Nigeria’s Tax Collection Struggles

Bill Gates, the American billionaire philanthropist, recently highlighted Nigeria’s low tax collection during his speech at the Nutrivision 2024 event in Abuja.

The co-chair of the Bill and Melinda Gates Foundation expressed concerns over Nigeria’s financial strategies, emphasizing the need for improved tax revenue.

Nigeria’s Tax Collection Challenges

At the Nutrivision 2024 conference, Gates addressed the question of financing mechanisms for Nigeria’s public health initiatives.

He stressed that Nigeria’s low tax collection rates are hindering the government’s ability to fund large-scale health projects. Gates urged for better fiscal policies to enhance public health funding.

Agricultural Potential and Economic Growth

Gates also discussed Nigeria’s potential to become a net food exporter, given its extensive land and favorable soil types.

He noted that with the right credit facilities, soil surveys, and agricultural support, Nigeria could transform from a net food importer into a major food exporter. This shift could significantly boost the nation’s economy and reduce reliance on foreign currency for food imports.

Focus on Agricultural Productivity

Gates emphasized the importance of improving agricultural productivity to benefit rural areas, particularly in the northern regions of Nigeria.

By adopting digital technologies and better seeds, Nigeria could achieve substantial gains in food output. This improvement would contribute to economic equity and address nutritional issues.

Prioritizing Health and Education

The billionaire philanthropist also highlighted the need for Nigeria to prioritize health and education funding.

He suggested that citizens should have confidence in public and private programs designed to enhance primary health care. Gates’ foundations are actively involved in demonstrating effective and efficient health care systems.

Conclusion: The Path Forward

Bill Gates’ insights at the Nutrivision 2024 event underline critical issues in Nigeria’s tax collection and public health funding.

Addressing these challenges requires a concerted effort to reform tax policies and invest in agricultural and health sectors for sustained economic growth and improved public services.

Source: ChannelsTv

Last Updated on September 4, 2024 by news

Oyo Court: The Oyo court has handed down sentences to 39 internet fraudsters, marking a significant crackdown on fraudulent activities. These individuals faced separate charges related to impersonation, cheating, and possession of fraudulent documents.

The convictions were secured by the Ibadan Zonal Directorate of the Economic and Financial Crimes Commission (EFCC), overseen by Justices O.S. Adeyemi, Bayo Taiwo, and Ladiran Akintola at the Oyo State High Court.

The fraudsters were each charged with a single count related to their crimes, including obtaining by false pretence. The defendants include: Fasanya Abdulqudus Gbolahan, Nkiri Oluchukwu Destiny, Fakoya Tobi Samuel, and many others. Their fraudulent activities ranged from online impersonation to scamming individuals using false identities.

Oyo Court Sentences fraudsters: For instance, Onah Austine Ayomide was convicted for fraudulently impersonating a U.S. citizen on Facebook. The court sentenced Ayomide to either one year of community service or a fine of N200,000. Other convicts received varying sentences, including jail terms, community service, and fines.

Some of the notable sentences include:

• Tunde: One month jail term or N250,000 fine.
• Abeeb Ayomide: Six months of community service plus a fine of N500,000.
• Sijuola: One month community service or N100,000 fine.
• Olatunde and Opemiposi: Three months community service without the option of a fine.

Additionally, certain convicts forfeited their vehicles and other assets to the Federal Government. These sentences come as part of a broader effort by the EFCC to combat internet fraud and deter similar activities.

The operation that led to these convictions involved a coordinated sting operation targeting internet fraud activities. This significant legal action underscores the commitment of Nigerian authorities to address and reduce cybercrime in the region.

Source: ChannelsTv

Last Updated on September 4, 2024 by news

Chinese Firm’s Asset Seizure: Former Deputy Permanent Representative to the United Nations, Usman Sarki, believes that diplomatic action is crucial to ending the asset seizure spree by the Chinese firm, Zhongshan Fucheng Industrial Investment Co. Limited.

According to Sarki, President Bola Tinubu needs to take immediate diplomatic steps to address this issue.

Diplomatic Action: Key to Ending Asset Seizures

Sarki has recommended that President Bola Tinubu meet with Chinese President Xi Jinping to resolve the conflict over Nigerian assets.

Tinubu is expected to visit China in September for the China-Africa Summit. Sarki suggests that this visit could be an ideal opportunity for Tinubu to have a direct discussion with Xi Jinping.

In addition to the China visit, Sarki proposes that President Tinubu might also meet Xi Jinping during the UN General Assembly in New York, which is also scheduled for September.

This high-level engagement could be instrumental in resolving the asset seizure dispute.

Immediate Actions by Nigerian Officials

Before these diplomatic meetings, Sarki advises that Nigeria’s Minister of Foreign Affairs, Yusuf Tuggar, and Minister of Justice, Lateef Fagbemi, should coordinate efforts.

They should meet with the Chinese ambassador in Nigeria to address the issue urgently and work to de-escalate the situation.

Recently, a French court ruled in favor of Zhongshan Fucheng Industrial Investment Co. Limited, allowing the seizure of Nigerian presidential jets.

This decision is linked to an arbitration award in a long-standing dispute between the Chinese firm and the Ogun State government.

Ongoing Legal and Diplomatic Efforts: Chinese Firm’s Asset Seizure

The Nigerian Presidency has accused the Chinese firm of attempting to seize offshore assets of the Federal Government of Nigeria through deceptive means.

Despite these allegations, Fagbemi has assured that both diplomatic and legal efforts are in progress to settle the matter peacefully.

Further asset seizures by the firm, directed by the court, have raised additional concerns.

It is crucial for the Nigerian government to expedite diplomatic negotiations and address these challenges effectively.

In summary, taking decisive diplomatic actions and engaging in high-level meetings are essential steps for President Bola Tinubu to end the asset seizure spree by the Chinese firm.

Source: ChannelsTv

Last Updated on August 23, 2024 by news