BusinessDay
NigeriaDecides2023

Five things to know to start your Tuesday

Buhari charges Nigerian politicians to emulate late Saraki virtues

President Muhammadu Buhari has urged Nigerian politicians to emulate the virtues of the late Olushola Saraki, father of former Senate President Bukola Saraki, by engaging in politics of development.
Buhari, who was represented by Gov. Babagana Zulum of Borno, said this at the 10th memorial anniversary of Saraki in Abuja on Monday.
“Saraki was a Nigerian statesman who participated in the evolution of Nigeria’s political development.
“He is one of the politicians that earned the respect of many Nigerians. We appreciate his contributions to our polity.
“I want to use this opportunity to ask my fellow politicians to take lessons from the lecture that he has delivered with a view to moving Nigeria forward,” he said.

Read also: Underage voters raise concerns on INEC’s registration

FIRS seeks harmonised systems among tax administrators

Muhammad Nami, Executive Chairman of the Federal Inland Revenue Services (FIRS), has urged Commonwealth Association of Tax Administrators (CATA) member states to harmonise their tax systems.

Nami made the appeal on Monday in Abuja at the 42nd Technical Conference of CATA with the theme, “Tax Administration in the Digital Era.”

The FIRS boss described it as part of a reform that must happen for governments to close leakages and shore up revenue.

The conference, which is slated to last for five days, will bring together tax administrators and practitioners to propose plausible solutions to contemporary tax issues.

According to Nami, in recent times, there has been an upsurge of disruptive technological innovations in the business environment.

“These have triggered peculiar issues that tax authorities are grappling with.

“The business world is in a state of flux, while the character of data and its management keeps changing.

“Consequently, tax administrators are under compulsion to align their mandates with the changes arising from technological advancements.

“In matching the pace of advancement in technology, tax administrators must remain bound by the laws, regulations, and codes that safeguard the sourcing, storage, processing, and management of data,” Nami said.

Adeleke tasks appointees on good governance, says workers’ welfare paramount

Gov. Ademola Adeleke of Osun on Monday urged the newly appointed political appointees to brace up for the delivery of good governance, saying his administration will accord workers’ welfare priority.

Malam Olawale Rasheed, who spoke on behalf of Adeleke, gave the assurance at the swearing-in ceremony of his Chief of Staff, Kazeem Akinleye, and the Secretary to the State Government, Teslim Igbalaye.

Adeleke described the new appointees as “worthy sons of Osun and strong members of the Imole Team” who have the state’s best interests at heart.

He added that both appointees would help drive the realisation of his five-point agenda.

“I task you to brace up to meet the challenges on ground. We are hitting the ground running by addressing a lot of complications we met on ground.

“It is your duty to be a team player and deploy your wealth of experience for the success of our administration,” he said.

An excited Igbalaye, speaking after his appointment was confirmed, promised to give his best to ensure that Adeleke’s administration takes Osun State to the promised land.

Crude oil price rebounds on production cut rumors

West Texas Intermediate (WTI) traded above $77 per barrel on Monday following a rumour that the Organization of Petroleum Exporting Countries (OPEC) was set to cut production as concerns about weak demand grew.

According to Trading Economics, the Eurasia Group said that major oil producers were considering a new production cut when they meet on December 4th, after agreeing in October to reduce their output target by 2 million barrels per day through 2023.

Some major political events happening in China’s two biggest cities, Beijing and Shanghai, about the new COVID-19 restrictions are worsening the country’s demand for oil.

This was followed by a drop in demand from the U.S. and Europe as monetary tightening continued to stoke fears of a recession.

Cryptocurrencies going under following increased pressure

Bitcoin has been under intense pressure as it traded below $16,000 following increased regulatory pressure as investors continue to fret over the long-term future of the cryptocurrency industry.

This pressure was exacerbated following the insolvency of the crypto exchange giant FTX.

According to Trading Economics, crypto firm BlockFi was the last key player to file for Chapter 11 bankruptcy, with more than 100,000 creditors and a balance sheet with liabilities and assets ranging from $1 billion to $10 billion.

The threat level for the industry went to a dangerous level after Sam Bankman-Fried’s cryptocurrency exchange FTX went from a $32 billion valuation to bankruptcy in a matter of days as liquidity dried up.