Minister of Finance and Coordinating Minister of the Economy, Wale Edun, says the Federal Government intends to reduce the cost of tax expenditures and ensure that tax incentives have a positive impact on the economy.

Edun said this while discussing the recent approval of incorporating an Incentive Monitoring and Evaluation Platform (IMEP) into the existing Import Duty Exemption Certificate (IDEC) process as captured by a statement released on Monday.

According to the Minister, the IDEC automation, which was introduced as from 1^st March, 2020, is a fiscal incentive by the Federal Government under the Ministry of Finance to boost sectors of the economy by exempting critical players from paying import duty and all other statutory customs charges respectively.

• “This is to provide the Federal Ministry of Finance with a robust automated tool for more effective Monitoring and Evaluation (M &E) measurement of the impact of all customs duty exemptions issued by the Ministry to government entities, companies, non- governmental oganisations (NGOs) and international organisations,” Edun said.

He stated that the system is set up to block and limit access to those who don’t qualify, enforce adherence to fiscal policies, and offer a detailed analysis of how tax incentives affect the economy.

He said that this approach will also help in preventing the misuse of tax expenditures, enhancing the economic benefits derived from fiscal incentives, and improving the direct evaluation of the impact of tax incentives on the economy.

Key features of Incentive Monitoring and Evaluation Platform (IMEP)

Speaking further, Edun identified some of the critical aspects of the Incentive Monitoring and Evaluation Platform (IMEP), which include:

• Duty waiver claw back mechanism for issuance of demand notices to defaulters which would prevent misuse of issued incentive,
• E-report generation,
• A centralised database,
• Factory geo-location tagging,
• Industry qualification status validation, and
• Inter- ministries department and agency (MDA) integration.

Edun also announced that a webinar will be held on Tuesday, April 23, 2024, to explain the updated IDEC process.

[Nairametrics]

Winner of the Big Brother Naija ‘PepperDem’ edition, Mercy Eke, has been hospitalized hours after partying with friends on a yacht.

Naija News reports that the reality TV star made this known in a post on her Snapchat.

She also shared a photo of herself on the hospital bed, urging her friends to avoid wasting their time in anger, regret, worries and grudge because life is too short to be unhappy.

She wrote, “Don’t waste your time in anger, regrets, worries and grudges. Life is too short to be unhappy. Who would have thought that I will end up in a hospital barely 24 hours I was seen outside. I’m just having different thoughts of what could have been the worst case. God I thank you for your loving kindness. Life is so fickle.. good health is underrated.”

Why I Have Decided To Keep My Relationship Private

Meanwhile, Mercy Eke has revealed that she keeps her dating life private because of her past experiences.

She noted that she made a couple of mistakes in the past when she shared her dating life on social media.

Eke stated this in a recent episode of the Celebrity Quickies posted on comedian AY’s YouTube page.

According to her, she is in a relationship, but has decided to keep the identity of her man private.

Eke disclosed that she can’t go a day without talking to her mystery lover.

She said Nigerian celebrities are under a lot of pressure, stressing that most of the pressure is from the people around them.

The reality star said regardless of that, Nigerian celebrities are breaking new grounds.

[NaijaNews]

The Kaduna State House of Assembly, on Tuesday, set up a 13-man adhoc committee to investigate financial transactions, loans, grants and projects execution under the immediate-past governor of the State, Malam Nasir El-rufai.

Hon. Yusuf Mugu, member representing Kaura constituency, moved the motion on matter of public importance that the loans borrowed by the former governor be investigated.

Details Later…..

[Leadership]

Some suspected hoodlums from Obbo-Aiyegunle in Kwara State on Tuesday attacked Ilejemeje Local Government secretariat and some residents of the town over land dispute.

The News Agency of Nigeria (NAN) reports that the alleged hoodlums were heavily armed and fired gunshot to scare residents.

The local government secretariat windows and doors were vandalised as workers ran for safety.

Speaking on the attack, the Eleda of Eda- Oniyo, Oba Awodipo Awolola, explained that the hoodlums attacked some people with charms in their farms, saying one person had been hospitalised.

