SGF supports Tax Reforms Bills - ITREALMS

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The Secretary to the Government of the Federation, Senator George Akume, has expressed unwavering support for the Tax Reforms Bills, describing it as visionary legislation designed to revamp Nigeria’s economy.

Speaking on TVC’s Politics on Sunday, Senator Akume emphasized that the current tax system is over 50 years in operation and fails to provide maximum benefits to Nigerians. He urged that comments on the bills should be assessed based on its intent, purpose, and credibility, rather than sectional or primordial feelings, citing its nationalistic and pro-poor in nature.

Tinubu signs South-East, North East Development Commission bills - ITREALMS

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President Bola Tinubu has signed into law bills to accelerate development across geo-political zones in the country.

The President has assented to the North-West Development Commission (Establishment) Bill, 2024, and the South-East Development Commission (Establishment) Bill, 2023.

Investors oversubscribe CBN N1trn OMO bills - ITREALMS

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The Central Bank of Nigeria (CBN), on Friday, March 1, 2024, successfully concluded a sale of government securities, issuing N1.053 Trillion (US$680 million) in short-term instruments as part of its liquidity management exercise.

The CBN offered N500 billion at the Open Market Operations (OMO) auction and oversubscribed, selling N1.053 trillion, with 79 per cent of the total bids, or the equivalent of US$530 million, coming from foreign investors.

Osun food poisoning, govt orders full investigation, foots medical bills of victims - ITREALMS

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The Osun State government has ordered full investigations into the reported cases of food poisoning at St James Primary School B, Owoope Osogbo, reports ITREALMS.

The State Governor, Senator Ademola Jackson Nurudeen Adeleke directed immediate action when the matter was reported to him by the Special Adviser on O-Meal, Mrs Grace Oluwaseyi Ayodele.

National Assembly: Pass other Petroleum Industry Bills - Stakeholders

ITREALMS:

Members of the National Assembly (NASS) have been tasked by stakeholders in the oil industry to pass other components of the Petroleum Industry Bill, just as it has done with the Petroleum Industry Governance Bill (PIGB), reports ITRealms.

The call was made at a roundtable dialogue organized by Centre for Financial Journalism (CFJ) and Facility for Oil Sector Transformation (FOSTER) in Lagos, Wednesday which attracted stakeholders from the oil and gas industry, the media and non-governmental organizations.

Other components of the Petroleum Industry Bill, ITRealms gathered, are Petroleum Industry Fiscal Bill; Petroleum Host Community Bill; and Petroleum Industry Administration Bill.

The Petroleum Fiscal Bill will ensure progressive framework that encourage sustained investments, growth and revenue to government; serve the socioeconomic needs of all stakeholders; and clarify legislative aspects of the fiscal regime from the negotiable aspects of contractual obligations.

On the other hand, Petroleum Host Community Bill will ensure shared prosperity and sustainable development of petroleum host communities; provide direct economic benefits to host communities; and assure inclusiveness, enhance peaceful co-existence and harmonious relationship, while Petroleum Industry Administration Bill will enhance efficient, effective and sustainable development of the sector; encourage and facilitate local and foreign investment; promote transparency and accountability; promote liberalization of the downstream sector; and ensure best practices in petroleum operations.

The stakeholders noted with dissatisfaction the long delay that has characterized the passage of these crucial bills, noting further that their non-passage so far has deprived the country enormous potential for the growth of the sector.

Since the Petroleum Industry Bill was initiated and introduced in 2000, it has been gridlocked in the politics between the contending forces within the Nigerian oil and gas industry such that so far, three successive governments have not been able to pass any component of the PIB into law.

Stakeholders also noted that the passage of these bills is urgently needed in view of current dynamics in the global oil market.

The Federal Government, including the National Assembly, should expedite action on concluding the necessary reviews of these bills so that they can be passed into law as soon as possible, the stakeholders insisted.

Chuks Egbune/GEE

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PayU Nigeria introduces payment solution for recurring bills

ITRealms:

The PayU Nigeria has introduced PayU subscription, which it tagged as a convenient payment method which allows merchants to safely and securely collect payments from consumers who have recurring bills or subscription payments in a seamless way, reports ITRealms.

Country Manager of PayU Nigeria, Ms Juliet Nwanguma said “PayU Subscription is an innovative product for businesses who are looking to offer subscription and recurring bill payments to their customers.”

ITRealms gathered that this service provides customers with a simple, safe and secure alternative to regular direct debit payments.

Nwanguma pointed out that using tokenisation as the underlying technology, PayU offers a card based recurring payment method for the payment of any recurring bills or subscriptions.

“Customers who want to setup recurring or subscription payment is inconvenienced as they are required to physically go to their bank and complete a direct debit order form. With PayU Subscription, all of this is avoided. Merchants only need their customers to choose the recurring payment option as well as the period i.e. weekly, monthly, quarterly or annually,” she said.

Nwanguma pointed out that PayU Subscription allows merchants to improve customer satisfaction by offering a more convenient way for their customers to pay for their subscriptions and other recurring bills.

Uj. N. Dominic/GEE

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Pix: Ms Juliet Nwanguma