commission would be funded from seven sources.

The first is through “15 per cent” of the total monthly statutory allocations due to member states of the commission from the Federation Account.

The second source, he explained, would be from “three per cent” of the total budget of any oil-producing company operating onshore and offshore in the South-East states, including gas processing companies.

The third source is from “three per cent” of the total annual budget of any solid mineral extracting or mining company operating in the South-East.

The fourth source will come through “50 per cent” of money due to member states of the commission from the Ecological Fund.

Five to seven of the funding sources are ”Such monies as may, from time to time, be granted or lent to or be deposited with the commission by the Federal Government or a state government, any other body or institution, whether local or foreign.

“All monies raised for the purpose of the commission by way of gifts, loans, grants-in-aid, testamentary disposition or otherwise.

“Proceeds from all other assets that may, from time to time, accrue to the commission.”

All South-East members, who spoke, including Mr. Uzoma Nkem-Abonta, Mr. Henry Nwawuba and Mr. Toby Okechukwu, said they gave “100 per cent” backing to the bill.

For instance, Nkem-Abonta argued that he believed the bill was the solution to the renewed agitation for the Republic of Biafra.

“We have to stop the crisis that is building up in the South-East before it turns into something else,” he said.

Members from the South-South, led by the Minority Leader, Mr. Leo Ogor, also supported the bill.

“Every zone deserves a commission because this country needs to be restructured. We cannot continue this way,” Ogor told the House.

Mr. Kehinde Agboola, who spoke for the South-West, said, “History will not forgive us if today we fail to support this bill.”

However, trouble started when all the lawmakers from the North spoke against the bill.

Members from North-West, North-East and North-Central, all opposed the bill.

For example, Mr. Mohammed Sani-Abdu opposed the bill on the grounds that it was a move to “divide Nigeria in piecemeal.”

He observed that coming soon after the government was trying to address the devastation caused by Boko Haram in the North-East, the timing of the bill was wrong.

Sani-Abdu recalled that after the civil war ended in 1970, government made concerted efforts to rebuild the South-East and re-integrate the people into the rest of Nigeria.

He argued that funding of the commission, using “three per cent” of the annual budget of oil companies operating in the South-East was indirect funding by the Federal Government.

Another member from the North, Mr. Karimi Sunday, said some South-East states were already benefiting from the funding of the Niger Delta Development Commission by the oil companies.

“Are we going to ask the same oil companies to fund the South-East Development Commission again?

“Are we saying that every zone should come up with its own development commission?” he asked.

When Dogara put the bill to a voice vote, he ruled in favour of those rejecting the commission. For clarity purpose, he called the votes twice before bringing down his gavel.

But South-East lawmakers began another round of protests as Dogara handed over proceedings to the Deputy Speaker, Mr. Yussuff Lasun, and left the chambers.

Lasun quickly adjourned the House as the rowdiness worsened.

Outside the chambers, South-East lawmakers continued the protest.

Onyeama threatened that he would resign his position as a leader of the House.

“I am a leader in this House; you can’t just kill my bill like that. I will resign,” he fumed.

Another member from Abia State, Mrs. Nkiruka Onyejeocha, said her colleagues were not happy that the bill was rejected.

“At least, they could have passed it for second reading.

“At the committee stage, more work could have been done on it to remove the grey areas,” she said.

One member from Rivers State, Boma Goodhead, joined in the protest, saying the North was not fair to the South-East.

“They are using our oil money to address the issue of Boko Haram. Now, they are against this bill. It is not fair,” she shouted and walked away angrily.

South-East, victim of orchestrated political, economic marginalisation –Ohanaeze

In its reaction, the apex socio-political body of the Igbo, Ohanaeze Ndigbo, said the South-East was the victim of an “orchestrated” political and economic marginalisation.

The Deputy Publicity Secretary of Ohanaeze Ndigbo, Mr. Chuks Ibegbu, who spoke with one of our correspondents on Thursday, said the rejection of the bill was “tragic, unfair and ‘unfortunate.”

Ibegbu said the bill, if passed into law, would have helped to address the longstanding marginalisation of the South-East.

He added that the development highlighted the flaws in the country’s federalism.

“The South-East is the victim of a well orchestrated political and economic marginalisation; these things do not happen by accident, they are planned and the plan is being carried out.

“The development highlights the tragedy of our federalism, a federalism that is filled with injustice, a federalism that emasculates the will of the people.

