Politics
OUR 2020 FINANCE BILL EXEMPTS MINIMUM WAGE EARNERS FROM TAX – BUHARI
In order to reduce the impact of inflation on Nigerians, the Buhari administration through the 2020 Finance Bill is proposing the exemption of minimum wage earners from the Personal Income Tax.
And when coupled with other items in the proposed Bill, and various economic policies of the Federal Government, these incentives would ensure the resilience of the Nigerian economy to exogenous shocks, according to President Muhammadu Buhari.
The President made these disclosures in his speech delivered virtually by Vice President Yemi Osinbajo, SAN, on Monday at the opening session of the 26th Nigerian Economic Summit Group Conference themed: “Building Partnerships for Resilience”.
According to the President, “we are proposing in the new Finance Act that those who earn minimum wage should be exempted from paying income tax.
“These provisions which complement the tax breaks given to small businesses last year will not only further stimulate the economy, but are also a fulfilment of promises made to take steps to help reduce the cost of transportation and the impact of inflation on ordinary Nigerians.”
Explaining the role of the private sector in building a resilient economy, President Buhari said “this government has always emphasized that the private sector has a key role to play in our efforts to build a more resilient and competitive economy as expressed in the Economic Recovery and Growth Plan.
“Private companies in design, construction, logistics and finance are very much engaged in our infrastructural projects in power and rail as well as road and bridges and the installation of broadband infrastructure which is an essential requirement if Nigeria is to participate actively and benefit from the 4th Industrial Revolution.”
Continuing, the President added, “…it is clear that we must diversify the economy away from dependence on crude oil exports, speed up human capital development and improve on infrastructure. Above all, our economy must be made more resilient to exogenous shocks. It is important for the private sector to play a key role as we work together to identify national priorities and try to influence our future national trajectory.”
The President also gave insights to the collaboration between the CBN, the Nigerian Sovereign Wealth Investment Authority (NSIA) and other stakeholders in the creation of an Infrastructure Company (Infraco) Fund to address some of the nation’s critical infrastructure needs.
“It goes without saying that partnerships remain essential to attract the resources for building a solid national infrastructural base. I am pleased to inform you in this regard that we are working actively with the Central Bank, Nigerian Sovereign Investment Authority and State Governments under the auspices of the National Economic Council to design and put in place a N15 trillion Infraco Fund which will be independently managed.
“The Infraco Fund will help to close the national infrastructural gap and provide a firm basis for increasing national economic productivity and growth,” the President explained.
Restating the commitment of his administration to sustaining collaborations with the private sector in addressing challenges, President Buhari said “if there is one single lesson to be learnt from the COVID-19 pandemic, it is that partnerships are essential for credible responses with lasting effects.”
His words: “Our national journey to economic prosperity is a long one, so we must all certainly work together. As we saw, partnerships were essential when we were faced with the serious challenge of combatting COVID-19.
“We saw the key role that partnerships played in our national effort to combat the COVID-19 crisis. While Federal and State Governments worked together to manage the health response and ensure the establishment of isolation centres and availability of test kits, personal protective equipment, and medicines, the private sector also played an active role as individual entities, and also worked together in groups like the Coalition Against COVID-19.”
During the speech presentation, the Vice President responded to the issue of import duties raised by some speakers at the summit. The Vice President noted that “the point of the reduction in levies on motor vehicles, commercial vehicles for transportation is to reduce the cost of transportation by reducing the cost of vehicles.”
He explained that “with subsidy removal and the increase in fuel price and the pass-through to food prices, transportation costs had to be reduced. Now the automotive policy is directed at localizing the production of vehicles. So the logic was increase the duty and levies so that local production becomes more competitive. But the annual demand for vehicles is about 720, 000 vehicles per year. Actual local production is 14,000 vehicles a year.
“So, the problem is that at current rate of production, we will not meet the serious national needs and this will just mean higher prices of vehicles and greater strain on other sectors of the economy that depend on transportation. But we are not giving up on the local auto industry.
“Two important things to note; the first is that we still have relatively high duty at 35%, so there is still a disincentive for importation. Second is that we are promoting policy that the government must buy only locally manufactured cars.”
The opening session of the summit featured presentations by speakers including Chairman of the Nigerian Governors Forum and Governor of Ekiti State, Mr Kayode Fayemi; Governor Aminu Bello Tambuwal of Sokoto State; Chief Executive Officer of MainOne, Ms Funke Opeke; and the Chief Executive Officer of GIG Group, Mr Chidi Ajaere; among others.
*Go out and vote, it’s your right – Ogun APC charges electorate*
As the party campaigns for the 2024 Local Government election in Ogun State draws to a close midnight of today (Thursday), the All Progressives Congress, APC, has charged registered voters in Ogun State to go out and exercise their fundamentals rights on Saturday “without any fear whatsoever”.
Addressing the grand finale of APC in Odogbolu Local Government, the Publicity Secretary of the party in Ogun State, Tunde Oladunjoye said, “APC has done very well under the administration of Prince Dapo Abiodun, and we are poised to win the chairmanship and councilorship elections overwhelmingly come Saturday”.
Oladunjoye, who is also Senior Media Consultant to Governor Dapo Abiodun on Media, thanked the Odogbolu people for showing massive support to the APC in the local government.
“With what I have seen here, victory is sure. I want to thank you on behalf of the Governor of Ogun State, Prince Dapo Abiodun, CON and the Chairman of APC in Ogun State, Chief Yemi Sanusi. “Come out and vote peacefully on Saturday. It is your constitutional duty and obligation.”
