AO2LAW’s Post

Though am not the biggest supporter of the present Nigeria government but implementing the Steve Oronsaye’s report of 2012 on the restructuring and rationalisation of Federal agencies, parastatals and commissions is a huge step in the right direction toward reducing the cost of governance in the country. About 30% of Nigeria’s 2024 proposed expenditure ( of N28.78 trillion) is non-debt reoccurring expenditure of which personnel and overhead cost forms a big part of it and all steps to reduce this cost should be applauded. Below is the summary of the panel’s recommendations and hopefully this is a sign of more good things to come.

I recently watched the K-drama "Bloodhounds," which inspired me to reflect on the "loan-demic" affecting Tanzania. Predatory lending practices, particularly through unregulated digital loan apps, are causing widespread financial distress. Despite clear legal protections, enforcement is lacking. Drawing from Nigeria's successful crackdown on illegal loan apps, I believe it's time for Tanzania to take decisive action. We must leverage existing laws and create robust systems to protect citizens from these exploitative practices. 📄👇🏾 Read my full article for an in-depth analysis and proposed solutions https://lnkd.in/d3usNEh4

In 2012, NIMASA ignored FRC's call for audited accounts, highlighting the need for FRC to have real enforcement power. With Nigeria's external debt skyrocketing from $3.33bn in 2007 to $42.12bn in 2024, the FRA Amendment Bill is essential. This bill will enhance transparency, accountability, and fiscal discipline, ensuring better public finance management and economic stability. Supported by GIFT Cluster and USAID's SCALE project, we're advocating for this crucial amendment to secure Nigeria's financial future. Lawmakers, it's time to act! Read more about why this bill is critical: https://lnkd.in/d3funk2E #FiscalResponsibility #Nigeria #EconomicStability #Transparency #Accountability #FRAAmendment

PRESS STATEMENT!‼️ #FollowTheMoney and Connected Development [CODE]'s official statement on Supreme Court ruling on Local Government Autonomy in Nigeria✊ This is a welcomed development to Nigeria’s democracy, we call on State Governments to comply and ensure these local governments are truly autonomous. We also call on citizens to brace up for active participation in governance and play active roles to #FollowTheMoney for judicious public use👌 #FollowTheMoney #CivicResponsibility #LocalGovernmentAutonomy #AccountableLGAs

How effectively are states upholding fiscal transparency? 📊 Join Iyanuoluwa Bolarinwa , Sunday Odeh, and Nancy Odimegwu for #ThursdayTalks today at 5 pm as we discuss Nigeria's 36 states' performance in transparency, accountability, accessibility, and public finance management. Don't miss out—set a reminder here: https://lnkd.in/dXpqbzUF

If you care about local governance and want to understand what the Supreme Court's decision means for local governments in Nigeria, join Dataphyte Foundation today at 1 PM to hear from experts Chukwuma Chinye, Funmilayo Babatunde, and Afolabi Adekaiyaoja. #Nigeria #LocalGovernment

The Supreme Court's recent decision on local governments' financial autonomy is a game-changer for Nigeria’s governance and development! While it empowers local councils with direct access to their allocations, the judgment stirs up serious constitutional debates. Has the Court overstepped its boundaries to engage in judicial legislation or it is a case of clear usurpation of legislative function in terms of re-writing Section 162 of the 1999 Constitution, as Amended? More pungently, what does the decision portend for the doctrine of separation of powers?   In our latest article, we have interrogated these critical issues, examining whether this move could be seen as judicial overreach or a necessary step to cure a mischief to engender fiscal autonomy of the third tier. But one thing is clear: strengthening local governance demands more than just court judgments—it requires political will and institutional capacity.   As Nigeria strides toward consolidating her democratic credentials, it's vital that the Constitution be amended to reflect this new reality, ensuring that local governments can effectively contribute to inclusive growth for all Nigerians.   Click the link below to read the full analysis and join the conversation! https://lnkd.in/dqsaCAAC #Governance #JudicialReview #ConstitutionalLaw #NigeriaDevelopment #localgovernment #financialautonomy #allocations

💥 New Blog! Fair Finance Nigeria #FFNG recently met with the The Chartered Institute of Bankers of Nigeria - CIBN and the Banker Directors Association of Nigeria (BDAN). In this blog piece Fair Finance Nigeria outlines some of the topics discussed; from illicit financial flows, which has led to significant losses for the Nigerian economy, to how by monitoring the investments and support provided to businesses, especially in the #extractive and #fossilfuel industries, banks can mitigate adverse #environmental, #economic, and #social impacts. Read more about the meetings and Fair Finance Nigeria here ➡: https://lnkd.in/er3jbuPe #responsibleinvesting #sustainablefinance #ESG #transparency #genderequality Oxfam in Nigeria Connected Development [CODE] Policy Alert Civil Society Legislative Advocacy Centre (CISLAC) BudgIT Nigeria Henry Ushie Maxwell Osasere Osarenkhoe mTRCN

If the solution you are designing only addresses a small problem but creates an imbalance in the entire system, it should be discontinued—regardless of potential financial gains. Nigeria is currently facing the consequences of major economic imbalances because policies are often designed to solve isolated issues for a few, to the detriment of the broader system.

