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INSECURITY! Senate resolves president, HoR speaker to be part of weekly security briefings
…lists out 28 recommendations towards putting Nig on a sound footing
…to incorporate outcome of Ikoto Ekpene retreat into its Legislative Agenda
…demands reviewal of Stamp Duty Act of 1939
The Senate has resolved that it wants its president and House of Representatives Speaker to be part of weekly security briefings that goes to President Bola Tinubu.
TheNewsGuru.com, (TNG) reports this development was part of the 28 recommendations made at the just concluded Senate retreat held at Ikoto Ekpene, in Akwa Ibom State.
Some of the key recommendations as stated in the eight page communique includes:
*There is a need for the Senate President and the Speaker, House of Representatives to be part of the weekly security briefing that goes to the President.
*The Senate should develop its Legislative Agenda based on the outcome of the retreat.
*The situation where many agencies of government are involved in collecting taxes and new laws continue to make it the responsibility of these agencies to collect taxes should be halted,through a legislative resolution.
*Bills on taxes should be presented as Executive Bills and not as private member Bills.
*There is a need to review the tax waiver policy to ensure it is aligned with the revenue mobilization drive of the government by making the waiver process more transparent and accountable.
*To address exchange rate management issues, challenges of inflation, address poverty, and create jobs, there is a need to consider and approve the Emergency Economic Intervention Bill from the Executive as a proposed legislation from the Presidential Committee on Fiscal Policy and Tax Reforms.
*Establish clear and transparent guidelines for revenue retention. The government should establish clear and transparent guidelines for the amount of revenue that revenue-generating institutions are allowed to retain. These guidelines should be based on objective criteria, such as the institution’s verified operating costs and investment needs by the relevant authorities and committees of the National Assembly.
*Need to enhance public spending efficiency, by tackling corruption in Government spending in order to provide commensurate fiscal exchange to citizens and boost tax morale.
*Need for effective management of resources by adopting technology in expenditure management, driving adherence to fiscal rules and benchmarks, establishing a national fiscal risk framework for revenue, debt and expenditure.
*Nigerian Government should consolidate revenue collection into a single agency like the FIRS. This would simplify the tax system, reduce duplication of efforts and make it easier for taxpayers to comply with the law.
*Work with the Executive to review the National
Development Plan to integrate the 8-point Agenda of the President and consider legislating aspects of the Agenda for holistic implementation.
*There is a need to consider relevant constitutional amendments to pave the way for a 5-yeardevelopment plan to cater for projects and ensure continuity while limiting abandoned projects.
*Enforce consequences for violations of any provisions of the law regarding monetary and fiscal matters. This will require amendments to the relevant laws to ensure effective oversight and enforcement of the consequences, as the case may be.
*Need for legislation that clearly defines the taxing rights of the three levels of government.
*Need for legislative intervention to promote the optimization of revenue from non-oilsources, especially in the solid mineral sector.
*Enactment of an Emergency Economic Intervention Bill. This will address critical socio-economicissues
concerning foreign exchange management, tackling inflation, stimulating economic growth, and creating more
jobs.