Okonjo-Iweala advises ECOWAS countries on tax treaties

1:53 PM Business No Comments

The Minister of Finance, Dr. Ngozi Okonjo-Iweala, on Monday challenged member countries of the Economic Community of West African States to come up with tax treaties that would help to mobilise resources for the development of the region.

Okonjo-Iweala gave the challenge in Abuja at the fourth meeting of the West Africa Tax Administration Forum.

The theme of the meeting was, ‘Sharing experiences in best practices in tax administration.’

No fewer than 30 delegates from Ghana, Cote D’Ivoire and Burkina Faso attended the meeting, which focused principally on the drafting of a legal framework for the formal establishment of the forum and the organisational structure for the body.

The minister stressed the need for effective and efficient mobilisation of resource for the region, adding that information sharing among member countries was also critical to resource mobilisation and revenue generation.

Okonjo-Iweala, who was represented by the Acting Executive Chairman, Federal Inland Revenue Service, Alhaji Kabir Mashi, said, “As the Ministry of Finance, we will maintain a keen interest in the work of WATAF, which is expected to assist in developing strong tax administration in West African countries and make them well positioned to generate revenue for governments within the region so as to meet their huge developmental needs.

“This initiative agrees with the global focus on domestic resource mobilisation, especially for developing nations, and I believe that West African countries can use this forum as a platform towards achieving our individual and collective developmental goals.’’

The minister said the FIRS had taken the lead in implementing the provisions of the National Tax Policy as regards wide network on international and regional treaties.

According to her, membership of such international bodies is necessary to help to promote both international and regional cooperation in the areas of exchange of information, capacity building and collaboration in tax policy and administration.

BY IFEANYI ONUBA, ABUJA

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Nigeria saved N6tn through amnesty in 2011 – Kuku

11:53 AM Business No Comments

The Special Adviser to the President on Niger Delta, Mr. Kingsley Kuku, has said the country saved over N6tn through the amnesty programme in 2011.

Following serious disruptions to oil exploration in the Niger Delta region by armed militants who were demanding greater control of the oil wealth and development of the area, the late President Umaru Yar’Adua had initiated the amnesty programme for repentant youths who laid down their arms and for training in different skills that would make them employable.

Kuku, who is also Chairman, Presidential Amnesty Programme, gave the figure at a press conference to mark the third anniversary of the declaration of amnesty for the ex-Niger Delta agitators.

He explained that before the declaration of amnesty for the ex-militants, the country’s oil production was hovering between 700,000 and 800,000 barrels per day owing to the activities of the agitators.

This, he said, however, changed for the better when peace returned to the area.

Kuku said, “With Nigeria producing as at today between 2.4 million and 2.6 million barrels of crude oil per day as against the abysmally low of between 700,000 and 800,000 barrels per day at the peak of the Niger Delta crisis in January 2009, the nation and its Joint Venture partners are currently making production savings of up to 1.9 million barrels per day.

“Computed with the prevailing exchange rate of about N160 to $1, daily production savings for Nigeria and the JV partners currently stands at a minimum of N33.4bn.

“Given that oil production in Nigeria hovered between 2.4 and 2.6 million barrels for all of 2011, it would be safe to emphatically assert that savings for Nigeria and the JV partners for year ending 2011 are estimated to be a whopping N6tn.

“Computed with prevailing exchange rate of about N160 to $1, daily production savings for Nigeria and the JV partners currently stand at a minimum of N33.4bn per day. Given that oil production hovered between 2.4 million and 2.6 million barrels for all of 2011, it would be safe to emphatically assert that savings for Nigeria and the JV partners for the year ending 2011 are estimated to be a whopping N6tn.”

The PAP chairman also said 26,358 ex-militants captured under the amnesty programme were undergoing various training programmes at home and abroad in line with the terms of the proclamation.

According to him, the Amnesty Office has successfully placed 11,525 former militants in skills acquisition/training centres as well as in formal education within the country and abroad.

Of this number, 4,929 are being trained offshore, while the balance of 6,382 have either been returned to formal education or have been placed in skill acquisition centres within the country.

Similarly, 6,067 transformed ex-militants are currently being prepared for deployment to reintegration centres within and outside the country for 2012 the fiscal year.

Kuku challenged governors of Niger Delta states to expedite action to complement the Federal Government by engaging youths in their states in productive ventures.

BY JOHN ALECHENU, ABUJA

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