News
FIRS Punctures N2.59trillion Tax Credit Scheme on Road Construction
…As NNPC clears air on $3.3billion loan secured for CBN
From Lateef Taiwo
The Chairman of Federal Inland Revenue Service ( FIRS) , Zacheus Adedeji on Wednesday in Abuja , punctured the three year old N2.59trillion Tax Credit Scheme introduced by former President Muhammadu Buhari administration for road construction across the country.
This is as one of the critical executors of the Tax Credit Scheme , the Nigerian National Petroleum Company Limited ( NNPCL) , cleared air on $3.3billion loan facility secured for the Central Bank of Nigeria ( CBN) for stabilization of Naira in the foreign exchange market.
Indifference of the FIRS Chairman to N2.59trillion Tax Credit Scheme introduced through Executive Order 7 of 2021 by Muhammadu Buhari led government , came to the fore during his appearance before the Senate Committee on Finance along with the Chief Finanancial Officer of NNPCL, Umoru Ajiya .
The Senator Sani Musa led Committee had invited the duo , to shed light on implementation of the scheme vis – a vis , the poor state of Federal Roads across the country.
While the NNPCL Chief Financial Officer , raised the hope of the committee members that the schene is helping for refixing of delapidated roads across the six geo political zones in the country with N664billion spent so far , the FIRS boss , said the scheme was unlawful and should be discontinued .
” The Mandate of FIRS lumped with execution of Tax Credit Schene for road construction , is to access , collect tax and remit it into the federation account and not to appropriate it for any purose through executive order .
” It is not the duty of FIRS and NNPCL to be paying contractors . The Ministry of Works should be in line with its core mandate , allow to award road contracts and pay for them.
” The scheme to so people serves as faster way for road reconstruction or rehabilitation across the country , but we should stop increasing speed toeards wrong direction .
” As a way of stopping the wrong approach, FIRS and CBN are holding meeting with the Ministry of Works Friday this week, where stock would be taken of what have done done through the scheme and thereafter , toe the right path .
” We should in a nutshell, not continue in the wrong trajectory “, he said .
Impressed by his submission, the Chairnan of the Committee , Senator Sani Musa , said relevant provisions of the 1999 constitution( as amended ) , are against the scheme , because monies NNPC and FIRS are being made to spend on the roads through tax credit , supposed to be remitted into consolidated revenue fund .
” We are waiting for outcome of meeting of the three agencies involved in the scheme , before deciding on how to help the present government to correct mistakes of the past ‘, he said.
On the $3.3billion loan facility , NNPCL informed the Committee members that it was secured to support CBN to suppress FOREX Volatility .
It said $2.2billion had already been secured for the apex bank while the balance of $1.05billion , would be credited the apex bank before the end of the month .
Investigations by Nigerian Concord Newspaper reveal that the Executive Secretary of the Nigerian Shippers Council, Mr. Pius Akutah, has allegedly misappropriated public funds for a lavish lifestyle.
According to our findings, within months of assuming office, Akutah allegedly purchased a bulletproof SUV valued at approximately N850 million. In addition, he is reported to have acquired over twenty exotic SUVs for use as a convoy.
Akutah is also said to have acquired multiple high-value properties, including three in Abuja’s Maitama and Asokoro districts worth over N2 billion, and two in Lagos’ Banana Island valued at N1.8 billion. These acquisitions appear far beyond the scope of his official salary and allowances.
Further investigation suggests that Akutah may be using public funds to support political ambitions, including allegedly grooming militants across 23 local government areas in Benue State for a potential 2027 gubernatorial bid.
Staff of the Shippers Council reportedly claim that Akutah frequently accesses the council’s treasury without proper authorization. Some insiders have indicated that a petition will soon be filed with the EFCC, ICPC, and the Presidency to report his alleged misconduct.
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Investigations by Nigerian Concord Newspaper reveal that the Executive Secretary of the Nigerian Shippers Council, Mr. Pius Akutah, has allegedly misappropriated public funds for a lavish lifestyle.
According to our findings, within months of assuming office, Akutah allegedly purchased a bulletproof SUV valued at approximately N850 million. In addition, he is reported to have acquired over twenty exotic SUVs for use as a convoy.
Akutah is also said to have acquired multiple high-value properties, including three in Abuja’s Maitama and Asokoro districts worth over N2 billion, and two in Lagos’ Banana Island valued at N1.8 billion. These acquisitions appear far beyond the scope of his official salary and allowances.
Further investigation suggests that Akutah may be using public funds to support political ambitions, including allegedly grooming militants across 23 local government areas in Benue State for a potential 2027 gubernatorial bid.
Staff of the Shippers Council reportedly claim that Akutah frequently accesses the council’s treasury without proper authorization. Some insiders have indicated that a petition will soon be filed with the EFCC, ICPC, and the Presidency to report his alleged misconduct.
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I am writing to felicitate with Your Excellency, Atku Abubakar, GCON, former Vice-President of Nigeria (Zege Mule u Tiv & Wazirin Adamawa)
on the occasion of your 79th birthday anniversary.
I join your teeming admirers globally in celebrating you on this special day, an adorable Statesman and my Boss.
I recall with nostalgia, how countless generations have benefited from your generosity, wealth of experience and benevolence including being my key benefactor even as a young lawyer for my professional success.
Your Excellency, may your special day be filled with grandeur befitting your illustrious career.
I wish you continued success, prosperity, and an unending stream of accolades.
It takes a remarkable kind of fortitude to remain active in public life well into one’s golden years. Your dedication and patriotism remain truly exceptional.
May you enjoy a day of reflection on your many years of fruitful service to humanity. It is my prayer that God Almighty grants you many more healthy, fruitful, and fulfilling years ahead, and continues to endow you with wisdom, strength, and the grace to keep contributing to our nation-building.
Happy Birthday, Your Excellency.
Michael Kaase Aondoakaa SAN.
Former Attorney General of the Federation and Minister of Justice
TAU reaffirms commitment to globally competitive learning
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