Oba Awolola said the incident had caused trauma and fear among residents of the community.

He urged the state government to intervene and settle the dispute between Ekiti and Kwara residents, to avoid bloodshed of innocent lives.

The traditional ruler appealed to the security agencies to mobilise more officers to the community to prevent further attacks on residents.

Reacting, the Chairman of Ilejemeje Local Government Area in Ekiti, Mr Alaba Dada, expressed shock over the incident, adding that security officers had been mobilised to the town.

(NAN)

Self-styled relationship expert, Blessing Okoro, aka Blessing CEO, has claimed that most women cheat in their marriages because of irresponsible spouses.

According to her, it is impossible for a woman who caters for her family not to cheat.

Okoro stated this in the latest episode of her TV show, Moments With Blessing CEO.

She urged men to be financially stable and responsible to avoid infidelity on the part of their spouses.

“As a man, you have to get a job. How would you leave responsibilities for a woman for 9years and you’re expecting her not to sleep around?” she remarked.

DAILY POST reports that the topic of infidelity has dominated the Nigerian social media space, following the recent cases of paternity fraud.

[DailyPost]

Aformer member of the National Working Committee (NWC) of the ruling party in Nigeria, All Progressives Congress (APC), Salihu Moh. Lukman, has called on the party’s leaders, including President Bola Tinubu, to intervene in the political dispute between two former governors of Kano State, Rabiu Musa Kwankwaso and Abdullahi Umar Ganduje.

Lukman urged the leaders to revisit the issues that led to their disagreement and find a way to resolve the rift.

He said would be an opportunity to renew APC in Kano state and by extension northwest and the entire north.

Lukman’s position which was contained in a statement issued in Abuja on Tuesday, April 16, also advised the leadership of the party not to limit the engagement of issues surrounding all the political challenges facing APC as a party to only the issue of bribery allegation against Ganduje.

He said: “Being progressives requires honesty, which given the current political reality, we must accept that Sen. Rabiu Musa Kwankwaso and his NNPP have a stronger support base in Kano state. Noting that Sen. Kwankwaso was in our party up to 2018; and acknowledging that between 1999 and 2019 both Sen. Kwankwaso and Dr. Ganduje worked together, we need to revisit issues surrounding their disagreement.

“On no account should APC leaders limit the engagement of issues surrounding all the political challenges facing us as a party to only the issue of bribery allegation against Dr. Ganduje.

“If this means another round of negotiation for political alliance or a merger with Sen. Kwankwaso and NNPP, our leaders should proceed to act accordingly. President Tinubu and the APC must take full advantage of the current reality to renegotiate the support base of the APC.

“Renegotiating the support base of the APC should also be about reigniting the progressive credentials of the APC.”

The former Director General of the Progressive Governors’ Forum (PGF), however, noted: “It is very painfully disturbing that unless this kind of opportunity is utilised to the fullest, based on which new actors such as Dr. Kwankwaso with a strong commitment to democracy based on principles are recruited into our party, the downward slide and retrogression towards conservatism and lawless management of the APC will continue.”

On allegations of corrupt charges against the party’s national chairman, Lukman said: “Without doubt, this situation presents an opportunity for President Tinubu to demonstrate his progressive and political dexterity. It is a low-hanging fruit, which, if properly managed could also save the politics of Dr. Ganduje.

“The hard truth is that, somehow, the politics of Kano state was mismanaged and as it is, if we were unable to win the election in Kano state when we were in control of the Kano state government, it would be foolhardy to imagine otherwise.

“APC leaders must be reminded that one of the promises in 2015 based on which Nigerians supported us and gave us the mandate to rule the country for the last nine years was the commitment to fight corruption. If there is any instance requiring us, as a party, to renew our commitment to fighting corruption, this is it. We must appeal to especially President Tinubu and all APC leaders not to consent to any action other than supporting Dr. Ganduje to take advantage of the current reality to clear his name.

