Business
UN to support Nigeria, Burkina Faso and others with $100 million to prevent famine
The UN has allocated the sum of $100 million to Nigeria and other countries most at risk from the growing hunger.
The United Nations has announced that it will support Nigeria, Yemen, Afganistan, Burkina Faso, South Sudan, and the Democratic Republic of the Congo with the sum of $100 million to prevent possible famine, which it says is caused by insecurity, climate change, and poor economic environment.
This was revealed by Mark Lowcock, Head of UN Humanitarian Affairs and Emergency Relief, on Tuesday. He said the UN would disburse the financial aid from its Central Emergency Response Fund.
READ: UN supports AfDB’s $10bn ‘Desert to Power’ initiative for Africa
What you should know
Nairametrics reported last week that the United Nation’s World Food Programme, with the Food and Agriculture Organization, had warned that Nigeria could face a “major (food) emergency… or series of emergencies” in the next three to six months, alongside Burkina Faso, South Sudan, and Yemen.
The UN said Nigeria’s funds would be directed to the North-Eastern region at risk of famine and the country would receive the aid of $15 million alongside Afghanistan. Yemen would receive the highest aid at $30 million, and $7 million each would be given to South Sudan and the Democratic Republic of the Congo, with $6 million to Burkina Faso.
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“An extra $20 million has been set aside for anticipatory action to fight hunger in Ethiopia, where droughts could exacerbate an already fragile situation.
“The prospect of a return to a world in which famines are commonplace would be heart wrenching and obscene in a world where there is more than enough food for everyone. Famines result in agonizing and humiliating deaths,” Lowcock said.
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“They fuel conflict and war. They trigger mass displacement. Their impact on a country is devastating and long-lasting.
“No one should view a slide into famine as an inevitable side effect of this pandemic. If it happens, it is because the world has allowed it to happen. Famine can be prevented. But we have to act in time to make a difference. Right now, more money for the aid operation is the quickest and most efficient way to support famine-prevention efforts,” he added.
(READ MORE: COVID-19: 25 million will be jobless, as Recession looms)
The U.N. Central Emergency Response has received $500 million so far, in funding in 2020. According to the UN. Since it was established in 2005, the fund has provided close to $7 billion for life-saving humanitarian actions that have helped hundreds of millions of people across more than 100 countries and territories.
Business
FIRS to commence recovery of all outstanding tax debts and penalties from January 1, 2021
The FIRS has stated that it shall recover all outstanding debt with penalties and interest from January 1, 2021.
The Federal Inland Revenue Service (FIRS) has disclosed that its waivers on penalties and interest on outstanding taxes arising from desk examinations, audit exercises, investigations, or all other forms of tax assessment will close on December 31, 2020.
Hence, effective from January 1, 2021 the Service shall recover all outstanding debt with penalties and interest, in accordance with the provisions of the extant tax laws.
This disclosure was made by Abdullahi Ismaila Ahmad, the Director of Communications and Liaison Department, Federal Inland Revenue Service, in a press release issued on December 2, 2020.
Consequently, the Executive Chairman, FIRS, Mr. Muhammad Nami, in a notice urged taxpayers to use the advantage of the remaining days of this month to settle their tax obligations in order to enjoy all subsisting waivers offered thereof by the Service.
(READ MORE: FIRS issues deadline for to obtain Tax Identification Number)
The Executive Chairman in the reminder notice tagged “Public Notice on the Recovery of Outstanding Taxes from Taxpayers”, disclosed that FIRS in recent times, has issued a series of palliatives for the waivers of penalties and interest on outstanding taxes.
He explained that the Service had noticed that some taxpayers are yet to take advantage of the palliative windows opened to cushion the effect of the challenges of the economy on taxpayers.
Mr. Nami, however, called the attention of taxpayers to the last window of opportunity for the waiver of outstanding penalties and interest on all taxes collectible by the Federal Inland Revenue Service, which will close on 31st December 2020.
What they are saying
Mr. Muhammad Nami, in the reminder notice, said:
“The Service has observed that some taxpayers are yet to take advantage of the palliative windows opened to cushion the effect of the challenges of the economy on taxpayers.
“Furthermore, the Service wishes to put all taxpayers on notice that the last window of opportunity for the waiver of outstanding penalties and interest on all taxes collectible by the Federal Inland Revenue Service shall close on 31st December 2020.
“Consequently, all concerned taxpayers are hereby put on notice that after the expiration date of 31st December 2020, the Service shall recover all outstanding debt with penalties and interest, in accordance with the provisions of the extant tax laws such as ‘the power of substitution’ conferred on it by Section 31 of the Federal Inland Revenue Service (Establishment) Act 2007.”
Business
N117 billion approved by FG for road rehabilitation
Babatunde Fashola has disclosed that the FG has approved the sum of over N117 billion for road rehabilitation across the country.
Business
$1.3 billion Malabu oil field sale was perfect – Dan Etete
Nigeria’s former Petroleum Minister has said that the sale of the $1.3 billion Malabu oil field to Shell and Eni in 2021 was legally perfect.
Dan Etete, former Nigerian Minister of Petroleum has said that the $1.3 billion sales of Malabu oil field to Shell and Eni in 2021 was legally perfect, with zero traces of corruption in the deal.
He disclosed this on Wednesday through his lawyer, Antonio Secci, in a Milan Court, investigating the cases of bribery and corruption related to the deal, as reported by Reuters.
READ: Why Nigeria is suing Royal Dutch Shell and ENI for $1.1bn
In Wednesday’s hearing, Dan Etete’s lawyers called for the former Nigerian Minister to be acquitted of corruption charges related to the deal.
Reuters disclosed that 13 other people are involved in the corruption case including CEO of Eni, Claudio Descalzi.
READ: Court adjourns trial of Shell, Eni officials over bribery allegation in Nigeria
The accused pleaded non-guilty and said that the proceeds of the deal were paid into accounts owned by the Nigerian Government.
The ex-Shell executives also accused in the case will have a hearing on the 9th of December.
What you should know
Multinational oil companies, Eni and Shell, paid $1.3 billion in 2011 to acquire OPL 245 offshore field.
The payment was to a company called Malabu, which was owned by Nigeria’s former Oil Minister, Dan Etete.
However, Italian prosecutors claim that most of the payments were kickbacks to Nigerian government officials. Italian prosecutors also claim that nearly $1.1 billion was stolen by Nigerian politicians and middlemen, with Dan Etete keeping half.
READ: $85 Million Malabu oil money has been refunded to FG
Nigeria’s Minister of Justice, Justice Abubakar Malami, reported in July that the Dutch and Swiss governments were expected to send the sum of $200 million from the OPL 245 Malabu Oil deal to Nigeria.
Multinational Petroleum oil and gas giant, Royal Dutch Shell, announced that it would write down its investment in the controversial Malabu OPL 245 offshore field in Nigeria.
READ: Italian Court jails Nigerian, one other over Malabu oil deal
in June, the Federal Government tracked down and grounded a luxury private jet, owned by the country’s former Petroleum Minister, Dan Etete, over his alleged involvement in the $1.1 billion Malabu oil scam. The luxury private jet was alleged to have been purchased with proceeds from that oil deal.
Nairametrics reported that the Federal Government, on Wednesday, September 9, 2020, asked a court in Milan to order Royal Dutch Shell and Eni to pay the sum of $1.092 billion as an immediate advance payment for damages in the Malabu oil scandal.
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