The Supreme Court ruling in the Delta vs ZIMRA case highlights critical issues that lead to high costs for businesses due to tax non-compliance. Key points from the ruling, some reflections from other cases, and Scanlen and Holderness Legal Practitioners' commentary are: 𝗠𝘂𝗹𝘁𝗶-𝗖𝘂𝗿𝗿𝗲𝗻𝗰𝘆 𝗧𝗮𝘅 𝗢𝗯𝗹𝗶𝗴𝗮𝘁𝗶𝗼𝗻𝘀: VAT and Income Tax must be paid in the currency of trade. Non-compliance results in expensive reassessments. 𝗙𝗿𝗲𝗾𝘂𝗲𝗻𝘁 𝗥𝗲𝗮𝘀𝘀𝗲𝘀𝘀𝗺𝗲𝗻𝘁𝘀: ZIMRA can reassess if self-assessments are unsatisfactory. Accurate tax filings are crucial to avoid additional liabilities and fines. 𝗥𝗲𝗴𝘂𝗹𝗮𝘁𝗼𝗿𝘆 𝗮𝗻𝗱 𝗖𝗼𝗺𝗽𝗹𝗶𝗮𝗻𝗰𝗲 𝗖𝗼𝘀𝘁𝘀: Constant changes in tax laws increase costs. Investing in strong compliance systems is essential. 𝗖𝘂𝗿𝗿𝗲𝗻𝗰𝘆 𝗜𝘀𝘀𝘂𝗲𝘀: Fluctuating currency regulations complicate compliance. Effective management is necessary to prevent financial exposure. 𝗖𝗮𝗿𝗱𝗶𝗻𝗮𝗹 𝗣𝗶𝗹𝗹𝗮𝗿𝘀 𝗼𝗳 𝗧𝗮𝘅 𝗘𝗾𝘂𝗶𝘁𝘆: Fair taxation based on the ability to pay. 𝗖𝗲𝗿𝘁𝗮𝗶𝗻𝘁𝘆: Clear and predictable tax rules. 𝗖𝗼𝗻𝘃𝗲𝗻𝗶𝗲𝗻𝗰𝗲: Easy tax payment processes. 𝗘𝗳𝗳𝗶𝗰𝗶𝗲𝗻𝗰𝘆: Low cost of compliance and administration. 𝗖𝗮𝗹𝗹 𝘁𝗼 𝗔𝗰𝘁𝗶𝗼𝗻 𝗧𝗮𝘅 𝗛𝗲𝗮𝗹𝘁𝗵 𝗖𝗵𝗲𝗰𝗸: Regularly review your tax status to minimize exposure. 𝗦𝗲𝗲𝗸 𝗧𝗮𝘅 𝗢𝗽𝗶𝗻𝗶𝗼𝗻𝘀: Consult experts on complex tax matters. 𝗚𝗲𝘁 𝗜𝗻𝗱𝗲𝗽𝗲𝗻𝗱𝗲𝗻𝘁 𝗢𝗽𝗶𝗻𝗶𝗼𝗻𝘀: Validate your internal tax views with external advice. 𝗣𝗿𝗲-𝗟𝗮𝘂𝗻𝗰𝗵 𝗖𝗼𝘂𝗿𝘁 𝗥𝘂𝗹𝗶𝗻𝗴𝘀: Obtain rulings on high-cost products/services before launch. 𝗧𝗲𝘀𝘁 𝗣𝗿𝗼𝗱𝘂𝗰𝘁 𝗥𝗶𝘀𝗸: Assess all risks, including tax risks, before significant investments. 𝗖𝗿𝗲𝗮𝘁𝗲 𝗧𝗮𝘅 𝗣𝗼𝗹𝗶𝗰𝗶𝗲𝘀: Develop robust policies to manage compliance risks. Invest in tax health checks and expert opinions. Ensure compliance, mitigate risks, and optimise financial health.