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No more Needless Borrowing in Public Offices - Aliyu Yelwa, Boss of Fiscal  Commission

 

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Communiqué No. 66 of the Monetary Policy Committee Meeting

 

List of Major Debtors in Nigeria

 

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Economic Confidential, September 21 2008

NEWS UPDATE

 

Stakeholders Seek Special Courts for Corruption Cases

 

Participants at the recently concluded 3-day 7th National Seminar on Economic Crime with the theme “Corruption as a Development Challenge,” held in Abuja has noted with concern that institutionalization of corruption and economic crime in Nigeria has undermined the overall economy and development of the country, thereby impoverishing the citizens.

 

The participants in their communiqué sent to the Economic Confidential also observed that oil bunkering coupled with mismanagement and misappropriation of oil revenue are major contributors to the problem of endemic corruption in the system. They lamented that although taxation is supposed to improve state revenue and reduce inequality, in-effective taxation in Nigeria has increased the gap between the rich and the poor, promoted corruption and disconnected tax payers from developmental benefits that should be derived from tax revenue. Participants also noted with concern that the process of litigation and adjudication in our conventional court system often slows down the effectiveness and prompt discharge of duties by anti-graft agencies. They also blamed religious bodies and leaders for not adequately propagating morale teachings that de-emphasis materialism and illegal accumulation of wealth. They lamented that societal pressure, poor remuneration, political exclusion, the culture of impunity, the scarcity of resources and opportunities have contributed to the increase in corruption and criminality in Nigeria.

 

They therefore called for the empowerment of anti-graft and other law enforcement agencies like EFCC to combat corruption in line with the rule of law and to deal with the culture of impunity in all its manifestations. They also called on the Executive and National Assembly to expedite action on the establishment of specialized courts for speedy dispensation of justice on cases of corruption and economic crime, just as they called on them to expedite action on the passage of the Freedom of Information Bill. The participants also noted that there should be properly articulated national strategy on corruption and inter-agency cooperation among different anti-corruption and crime agencies to avoid duplication of roles, minimize wastages and enhance efficiency.

 

 

Aside from that, participants also agreed that there is an urgent need for value re-orientation, attitudinal change and the re-introduction of moral education into school curriculum to promote the virtues of integrity and honesty.

 

The communiqué also noted that the Office of the Attorney General of the Federation in conjunction with relevant stakeholders should strive towards an amendment of the Nigeria Evidence Act to input crimes committed via information communication technology especially cyber crime.

 

In her remarks, Mrs Farida Waziri, Chairman of the EFCC, the host agency, remarked that the seminar came at a time when President Umaru Yar’Adua was deepening reforms and strategies to attain Nigeria’s dream of becoming one of the top 20 economies of the world by the year 2020. She however observed that corruption may stand as an impediment to that dream, and therefore called on the public, private and social institutions to enlist in the war against corruption in a preventive and pro-active manner.

   

SPECIAL FOCUS

List of Major Debtors in Nigeria

 

List of Bad Debtors in Federal Mortgage Bank of Nigeria (FMBN)

 

NEMA@10: The Story So Far

 

Questions and Answers on the Examinations of the 14 Banks by CBN

 

FEATURES

Africa's Foreign Reserves: In Reserve For Who?By Chika Ezeanya

 

Churches and Mosques Should Pay taxes - Mcdonald Koiki

 

Deregulating Robbery in Nigeria By Kola Ibrahim

 

Understanding Monetary Policy By Abubakar Jimoh

 

The Making of Ideal Economic Policies By: Salim Salihu Muhammed

 

The Putrid Mess Also in CBN By Les Leba

 

Still on Early Warning Alert System in Nigeria By Yushau A. Shuaib

 

District 9 and the Can of Wild Paradox by Segun Imohiosen

 

Nigeria: Time to Check to the Drift By Dansulieman Mohammed

 

Golden Casket: Between Gani Fawehinmi and Wacko Jacko- By Yushau A. Shuaib

 

NIGERIA@49: Tracing the Economic Intervention- By Abubakar Jimoh

 

NASENI: Striving to end Nigeria’s reliance on foreign good – By Umar Kari

 

Macroeconomic Framework for an Independent Economic Recovery- Salihu Muhammad

 

When Sony Undermines Campaigns of Akunyili and Aoandoka- By McDonald koiki

 

Archetypal Resurgence: The Lamido Sanusi Revolution- By Segun Imohiose

 

Banks and Money Laundering- By Les Leba

 

Oronsaye’s Civil Service reform- By hussaini Sani kagara

 

New Policy in the Civil Service: Hypocrisy at Work? –By Tope Ajakaiye

More Features

 

TAX MATTERS

* Church and Mosque Not Exempted from Tax - FIRS

… Use of Consultants for Tax Collection is an Aberration

*Finance Minister Advocates Partnership on Tax Issues

*FIRS Reopens PAN, Vows to Prosecute Defaulters

*How We Generate N808bn in Tax Revenue Within Six Months- FIRS Boss

*FIRS Generates Taxpayers Numbers for Bank Customers

*Historical Milestone as Online Tax Payment Begins

*FIRS Seals Two Oil Companies Over $610m Tax Arrears

*Firms Owed Govt N260b in Taxes

*Tax Identification Number to Reduce Tax Evasion- FIRS Boss

*Revenue Agencies to Make Full Disclosure- Finance Minister

*FIRS Delists 2 Banks over Non-Remittance of Tax