[TheNation]

The Ministry of Industry, Trade and Investment says it has begun disbursement of the Presidential Conditional Grant Scheme to verified applicants after an exhaustive selection process.

The government, through the Bank of Industry, had said it would be disbursing three categories of funding totalling N200bn to support manufacturers and businesses across the country.

In a progress report posted on the trade minister’s official X (formerly Twitter) handle on Tuesday, Doris Aniete stated that an unspecified number of beneficiaries have received their grants, adding that by Friday, April 19, another significant disbursement will be made to a substantial number of verified applicants.

She said, “We are pleased to inform you that the disbursement process for the Presidential Conditional Grant Programme has officially commenced. Some beneficiaries have already received their grants, marking the beginning of our phased disbursement strategy.”

“By Friday, 19th April 2024, a significant disbursement will be made to a substantial number of verified applicants. It is essential to understand that disbursements are ongoing, and not all applicants will receive their grants on this initial date. However, rest assured that all verified applicants will eventually receive their grants in subsequent phases.”

This is coming more than eight months after President Bola Tinubu announced the grant for manufacturers and small businesses and two weeks after applicants were directed to submit their National Identification Numbers as part of the requirements to obtain the grant earmarked to cushion the effect that recent economic reforms have had on businesses in the country.

In the address, the president said he was determined to strengthen the manufacturing sector, increase its capacity to expand, and create good-paying jobs.

“We are going to spend N75bn between July 2023 and March 2024. Our objective is to fund 75 enterprises with great potential to kick-start sustainable economic growth, accelerate structural transformation, and improve productivity.

‘’Each of the 75 manufacturing enterprises will be able to access N1bn credit at 9 per cent per annum with a maximum of 60 months repayment for long-term loans and 12 months for working capital,” Tinubu said.

The programme, riddled with multiple delays and a complex registration process, had received several criticisms from prospective beneficiaries.

The President of the Association of Small Business Owners, Femi Egbesola, had decried the slow pace of data collation by the supervising agencies, alleging that genuine businesses were being deliberately discouraged from accessing the loans.

More details soon…

[Punch]

Manchester United have spoken to Alejandro Garnacho after the winger liked social media posts criticising manager Erik ten Hag over his handling of the player.

The Argentina international, taken off at half-time in their 2-2 draw at Bournemouth on Saturday, liked two messages on X, by United fan and YouTuber Mark Goldbridge.

One post accused Ten Hag of “throwing (Garnacho) under the bus” because of comments the United boss made about the 19-year-old’s performance.

The other said Garnacho “had a poor first half but taking him off at half-time and holding him up as the problem is a joke”.

Garnacho swiftly “unliked” both messages, an action the club believes shows contrition, and a United source told the PA news agency the matter had been dealt with internally.

The teenager has become a key player for United this season, scoring nine goals and providing four assists in 42 games.

The incident follows one in September when Jadon Sancho said on X that he had been made a “scapegoat” after being left out of the squad for the Arsenal match, with Ten Hag saying he had trained poorly.

Sancho said he would “not allow people saying things that (are) completely untrue”, interpreted as accusing Ten Hag of misrepresenting reasons why he was not in the side.

The 24-year-old was banished from the first team before being loaned to Borussia Dortmund in January.

Ten Hag’s position has come under renewed pressure after the draw against Bournemouth, which left United seventh in the Premier League table, 13 points off the top four.

The FA Cup is the only silverware that United can win this season — they take on second-tier side Coventry in the semi-final at Wembley on Sunday.

[Vanguard]

Kano anti-graft agency files fresh charges against Ganduje

There is a strong belief among business leaders around the globe that businesses should no longer be about just making money. Every business should care deeply about society. This is why we frequently now hear of corporate social responsibility. Businesses are these days greatly concerned about social issues like inequality in society, poverty, primitive diseases, environmental protection, discrimination against women and minorities, and the entire gamut of social justice. Bill Gates, Warren Buffet, and David M. Rubenstein are among those involved in the Giving Pledge, some of the world’s richest men who have resolved to give much of their wealth to charity or worthy social causes.

