The Minister of Finance, Mr Wale Edun says that the Federation Account is witnessing improved revenue inflow since the removal of subsidy from average of N650 million monthly to over N1 trillion in the last four months. The minister stated this on Monday in Asaba at the opening ceremony of a four-day retreat organised for members of the Federation Account Allocation Committee (FAAC) . The minister, represented by the Permanent Secretary, Finance, Special Duties, Mr Okokon Udo said the government had for long, realised that petroleum subsidy was not sustainable. According to him, subsidy regime eroded revenues that should had been available to fund viable expenditures that were critical to the well-being of the populace. The minister said the present administration was mindful of the needs and welfare of Nigerians and assured that it would continue to implement people-oriented policies.. “We all know that achieving tax revenue to Gross Domestic Product (GDP) target of 22 per cent and tax to GDP of 18 per cent by 2026 are parts of the cardinal objectives of this administration. ”However, in doing that we appreciate the need not to overburden the taxpayers by introducing so many new taxes. ”What is necessary to be done is to broaden the tax base, simplify and streamline tax administration for ease of collection,” he said. Edun added “Among the prior activities of this government after coming into office, was the constitution of a Presidential Committee of Fiscal Policy and Tax Reforms. “The committee has submitted an interim report which is full of optimism’’. The minister also noted that the present administration was not oblivious of the untold hardship faced by Nigerians, following the removal of fuel subsidy, and harmonisation of exchange rates. He reassured that all the sacrifices made by people would never be in vain. ”Government is bent on ensuring that the economy bounces back to normal as we continue to consolidate on recovery efforts with focusing on achieving inclusive economic growth and development,” he added. Edun said that President Bola Tinubu-led administration has so far put in place well-structured palliative measures to cushion the economic consequences of the ongoing reforms. On the theme of theme of the Retreat, ”Creating a Resilient Economic through Diversification of the Nation’s Revenue”, the minister commended the choice, stressing that it was suitable. Edun also noted that retreat clearly outlined the urgent need to diversify the nation’s economy. In an opening remark, Gov. Sheriff Oborevwori of Delta tasked the federal government to muster the political will by putting necessary policy and institutional framework in place to diversify the nation’s economy. The governor, represented by his Deputy, Sir Monday Onyeme said that there was no magic wand to diversify the nation’s economy from over dependence on revenue from crude oil unless concerted efforts were made in other key sectors. He noted that the diversification of the nation’s economy must go beyond mere rhetoric to concrete measurable steps by facilitating the non-oil exports such as agricultural products, manufactured goods and services as well as the expansion of the revenue base. Oborevwori affirmed that Delta was taking the lead to diversify its economy by creating a Trade and Export unit to drive the process in order to make economic diversification a reality. He noted that some schools of thought believed that the discovery of crude oil which led to the neglect of agriculture and other revenue yielding non-oil sectors of the economy was a curse. Oborevwori said the country had not properly managed its oil wealth adding that it was worrisome that the oil sector contributed between five per cent and seven per cent of the nation’s GDP. He added that the non-oil sector mostly agriculture, agribusiness, manufacturing and small scale enterprises contributed 93 per cent to 95 per cent, yet the bulk of public revenue was from the oil and gas sector. ”Statistics have made it more exigent for the government to grow the non-oil sector to widen the revenue base, while ensuring that maximum benefits were derived from the e oil industry,” he said. The governor commended FAAC committee for its commitment to duty by enhancing revenue accruals into the federation account. He urged the committee to look into the payment of 13 per cent derivation to oil producing states. Oborevwori challenged the committee to use the retreat to address the concerns raised by stakeholders in respect of the new roles of the Nigeria National Petroleum Company Limited, among others by giving a better understanding on their roles in the economic diversification of the country. The News Agency of Nigeria (NAN) reports that Accountant Generals from the thirty six states and the FCT as well as other stakeholders such as the Customs are attending the retreat.

  Rice consumption in the country has been on a steady rise, beyond the reach of local supply, leading to a supply gap of about two million metric tonnes annually, a new report has disclosed. This has led to an over 37 per cent increase in the price of the commodity so far in 2023. This was revealed in ‘AFEX Wet Season Crop Production Report for 2023. The firm said, “Rice consumption in Nigeria has been steadily increasing, aligning with the consistent growth of the rice market, nearly matching the annual population growth projection of 2.6 per cent at two per cent. This has led to a supply gap of about 2 million metric tonnes annually.” So far, Nigeria has spent over $15bn in the past decade to meet its expanding rice consumption, despite its potential to be a net rice exporter, the firm stated. Globally, rice prices reached their highest point in nearly 12 years in 2023, primarily due to India’s ban on rice exports and the potential impact of El Nino on production in key regions. These factors, along with rain-induced disruptions and variations in quality during Vietnam’s summer-autumn harvest have further contributed to the price surge. It noted, “A similar trend is observed in Nigeria, where the price of rice has increased by over 37 per cent year-to-date, driven by reduced production in 2022 due to the effects of flooding during the wet season of that year.” The firm also blamed the increase in prices on flooding and the ripple effect of the international market dynamics. It, however, expects an increase in production of rice by approximately 4 per cent, and a further increase in the price of paddy rice by up to around 32 per cent. The firm declared that the production of milled paddy rice has seen a remarkable increase of over 35 per cent in the country, reaching an estimated output of 5.4 million metric tonnes in 2022, up from 3.9 million metric tonnes in 2015. While rice is cultivated across all of Nigeria’s agro-ecological zones, the Northwest region accounts for 72 per cent of the total rice production in the country.

