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NNPC Records 63% FAAC Remittance Shortfall in Five Months

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NNPC Records 63% FAAC Remittance Shortfall in Five Months EIU Report: FG May Raise VAT to 15% Before 2025 Govt's tax take among world's lowest, undermined by widespread evasion, large informal sector effect a 100 per cent rate Report Nigeria,” stated that increase in government’s arm of The Economist inevitable given a rising debt Dike Onwuamaeze increase in the Value Added the anticipated increase in VAT revenue. magazine explained: “We burden, with further rises in Tax (VAT) from the current was inevitable given the rising It also stated that the expect three equal VAT rate 2024 and 2025. Even then we A report by the Economist rate of 7.5 per cent to 15 per public debt burden and the predicted VAT increase would increases, taking the rate to 15 expect fiscal revenue to peak Intelligence Unit (EIU), cent before 2025 in order to likelihood that the Petroleum be implemented instalmentally per cent by 2025. The first is at just five per cent of the GDP London, has predicted that raise government’s revenue. Industry Bill (PIB) might not in 2022, 2024 and 2025. expected in 2022, prior to the the federal government might The report titled, “Country be able to deliver considerable The report from the research next elections but seemingly Continued on page 10 Protests Rock Cotonou Court over Igboho's Extradition Hearing ...Page 6 Thursday 22 July, 2021 Vol 26. No 9600. Price: N250 www.thisdaylive.com T RU N TH & REASO TODAY'S WEATHER ABUJA MAIDUGURI ENUGU KANO LAGOS PORT HARCOURT 25°C-33°C 31°C-31°C 25°C-28°C 27°C-33°C 24C-27°C 20°C-30°C NNPC Records 63% FAAC Remittance Shortfall in Five Months Corporation pays N225.5bn into joint account Deficit may hit N820.6bn by year end Brent rises to $71pb Emmanuel Addeh in Abuja indicated. An analysis of the data The statutory payments made by presented by the national oil the Nigerian National Petroleum company to the Federation Corporation (NNPC) to the Account Allocation Committee Federation Account, a joint pool (FAAC), in the first five months operated by the local, state and of this year showed that of the federal governments, declined calendarised total sum of N613.834 by over 63 per cent in the first billion, the corporation was only five months of 2021, documents obtained by THISDAY have Continued on page 10 Air Force Chief: Threats by Bandits Require Robust Security Architecture Hints personnel energised by survived pilot's heroism Kingsley Nwezeh in Abuja down fighter planes, Amao, who was addressing troops in The Chief of Air Staff, Air Maiduguri, Borno State, during Marshal Oladayo Amao, the Sallah celebration said, the yesterday, said the present security threat confronting the security challenges in the nation required robust security country required robust architecture capable of rapid security architecture and a deployment of air power. versatile air force capable of He allayed fears over the rapid air power deployment vulnerability of the fighter AKEREDOLU MARKS 65TH BIRTHDAY... across the theatres of war. planes, insisting that the air Speaking against the force pilots were equipped L-R: Oladipo Okpeseyi, SAN; Bishop of Owo Diocese, Anglican Communion, Rt. Revd. Dr. Stephen Ayodeji Fagbemi; Ondo State backdrop of concerns that for such encounters with Governor, Oluwarotimi Akeredolu, SAN, and the Olowo of Owo, Oba Ajibade Ogunoye, at the Holy Communion Service marking the bandits and terrorists had 65th birthday of Governor Akeredolu held at the Chapel of the Epiphany, GRA, Owo, Ondo State... yesterday. acquired the capacity to bring Continued on page 10 Senate Directs AGF to Sanction Officials Involved in Alleged Mismanagement of $274.2M... Page 5 2 THURSDAY JULY 22, 2021 • THISDAY THURSDAY JULY 22, 2021 • THISDAY 3 4 THURSDAY JULY 22, 2021 • THISDAY THURSDAY, ͺͺ˜ͺ͸ͺ͹˾THISDAY 5 Group News Editor: Goddy Egene NEWS Email: [email protected], 0803 350 6821, 0809 7777 322 COURTESY VISIT TO FORMER PRESIDENT JONATHAN... L-R: An Associate of the former president, King A.J. Turner; Former President Goodluck Jonathan and Niger Delta leader, Chief Edwin Clark, during a visit to the former president at his residence in Asokoro, Abuja... yesterday Bishops to N'Assembly: Stop Working against Electoral Reform, Press Freedom Bill, which in my view, is still Legislation on e-Transmission of results not over, says senator work-in-progress and can still Emma Okonji, Nosa party and privileges over Sallah celebration, the men as a window of opportunity, argument is that while some be revisited,” Adetunmbi said. Alekhuogie in Lagos and people’s rights and interest, of God urged Muslims to in where the lawmakers from both voted in support of electronic Asked to speak on the Victor Ogunje in Ado Ekiti relief and progress continue the spirit of the festival work chambers will respond to all of transmission of results, others position of PDP caucus in the to elude Nigerians. together for peace and make the