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Tag: Buhari writes Senate

  • Akwa-Ibom senators withdraw petition challenging Buhari’s nomination of Yuguda as SEC DG

    Akwa-Ibom senators withdraw petition challenging Buhari’s nomination of Yuguda as SEC DG

    The three Senators representing Akwa-Ibom State have withdrawn a petition with which they challenged President Muhammadu Buhari’s nomination of Lamido Yuguda as the Director-General of the Securities and Exchange Commission (SEC).

    The Senators are Bassey Akpan (Akwa-Ibom North-East), Christopher Ekpenyong (Akwa-Ibom North West) and Akon Eyakenyi (Akwa-Ibom South).

    The lawmakers had challenged Yuguda’s nomination for the job on grounds that the President failed to nominate Mary Uduk from Akwa-Ibom State, who was already serving as Acting Director-General at the Commission.

    According to a report of the Senate Committee on Ethics, Privileges and Public Petitions, the lawmakers had sought the intervention of the Upper Chamber to ensure that the people of Akwa-Ibom State were not further marginalized in Federal appointments.

    In his presentation, Chairman of the Committee, Senator Ayo Akinyelure, explained that the three Senators found it “disheartening that Mary Uduk who was eminently qualified to be appointed DG, SEC, having represented Nigeria at the regional and international bodies such as the West African Capital Market Integration Council (WACMIC) and currently on the board of the International Organization of the Securities Commission (IOSCO), the international standards setter for securities regulation, was neither listed as DH nor as a full-time Commissioner.”

    He, however, said following a move by the Committee to investigate the concerns raised by the lawmakers in the petition to the Senate, the petitioners and respondents met and resolved the matter.

    According to Akinyelure, the resolution between both parties subsequently led to the withdrawal of the petition by the three lawmakers from Akwa-Ibom State led by Senator Albert Bassey Akpan.

    Sam Egwu (Ebonyi North), in his contribution, called on the Federal Government to consider Akwa-Ibom in future appointments in view of the withdrawal of the petition.

    Adamu Bulkachuwa (Bauchi North), on his part, said the consideration of the report of the Ethics Committee was not necessary as the petitioners had withdrawn the petition.

    The Senate President, Ahmad Lawan, however, observed that there was a procedural issue that made it mandatory for the Committee to submit a report to the Senate despite the decision by the petitioners to withdraw the petition in the first place.

    Accordingly, the Senate while adopting a resolution by Senator James Manager (Delta South), resolved that “Consequent upon the withdrawal of the petition by the petitioner, the matter is hereby taken and withdrawal approved

  • Buhari writes Senate, wants implementation date for 7.5% VAT changed

    Buhari writes Senate, wants implementation date for 7.5% VAT changed

    The President Muhammadu Buhari has asked the National Assembly to exempt animal feed from the list of items that would attract payment of the Value Added Tax.

    He stated this in a communication read on both chambers of the federal parliament by the presiding officers, Messrs Ahmad Lawan and Femi Gbajabiamila, on Tuesday.

    Buhari specifically asked the apex legislative institution to amend the recently approved Finance Bill 2019 to accommodate the exemption.

    The letter read,  “Pursuant to Sections 58 and 59 of Constitution of the Federal Republic of Nigeria1 999 (as amended), I formally request that the Finance Act, 2019 (Amendment) Bill, be considered by the Senate, for passage into law.

    “This Bill seeks to amend the Finance Act, 2019, as recently passed by the National Assembly”

    The bill clarified that the administrative effective date for the increase in Value Added Tax from 5 per cent to 7.5 per cent was February 1, 2020.

    Buhari drew the attention of the lawmakers to the fact Animal Feeds have been included in the list of basic food items that are exempted from VAT.

    He also said that aspects of the existing tax holiday incentive for agriculture should be targeted at small and medium-sized companies.

    Such firms should be those that invest in primary crop, livestock, forestry and fishing agricultural production.

    He said the incentive would also be administered by the Nigerian Investment Promotion Commission pursuant to the Industrial Development (Income Tax Relief) Act.

    Buhari said the amendment would help to support the implementation of the 2020 Federal Budget.