Delegates to the ongoing National Conference yesterday resolved to set a three year moratorium within which to abolish the payment of fuel subsidy.
This is a compromise position of the delegates who disagreed sharply on whether or not to abolish fuel subsidy regime in the country.
The conference committee on Public Finance and Revenue had recommended total removal of fuel subsidy due to the massive corruption associated with it.
While some delegates agreed with the recommendation others opposed it and urged the conference to reject it.
Yesterday Deputy Chairman of the conference, Chief Bolaji Akinyemi read out a compromise motion on the issue which he subjected to a voice vote.
The motion was presented by Labour delegate, Chief Dan Nwanyanwu and seconded by Dr. Joe Nwogu.
In the end delegates agreed on a three year moratorium to remove fuel subsidy on the condition that the Federal Government should fix old refineries and establish new ones before implementing withdrawal of fuel subsidy.
Delegates noted that the establishment of refineries would mitigate the negative effects of withdrawal of subsidy on fuel.
Delegates adopted the recommendation that the budget of Revenue Mobilization and Fiscal Commission shall be on first line charge but rejected the recommendation that amendment be made to ensure that salaries of elected officers shall be in line with that of the civil servants.
They also rejected that recommendation that the Fiscal Responsibility Act be enshrined in the constitution.
The recommendation that designated departments and agencies must comply with the constitutional provision which required that they should remit a percentage of they revenues generated to the federation and to withhold 20 per cent was also rejected.
Also rejected was the proposal for the establishment of Revenue Courts to expedite prosecution of offenders.
The proposal that a solid mineral development agency be created was not approved while the recommendation that solid mineral development fund be increased from 1.65% to 5% was accepted.
Delegates rejected the proposal that the fund should be operated as a venture capital while they accepted that the fund be deducted from the total revenue and not from the federation account.
Delegates accepted that solid minerals and mines should be included in the Concurrent Legislative List of the Federation.
The proposal that the Sovereign Wealth Fund be funded from the Federation Account and not from the excess crude account was a rejected.
They accepted the proposal that indiscriminate approval of waivers should be stopped.
They rejected that recommendation that government should devise a safety valve for Ministries Departments and Agencies to retain a percentage of their obvious budgets until a new budget.
They agreed that debt ceiling should be placed on government borrowing which shall be by way of bonds.
In other words, government borrowing should only be by bonds.
Delegates accepted the proposal that the Federal Government should source for funds to revamp steel companies through Public Private Partnership (PPP).
They accepted that government should enact an ill-gotten Gains Act that will place the burden of proof of innocence on the accused.
Delegates accepted the recommendation that the retinue of public office holders at all levels should be reduced drastically.
They rejected proposal that port development and ownership should be on the Concurrent List and also rejected the recommendation that the legislature should strengthen and perfect its oversight function
Delegates rejected that proposal that a minimum of 30 per cent in the Excess Crude Account should be transferred to Sovereign Wealth Fund.
The implication is that the recommendation that 50 per cent of ECA be transferred SWF remained.
The proposal that debt monitoring offices should be established in each state to monitor the utilization of projects of borrowed funds was accepted while the recommendation that 10 per cent of ECA should be devoted to Agricultural Fund accepted
Delegates rejected the proposal that tax waivers should only be limited to military hardware while they also rejected the recommendation that VAT revenue should not be sent into the distributable pool but should be retained in the states where they are generated. Click to signup for FREE news updates, latest information and hottest gists everyday
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When will this silly gathering discuss the issue of corruption, the killer of the nation? When will they discuss who gets the short sleeve and who gets the long sleeve? I guarantee you they never will. They've talked about silly things like people urinating on the side of the road and stupid things like that, but never the important matters. When will they discuss abolition of states in favor of something more practical for our corrupt society. This conference is a total waste of time and money. Nothing of substance will ever come out of it.
ReplyDeletehow will something come out of this conference when the delega5essential are the same people who has been raping Nigeria.
ReplyDelete