.Sets up c’ttee for wider consultations with stakeholders
.Summons Aviation Minister, others over poor flight operations.
.Passes Bill on Investments and Securities
Ignatius Okorocha, Abuja
The Senate on Wednesday at plenary directed its committee on Finance to suspend its proposed Public hearing on the Tax Reform Bills till further notice to make room for wider consultations on the Bills.
Recall that the upper chamber had given it’s committee on Finance six weeks to organize a Public Hearing on the Bills and return them for further legislative consideration before final passage.
Making this declaration while presiding over Wednesday plenary, Deputy President of the Senate, Senator Barau I Jibrin, directed the Finance committee to put on hold further actions on the proposed Public hearing on the Tax Reform Bills and other issues until the leadership resolves the gray issues in them.
Senator Barau’s statement reads in parts,”This was in consonance with the fact that we understand at all times that this Senate is the highest assembly in this country. The Senate is composed of men and women of wisdom, of pedigree that this country has entrusted to legislate for them for the peace and tranquillity and the development of this country.
“The Senate of the Federal Republic, as known by everyone and indeed other Senates in the entire world, are known to be the stabilisers of every country. When there are difficulties and disagreements, the Senate of this country comes in with solutions through dialogue and consensus at all times to solve such problems, and the Senate of the Federal Republic of Nigeria has been doing that since 1999.
“Because of this, we decided to put politics, ethnicity, and regionalism aside to sit among ourselves and find the way forward with respect to the issues surrounding the tax reform bills.”
He further said,”It is on this note that we extended our view to the executive arm of government and it was agreed that there should be a forum to sit down to look at the areas that are creating disagreements to resolve them so that the entire country will remain united – united in our effort to solve our problems.
“Before the introduction of these bills, we know we’ve been faced with several problems and insecurity that we’ve been trying to solve. The president has been trying, and we’re also working with him to solve issues about our economy, which is in line with global economic problems.
“We also agree that we shouldn’t allow anything else to aggravate our country’s problems.”
Continuing Senator Barau noted,”It is on this note that it has been agreed by the executive and also by us that there should be a forum that will sit with the Attorney General of the Federation so that we can sit down and sort out all these problems in the interest of this nation.
” It is therefore proposed that by tomorrow (Thursday) there will be a meeting with the committee that we’ve set up here and the leadership to sit with the Attorney General of the Federation to look at those issues and resolve them.
“It’s on this note that the committee on finance that the bills have been referred to, should put on hold further action on it – public hearing and other issues until we resolve these issues.
“All sides will be given the opportunity and we shall resolve the issues before anything is allowed to go. Thank you very much. Thank you.”
.Senate sets up committee to liaise with FG
The Senate on Wednesday constituted a special committee to meet the executive to work with the Federal Government to resolve the issues around the tax reform bills.
The committee members include all the Senate leadership, including other members like Tahir Mongunu, Adamu Aliero, Seriake Dickson, Titus Zam, Abdullahi Yahaya, Adeola Solomon, Sani Musa, and Tokunbo Abiru.
This was made known by the Deputy Senate President, Jibrin Barau, who presided during plenary.
Barau noted that the delegation will meet on Thursday at the National Assembly to resolve all the issues that have been the cause of the uproar.
He said, “We don’t want the country disunited. So, the delegations will meet to resolve the gray areas.”
President Bola Tinubu had on Tuesday directed the Ministry of Justice to work closely with the National Assembly to address the concerns within and outside the legislature.
The Minister of Information and National Orientation, Mohammed Idris, revealed this in a statement he signed titled ‘President Tinubu committed to accountability on tax bills, directs Ministry of Justice to work with NASS on concerns.’
Mohammed said, “In line with the established legislative procedure, the Federal Government welcomes meaningful inputs that can address whatever grey areas there may be in the bill.
“In this vein, President Tinubu has already directed the Federal Ministry of Justice and relevant officials who worked on the drafts to work closely with the National Assembly to ensure that all genuine concerns have been addressed before the bills are passed.”
Following approval of the Federal Executive Council in October, President Tinubu transmitted four tax reform bills to the National Assembly for consideration.
The Federal Government says the bills are aimed at overhauling the nation’s tax system.
They include the Nigeria Tax Bill 2024, the Nigeria Tax Administration Bill, the Nigeria Revenue Service (Establishment) Bill, and the Joint Revenue Board (Establishment) Bill.
