Economy

FG will work with states on solid mineral maximisation – Dele Alake

By Web News 498

The Federal Government would work with State governors to maximize the potential of mineral resources for the socioeconomic development of the country.

Minister of Solid Minerals Development, Dele Alake stated this when the governor of Nasarawa state, Alhaji Abdullahi Sule paid him a courtesy visit in Abuja.

According to a statement by the Deputy Director of information, Mr. Alaba Balogun, the ministry is determined and committed to harness the nation’s mineral resources.

He explained that under the renewed hope administration, Nasarawa State and other states with mineral resources will soon experience rapid development that will raise the living standards of the population.

The minister observed that Nasarawa state in Nigeria was endowed with petroleum resources and underlined the need to coordinate and synergize the dynamics surrounding mineral exploration and exploitation in the sector.

The minister  expressed gratitude to the Nasarawa State governor  for the visit stressing that the importance of the collaboration that is expected between the federal and states government to develop the nation’s minerals sector.

Obia Larry

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Politics

Tinubu Urges AU to Resist New Scramble for Africa

By Web News 271

President Bola Tinubu says the forces that plundered Africa in the past and still seek to impede its progress today will not find easy inroads into the continent.

Tinubu said Africa was now strong and its leaders would no longer remain passive as they worked to harness their vast resources to better their respective countries.

“But here and now, let it be said to whomever the new scramblers might be, that our continent may be old, but our spirit is new. And it is strong. The bad that took place in the past must stay there. It shall never be repeated,” Tinubu told his counterparts at the Fifth Mid-Year Coordination Meeting of the African Union in Nairobi, the Kenyan capital.

The forum also featured deliberations amongst the various regional economic communities, the regional mechanisms and the African Union Member-States.

The President’s Special Adviser on Special Duties, Communications and Strategy, Dele Alake, revealed this in a statement he signed on Sunday titled: ‘In maiden speech at AU, President Tinubu affirms Africa’s unity and strength, rejects notion of a new scramble for continent.’

In his address titled: ‘Address on Status of Regional Integration in ECOWAS,’ Tinubu emphasised the need for Africa to overcome its challenges and work towards a prosperous future, focusing on inclusive growth, good governance and leveraging the opportunities provided by the African Continental Free Trade Area.

However, the President vehemently rejected the notion of a new scramble for Africa, noting that “some observers assert a new scramble for Africa is afoot and it is much like the old scramble that plundered our continent.”

The Nigerian leader called for good governance to ensure a prosperous future for Africa, free from the exploitations of the past.

 “As Africans, we forge ahead, no matter the barriers thrust before us. The world we inhabit is often unkind and uncertain. History and current global difficulties argue against our future success.

“Lessons of the past few years teach us that the world economy can be disrupted in ways that halt progress and invite downturn. Our nations can suddenly find themselves in dire situations if we choose to be passive observers of our fate.

“Such passivity does not commend itself to me. I will not listen to it. Neither should any African. The challenges we face mean that governance will be difficult,” Tinubu said.

Harping on his message to uphold democracy in West Africa, the Nigerian leader, as ECOWAS Chairman, announced plans to strengthen the bloc’s Standby Force to deter coups and combat terrorism in the sub-region.

He argued that while leaders sat to discuss vital economic matters, it would be impossible to implement the outcomes of the discussions unless due consideration was given to the instability and conflict ravaging many African states.

Punch / Titilayo Kupoliyi

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Economy

Tinubu Suspends 5% Excise Tax on Telecoms, Others

By Web News 430

President Bola Tinubu has signed four Executive Orders one of which is the suspension of the five per cent Excise Tax on telecommunication services and the Excise Duties escalation on locally manufactured products.

Among them is the The Finance Act (Effective Date Variation) Order, 2023, which defers the commencement date of the changes contained in the Act from May 23, 2023, to September 1, 2023.

Special Adviser to the president on Special Duties, Communications and Strategy Dele Alake, annouced this on Thursday while briefing State House Correspondents at the Presidential Villa, Abuja.

Alake said this is to ensure that the act aligns with the 90-day notice period required by the National Tax Policy 2017.

President Tinubu also signed The Customs, Excise Tariff (Variation) Amendment Order, 2023, shifting the commencement date of the tax changes from March 27, 2023 to August 1, 2023 and also in line with the National Tax Policy.

Alake added that the President ordered the suspension of the newly introduced Green Tax by way of Excise Tax on Single Use Plastics, including plastic containers and bottles.

He also suspended the Import Tax Adjustment levy on certain vehicles.

The Presidential Spokesman explained that the these orders are meant to ameliorate the negative impacts of the tax adjustments on businesses and chokehold on households across affected sectors.

However, he reiterated the President’s commitment to reviewing complaints about multiple taxation, local and anti-business inhibitions.

Alake noted that President Tinubu administration will, therefore, continue to give requisite stimulus by way of friendly policies to allow businesses to flourish nationwide.

The President assured Nigerians that there will not be further tax raise without a robust and wide consultations undertaken within the context of a coherent fiscal policy framework.

President Tinubu’s interventions also include the suspension of the five per cent Excise Tax on telecommunication services and excise duty on locally produced products. While Executive Order 4 is the suspension of the newly introduced Green Tax on Single Use Plastics and the Import Tax Adjustment levy on certain vehicles.

Punch / Titilayo Kupoliyi

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