The National Emergency Management Agency (NEMA) has confirmed the recovery of 32 additional bodies from the boat mishap that occurred on the River Niger, bringing the total number of fatalities to 54.

Justin Uwazuruonye, Head of Operations at NEMA’s Abuja office, disclosed this in a statement on Saturday, highlighting the collaborative efforts of emergency responders in the ongoing search and rescue operations.

The tragic incident took place on Thursday, November 28, when a boat carrying around 200 traders from Niger and Kogi States capsized while en route to a weekly market in Katchia, Niger State.
The traders were heading to the market when the boat overturned on the river.

“As of today (Saturday), the number of bodies recovered by the Kogi State Emergency Management Agency, the Red Cross, and NEMA stands at 54,” Uwazuruonye confirmed, adding that all recovered victims were found deceased.

Authorities continue to search for more victims as the nation mourns the devastating loss. The incident has raised concerns about waterway safety, especially for traders who frequently travel by boat to conduct business in rural communities.
(nationalupdate.ng)

Borno State Governor, Babagana Zulum, has raised a stark warning about the proposed tax reform bills, insisting that they could cripple the Northern region and other parts of Nigeria.
The Governors position is coming in the same vein as that of Senator Ali Ndume who is representing Borno South in the Senate who had urged that the bills be withdrawn for proper consultation in order to get the buy-in of the critical stakeholders who are opposed to it.
Senator Ndume had expressed concern about the timing, suggesting that introducing tax reforms in the current climate could be misconstrued by the public.
He had urged the Senate to consider the sensitivities of the moment, advocating for a more strategic approach to avoid backlash.
Ndume echoed calls for the bills to be withdrawn temporarily to allow for more consultation with state governors, the National Economic Council (NEC), and traditional rulers.
He emphasized that the reforms would be more effective if they had the buy-in of these critical stakeholders, suggesting that swift passage could occur after such consultations.
He identified derivation and VAT as contentious issues arguing that without constitutional amendments, implementing some of the proposals would be problematic.
In a passionate interview with BBC Hausa, Zulum criticized the rapid pace at which the bills are moving through the National Assembly, likening the process to the slow passage of the Petroleum Industry Bill, which took nearly two decades.

“Why the rush?” Zulum questioned. “The Petroleum Industry Bill took almost 20 years to pass, yet this tax reform bill is being fast-tracked in just a week. It deserves more careful consideration.”

The governor accused the proposed legislation of being inherently biased, warning that it could significantly hinder the development of the North, as well as the South East and parts of the South West.
He called on President Bola Ahmed Tinubu to reconsider the bills, stressing that the North’s strong support for his administration should not be overlooked.

“This is not opposition to the government,” Zulum clarified. “But these bills will destroy the North. President Tinubu must act as he secured 60% of his votes from the North, and we cannot afford to be left behind.”

Zulum also pointed out that if passed, the bills could severely impact the ability of Northern states to fund critical development projects and pay civil servants’ salaries.
He added that even Lagos State, often considered a strong ally of the federal government, is opposing the reform.

“If these bills are enacted, we will struggle to pay salaries, and any payments we make will be unsustainable,” Zulum warned.
“This is a national concern, with members from across the country, including the South, opposing it.”

The governor concluded that the North’s opposition to the tax reform is not an attack on the administration but a call for a reconsideration of the bills’ potential damage. “We supported President Tinubu, but these bills will not help us,” he said.

As the Senate continued to review the tax reform bills, which include the Nigeria Tax Bill 2024 and other associated legislation, Zulum’s comments highlighted the growing regional divide over the proposed fiscal changes, raising concerns over their long-term impact on Nigeria’s development.

In a pivotal presentation to the Nigerian Senate, Chairman of the Presidential Fiscal Policy and Tax Reforms Committee, Taiwo Oyedele, has laid out the committee’s findings and recommendations to overhaul the country’s tax system.

Established to address Nigeria’s persistent economic challenges, the committee’s proposals aim to tackle issues such as high poverty rates, a sluggish economy, and an unsustainable reliance on public debt.

Oyedele highlighted the alarming statistic that 133 million Nigerians currently live in multidimensional poverty, facing limited access to education, healthcare, and stable employment.
He said, the country’s economic growth rate has been consistently outpaced by its population growth, exacerbating the poverty crisis.

Explaining further, he indicated that the Nigeria’s economic landscape is also marred by high inflation, declining foreign direct investment, and an unfriendly business environment.
“With government revenue falling short of budgetary needs, Nigeria has increasingly turned to borrowing, leaving the country in a precarious fiscal position.
“Tax collection has been inefficient, with many Nigerians expressing distrust in the government’s ability to fairly collect and use taxes.”

In response, he said the committee held extensive consultations with state governors, private sector leaders, and civil society groups, all of whom voiced their concerns about the current tax system.
The committee’s findings revealed a widespread dissatisfaction with the tax structure and a lack of faith in the government’s ability to implement meaningful reforms.

To address these issues, the committee has proposed four key legislative bills designed to streamline and improve Nigeria’s tax system
The first is the Nigeria Tax Bill, the comprehensive bill he said is aimed at consolidating existing taxes into one framework, simplifying tax processes, and offering exemptions for low-income earners.
The Tax Administration Bill: This bill focuses on standardizing tax administration, promoting the use of technology in collection, and improving the efficiency of tax processes.

The Nigerian Revenue Service Establishment Bill: Proposes the creation of a new, more coordinated revenue service to enhance tax collection and reduce duplication of efforts by various agencies.

The Joint Revenue Board Establishment Bill: Aimed at fostering collaboration between different tax authorities, this bill also introduces the establishment of a Tax Ombudsman to protect small businesses from unfair tax practices.

Explaining further Oyedele said among the key reforms are the removal of minimum tax requirements for loss-making companies, the introduction of a 15% effective tax rate on profits for large corporations, and the removal of VAT on essential goods and services.
Additionally, the proposal includes raising the income tax thresholds to exclude low-income earners from taxation, thus alleviating the financial burden on the poorest Nigerians.

The committee also called for a revision of the VAT revenue-sharing formula, which currently favors states with large corporate headquarters, proposing a fairer distribution based on consumption within each state.

In concluding his presentation, Oyedele emphasized the urgent need for tax reforms to stimulate economic growth and reduce poverty.
He urged the Senate to support the proposed bills, which, if enacted, could foster a more business-friendly environment and strengthen Nigeria’s economic foundations.

As Nigeria faces mounting fiscal pressures, these proposed tax reforms represent a crucial step in ensuring a more equitable and sustainable economic future.