The proposed legislation seeks to consolidate existing tax laws, establish clearer frameworks for tax administration, and create bodies like the Tax Appeal Tribunal and the Office of the Tax Ombudsman.
.Summons Aviation Minister, others over poor flight operations.
In another development, the Senate on Wednesday at plenary summoned the Minister of Aviation and Aerospace, Festus Keyamo; Director General of the Nigerian Civil Aviation Authority, NCAA, Captain Chris Najomo; airline operators and other relevant stakeholders over the incessant delayed and cancelled flights by airline operators in the country.
Adopting a motion to that effect sponsored by Senator AbdulFatai Buhari (APC Oyo North) during plenary, the Red Chamber particularly charged its Committee on Aviation to unravel the circumstances behind the incessant flight delays and cancellations with a view to finding lasting solutions to the problem.
Senator Buhari, while presenting the motion, said the problem which he noted had been on the increase in recent times, are all over the media, lamenting that “this development is worrisome as air travel is one of the most reliable, dependable and quicker means of transportation, often undertaken for business/official purposes and to keep other scheduled appointments, which are usually time bound.”
Therefore, he cautioned that “unwarranted flight delays and cancellations will be counterproductive to the socio-economic the growth and development of this country.”
The lawmaker noted that as part of interventionist measure to check unethical and unwholesome practices of the practitioners in the àviation sector, the NCAA, is statutory empowered through the enactment of the Nigerian Civil Aviation Act, to among other things, provide oversight and guidelines aimed at ensuring that airlines operate within the contemplation of international standards in Nigeria and to ensure that airline customers get value for the services paid for.
Senator Buhari pointed out that “the quest for economic diversification and foreign direct investment, which are parts of the current administration’s policy thrust, will remain an illusion if the country’s aviation industry falls short of the acceptable best practices across the globe.”
“Part 19 of the Nigerian Civil Aviation Authority Regulations of 2023, makes provisions for consumer protection in the civil aviation industry in Nigeria.
“However, enforcement has been an issue as most Nigerians are not even aware that they are entitled to compensation for time lost due to unnecessary delay, hence the need for the NCAA to activate this aspect of its regulation so that airline operators will sit up and be alive to their responsibilities,” he said.
.Passes Bill on Investments and Securities
Also, The Senate Wednesday passed for third reading , Investments and Securities ( Repeal and Enactment) Bill 2024.
Passage of the bill for third reading by the Senate , followed consideration and adoption of recommendations made to that effect by its Committee on Capital Market , Chaired by Senator Osita Izunaso ( APC Imo West) .
The Committee in the report , informed the Senate that repeal and enactment bill , when signed into law , will make the Securities and Exchange Commission ( SEC) , the apex regulatory authority for the Nigerian Capital Market .
Objectives of the proposed law , as clearly stated in the bill, are strategically streamlined within the contemplation of emerging global best practices in Investments and Securities by protecting the integrity of the security market against all forms of market abuse and insider dealings , preventing unauthorized, illegal , unlawful, fraudulent and unfair trade practices , relating to securities and investments etc .
The report reads : ” That the extant law as revolutionary as it was at its inception, after many years of its operation, requires systemic substantial updates to align with the evolving financial markets and regulatory frameworks globally, in order to make it more attractive to both local and foreign investors;
‘That the enactment of this proposed legislation will undoubtedly provide significant opportunity to drive the growth of the capital market and diversification, thereby creating a conducive atmosphere for investors in the Nigerian Capital Market.
” That the Bill contemplates to address modern forms of financial malpractices and reinforce investors’ protection by engendering robust regulations around market abuses, insider trading and governance standards for publicly traded companies
” That the Bill envisages regulatory framework for digital currencies and fintech activities, including the supervision of blockchain and cryptocurrency transactions to support the integration of innovative technologies within the scope of the capital market.
“That the Bill seeks to set a clear-cut delineation of roles amongst regulatory bodies in order foster transparency and reduce regulatory overlap, thereby enhancing the operational efficiency of Nigeria’s Securities and Exchange Commission;
“That the Bill seeks to support the introduction and regulation of diversified financial instruments, including derivatives, Exchange Traded Funds (ETFs) and other sophisticated products, which are essential for meeting the needs of a broad investor base and increasing market depth; and
” That the passage of the Bill will bring about diversity and growth in the capital market, through market offerings that would form the foundation for economic expansion, thereby creating job opportunities within the Nigerian Capital Market” .
The Senate accordingly after clause by clause consideration of the bill , passed it for third reading .