Nigeria’s Allen Onyema, founder and chairman of Air Peace, is easily Nigeria’s version of these globally known entrepreneurs because of his commitment to the common good. The Lagos-London flights which his Air Peace started on Saturday, March 30, 2024, bear an eloquent testimony to his passion for the public good. No sooner he started the lucrative routes than foreign airlines in Nigeria announced drastic reductions in their fares. The foreign carriers, however, cleverly attributed the cutbacks to the Central Bank’s clearance of a backlog of $7bn owed them and the recent marginal gain in naira value. Interestingly, a section of the Nigerian media fell into their mind game and carried their propaganda without proper analysis. But that’s a story for another day.  

As Tunde MacAlabi, the founder of the Africa International Investment and Trade Exhibition and Fair noted a few days ago, British Airways now charges N1.25m for a one-way ticket to London, and no longer N3.5m, as was the case a few weeks ago, even during the winter which is normally a low season. KLM has come down from $1,500 a few weeks ago to $641 for a trip from Lagos to Amsterdam. Turkish Airlines now accepts N1.76m instead of N5m, to fly a passenger from Lagos to Istanbul. The list goes on. The good news is that the slashes are on average about 50%, and the reductions may continue in the foreseeable future. All this is because Nigeria’s Air Peace is charging a mere N1.2m for the busy Lagos-London route.

The Air Peace chairman, noted MacAlabi, could have gone into a deal with foreign airlines to keep the Lagos-London fare high because of its enormous lucrativeness, but the patriot in him would not have allowed it. Onyema used his planes in 2020 amid the COVID pandemic, when most airlines in the world were in a total mess, to lift Nigerians who were under the sustained barrage of xenophobic violence in South Africa back to the country free of charge. He lifted 286 persons home on May 29 and 301 others the next day. He has also brought home distressed Nigerians from war-torn Ukraine and Sudan free of charge in 2022 and 2023, respectively. He has supported the Nigerian national football team without looking back. All this without regard to tribal, sectional, regional, religious, and gender differences.

Against this backdrop, Nigerians are touched deeply anytime Onyema says that his reason for setting up Air Peace was not to make money but to serve the tremendous social purpose of providing jobs for Nigerians and creating business opportunities where they could serve as suppliers and consultants. I have attended two such meetings in Abuja in the last two years. Indeed, it was his late father, as he revealed, who made him set up Air Peace in 2012 and the following year it commenced commercial operations. It is today Nigeria’s largest air carrier, with 38 planes. It began when Onyema’s father asked him to employ teeming kinsmen and others flooding the house for financial assistance. He took to the airline business because he already had a private jet and acquired some aircraft management experience.

It is logical to hold up Allen Onyema as a quintessential Nigerian practitioner of shared prosperity, the concept that everyone in society should benefit from prosperity. The idea that a business should exist purely for the shareholders is now discredited. Shareholder capitalism which the likes of Milton advocated fiercely has fallen out of favour because it has created or worsened many problems in the world like the phenomenon of the rich getting richer and the poor getting poorer. In place of shareholder capitalism, there is now stakeholder capitalism. Stakeholders in a business are not just the investors but also the workers, the suppliers, distributors, the host community, the government, and even non-government organizations (NGOs). Among the top persons who have embraced this new thinking is Klaus Schwab, the German engineer, economist, and founder of the famous World Economic Forum whose annual meetings in January in Davos, Switzerland, are attended by thousands of top government leaders, writers, business leaders and thought leaders around the globe.

It is delightful that there are Nigerian entrepreneurs who subscribe to shared prosperity. Onyema stands out even among his peers. The new Lagos-London operations by Air Peace mean more aircraft for the airline, more direct and indirect jobs for Nigerians, and, of course, more prosperity for our people. To repeat the obvious, the Lagos-London flights have resulted in radical reductions in fares by Nigerian travellers. The cuts mean more savings for the people and more investments in their well-being and their businesses. The Air Peace founder truly runs a business with a soul.

Malam Abdullahi, a retired director in the federal public service, lives in Abuja.