Connect with us
nairametrics

Economy & Politics

Senate tells State House to ensure Buhari stops foreign medical trips

The Senate has asked State House officials to stop President Buhari from embarking on foreign trips for medical treatment.

Published

on

National Assembly approves Federal Government’s plan to borrow $11 billion in 2021, Senate urges FG to diversify from crude oil to natural gas production , Senate seeks textile importation ban , Senate receives six aviation sector bills from Buhari , PenCom: Constitute a board, NASS and pension operators tell FG, Nigeria’s total debt now N33trn —Senate, Senate confirms appointment of board members for NDIC, law reform commission, Senate to confirm reappointment of Danbatta as NCC boss, Senate investigates claims of NELMCO, AEDC over govt asset, Senate Investigate Banks over customers exploitation and high fees, 2021 Budget: Senate sets motion for budget defense, commences 2020 review, #EndSARS: States affected by hoodlums should get 1% VAT - Senate

The Senate Committee on Federal Character and Intergovernmental Affairs, on Thursday, November 5, 2020, asked State House officials to stop President Muhammadu Buhari from embarking on foreign trips for medical treatment and put the State House clinic in order and equip it.

They asked that the officials ensure it is functional so that the President would have no need to travel abroad for medical tourism.

READ: Lagos Rail Mass Transit: House of Assembly approves N153 billion for construction

This remark was made by the Chairman of the Senate Committee on Federal Character and Intergovernmental Affairs, Senator Danjuma La’ah, when the Permanent Secretary of the State House, Mr. Tijani Umar, appeared before the committee to defend his 2021 budget estimates.

The State House official at the appearance before the committee, presented a budget of N19.7 billion for 2021, out of which N1.3 billion was proposed for the State House Clinic.

GTBank 728 x 90

READ: Finance Minister woos investors to explore opportunities in health sector

In his comment, Senator La’ah said the committee would approve the budget for the State House Clinic but insisted that the President and other top officials of his government should no longer be flown abroad for medical treatment.

In his chat with newsmen after defending his budget, the Permanent Secretary promised to put necessary arrangements in place to meet the medical needs of the President and other top officials once the budget is approved.

Coronation ads

READ: Japan grants $9.4 million to Nigeria for the provision of medical equipment

What you should know

President Buhari has drawn a lot of criticisms from Nigerians and various stakeholders over his incessant medical trips abroad and the poor state of the health facilities in the country despite his promise to end medical tourism amongst public officers before his election in 2015. His first term in office was punctuated by several medical trips to the United Kingdom.

Between 2017 and 2018, he traveled abroad at least thrice for medical reasons and in fact, one of the trips lasted for over 100 days. 

READ: Audit Query: Customs CG, AGF disagree over N28billion unremitted fund

Jaiz bank ads

The President in 2019, lamented that Nigeria loses too much to medical tourism, urging stakeholders to come up with a solution.

Stanbic IBTC

Chike Olisah is a graduate of accountancy with over 15 years working experience in the financial service sector. He has worked in research and marketing departments of three top commercial banks. Chike is a senior member of the Nairametrics Editorial Team. You may contact him via his email- [email protected]

Click to comment

Leave a Reply

Your email address will not be published.

This site uses Akismet to reduce spam. Learn how your comment data is processed.

Economy & Politics

Emefiele tells economists to stop “overdramatizing” analysis that can create Panic

CBN has assured that the nation’s economy will emerge out of recession in the first quarter of 2021.

Published

on

CBN health intervention fund gets new interest rate by March 2012, Nigerian banks’ non-performing loans drop significantly by 41% in 2019, External reserves decline by over 8% in 3 months, Nigeria’s external reserves increase by $1.36 billion in 13 days

The Central Bank of Nigeria (CBN) has assured that the nation’s economy will grow by 2% in 2021. The apex bank is optimistic that its various intervention will make Nigeria emerge out of recession in the first quarter of 2021.

This was disclosed by the Governor, CBN, Godwin Emefiele while delivering his keynote address at the 55th Annual Bankers Dinner of the Chartered Institute of Bankers of Nigeria (CIBN) in Lagos on Friday.

READ: Total credit to the economy rose to N19.54trillion – CBN Governor

What he is saying

He said, “We expect that growth in 2021 would attain 2.0 percent. It is important to insulate the economy from shocks that may undermine the attainment of the projected 2.0 percent economic growth.

However, downside risks remain, as restoration of full economic activities, particularly in service-related sectors, remains uncertain until a COVID vaccine is produced and made available to millions of people across the world.

GTBank 728 x 90

READ: Dark Clouds loom for investors as stocks fall 8% in first half of 2020

“Second, with the significant rise in cases in advanced markets and the imposition of lockdowns in parts of Europe, concerns remain on the impact this could have on growth in advanced economies, commodity prices and the financial markets.”

He emphasized on the need to find ways to insulate the economy from the impact of these shocks through diversification efforts, while also working to ensure that the nation adheres to safety protocols in order to prevent a surge in COVID-19 related cases, as this could further cripple economic activities.

Coronation ads

READ: CBN discloses how much has been disbursed from N50 billion COVID-19 intervention fund

Stop overdramatizing analysis

Emefiele appealed to economic analysts to stay clear from analysis that can create panic and thus hamper the economic recovery process. “When you overdramatized you create panic in the system and that slows down the process of recovery.

“Our actions in 2021 would be guided by the considerations that emerged from the Monetary Policy Committee meeting of November 23 & 24, 2020, which sought to address the major headwinds exerting downward pressure on output growth and upward pressure on domestic prices,” he added.