Oladunjoye added that people should learn from the chairmanship candidate of the party in Odogbolu local government, Dr. Babatunde Oyetola Diya, who vied for the office about three and half years ago and did not get it, but remained faithful in the party and continued to reach out to people with his humanitarian efforts.”
Anthony Ojo congratulates Gov Okpebholo, confirms Edo Central Senate aspiration
Influential Edo State politician, Anthony Ojo has congratulated Senator Monday Okpebholo after being sworn-in as the new Governor of the State.
In his congratulatory message, Ojo expressed confidence in the abilities of Gov Okpebholo to bring the dividends of democracy close to the people of Edo State.
“The people of Edo State have total trust in your five-point agenda, capacity as a leader, and this is evident with their immense show of love. We have no single doubt that under you, this state will progress to the promised land,” the statement reads.
Meanwhile, Anthony Ojo has confirmed his aspiration to contest the Edo Central senatorial seat under the flagship of the All Progressives Congress (APC), a position previously held by Senator Okpebholo before he was elected governor.
He cited that sharing the same leadership ideologies with Governor Okpebholo, and the keen desire for transformative human and capacity developments in Edo State are the reasons behind his ambition.
He promised to work closely with the Governor to provide succour to Edo citizens.
Appeal Court Further Affirms Udeze-led NEC Of Action Alliance As Valid, Authentic
ABUJA – The Appeal Court sitting in Abuja has further affirmed Chief Barr. Kenneth Udeze-led National Executive Committee (NEC) of Action Alliance (AA) elected on 14th March 2021 National Convention of the party as valid and authentic.
Action Alliance, in a statement by its National Secretary, Vernimbe A James said, “the court of appeal Abuja Division today in Appeal Number; CA/ABJ/CV/1163/2024 in a lead Judgement delivered by Hon.Justics Abba Mohammed which was concord by the other two Justices dismissed the appeal filed by Adekunle Omoaje faction through one Miller C.Orgwu ( on behalf of himself and all NEC Members Elected at Action Alliance Elective National Convention of 7th of October,2023, held at OOPL Abeokuta, Ogun State ) against 1, INEC, 2, Kenneth Udeze,3, James Vernimbe, 4, Akinuli Fred Omolere.
“The Court also awarded N400,000 cost against the appellants in favor of the Respondents.
The appeal was about the validity of the powers of Action Alliance NEC under Chief Kenneth Udeze led executive to conduct the party Governorship primary in Ondo State for the upcoming Saturday 16th November 2024, Governorship Election.
“The Federal High Court Abuja Division had earlier In Suit Number; FHC/ABJ/ CS/626/2024 Between Miller Orgwu and others (Omoaje faction) claiming to be authentic NEC of the party against 1, INEC, 2, KENNETH UDEZE,3, JAMES VERNIMBE, 4, AKINULI FRED OMOLERE presided by HON. JUSTICE JOYCE O.ABDULMALIK on 24th, September 2024 dismissed their Claim and validated the Ondo State Governorship Primary Election Conducted by Chief Barr Kenneth Udeze led Action Alliance NEC as valid and authentic, thereby Confirming the Ondo State Governorship Candidate of the party AKINULI FRED OMOLERE as the valid Candidate of the party for the 16th, November 2024 Governorship Election in Ondo State.”
The statement further said: “On 28 March 2022, the FCT High Court Abuja had affirmed and validated the Action Alliance National Convention held on 14th, March 2021 wherein Chief Barr Kenneth Udeze led NEC of the party were elected.
“Dissatisfied with the said Judgement, one Adekunle Rufai Omoaje and others were granted leave of the court of appeal to appeal same Judgement.
“On the 26th, January 2024, the Court of Appeal Abuja Division in Appeal Number; CA/ ABJ/ CV/ 955/22 Between Adekunle Rufai Omoaje and others and Chief Uzewuru Nwachukwu and others further Affirmed the FCT High Court Judgement that earlier validated the Action Alliance National Convention of 14th March,2021 wherein Chief Barr Kenneth Udeze led Action Alliance (AA) NEC of the party was elected.
“Dissatisfied with the appeal court Judgement one Adekunle Rufai Omoaje and others have appealed the Judgement to the Supreme Court of Nigeria in appeal Number: SC/ CV/162/2024 Between Adekunle Rufai Omoaje and others and Chief Uzewuru Nwachukwu and others, the matter is still pending at the Supreme Court of Nigeria which he has abandoned but desperately looking for how to come through the back door to claim the leadership of Action Alliance.”
The statement also explained that “INEC has since Complied with the Judgements validating the 14th, March 2021 National Convention of the party wherein Chief Barr Kenneth Udeze led Action Alliance NEC of the party was elected and uploaded on its website the Name of Chief Barr Kenneth Udeze- National Chairman, Vernimbe A James -National Secretary and other Elected NEC of the party as authentic.
“There is no court ruling or Judgement that Affirmed or validated any other National Convention of Action Alliance (AA) held on any other date apart from the 14th, March 2021 National Convention of the party which Courts have already and variously validated.”
Ezenwa Ibegbunam, who is the Counsel to Chief Fred Omolere, the governorship candidate of the party affirmed by the Court, noted that the judgment has further restated the correct position of the law and a vindication of the previous decision of the Court of Appeal which had earlier affirmed Chief Udeze led executive as the authentic leadership of the Action Alliance.
On his part, Chief Kenneth Udeze has praised the Court of Appeal as a citadel of justice and urged the party members across the country to remain focused.
He further noted that the Judgment has cleared the way for the victory of the party in the Ondo State gubernatorial election.
Source: Daily Independent
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