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SERAP Urges Tinubu To Probe $1.5bn World Bank Loan To 36 States, $3bn Chinese Loans To FG

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The Socio-Economic Rights and Accountability Project (SERAP) has urged President Bola Tinubu to direct the Attorney General of the Federation and Minister of Justice Lateef Fagbemi, and appropriate anti-corruption agencies to thoroughly investigate the spending of $1.5 billion World Bank loan obtained by the 36 states and Abuja for poverty reduction and social protection.

The SERAP said, “Suspected perpetrators of corruption and mismanagement should face prosecution as appropriate, if there is sufficient admissible evidence, and any proceeds of corruption should be fully recovered.”

It also urged President Tinubu to “direct Mr Fagbemi and appropriate anti-corruption agencies to promptly investigate the alleged mismanagement of the Chinese loans of $3.121 billion obtained by the Federal Government.”

ALSO READ: JUST IN: SERAP Sues CBN Over Missing N100bn Dirty Notes, Other Public Funds

Specifically, the SERAP urged him to “instruct the Economic and Financial Crimes Commission (EFCC) and Independent Corrupt Practices and Other Related Offences Commission (ICPC) to jointly track and monitor the spending of the $1.5 billion World Bank loan to Nigeria’s 36 states and Abuja.”

In the open letter dated 10 August 2024 and signed by deputy director, SERAP, Kolawole Oluwadare, the organisation said, “Ensuring accountability for the spending of World Bank loan and Chinese loans would build trust in democratic institutions with the ultimate aim of strengthening the rule of law.”

It added that, “Impunity for corruption in the management of World Bank loans and Chinese loans will continue as long as high-ranking public officials go largely unpunished for their alleged crimes.”

The SERAP’s position is that, “It is by pursuing these allegations and taking the evidence before the court that the truth will be revealed and justice best served.”

According to the SERAP, “There are reports that the $1.5bn World Bank loan to the 36 states and Abuja and the $3bn Chinese loans obtained by the Federal Government may have been mismanaged or diverted, and in any case remain unaccounted for.”

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Politics

BREAKING: Conservative Party Elects Badenoch As New Leader

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The influence of Nigeria on the political leadership of the United Kingdom (UK) has attained a new high, with the Conservative Party (CP), electing Kemi Badenoch as its new leader.

In an election by the Tory on Saturday, the Nigerian-born Badenoch won with 53,806 votes, which makes her the first black woman to occupy such position in the UK politics.

Biztellers reports that her election makes her the UK’s opposition leader.

The new leader, who has strong potential of becoming the Prime Minister of the UK was born Olukemi Adegoke. Her parents are Nigerian, though she was born in the UK.

 

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Politics

#OndoDecides2024: INEC Ends PVC Collection

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As part of efforts to ensure credible, free and fair conduct of the upcoming Ondo State gubernatorial election, the Independent National Electoral Commission (INEC), has drawn the curtain on collection of Permanent Voters’ Cards (PVCs).

This was disclosed by the INEC Chairman, Prof. Mahmood Yakubu in a statement on its verified handle on micro-blogging site, X, on Friday.

ALSO READ: BREAKING: INEC Consults With CSOs On Ondo Guber

The offseason election is billed for November 16, 2024 and is being greeted with high levels of enthusiasm by political actors.

This has yielded an impressive PVC collection rate of 71.6%.

Prof Yakubu stated, “As part of our preparations for the election, the collection of Permanent Voters’ Cards (PVCs), mainly from the recent voter registration, ended three days ago.

“I am pleased to announce that a total of 64,273 PVCs were collected by voters out of the 89,777 cards delivered to the State. This represents an impressive collection rate of 71.6%.”

 

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New Tax Reforms Will Benefit All Regions Equally – Tinubu

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The Presidency has clarified that the proposed tax reforms, including changes to Nigeria’s Value-Added Tax (VAT) distribution model, are intended to benefit all regions equally.

This response follows opposition from the Northern Governors’ Forum, a coalition of governors from Nigeria’s 19 northern states, who expressed concern over aspects of the reform at a meeting held on October 28.

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Bayo Onanuga, Special Adviser to the President on Information and Strategy, disclosed this in a statement released on Thursday.

