From Uche Usim, Abuja
The Federal Inland Revenue Service (FIRS) and the Economic Community of West African States (ECOWAS) are collaborating to improve tax administration while addressing a range of investment policy issues that constitute barriers for the private sector to invest efficiently across the region.
This is coming at a time when the European Union (EU) has pledged €7.7 million to support the ECOWAS region’s plans to entrench a transfer pricing programme.
Speaking yesterday in Abuja at the first transfer pricing regional meeting for ECOWAS member states, the Executive Chairman of FIRS, Mr. Tunde Fowler, said there was urgent need to improve taxation across the West African region, even as funds from taxes are needed to boost the region’s economy.
“We can’t rely on the sale of natural assets to fund budgets. Every nation has to rely on taxation to fund projects. It can help many nations. Tax of N5,000 can save the life of a child. No region can rely entirely on aid. It is no longer about the political will, we need improved taxation for survival. Transfer fixing might be complex but (it is) very important when we get it right,” he said.
Also speaking at the event, head of the EU delegation in Nigeria, Juan Casla, who announced the €7.7 million support, said the forum seeks to address investment policy issues that hinder investment across the region.
He noted that the EU was concerned about tax administration in ECOWAs states and urged the region to ensure efficiency in its administration.
Said he: “An improved tax governance and transparency are of paramount concern to EU. We signed two conventions in order to double the support of revenue across the country. That is to support tax efficiency and avoid illicit financial flow by collecting more and spending better.
“How do we implement this support? By leading by example, by implementing the concept at home in EU countries to combat fraudulent tax; to tackle corporate tax avoidance. We have been supporting the UN in this area. We are planning to further this support to ECOWAS to the tune of €7.7 million.”
TECHNOLOGY: Govt tasks Akyumen on job creation, technology transfer
From Magnus Eze, Abuja
The Federal Government has urged a United States information technology devices manufacturer, Akyumen Technologies Corporation, to key into the economic diversification agenda of government by creating jobs and wealth, as well as promote Nigerian content and transfer of technology.
Akyumen Technologies showcased its devices, such as projector phones and projector tablets in separate demonstrations to officials of the Federal Ministry of Communications, National Information Technology Development Agency and the Federal Ministry of Science and Technology, with the Minister of Science and Technology, Dr. Ogbonnaya Onu, in attendance.
Founder and CEO of the company, Mr. Aasim Saied, said the firm was committed to expanding the information space, especially in Africa, hence its resolve to penetrate Nigerian higher institutions with the Falcon Edu Version, a powerful four-in-one device, including Microsoft Windows 10 OS and Microsoft Office applications.
He explained that the device, which gives classroom experience, would be fully subsidised for Nigerian students and tertiary institutions to boost e-learning.
Saied further said that the firm would create technology incubators in Nigeria’s educational institutions because it hoped to do more than mere assembling.
“We have firm belief in promoting education and will subsidise the price of our devices for educational use throughout in Africa, especially Nigeria, to help schools and educational institutions to be able to afford quality technology,” he said.
Environment: FG, UN develop blueprint on climate change
From Fred Itua, Faith James and Abigail Anosike, Abuja
The National Environmental Standard and Regulation Enforcement Agency (NESREA), in collaboration with the United Nations Industrial Organisation, has commenced plans to tackle climate change challenges in Nigeria. The agency has also made moves to review the Ozone Layer Protection Regulations 2009 Act.
At a forum held in Abuja yesterday, Director-General of NESREA, Dr. Lawrence C. Anukam, said that the agency would put measures in place to protect the environment.
According to him, “The organisation has worked closely with the relevant stakeholders to ensure that ozone depleting substances handling, scaling and disposal are carried out in accordance with its regulations.
“The programme and its significance to the Nigerian economy cannot be overemphasised. Ozone layer plays a major role in the protection of life on earth by acting as a blanket and preventing harmful ultraviolet radiation from the sun from reaching the earth.
“If the ozone layer becomes depleted, more ultraviolet rays will reach the earth. Exposure to higher amounts of ultraviolet radiation could have serious impacts on human health and the environment.”
UNIDO representative, Mr. Oluyomi Banjo, said it was a specialised agency of the UN, which promotes inclusive and sustainable industrialisation in developing countries and economics in transition.
UNIDO, in partnership with other agencies, has embarked on a deliberate mission to make the UN and the world, in general, green.
NAICOM: NAICOM reshuffles directorate
By Maduka Nweke
In what seems like plans to meet the tempo of rebranding being championed in the insurance industry, the National Insurance Commission (NAICOM) yesterday announced major redeployments of some of the directors to new portfolios.
The redeployment, said Rasaaq Salami, head, corporate affairs, NAICOM, is a routine, minor reorganisation and rotation of heads of directorate in the commission, in tandem with the innovative spirit that is being injected into the industry.
According to Salami, the redeployment is part of an ongoing exercise aimed at improving efficiency of the workforce for effective insurance industry supervision.
He said those effected in the redeployments include, Alhaji Adamu Balanti, hitherto the director in charge of Research, Statistics and Information Technology Directorate, who moves to the Administration and Human Resources Directorate. Mr. Amos Michael Habila, who was in charge of Administration and Human Resources, is now the director of Research and Statistics.
In the same vein, Mr. Nicholas Opara, who was the director of Supervision, now moves to the Finance and Accounts Directorate to replace the erstwhile director, Mr. Olufemi Oluniyi Oba, who has been redeployed to oversee the Supervision Directorate.
The directors have been enjoined to remain focused and dedicated to the mandate of the commission as they settle into their new roles.