“At this stage in Nigeria’s history, nobody should be in doubt that the South-East needs federal attention.”

Ibegbu added, “The South-East has five states and 95 local governments but the North-East has seven states and about 200 local government councils. How fair is that?

“As we speak, the Federal Government has deployed national resources to attend to self-inflicted problems the North-East brought on itself through the Boko Haram insurgency. Before now an amnesty programme was initiated for the Niger Delta, and South-East youths, who were supposed to be captured in the programme, were not included.

“It is tragic that the House rejected the bill; it is unfortunate and very unfair on the people of the South-East.”

Business

Zacch Adedeji: And The Revenue Keeps Increasing By Rabiu Usman By Rabiu Usman

Published

19 hours ago

November 15, 2024

Sahara Weekly

Zacch Adedeji: And The Revenue Keeps Increasing By Rabiu Usman

By Rabiu Usman

It was President Bola Tinubu that declared that in the first half of this year, the revenue of Nigeria soared to over N9.1 trillion, compared to the first half of 2023.

For instance, N5.2 Trillion accrued into the Federation Account for the period January to June 2023, while a total of N7.3 Trillion accrued into the account for the period July to December, 2023.

However, for June this year, accruals into the Federation Account rose to N2.483 trillion in June 2024. It was N2.324.792 trillion in May, meaning for the two months of May and June this year alone, about N4.8 trillion accrued into the Federation Account while N5.2 trillion accrued into the account for the first six months of last year.

The President attributed the revenue increase to the government’s efforts in blocking leakages, introducing automation, and mobilizing funding creatively, all without placing an additional burden on the people.

A few days after the President spoke glowingly of the considerable increase in the revenue of the country, a process being powered by the Federal Inland Revenue Service (FIRS), under the Chairmanship of Dr Zacch Adedeji, the Nigeria’s Zaccheus the Tax Collector, the World Bank also confirmed the progress being made in the area of revenue generation.

The World Bank projected that following the recent increase in government revenue, Nigeria’s revenue-to-GDP ratio could rise to over 10.5 percent by the end of 2024.

Ndiamé Diop, World Bank country director for Nigeria shared the forecast during an interactive session on ‘Fiscal Reforms for a More Secure Future’ at the 30th Nigerian Economic Summit, held in Abuja last month.

Also, according to data released in September by the National Bureau of Statistics (NBS), Nigeria’s Value Added Tax (VAT) revenue increased by 99.82% year-over-year in the second quarter of 2024.
During this period, total VAT revenue reached N1.56 trillion, a 9.11% increase compared to the previous quarter.

The NBS report highlighted that the revenue growth was driven primarily by local payments, which brought in about $484 million, while foreign payments contributed $242 million. VAT on imports generated $228 million.

However, despite the level of progress already made, the FIRS under Dr Zacch Adedeji is not done yet.

Various innovations are daily being introduced to ensure seamless payment of taxes by Nigerians.

Last week, the Taxpayer Services Department of the FIRS launched the new USSD code *829#, aimed at revolutionizing taxpayer engagement and access to essential tax services.

According to the FIRS, the initiative was aimed at “simplifying tax processes and providing a seamless, efficient service experience.”

With the *829# USSD code, taxpayers can now effortlessly access a range of services, including TIN retrieval, Tax Clearance Certificate (TCC) verification, and general inquiries all from the convenience of their mobile phones and with no need for internet access.

Also, Zacch Adedeji is everywhere, explaining the four tax bills currently before the National Assembly, assuring that it will not reduce the funding or operational efficiency of government agencies.
Last week Wednesday, Adedeji addressed the heads of the National Agency for Science and Engineering Infrastructure (NASENI), the National Information Technology Development Agency (NITDA), and the Tertiary Education Trust Fund (TETFUND) at the Revenue House in Abuja. He allayed concerns surrounding the proposal to rename the FIRS as the Nigeria Revenue Service (NRS), clarifying that the change is intended to streamline and improve agency efficiency.

He said the main goal was to align government revenue practices with current fiscal demands to ensure all agencies are well-funded and effective.

Adedeji further highlighted that the proposed legislation would enable government agencies to concentrate on their core responsibilities without the added task of revenue collection.

“The bills, once enacted, will allow agencies to focus on their primary functions instead of managing tax collection duties,” he explained.

Adedeji, who appears to have taken up the job of an Explainer concerning the new tax bills, further pointed out that the bills were the aftermath of President Tinubu’s administration recognition of the need for a unified tax code to reduce complexity and stimulate economic growth.

