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Subsidy Investigations: FIRS returns query for query over Role

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Subsidy Investigations: FIRS returns query for query over Role

The Federal Inland Revenue Service (FIRS) has responded to queries by the Special Adhoc Committee on Petroleum Subsidy Regime tasked to investigate petroleum products subsidy in Nigeria with a counter query over role insisting its mandate is the collection of revenue for government, not keeping records of how the monies are expended.

The service was at a lost as to the request by the Committee for information on Subsidy payments and releases which were not tax related, hence not within the statutory powers of the Service to respond to.

Speaking at the Committee sitting, the Executive Chairman, FIRS, Muhammad Nami, who was represented by the FIRS Coordinating Director, Compliance Support Group, Dr. Dick Irri, educated the panel on the role of the Service as provided by its Establishment Act which he said was confined to the assessment of taxpayers, collection of taxes, accounting for and enforcement of taxes that were due to the government of the Federation.

“The Service’s statutory functions remains that of assessment, collection, accounting, and enforcement of payment of taxes that are due to the Government of the Federation and any of its agencies;” he explained, “taxes collected by the FIRS are usually shared amongst the three tiers of the government in line with the constitution of the country; and FIRS does not maintain records of what the funds are used for by the three tiers of government. The Service also does not have the power to ask for such records.”

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The Special Adhoc Committee had written to the FIRS requesting information on Subsidy Payment releases from the Consolidated Revenue Account, Subsidy claims, lodgment of FOREX into the Consolidated Revenue Account by the NNPC, among others.

“The Service holds the Adhoc Committee on Petroleum Products subsidy Regime and other Committees of the National Assembly in high esteem and will always give necessary support to ensure the success of their oversight functions;

“All the tax related information requested on your letter dated 1st July, 2022 has been duly submitted;

“All the 16 items listed on your letter dated 5th August 2022 are not tax related and also are not part of the responsibilities of the Service,” the FIRS Executive Chairman explained.

Apologising for his inability to appear in person, the Executive Chairman stated that his absence was due to other official national engagements outside the Federal Capital Territory.

The Special Ad-Hoc Committee on Petroleum Products Subsidy Regime, chaired by Hon. (Arc) Ibrahim Al-Mustpaha Aliyu was constituted in June 2022 with a mandate to investigate the Petroleum Products Subsidy Regime covering the periods from 2013-2021.

NEWS

Moghalu Prescribes Good Governance As Panacea To Ethnic Agitation

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The President of the African School of Governance, Kingsley Chiedu Moghalu has admonished state actors against resorting to brutal force in the bid to muscle out separatist agitators.

In the aftermath of Mazi Simon Ekpa, the Finland based Biafran nationalist agitator being caught in legal web and the Nigerian government moving swiftly to seek his repatriation, the former deputy governor of the Central Bank of Nigeria (CBN) has cautioned that ‘We either fix our problems, or our problems will eventually “fix” us. No alternative to a renegotiated union.’

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The political economist, while expressing his hope in Nigeria, made it clear that “hope is not a strategy”.

He bared his mind in a series of posts on his verified handle on micro-blogging site, X on Friday.

Moghalu wrote, “Despite sustained contemporary difficulties, I am hopeful about Nigeria. But hope is not a strategy. We need to improve state capacity for effective governance.

“We either fix our problems, or our problems will eventually “fix” us. No alternative to a renegotiated union.

“We must learn to be honest with ourselves and address the root causes of our problems. Why ignore them, when the problem is actually quite solvable? The problem with continuing with this approach is that when the danger crystallizes, those who thought they were benefiting from

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NEWS

N1.7trn Loan: Atiku Blames NASS For Worsening Nigeria’s Debt Burden

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Former Vice President, Atiku Abubakar has criticized the federal government’s plan to secure an additional N1.7 trillion loan through Eurobonds to cover a shortfall in the 2024 budget, describing the borrowing as unsustainable and harmful to Nigeria’s economy.

In a statement shared on Thursday via his X (formerly Twitter) handle, Atiku accused the Bola Tinubu-led administration of burdening Nigerians with debt while failing to provide clear answers about the country’s fiscal challenges.

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He also faulted the National Assembly for enabling what he called a “voracious appetite” for loans.

The former Peoples Democratic Party (PDP) presidential candidate expressed alarm over a recent World Bank report ranking Nigeria as the third most indebted country to the International Development Association (IDA), calling the development troubling.

“The recent report released by the World Bank, showing Nigeria as the third most indebted country to the International Development Association (IDA), is very concerning,” Atiku stated.

He raised further concerns about the government’s decision to benchmark the proposed loan at an exchange rate of 1 USD to N800, despite the Central Bank of Nigeria’s official rate being over N1,600.

“What makes this particular loan proposal even more concerning is that it is benchmarked at the exchange rate of 1 USD to N800, whereas the current exchange rate from the Central Bank of Nigeria stands at over N1,600 to 1 USD,” he said.

Atiku questioned the need for additional borrowing, given the government’s earlier claims of record-high revenue collection.

“In July this year, Tinubu boasted that the FIRS and Customs under his watch had collected all-time high revenues to finance the budget. Why are they still borrowing?” he said

He accused the government of a lack of transparency, describing the borrowing spree as detrimental to Nigerians already struggling under economic hardship.

“There is something that they are not telling Nigerians, even as they are being crushed by a combination of their failed trial-and-error policies and loan rackets.”

Atiku also referenced a report by BudgIT, a budget monitoring group, which criticized the 2024 budget for its inefficiencies.

He alleged that corruption, rather than infrastructure or development needs, was driving the government’s borrowing decisions.

“These loans are powered by corruption and not for infrastructure and development needs. This voracious appetite for humongous loans is deeply concerning,” he said.

Reflecting on Nigeria’s financial history, Atiku lamented the return to significant foreign indebtedness just years after former President Olusegun Obasanjo’s administration cleared the country’s debt.

“It is agonizing to see that just a few years after the Obasanjo administration took us out of foreign indebtedness, we are today back at the top spot in the same conundrum,” he stated.

He called for a more cautious approach to borrowing, urging the government to prioritize fiscal responsibility and transparency to avoid worsening Nigeria’s economic challenges.

 

 

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International News

ICC Issues Arrest Warrants For Israeli Prime Minister Netanyahu, Others

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The International Criminal Court (ICC) has taken a historic step, issuing arrest warrants for Israeli Prime Minister Benjamin Netanyahu and former Defense Minister Yoav Gallant.

The charges include crimes against humanity and war crimes allegedly committed during Israel’s recent assault on Gaza.

In a detailed statement, the ICC accused the Israeli leaders of “intentionally and knowingly depriving the civilian population in Gaza of objects indispensable to their survival, including food, water, and medicine and medical supplies, as well as fuel and electricity.”

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The ICC’s move marks a significant escalation in international scrutiny of the Israeli-Palestinian conflict. Netanyahu and Gallant are alleged to have orchestrated policies that caused severe harm to the civilian population in Gaza, leading to widespread condemnation from human rights organizations.

Alongside the charges against Israeli officials, the ICC also issued an arrest warrant for Hamas military commander Mohammed Deif. Deif has long been a central figure in Hamas’s military operations. Israel’s military claims to have killed him in a July airstrike, although this has not been independently verified.

The warrants highlight growing calls for accountability amid the ongoing conflict in the region. The ICC’s actions are likely to provoke heated debate and may complicate diplomatic efforts aimed at resolving the crisis.

With the warrants issued, global attention now turns to how the international community will respond and whether any practical steps will be taken to enforce them.

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