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Makinde’ll move Oyo from poverty to prosperity through improved IGR – Internal Revenue boss

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The Executive Chairman, Oyo State Internal Revenue Service (OYSIRS), Aremo John Adeleke, has said that the State Governor, Engineer Seyi Makinde is determined to take Oyo State from poverty to prosperity by boosting the Internally Generated Revenue (IGR).

Aremo Adeleke, who stated this while speaking to newsmen in Ibadan ahead of the State’s one-day Tax stakeholders’ summit holding in Ibadan, added that the administration has been vigorously pursuing improved IGR since its inception.

According to him, improved IGR would make the vision to move Oyo State from poverty to prosperity a reality.

He added that the State under the leadership of Governor Makinde has set the objective to be self-sufficient financially and to have enough resources to cover all its recurrent expenditures such as salaries and wages.

Adeleke stated that when this objective is achieved, it would become easier for the State to attain the prosperous height it so desired.
He further stated that it was for this purpose that the OYIRS and the Ministry of Finance are jointly floating a programme tagged: “Tax Stakeholders’ POVERTY TO PROSPERITY Summit.”

Aremo Adeleke also counselled that for the benefits derivable from improved IGR to be sustained, the citizenry would have to play their parts by ensuring regular payment of their taxes, levies and rates, as “there is no government that can do much without adequate internal resources.”

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He stated: “ It is to further reassure ourselves that the OYIRS  and the Ministry of Finance is floating a one-day conference on January 28.
“The Summit essentially is for sensitization of all stakeholders and for the Governor to be able to enumerate all his efforts at restructuring the Internally Generated Revenue architecture.

“The Governor will also solicit the co-operation of the taxpaying public from manufacturers to business men as well as other operators in the Informal Sector – artisans, drivers, market women and men, motorcyclists, trade unions and trade associations etc. He will stress the need for all to contribute their quotas and discharge their civic duties.

“His Excellency intends to establish the nexus between improved and adequate IGR and the ability of his administration to provide sustained good governance. At the earliest possible time, the State objective is to ensure it has enough IGR to cover all its recurrent expenditures such as salaries and wages, cost of running the government and maintaining infrastructure.”

Some of the dignitaries expected at the summit include Prof Abiola Sanni, a Professor of Taxation and Fiscal Matters, Mr Samuel Kolawole, MD of University Press and current Chairman of Manufacturers’ Association of Nigeria, Oyo, Ogun, Ondo and Ekiti state; prominent business man, Chief Olatunji Fadairo, CEO of Tafotech Group, and The Asiwaju of Eruwa Land, and Mr Lawal Abubakar, Executive Secretary, Joint Tax Board,
“We expect Messages of Good will from His Imperial Majesty, Oba Saliu Adetunji, Aje Ogungunnuso I, the Olubadan of Ibadan Land,” the  statement read.

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The OYIRS boss added: “We expect all tax payers and the general public to turn up en masse for this important dialogue, as it will represent a turning point in government-public engagement.

“This Summit is part of Governor Seyi Makinde’s strategy of pushing the frontier of good governance. Taking our people from poverty to prosperity through responsible citizenship is not just a slogan of this government it is an ideal for which we are totally committed to and for which our people must totally imbibe.”

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Senate Approves Tinubu’s $500m Loan for Power Sector Boost

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The Nigerian Senate has approved President Bola Tinubu’s $500 million loan request intended to bolster the operations of the Bureau of Public Enterprises (BPE) to enhance the financial and technical performance of electricity distribution companies, ultimately benefiting citizens.

The endorsement, announced on Tuesday, follows a thorough examination of the report presented by Senator Aliyu Wamakko, who heads the Senate Committee on Local and Foreign Debts overseeing the 2022 – 2024 External Borrowing (Rolling) Plan specifically for the Bureau of Public Enterprises (BPE).

