Latest News
Urgent Call for Fiscal Responsibility: Nigeria Must Respect Its Economic Limits
Urgent Call for Fiscal Responsibility: Nigeria Must Respect Its Economic Limits....KINDLY READ THE FULL STORY HERE▶
Taiwo Oyedele, the Chairman of the Presidential Committee on Fiscal Policy and Tax Reforms, has underscored the critical need for Nigeria to adhere to its fiscal limits in order to effectively tackle its economic challenges. Speaking on the second day of the National Summit of Fiscal Responsibility Agencies held in Abuja, Oyedele pointed out that Nigeria’s fiscal crisis stems not only from global influences but also from local policy inconsistencies, mistakes, and specific issues such as insecurity and inadequate project management.
Prioritizing Fiscal Governance
In his remarks, Oyedele emphasized the importance of prioritizing fiscal governance, which encompasses the effective management of finances, spending, and borrowing. He highlighted the necessity of coordinating policies both within the Federal Government and across sub-national levels, focusing on respecting fiscal limits and thresholds.
“You should not write into law that you cannot take a draft from the Central Bank of Nigeria beyond five percent of your last year’s revenue, and then go ahead and take more than 100 percent,” he stated, emphasizing the need for accountability in fiscal practices.
Acknowledging Economic Realities
Oyedele urged Nigerians to accept the harsh economic realities, describing the country as having very limited resources coupled with a significant level of wastefulness. “We have to accept the context. We have a poor country with very limited resources, and on top of that, it is a very wasteful country,” he noted.
He stressed that mere prayers will not suffice for national development; rather, sound economic decisions are essential. “You can’t develop a country by prayer. You need to make economic decisions. We need to hold the government to account,” he asserted.
Addressing Budget Concerns
The chairman also raised concerns about Nigeria’s relatively small budget size, which is less than a quarter of South Africa’s budget, and the nation’s heavy reliance on borrowing. He advocated for coordinated policy efforts and the transformation of the tax system to alleviate the burden on the impoverished segments of society.
“We are designing the tax system to shift the burden in a way that the poor people and the most vulnerable, and the small businesses, won’t carry the burden of taxes in Nigeria,” he explained.
A Vision for Investment and Growth
Oyedele concluded by reiterating that no economy can thrive without substantial investments. He called for a collective effort to ensure that Nigeria becomes a conducive environment for people to thrive. “We need to hold the government to account. We need to make Nigeria a conducive environment for people to thrive,” he said.
A tragic multiple-vehicle crash in Bauchi State has left eleven people dead and several others injured in varying degrees of severity.....KINDLY READ THE FULL STORY HERE▶
Brazil’s President has called on global powers to reconsider their strategies after saying they have failed to end the ongoing conflict in the Middle East.....KINDLY READ THE FULL STORY HERE▶
Speaking at a summit of progressive leaders in Barcelona, Luiz Inácio Lula da Silva urged the five permanent members of the United Nations Security Council to adopt a new approach and take stronger responsibility for maintaining global peace.
He also criticised U.S. President Donald Trump for his frequent social media posts directed at Iran.
“We cannot wake up every morning and go to bed every night with a tweet from a president threatening the world and declaring wars,” Lula said.
APC Fires Back at Adeleke Over ₦300bn LG Funds Allegation, Blames Governor for Salary Crisis....KINDLY READ THE FULL STORY HERE▶
The Osun State Chapter of the All Progressives Congress (APC) has responded to claims by Governor Ademola Adeleke that local government officials under the party diverted about ₦300 billion meant for workers’ salaries.
Adeleke had made the allegation during a stakeholders’ meeting, accusing APC-controlled council officials of hijacking funds and forcing the state government to shoulder salary payments for local government workers, teachers, health staff, and pensioners for over a year.
He insisted he would not abandon workers, blaming the situation for delays in executing some state projects.
But in a statement, APC’s Director of Media and Information, Kola Olabisi, dismissed the claims, accusing the governor of misleading the public and shifting blame.
The party alleged that Adeleke was responsible for the salary issues, claiming he refused to release electronic payment vouchers and other financial documents needed for processing payments.
APC also said pension-related records, leave bonuses, cooperative deductions, and other financial data had not been made available despite repeated appeals, insisting that funds were properly accounted for and available for use if approved.
The party urged pensioners and workers to seek clarification, insisting the situation could be resolved if the governor allowed due process to take place.
-
latest8 months ago“Social Media Erupts As Jim Iyke Declares Rita Dominic Nollywood’s Most Beautiful”
-
latest2 years agoEdo Political Showdown: Oshiomhole Appears At Presidential Villa As Tinubu Hands APC Gubernatorial Flag To Okpebholo (Photos & Video)
-
entertainment2 years agoLove Knows No Age American Woman Defends Marriage To Young Nigerian Man “I’m Not 70”
-
latest2 years agoOlumide Akpata Strikes Again: Drops Killer Track, Sends Edo State Into Frenzy!(Video)
-
Politics2 years agoNigerians React As Pastor Adeboye Foresees Passing Away On A Sunday After Enjoying A Satisfying Meal Of Pounded Yam
-
latest2 years agoFG Identifies 31 States At Risk Of Heavy Flooding In 2024: See Full List
-
Politics2 years agoBREAKING: Inspector-General Of Police Summons Top Police Commanders For Crucial-Security Challenges
-
latest2 years ago5 NYSC Corpers Perish In Fatal Road Accident Returning From Camp