  At least 70 people have been announced dead in a hospital in the Southern Gaza Strip following a nearby Israeli airstrike, Doctors Without Borders said. Dozens of patients, including children and adolescents, had to be treated for severe burns at the Nasser Medical Complex, the organisation said late Sunday, citing its staff at the hospital. The strike in the city of Khan Younis took place 1 kilometre away from the hospital, the group added. Moreso, a total of 122 patients arrived at the hospital in the immediate aftermath. “The hospital is overflowing,’’ Doctors Without Borders said. By midday Sunday, the hospital had reported that nearly 50 people had died. A photographer told dpa there were rows of body bags. The Israeli army did not immediately comment on the reports. Israel has for weeks been demanding that Palestinian civilians should flee from the heavily contested north of the territory to the south, saying it will be safer for them. But Israeli Defence Minister Yoav Gallant announced on Saturday that the attacks in the Gaza Strip would soon be extended southward. According to UN figures, around 20,000 people fled south on Sunday alone. The UN Office for the Coordination of Humanitarian Affairs (OCHA) reported on Monday the number was based on estimates by UN observers on the ground. Most of the people travelled in donkey carts and buses, as well as some on foot. More than 1.7 million people are now internally displaced, or about three-quarters of Gaza’s population. (NAN)

  Armed bandits have killed a mobile policeman attached to the Maru Police Division in an attack on the Ruwandoruwa community of Maru Local Government Area in Zamfara state. The bandits also reportedly abducted 15 persons including the wife of the district head of the community Although the police authorities in the state are yet to comment on the latest attack, a resident of the community Abdullahi Ruwandoruwa told Channels Television in a phone conversation that the assault happened early around 12:30 am on Sunday. He said the assailants unleashed gunfire indiscriminately after they stormed the community. According to him, a mobile policeman was fatally shot in front of the district head’s residence while attempting to defend the house. While the bandits initially planned to kidnap the district head, they could not locate him, he added. Consequently, they seized the district head’s wife. “They found their way to the district head’s house after which they shot a policeman in front of the house,” he said. “They did not meet the district head at home, but they found his wife and took her away.” Ruwandoruwa said the bandits are yet to contact the community for ransom regarding the abducted individuals. Efforts to reach the police spokesperson in the state ASP Yazid Abubakar were not successful as his number was not reachable. Zamfara is one of several states in northwestern and central Nigeria terrorised by criminal gangs, locally known as bandits, who raid villages, kill and abduct residents as well as burn homes after looting them. The gangs, who maintain camps in huge forests straddling Zamfara, Katsina, Kaduna, and Niger states, have also been notorious for mass kidnappings of students from schools in recent years. Violence in North-West Nigeria has its roots in the conflict between nomadic herders and settled farmers over land and resources, but it has spiralled into wider criminality.   Settlements form self-defence vigilante groups to protect villages and gangs carry out tit-for-tat reprisals on rival communities, often including mass abductions for ransom or leverage.

  The Court of Appeal, sitting in Abuja, on Monday affirmed the election of Hyacinth Alia as governor of Benue State. The candidate of the Peoples Democratic Party in the March 18 governorship election, Titus Uba had approached the appellate court to set aside the judgment of the tribunal which upheld Alia’s election. At the tribunal, Uba among other things alleged that Alia’s deputy, Samuel Ode, presented a forged certificate to the Independent National Electoral Commission contrary to Section 182(1)(j) of the Federal Republic of Nigeria, 1999 (as amended). He also claimed that Alia’s name was submitted less than 180 days before the election date, and Ode was also not submitted to INEC after the party conducted a further re-run primary election. A three-member panel of the tribunal, headed by Justice Ibrahim Karaye, dismissed the petition on the ground that it was a pre-election matter and was statute-barred. Ruling on the appeal on Monday, the appeal court’s three-member panel led by Justice Onyekachi Aja Otisi held that the Uba failed to prove beyond reasonable doubt the allegations of forgery against Ode. Details later…

  Former leader and factional Speaker of the Rivers State House of Assembly, Edison Ehie, says he escaped death on Sunday after an attack on his residence. Ehie confirmed the attack to Channels Television on Monday morning, saying, “Yes, indeed, it was crazy but my house has been taken over by heavy security and they are doing a security sweep of the whole compound.” The lawmaker added that he would hold a press conference later in the day. The factional speaker was responding to a statement published on Facebook. The statement said, “At about 11pm on Sunday the 19th day of November, 2023, a group of Armed thugs and rogue Police Officers led by one SP. Irikefe London Owen, a superintendent of Police attached to the CTU B 3 RSV and CSP Salihu Masalachi attacked the private residence of the Speaker of the Rivers State House of Assembly, Rt. Hon. Barr. Edison Ogerenye Ehie, DSSRS, fully armed with an intention to assassinate Mr. Speaker and his family.” According to the statement, the assailants were repelled in a gun battle with the official security details attached to Ehie. Reacting, the police command’s spokesperson, Grace Iringe-Koko, said, “The CP has reached out to the officers involved and they’re coming to the Command HQ to meet the CP.” SP Irifeke London is the immediate past camp commandant of the Rivers State Government House who was redeployed after the current governor was tear-gassed. Following the October 29 fire that razed the House of Assembly, Ehie was removed from his position as leader by lawmakers loyal to Martins Amaewhule, but retaliated and declared himself speaker, sparking a legislative crisis in the House.