Led by Governor Muhammed Inuwa Yahaya of Gombe State, the governors, supported by traditional rulers like the Sultan of Sokoto, His Eminence Muhammadu Sa’ad Abubakar III, cautioned that the proposed VAT model might disadvantage their states.

The statement reads, “While we commend the Governors and traditional rulers for supporting President Bola Tinubu over the success recorded in addressing the country’s security challenges, we consider it necessary to address the misunderstandings and misgivings around the tax reform already embarked upon by the administration.

“President Tinubu and the Federal Executive Council recently endorsed new policy initiatives aimed at streamlining Nigeria’s tax administration processes, enhancing efficiency and eliminating redundancies across the nation’s tax operations.

“These reforms emerged after an extensive review of existing tax laws. The National Assembly is considering four executive bills designed to transform and modernise Nigeria’s tax landscape.

“First is the Nigeria Tax Bill, which aims to eliminate unintended multiple taxation and make Nigeria’s economy more competitive by simplifying tax obligations for businesses and individuals nationwide.

“Second, the Nigeria Tax Administration Bill (NTAB) proposes new rules governing the administration of all taxes in the country. Its objective is to harmonise tax administrative processes across federal, state and local jurisdictions for ease of compliance for taxpayers in all parts of the country.

“Third, the Nigeria Revenue Service (Establishment) Bill seeks to rename the Federal Inland Revenue Service (FIRS) as the Nigeria Revenue Service (NRS) to better reflect the mandate of the Service as the revenue agency for the entire federation, not just the Federal Government.

“Fourth, the Joint Revenue Board Establishment Bill proposes the creation of a Joint Revenue Board to replace the Joint Tax Board, covering federal and all states’ tax authorities.

“The fourth bill also suggests establishing the Office of Tax Ombudsman under the Joint Revenue Board, which would serve as a complaint resolution body for taxpayers.

“It is instructive to note that these proposed laws will not increase the number of taxes currently in operation. Instead, they are designed to optimise and simplify existing tax frameworks.

“The tax rates or percentages will remain the same under these reforms, as they focus on ensuring a more equitable distribution of tax obligations without adding to the burden on Nigerians.

“The reforms will not lead to job losses. On the contrary, they are structured to stimulate new avenues for job creation by supporting a dynamic, growth-oriented economy.

“Importantly, these laws will not absorb or eliminate the duties of any existing department, agency, or ministry. Instead, they aim to harmonise revenue collection and administration across the federation to ensure efficiency and cooperation.

“At the moment, tax administration lacks coordination among federal, state, and local tax authorities, often resulting in overlapping responsibilities, confusion, and inefficiency. Without reform, this inefficiency will persist.

“The proposed laws aim to coordinate efforts between different tiers of government, resulting in better tax resource management and greater clarity for taxpayers.

“Under existing laws, taxes like Company Income Tax (CIT), Personal Income Tax (PIT), Capital Gains Tax (CGT), Petroleum Profits Tax (PPT), Tertiary Education Tax (TET), Value-Added Tax (VAT), and other taxing provisions in numerous laws are administered separately, with individual legislative frameworks.

“The proposed reforms seek to consolidate these multiple taxes, integrating CIT, PIT, CGT, VAT, PPT, and excise duties into a unified structure to reduce administrative fragmentation.

“On the proposed derivation-based VAT distribution model, which the Northern Governors oppose, it must be stressed that the new proposal, as enunciated in the Bill, is designed to create a fairer system.

“The current model for distributing VAT is based on where the tax is remitted rather than where goods and services are supplied or consumed.

“The ongoing tax reform seeks to correct the inherent inequity in the current derivation model as a basis for distributing VAT revenue.

“The new proposal before the National Assembly outlines a different form of derivation which considers the place of supply or consumption for relevant goods and services.

“This means that states in the Northern region that produce the food we eat should not lose out just because their products are VAT-exempt or consumed in other states.

“These reforms are critical to improving the lives of Nigerians and were not put forward by President Tinubu to undermine any part of the country.

“There is no better time than now for the National Assembly to give due consideration to these bills that will overhaul our tax systems and create the revenue all the tiers of government require to fund the development our country and people urgently need.” It added

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