29092020 - Anger as labour leaders abort strike, mass protest

Vanguard, TUESDAY, SEPTEMBER 29, 2020 — 7
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DEMONSTRATION—From left: INEC's National Commissioners, Mrs. May Agbamuche-Mbu, Dr.
Mustapha Lecky, and Chairman, Prof. Mahmood Yakubu, during the demonstration of Electronic
Voting Machines, EVMs, at the INEC headquarters, by vendors, in Abuja, yesterday. Photo: NAN.
Deregulation: NNPC paid itself N1.53trn
as subsidy for petrol in 3yrs
By Michael Eboh
ABUJA — The Nigerian
National Petroleum
Corporation, NNPC, paid itself
N1.53 trillion as subsidy
on Premium Motor Spirit,
PMS, also known as petrol,
in three years and six months,
from January 2017 to June
2020, according to documents
obtained yesterday
from the corporation.
According to the documents,
in 2017, 2018 and
2019, the NNPC paid itself
N144.53 billion, N730.86 billion
and N551.22 billion respectively,
while from January
to June 2020, it deducted
N106.992 billion from its total
remittances as subsidy.
In 2016, no amount was
spent on subsidy, while in
2015, the government had
paid N306.917 billion to oil
marketers and the NNPC as
subsidy.
The NNPC called the payments
under recovery, another
name for subsidy, and deducted
it from the proceeds of
its domestic crude oil sales,
before making remittances to
the Federation Account.
To ensure it does not go contrary
to the law, the NNPC
coined the term ‘under recovery’,
because subsidy was not
appropriated for in the budgets
of the affected years.
In addition to the amount it
said it incurred as under recovery,
Group Managing Director
of the NNPC, Mallam
Mele Kyari, in a statement by
the corporation in Abuja, stated
that government spent
N2.13 trillion from 2016 to
2019, as subsidy on foreign
exchange for marketers.
The NNPC became the sole
importer of petrol in Nigeria
in 2016, after the Federal
Government introduced the
price modulation mechanism,
which saw the pump
price of the commodity rise
to between N143 and N145
per litre, from N97 per litre.
Irrespective of the hike in the
pump price of the product a
few months after, marketers
Osinbajo calls for overhaul of tax system
ABUJA — Vice President
Yemi Osinbajo has
called for an overhaul of the
international tax system to
tackle the scourge of illicit financial
flow, IFF, and related
vices negatively impacting
progress in developing countries,
especially in Africa.
He made the call at the virtual
press launch of a publication
by the United Nations
Conference on Trade and Development,
UNCTAD, on the
impact of illicit financial
flows, IFFs, on African development
yesterday. “The enormity
of efforts required to tackle
illicit financial flows is evident
in the many dimensions
the scourge presents itself.
‘’It manifests through harmful
tax policies and practices,
abusive transfer pricing, trade
mis-pricing and mis-invoicing
illegal exploitation of natural
resources as well as official
corruption, and organized
crimes. We have to pay
particular attention to efforts
to reform the international tax
system,’’ Osinbajo said.
On the need for an effective
reform of the system, the Vice
President said: ‘’The commercial
form of illicit financial
flows, especially tax evasion
and aggressive tax avoidance,
accounts for up to 65 per cent
of illicit financial flows.
‘’This means that we must
pay particular attention to
these issues which are aided
by things such as tax treaties,
tax havens, and financial secrecy
jurisdictions and, indeed,
tax competition which
leads to a ‘race to the bottom’
in terms of tax rates among
developing countries.”
Calling for an urgent global
action, Osinbajo said leaders
of destination countries of
illicit funds and their proceeds
must demonstrate the will to
tackle the menace.
He said: “Another important
issue that we must pay attention
to is the identification
and return of proceeds of illicit
financial flows back to
countries of origin as an effective
deterrent to the scourge
of illicit financial flows.