Perhaps, by the time this is being read, Dr Zacch Adedeji, will be standing before another audience to explain the ideas behind the new tax bills and their capability to further sore up the revenue base of the country, because for him, the revenue must keep increasing.

Usman, a public affairs commentator lives in Abuja.

Business

Wema Bank Announces Grand Finale of Hackaholics 5.0: Set to Reward Winners With ₦75 Million Worth of Prizes

Published

1 day ago

November 15, 2024

Sahara Weekly

*Wema Bank Announces Grand Finale of Hackaholics 5.0: Set to Reward Winners With ₦75 Million Worth of Prizes

Wema Bank, Nigeria’s foremost innovative financial institution and pioneer of Africa’s first fully digital bank, ALAT, has announced the grand finale of the 5th edition of its flagship youth and startup-focused tech competition, Hackaholics.

Launched in 2019, Wema Hackaholics is a groundbreaking initiative designed to harness the creativity and entrepreneurial spirit of Nigeria’s youth, providing them with a platform to turn their tech-driven ideas into reality. The highly anticipated Hackaholics 5.0 grand finale will take place on November 27th, 2024, under the theme, “Meta Idea: Capitalizing Africa’s Growth Through Innovation.” This year’s theme aims to showcase how tech-driven solutions can fuel Africa’s development by tapping into the continent’s growth potential through innovation and digital transformation.

The grand finale will bring together the brightest innovators from universities and tech communities across the country. These innovators will pitch their Digi-Tech solutions designed to solve real-world problems and contribute to Africa’s economic and social progress. The event promises to be the culmination of months of intensive competition, collaboration, and mentorship, providing a platform for youth-led tech ideas to reach new heights.

Announcing the date of the grand finale, Moruf Oseni, MD/CEO of Wema Bank, highlighted the bank’s vision for Hackaholics. “Hackaholics is more than a competition; it is a movement to equip Nigeria’s youth with the skills, networks, and resources needed to drive Africa’s digital transformation. The Meta Idea theme for this year is a call to action for young innovators to think beyond the present and design solutions that will capitalize on Africa’s growth. We are excited to see how our participants envision and build the Africa of tomorrow.”

Speaking on the prizes, the MD/CEO said “At the grand finale, participants will compete for exciting cash prizes, grants, and access to Wema Bank’s extensive network of investors, mentors, and industry experts. The total worth of prizes for this year is ₦75,000,000. The winning team will receive ₦30,000,000, the first runner-up will receive ₦20,000,000 and the second runner-up will receive ₦15,000,000 worth of prizes. Additionally, we will be awarding a special grant of ₦10,000,000 worth of prizes to the female-led team to encourage gender diversity in tech innovation.” He concluded.

Wema Bank’s Hackaholics is a testament to the Bank’s commitment to shaping Africa’s future through innovation and entrepreneurship. Hackaholics 5.0 began with a nationwide call for entries earlier in the year and has engaged over 10,000 aspiring tech innovators and entrepreneurs across Nigeria. With 2,297 applications across 8 physical pitch centers and 1 virtual pitch center, 34 innovators across all locations are set to pitch their ideas at the pre-pitch stage ahead of the grand finale scheduled to hold in Lagos.

Through Hackaholics, Wema Bank has provided a platform for youth to channel their creativity and entrepreneurial spirit into actionable tech solutions that address Africa’s most pressing challenges. Over the years, Hackaholics has grown into one of the largest and most influential tech competitions in Nigeria, impacting thousands of young minds.

The competition not only offers winners cash prizes and grants, but also access to mentorship, industry networks, and resources to help scale their innovations globally. This initiative is a key part of Wema Bank’s broader strategy to harness technology as a driver of socio-economic growth in Africa.
Interested individuals can register to attend the grand finale via https://hackaholics.wemabank.com/grandfinale

Business

ATMs empty as banks ration withdrawals

Published

2 days ago

November 14, 2024

Sahara Weekly

ATMs empty as banks ration withdrawals

The Automated Teller Machines of Deposit Money Banks have consistently remained empty in recent months as banks grapple with a sustained low cash supply.

It was also gathered on Wednesday that some DMBs, particularly in the Federal Capital Territory, have begun another round of cash rationing, restricting maximum over-the-counter withdrawals to a daily limit between N5,000 and N20,000.

