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Senate moves to stop FIRS, Customs, NBC, 57 others from getting federal allocations

According to report reaching SKYTREND CONSULTING, the Nigerian Senate has concluded plans to advise the Federal Ministry of Finance, Budget and National Planning to exclude about 60 federal agencies from getting allocation from the national budget, beginning from next year.

The agencies include Federal Inland Revenue Service, Nigeria Customs Service, Security and Exchange Commission, National Broadcasting Commission and Oil and Gas Free Trade Zone Commission.

According to a Punch Newspaper, the Joint Committee on Finance and National Planning had concluded plans to include the proposal in its report which would be submitted to the Senate at plenary on resumption on September 15.

The proposal was due to the conviction that the agencies generate enough revenue to fund their overheads and payment of salaries, and would therefore not need to be funded from the national budget.

“We want to put an end to indolence and wastage of revenue. Many of the agencies have more than enough to remain on their own but they are still being funded from the national budget. We are doing this in the interest of Nigerians because we are tired of passing budgets that are not implementable due to deficit”. a member of the commitee was quoted by Punch as saying.

The joint panel on Tuesday concluded a five-day interactive session with the various Federal Government revenue generating agencies based on the 2021-2023 Medium Term Expenditure and Fiscal Strategy Paper.

The panel, in most of its engagements with the heads of the agencies, expressed disappointment with their poor revenue profile, huge wage bill and poor remittances to the Consolidated Revenue Fund account.

The Chairman of the joint committee, Senator Solomon Adeola, told the heads of the agencies after the session that many of them had no business receiving allocation from the federation account.

He said the Senate would work out an arrangement to amend the Fiscal Responsibility Act that would stop the agencies from spending the money they generate as they pleased.

He said some of the agencies like the Oil and Gas Free Trade Zone Commission, had willingly pulled out of being funded from the federal budget, meaning they would no longer collect allocation for salaries and overhead from the federation account.

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Primary, secondary schools in Lagos to reopen Sept 21

Babajide Sanwo-Olu, governor of Lagos, has fixed September 21 as the the tentative date for the reopening of primary and secondary schools.

He also directed all tertiary institutions under the state government to reopen on September 14.

The institutions were shut indefinitely in March to check the spread of COVID-19.

But at a briefing on Saturday, the governor asked them to reopen.

“I am pleased to announce that our tertiary institution will be allowed to reopen from September 14, 2020, all our tertiary institutions,” he said.

“As regards our primary and secondary schools, we are working towards reopening them around the 21st of September 2020. This position is not cast in stone and subject to a review of our ongoing monitoring and procedures from the ministry of health.

“Remember that we said that the virus will peak and we will flatten the curve in the month of August. From what we have seen, it appears we have flattened the curve. In the last two weeks, we have continued to see a drop in the positivity that we have encountered in the state.”

Only SS3 students participating in the ongoing West Africa Senior School Certificate Examination (WASSCE) are allowed in schools for now.

Earlier in the month, the governor lifted a four-month ban on worship centres.

For the first time in months, Lagos, the epicentre of coronavirus in the country, recorded 27 cases on Friday while the country’s daily case count dropped to 160, its lowest in four months.

Call 0803 239 3958 for free financial consulting advice for your businesses.
Send your accounting articles to blog@skytrendconsulting.com.

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Osinbajo tells religious leaders what to do regarding controversial CAMA 2020

The Vice President, Prof Yemi Osinbajo says religious leaders who have concerns regarding the recently amended CAMA 2020 law should put their concerns in a proposal and forward it to the National Assembly for possible amendment.

Osinbajo made this known on Thursday while speaking on the controversial Companies and Allied Matters Act, 2020, at the 60th virtual conference of the Nigerian Bar Association.

Recall President Muhammadu Buhari on August 7, signed into law, the Companies and Allied Matters Bill, 2020. The bill, which has also been passed by the National Assembly, replaced the 1990 CAMA.

But top clerics in the country like the Presiding Bishop of the Living Faith Church Worldwide aka Winners’ Chapel, David Oyedepo; as well as the Christian Association of Nigeria and the Pentecostal Fellowship of Nigeria, amongst others, have rejected the law, especially the section 839 (1) and (2) of the law which empowers the supervising minister “to suspend trustees of an association (in this case, the church) and appoint the interim managers to manage the affairs of the association for some given reasons.”

At the conference with the theme, ‘Step Forward’, the Vice President explains, “The Companies and Allied Matters Act is a very huge legislation. It has over 800 sections or so; it is a massive regulation that covers a wide range of issues on companies, all sorts of issues on companies – general meetings, appointment of directors, etc.

“Now, there is a small section of it called the Incorporated Trustees Section. That small section of it is the section that regulates charities. Churches and mosques are regarded as charities.

“It is the Incorporated Trustees Section of the Companies and Allied Matters Act that has become controversial. And because churches are charities, provisions in the Incorporated Trustees Section obviously affect churches.

“What the churches are concerned about is the provision that says in the event that some wrongdoing is found or perpetrated by the trustees of a particular organisation or church, the Registrar-General can go to court, get an order to appoint interim trustees for the church or for whichever organisation that be, to manage the affairs of such a trust.

“The concern of the churches is that it could lead to a situation where practically anybody could be appointed as a trustee to oversee a church. And a church or a mosque or a religious organisation, is obviously a spiritual organisation. If you do not belong or you do not share that faith or have any faith at all, you may be the wrong person and the wrong person may be appointed and create more trouble than was initially the pattern before the trustees were appointed.

Call 0803 239 3958 for free financial consulting advice for your businesses.
Send your accounting articles to blog@skytrendconsulting.com.

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Lagos waives 2018 land use charge due to covid 19 hardship

Lagos State Government has cancelled the 2018 land use charge and reverted to pre-2018 land use charges.

The state commissioner for finance Rabiu Olowo announced this at an ongoing press briefing.

Olowo said the government reverted to pre-2018 land use charges.

The government also waived land use charges for 2017, 2018 and 2019, which according to the Commissioner translates to a loss of revenue amounting to N5.6bn.

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Buhari nominates Okonjo-Iweala for DG of World Trade Organisation

President Muhammadu Buhari has approved the nomination of Ngozi Okonjo Iweala, former coordinating minister for the economy, for the position of director-general of the World Trade Organisation (WTO), TheCable can report.

According to TheCable reports, Buhari withdrew the candidacy of Yonov Frederick Agah, Nigeria’s permanent representative to WTO, for the same position.

The election is scheduled to hold in Geneva, Switzerland in 2021 for a four-year term that would run from 2021 to 2025.

Call 0803 239 3958 for free financial consulting advice for your businesses.
Send your accounting articles to blog@skytrendconsulting.com.

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