‘’Certainly, exposing those
involved in practices that facilitate
illicit financial flows,
and retrieving proceeds of illicit
funds are efficacious in
deterring perpetrators, rebuilding
the confidence of the
citizenry, and compensating
for the damage caused by
such crimes.
“I encourage all leaders,
whose countries are considered
absolute outliers for illicit
financial flows, to join
forces and take the responsibility
of combating the
scourge by insisting on the
repatriation of illicit funds
and their proceeds.
“Let me also avail myself of
this opportunity to call on
leaders, whose countries are
the main destinations for illicit
financial flows, to take
concrete steps to prevent and
stop the receipt of illicit funds
into their countries, and to
assist in freezing, seizing, and
returning such funds and its
proceeds already in their
countries.”
On the way forward, the
Vice President called for cooperation
and synergy
among “the private sector, civil
society, trade unions and
professional groups to work
with governments in tackling
illicit financial flows.”
His words: “The private sector
must support our efforts
by adhering to international
best practices in their operations
and by ensuring that
their tax and trade practices
comply with local laws while
professional bodies, including
those for lawyers, accountants,
auditors, and bankers
must observe ethical professional
standards and hold
their members to account if
they abet tax evasion and aggressive
tax avoidance.”
While appreciating the immediate
past President of the
United Nations General Assembly,
Prof. Tijjani Muhammad-Bande,
and Amb. Mona
Jul of the Economic and Social
Council, ECOSOC, for
taking the initiative to establish
the first global Financial
Accountability, Transparency
and Integrity Panel (FACTI
Panel), Prof. Osinbajo called
on the United Nations system
to facilitate the establishment
of clear rules and enforcement
mechanisms on all aspects of
illicit financial flows.
Making reference to the
Mbeki report on Illicit Financial
Flows during an interactive
session with journalists at
the event, the Vice President
called for concerted efforts
among African leaders and
cooperation between Africa
and multilateral organizations
to end the scourge of Illicit
Financial Flow from the
continent.
backed out of its importation,
citing difficulties in accessing
foreign exchange and government’s
interference in fixing
the price of the commodity
below the actual price determined
by the forces of demand
and supply.
A few months after the hike
in May 2016, the value of
crude oil in the international
market soared, while the value
of Nigeria’s currency, the
naira, slid to almost N500 to
the dollar, from about N197
to the dollar.
This affected the landing
cost of petrol, which skyrocketed,
and in a short while, the
country, not wanting to hike
the pump price of the commodity
again, returned to subsidizing
the product. The
NNPC, therefore, resorted to
deducting the shortfall, that is,
the difference between the actual
cost of the product and
the pump price of the product,
from its earnings.
In the statement by the
NNPC, Kyari stated that concrete
steps had been taken to
address the main concerns of
marketers, especially the issue
of availability of foreign exchange,
stressing that the Central
Bank of Nigeria, CBN,
had already taken the first step
of merging all foreign exchange
windows to have a
unified exchange rate.
He said: “It is really not in
our interest to be the sole importer
of PMS in the country.
We have taken definite steps
to exit the situation. This is a
definite step taken and the
details would be communicated
to stakeholders like Major
Oil Marketers Association of
Nigeria, MOMAN; Depots
and Petroleum Products
Marketers Association of Nigeria,
DAPPMAN, Independent
Petroleum Marketers Association
of Nigeria, IPMAN,
and others outside this forum.”
Kyari added that there are
plans by the government to
inject about N2.7 trillion into
the Nigerian economy to
stimulate production, stabilise
the exchange rate and
cushion the inflationary effect
of the pump price increase.
He noted that the Federal
Government was keen on driving
the deregulation programme
to create value for
the country and ensure that
Nigerians enjoy the benefits
of the policy.
Mali: Jonathan briefs
Buhari at Aso Rock
•ECOWAS to deliberate again on
grey areas
By Johnbosco
Agbakwuru
By Nkiruka Nnorom
ACCESS Bank Plc in
partnership with Lagos
State government, has
unveiled the Victoria Island
– Lekki traffic circulation
project under a Public
Infrastructure Improvement
Partnership, PIIP, programme.