Mr. Emefiele has often accused “armchair” economists of making exaggerated comments when expressing their views on the economy.

Explore Data on the Nairametrics Research Website

Jaiz bank ads

Stanbic IBTC

READ: Finance Minister gives reason FG approached China for $17 billion loan

What you need to know

On November 23, 2020, Nairametrics reported that the Minister for Finance, Budget and National Planning, Mrs. Zainab Ahmed, said the country will exit recession by the first quarter of 2021 as the government is working towards reversing the declining economic trend in the country.

  • The Finance Minister said the COVID-19-induced recession followed the pattern across the world, where many countries had entered an economic recession.

READ: Nigerian economy going into recession, might contract by -8.9% – Finance Minister

Continue Reading

Economy & Politics

Nigeria edges closer to getting World Bank loan, in the final stages of talk

The Finance Minister has disclosed that Nigeria has fulfilled the conditions and is in the last stages of securing a World Bank loan.

Published

on

FG projects spending plan of N11.86 trillion and deficit of N5.16 trillion,IMF, International monetary fund, Zainab Ahmed, Nigeria's Minister of Finance, Budget and National Planning

Nigeria is set to achieve its plans of getting the $1.5 billion World Bank loan package as it is in the closing stages of the deal following its fulfilment of the conditions set by the international multilateral organization.

This disclosure was made by the Minister for Finance, Budget and National Planning, Zainab Ahmed, during an interview on Friday, November 27, 2020, with Bloomberg Television.

While pointing out that Nigeria’s senate approved the borrowing plan from the World Bank in June, Ahmed said the board of the multilateral institution will discuss the loan package at their next meeting.

What you should know

It can be recalled that the World Bank loan which had been sought by Nigeria in the wake of the devastating impact of the coronavirus pandemic, was being delayed by the Brettonwood institution due to concerns over reforms as it feels that Nigeria has not shown enough commitment towards achieving them.

GTBank 728 x 90

Some of the reforms include the unification and flexibility of the exchange rate, removal of fuel subsidy, increase in electricity tariffs amongst others.

However, it seems that with the recent deregulation of the downstream sector of the oil industry with the attendant removal of fuel subsidy and increase in electricity tariff, some of those concerns of the World Bank are gradually being sorted out.

Ahmed also said that Nigeria is considering joining the G-20 debt-relief initiative and is talking to commercial lenders to secure their backing.

Coronation ads

She said, “We will consider joining as long as it is safe for us to do so. Nigeria couldn’t participate initially because some of the conditions were unfavourable for existing loan commitments with bilateral lenders and other international borrowings.”

On the increased gap between the official rate and parallel market rate, the minister said the government is concerned about the widening gap in the naira’s exchange rate on the official and parallel markets.

She said, “We have been taking measures to close the gap. We hope to get to an even level very soon so the impact of the exchange rate will become moderated.”

Continue Reading

Economy & Politics

Nigeria generates N416.01 billion from Company Income Tax in Q3 2020

Total company income tax generated increased by 3.48% in Q3 2020, compared to N402.03 billion recorded in Q2 2020.

Published

on

Avoid paying taxes, Nigeria generates N416.01 billion from Company Income Tax in Q3 2020

Nigeria generated the sum of N416.01 billion from Company Income Tax (CIT) in the third quarter of 2020. This was revealed in the Company Income Tax by Sectors report, recently released by the National Bureau of Statistics (NBS).

According to the report, the total CIT generated increased by 3.48% in Q3 2020, compared to N402.03 billion recorded in the previous quarter (Q2 2020). It reduced by 20.13% compared to N520.89 billion recorded in the corresponding quarter (Q3) of 2019.

READ: Nigeria’s Value Added Tax collection dips slightly in Q1 2019

READ: VAT revenue may have hit 4 year high in 2018

Highlights

GTBank 728 x 90
  • Company income tax generated year-to-date sums up to N1.11 trillion as against N1.26 trillion in the comparable period of 2019.
  • Professional Services including Telecoms generated the highest amount of CIT with N55.52 billion generated, closely followed by Other Manufacturing with N42.03 billion.
  • Banks & Financial Institutions generated a sum of N24.05 billion.
  • Mining generated the least, closely followed by Textile and Garment Industry and Local Government Councils with N120.93 million, N167.51 million, and N321.72 million generated respectively.

READ: FBN Holdings Plc posts Profit of N21.9 billion in Q3 2020

Out of the total amount generated in Q3 2020, N244.70 billion was generated as CIT locally, while N70.34 billion was generated as foreign CIT payment. The balance of N100.97 billion was generated as income taxes from other payments.

Automobiles and Assemblies grows CIT by 994%

Coronation ads

In terms of sectors with the highest increase in company income tax remittances, the Automobiles and Assemblies sector grew its CIT by 994%, from N81.6 million in Q2 2020 to N892.7 million. It was closely followed by the Gas sector, which grew its CIT by 626% to stand at N4.76 billion from N655.5 million.

READ: FG rejects calls for tax reduction, offers tax relief for donors to intervention funds

On the flip side, transport and haulage services recorded the highest decline in company income tax, as it reduced by 76% to stand at N7.35 billion from N31.1 billion. This is closely followed by Banks and financial institutions, which declined by 51% to stand at N24.1 billion.

READ: Unity Bank Plc posts gross earnings of N11.04 billion in Q3 2020

Jaiz bank ads

Bottom line

Stanbic IBTC

The rise in company income tax is an indication of the Nigerian government’s move to improve the generation of revenue from the fiscal side as against oil exportation. However, the halt in economic activities due to the COVID-19 pandemic contributed to the year-on-year decline in company income tax.

Continue Reading