While banks struggle to get cash, Point-of-Sales operators have been fulfilling the cash needs of customers.

Speaking at the Facts Behind the Rights Issue Presentation of FBN Holdings at the Nigerian Exchange Limited recently, the Executive Director/Chief Financial Officer of First Bank, Patrick Iyamabo, said that the matter was an industry-wide one and not peculiar to a specific bank.

He said, “It is an industry problem. Most customers after exhausting the options available in other banks, tend to settle at FirstBank to address their cash needs. The challenge differs by location but we know it is a challenge that the regulator is looking into to address. But as we speak of physical cash, we must appreciate that the direction of the industry is to go digital.

“A lot of our customers do most of their transactions digitally, and you heard the GMD speak to this, very often people don’t want to transact in cash. In terms of this new order, your bank, FirstBank is very well positioned so if you look at the statistics and I’m speaking to independent statistics, just pick up your NIBSS report, the bank with the most stable platform meaning availability to always transact digitally is FirstBank. So, all our customers have the benefits of having their cash in First Bank and having access to this cash anytime anywhere and as necessary. It’s a huge advantage.”

Speaking anonymously with The PUNCH, a banker at a tier-1 bank put the blame on the Central Bank of Nigeria.

As a result, many people have turned to Point-of-Sale operators, who have become the primary channel for cash withdrawals, albeit often at higher transaction fees.

Major commercial banks visited by one of our correspondents on Wednesday claimed not to have sufficient cash allocation hence the ration withdrawals to serve more customers.

The banks visited include Guaranty Trust Bank, Zenith Bank along Airport Road, and EcoBank at Jabi in Abuja.

A bank customer at EcoBank, who spoke without mentioning her name, said she was only allowed to withdraw N5,000 from N20,000 previously allowed.

“I was just informed that I can only withdraw N5,000 from my account. Can you imagine? The amount will can’t even take me home.”

Our correspondent received the same answer when he attempted to obtain cash.

At GTBank and Zenith Bank along the airport road, customers were permitted a maximum withdrawal of N20,000 from N100,000 previously disbursed as a daily limit.

A customer, Mr Faith, who visited the bank expressed shock about the new limit. He said the banks didn’t give any cogent reason for reducing the withdrawal limit.

“I just visited these banks, and I was informed that I can only withdraw N20,000 from N100,000, which was the previous limit. They didn’t even give any reason for reducing, now I have to start looking for cash elsewhere. This country is just so annoying,” He vented.

Cash scarcity became a recurring and widespread issue across Nigeria after the Central Bank of Nigeria introduced a controversial policy in January 2023, which significantly reduced the daily and weekly cash withdrawal limits to N100,000 daily, N500,000 weekly for individuals, and N5m for business entities.

This decision, aimed at encouraging a cashless economy, led to long queues at ATMs, increased difficulty in accessing physical cash, and a general disruption of daily financial transactions for millions of Nigerians.

The policy’s impact was felt particularly by those in rural areas and lower-income groups, who rely heavily on cash for their day-to-day needs, exacerbating economic hardships across the country.

Last week, data from the CBN showed that currency in circulation climbed 56.1 per cent year-on-year to reach N4.31tn, up from N2.76tn in September 2023, reflecting an increase of N1.55tn.

This is just as currency outside banks surged by 66.2 per cent in September 2024, reaching N4.02tn compared to N2.42tn in September 2023, a notable rise of N1.60tn in just one year.

This indicates that the volume of currency retained outside the banking sector outpaced the total released for circulation within the past year.

Compared to August 2024, currency in circulation rose by 4.0 per cent month-on-month, adding N166.2bn from the previous figure of N4.14tn.

The CIC is the amount of cash–in the form of paper notes or coins–within a country that is physically used to conduct transactions between consumers and businesses. It represents the money that has been issued by the country’s monetary authority, minus cash that has been removed from the system.

Earlier in September, the CBN announced plans to sanction banks that fail to dispense cash through their automated teller machines, as part of efforts to improve cash availability in circulation.

The CBN also revealed plans to release an additional N1.4tn into circulation over the next three months to ease cash flow within the banking system.

This strategy aims to ensure that ATMs and bank branches have sufficient cash, addressing ongoing challenges faced by customers over cash shortages.

Efforts to get a reaction from the apex bank on the new situation proved abortive as the acting Director, Corporate Communications, Sidi Ali Hakama, did not respond to enquiries sent to her phone number.