The project, which was
flagged off on December
2019, is aimed at addressing
the volume of traffic
and eliminating perennial
flooding issues around the
Oniru axis.
Speaking at the Commissioning
of the project in Lagos,
Babajide Sanwo-Olu,
Governor, Lagos State,
said the most critical challenge
experienced on daily
basis by residents/road users
along the Oniru axis
was the heavy traffic volume
and added that with
the delivery of the project,
there would be improved
traffic flow, reduced travel
time, and elimination of
perennial flooding issues,
which is a boost for health
and socio-economic wellbeing
of the people.
Sanwo-Olu said that despite
the difficult health
and economic challenges
occasioned by the COVID
19 pandemic experienced
worldwide in the last few
months, his administration
remains fully committed to
bringing economic prosperity
to Lagosians by developing
and facilitating
delivery of world class infrastructure
to serve as the
critical development driver
of a greater Lagos vision.
“Some of the roads delivered
under the project are
Ligali Ayorinde, Muri
Okunola - Aboyade Cole,
ABUJA — THE special
envoy of the Economic
Community of West African
States, ECOWAS, to
Mali and former President
of Nigeria, Dr. Goodluck
Jonathan, yesterday briefed
President Muhammadu Buhari
at the Presidential Villa,
Abuja, on the political development
in Mali.
This is even as the Heads
of State and Government of
ECOWAS at the behest of
their Chairman, President
Nana Akufo-Addo of Ghana,
may meet again with
President Buhari to to discuss
outstanding grey areas
in the Mali political situation.
Mali has appointed a civilian
as Interim President,
who will stay in office for 18
months, and lead the country
back to constitutional
order, after the military had
taken over power in the
country.
That was part of irreducible
demands by West African
leaders before sanctions
imposed on the country
could be lifted.
However, according to the
Special Envoy, the military
leaders were yet to satisfy
ECOWAS demand of a full
civilian as Vice President,
and what his roles would be
in government.
That position is currently
being held by a serving military
officer, who was also
one of the leaders of the takeover.
In a statement by the presidential
Spokesman, Femi
Adesina, President Buhari
counseled the Special Envoy
to present a formal report
to the new ECOWAS
Chairman, President Nana
Akufo-Addo of Ghana, “who
will then write us officially,
and we then determine the
next steps.”
The President said with
about two-thirds of Mali
currently under occupation
by terrorists, “the priority of
the military should be to secure
their country,” rather
than hold on to power.
Access Bank unveils upgraded
Victoria Island-Lekki traffic
circulation project
Yesufu Abiodun Oniru, Ligali
Ayorinde/Akinbolagbe/
Okene amongst others”, he
said.
While appreciating the
bank for its collaborative
efforts in delivering the
project, Sanwo-Olu said
with the partnership, Access
Bank has reinforced the
importance of the Public-
Private Partnership (PPP) at
delivering public infrastructure.
He noted that the government
is willing to give incentives
such as tax holidays,
branding and advertisement
concession to corporate
organisations that
are ready to partner with
the government.
In his address, Herbert
Wigwe, Group Managing
Director, Access Bank Plc,
while expressing pleasure
at the delivery of the project,
said the bank is driven by
desire to provide quality
service, customer relationship
and community service.
He added that the bank
had transformed Oyin
Jolayemi, and other roads
around Victoria Island, but
described the commissioned
project as the greatest.
He, thereafter, urged other
corporate organisations
to collaborate with Access
Bank to protect the amount
of work that the bank has
put into delivering the
project.
Earlier in her welcome
address, the Special Adviser
to Governor Sanwo-Olu
on Works and Infrastructure,
Aramide Adeyoye, said
Lagos State would continue
to partner with the organised
private sector for sustainable
road infrastructure
development.