controversies surrounding voted for INEC to be checked House of Representatives, which The Catholic Bishops of Ibadan "Simply put, those who claim all necessary sacrifices to build electronic transmission of by an external body before has called for the prosecution of Ecclesiastical Province, has to represent the people seem a nation on the strong pillars election results from polling transmitting results.” NCC officials for alleged perjury condemned the National to have perfected the art of of fairness, justice, equity and units. I believe that the intention He said since the public had and for misleading the House Assembly for allegedly voting sabotaging the progress of the the rule of law. of the senate will be for good raised some concerns about the over the possibility of electronic against electronic transmission same people. Indeed, the time Meanwhile, the Senator governance, regardless of matter, the National Assembly transmission of election results, of election results and other may have come for Nigerians representing Ekiti North at partisan and regional affiliation would not want to ignore it, Adetunmbi shared the view of issues of national interest based to no longer simply roll over the National Assembly, Senator of its members.” because they represent the the opposition party. on partisan interests. and accept non-representative Olubunmi Adetunmbi, has said Adetunmbi, who spoke people who have complained. He said: “If there is a report The Bishops described decisions of the assembly but to the legislation on e-Transmission yesterday on the Morning “For me as a person, I that showed that Nigeria has as absurd and grotesque, a challenge them by all legitimate of election results from polling Show of ARISE NEWS will want objective reasons enough internet capacity situation, where elected federal means," the communique said. units was not over yet, despite Channel, added that, “Electronic and will not support the to transmit election results lawmakers put parties' interests The Bishops appealed to the position of senators, who transmission of results is as law that will tend to suggest electronically from polling units, above national interests, by Nigerians to resist attempt being voted against it. good as existing and cannot that the parliament does not as against the submission of working against electoral reform, allegedly contrived to silence the According to him, “I am be killed. My thinking is that the have confidence in judgment NCC staff that Nigeria does press freedom and other issues press and penalise journalists convinced that there will Independent National Electoral of people that have been not have enough 35 and 4G that affect Nigeria. for merely doing their job in be a reconciliation between Commission (INEC), should be assigned the responsibility of broadband capacities to transmit The Archdiocese, comprising the country. the positions taken by the allowed to decide whether it running INEC. These are my election results, then such Ilorin, Ondo, Oyo, Ekiti and They insisted that the freedom House of Representatives is possible and convenient to thoughts, but the Senate has submission by NCC could be Osogbo Dioceses, spoke in a of expression was a fundamental and the Senate and I see it transmit election results. The taken a position on the Electoral verified, because it is verifiable.” communique issued after its human right, guaranteed by the meeting at Domus Pacis Pastoral constitution and could not be Institute, Igoba, Akure, Ondo alienated by any government State, and made available to least of all in a democracy. Senate Directs AGF to Sanction Officials Involved newsmen in Ado Ekiti, on The Clerics also backed the Wednesday. Catholic Bishop of Sokoto The communique signed by Diocese, Bishop Hassan Kukah in Alleged Mismanagement of $274.2 million its Chairman and Secretary, in his effort to unveil the truth officers responsible and sanction in the 2015 report of the Auditor- a result of multiple currencies Bishops Gabriel Abegunrin about the Nigerian situation Deji Elumoye in Abuja and John Oyejola respectively, in order to ameliorate things, them for mismanagement of General of the Federation which that were involved and single public fund in accordance the Senate upheld at plenary exchange rate. felicitated Muslims on the calling on the government not The Senate has uncovered celebration of this year's Eid- to perceive criticism as a crime. with Rule 3115 of the Financial reads: "The Account-General of the how some officials of the Regulations and for gross "During the examination Federation is thus required to el-Kabir. The Clerics further stated: Office of Accountant General "The ongoing controversy "Our sympathies with those misconduct. of Note 51 and Appendix to provide the source (s) of the of the Federation (AGF) made Rule 3115 of the Financial Note 52, it was observed that exchange loss difference of surrounding the proceedings who continue to pay a high Nigeria to lose difference of of the National Assembly price.
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