During the presentation of the report, Senator Haruna Manu, serving as the Vice Chairman of the Committee, emphasised the importance for the Senate to duly receive and deliberate upon the report of the Committee on Local and Foreign Debts concerning the 2022 – 2024 External Borrowing (Rolling) Plan for the Bureau of Public Enterprises (BPE).

The $500 million loan constitutes a portion of the $7.94 billion loan originally requested by President Bola Tinubu on November 1st, 2023, within the framework of the 2022-2024 external borrowing plan. In addition to the $500 million, President Tinubu also sought approval for a €100 million loan.

However, during a special plenary session on December 30, the Senate greenlit the borrowing of $7.4 billion after careful consideration of the report furnished by the Committee on Local and Foreign Debt.

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Melinda Gates Resigns from Gates Foundation, Set to Receive $12.5 Billion

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In this file photo taken on September 26, 2018, Bill Gates and his ex-wife, Melinda Gates, introduce the goalkeepers event at the Lincoln Center in New York. Ludovic MARIN / AFP

Melinda French Gates announced Monday she was leaving the philanthropy mega foundation she established with her ex-husband, Microsoft co-founder Bill Gates.

The resignation, which becomes effective on June 7, will leave Bill Gates as the sole chair of one of the world’s most influential and powerful non-governmental organizations.

“After careful thought and reflection, I have decided to resign from my role as co-chair of the Bill & Melinda Gates Foundation,” Melinda French Gates wrote in a statement posted on social media.

The statement gave no reason for her departure, but noted that “under the terms of my agreement with Bill, in leaving the foundation, I will have an additional $12.5 billion to commit to my work on behalf of women and families.”

The couple married in 1994 but announced their divorce in 2021.

They had continued to co-chair the foundation which they established in 2001 with the vast wealth acquired through the success of Microsoft.

With a focus on child poverty and preventable diseases, the foundation has been heavily involved in fighting malaria and in providing toilets and sanitation in poorer parts of the world.

The foundation’s website says it has spent $53.8 billion since 2000, and claims the number of children around the world who die before their fifth birthday has halved in this time.

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Bill Gates thanked his ex-wife for her “critical contributions” to the organization.

“As a co-founder and co-chair Melinda has been instrumental in shaping our strategies and initiatives, significantly impacting global health and gender equality,” he said.

“I am sorry to see Melinda leave, but I am sure she will have a huge impact in her future philanthropic work.”

The organization’s chief executive, Mark Suzman, said its name would change to simply the Gates Foundation — it has been known as The Bill & Melinda Gates Foundation.

“I truly admire Melinda, and the critical role she has played in starting the foundation and in setting our values, she has played an essential role in all that we’ve accomplished over the past 24 years,” he said in a video posted to social media.

“I will miss working with her and learning from her. I look forward to seeing her continued impact.”

 

 

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EFCC calls on banks’ compliance officers to uphold confidentiality

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The Executive Chairman of the Economic and Financial Crimes Commission (EFCC), Mr. Ola Olukoyede, has urged Compliance Officers of Banks nationwide to refrain from unauthorised disclosure of EFCC’s investigative activities and requests made to banks’ customers.

Speaking through the Acting Zonal Director of the Ibadan Zonal Command of the EFCC, ACE I Hauwa Garba Ringim, during a stakeholders’ meeting with Compliance Officers of Banks in Oyo State on Tuesday, Olukoyede emphasised the detrimental impact such disclosures have on the investigation of financial crimes and the timely filing of corruption cases in court.

Olukoyede expressed concern over the tacit support fraudsters receive from the Nigerian banking sector, highlighting the challenges it poses to the Commission.

He urged Compliance Officers to promptly respond to EFCC’s correspondence with certified true copies of relevant documents, as this facilitates swift investigation processes.

Also, Olukoyede addressed the illegal trading of naira with Point-of-sale (POS) operators, stressing the need to curtail such practices for the benefit of Nigerians.

In response to the chairman’s directives, Compliance Officers assured the EFCC of their unwavering support and commitment to enhancing collaboration between the Commission and banks for more effective anti-corruption efforts.

 

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