By Cross Udo, Abuja
The Federal Executive Council, FEC, on Wednesday, approved N9.24 billion for the 2022/2023 Group Life Insurance Cover for Nigeria public servants.
The Council also admitted that the Whistle-blowing policy that was launched on December 21, 2016 by the Federal Government and facilitated through the Federal Ministry of Finance to encourage people to voluntarily disclose information about fraud, bribery, looted government funds, financial misconduct, government assets and any other form of corruption or theft to the ministry has lost momentum.
The Minister of Finance, Budget and National Planning, Mrs Zainab Ahmed, disclosed this while briefing State House correspondents at the end of the Council meeting presided over by Vice President Yemi Osinbajo, at the Council Chamber, Presidential Villa, Abuja.
Ahmed, who spoke on the approval of the memorandum, which she said was presented to the Council by the Head of the Civil Service of the Federation, Dr Folashade Yemi-Esan, explained that the insurance is meant to cover all government officials.
According to her, “The Head of Service of the Federation presented a memo to Council on Group Life Insurance Cover for the period 2022 to 2023. This is an insurance cover that is covering all government officials in all government agencies, paramilitary and intelligence agencies. Council approved the total sum of N9.24bn for insurance coverage for 2022 to 2023.
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“As you know, the insurance will take effect from the date of payment and in Nigeria, by our laws, the insurance cover is 30% of the annual emolument of any staff of government that is deceased and this cover is paid by the insurance company to the beneficiaries of the deceased staff”, she said.
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Speaking on the policy of whistleblowing the minister said that the policy rewards a whistle-blower who provides information about any financial mismanagement or tip about any stolen funds to the ministry’s portal with 2.5 percent five percentage from the recovered funds by the Nigerian government.
She said the council approved the draft bill to strengthen the fight against corruption and to also enable protection for whistle-blowers that provide information for use by the government.
She said, “The Ministry of Finance, Budget and National Planning presented several memos today. The first is the draft whistle-blower bill for 2022. This memo has been reviewed by the council and approved with a provision to ensure alignment with the Evidence Act.
“The purpose of operationalizing and putting in place a whistle-blower bill is to strengthen the fight against corruption and to also enable protection for whistle-blowers that provide information for use by the government.
“As you know since 2016, the council had approved the setting up of the Presidential Initiative of Continuous Audit (PICA). PICA has been working in partnership with EFCC, ICPC, DSS, and NFIU as well as the office of the Attorney General of the Federation.
“We noticed that the whistle-blower policy response has lost momentum. We embarked on engagements in the six geo-political zones and one of the main outcomes that we found is that people are concerned about their safety as a result of providing information. So this bill is critical to ensure the effectiveness of the retention of the whistle policy.”
Ahmed further said that the council approved the Finance Bill 2022 which is designed to support the implementation of the 2023 budget.
She said, “If you recall at the public presentation of the budget to the National Assembly, by His Excellency Mr. President, the President had committed to the parliament that the 2022 Finance bill will be submitted to the parliament by the Minister of Finance, Budget and National Planning to support the implementation of the 2023 budget.
“So we have been working on this bill and have done a lot of consultations. The bill we presented before Council today has five focus areas including tax equity reforms, climate change and green growth provisions, job creation and economic growth reforms, reforming tax incentives as well as generating revenue-enhancing tax administration.
“The purpose of the tax equity reforms is to combat tax evasion and aggressive tax planning practices that some companies operating in Nigeria are involved in but also enabling the utilization of ICT tools and using international best practice to assess taxpayer’s tax on a fair reasonable basis.
“The climate change green growth focus will complement non-fiscal reforms that are designed to reduce greenhouse emissions and also to facilitate domestic and international investment in climate adaptation, as well as mitigation and also to enhance green growth and create jobs.
“The third focus area, job creation, and economic growth are also designed to complement the ease of doing business and other reforms to support capital formation by the private sector as well as to foster enabling business environment for micro, small and medium enterprises for youth as well as women in businesses.
“It will also help to enhance the performance of businesses that are in the FinTech, the ICT, entertainment, fashion, sports as well as the art space.
“The fourth tax incentive is to phase out antiquated pioneer, and other tax incentives for mature industries and moving a revised set of incentives to real infant industries, through economic governance reforms, we’ve also made proposals to reduce tax expenditure which is equivalent to foregone revenue to support the fiscal space and also based on statistics to gradually transition away from expensive and redundant tax incentives to incentives that are rewarding performance.
“The fifth Focus Area revenue generation and tax administration are to complement the ease of doing business and other reforms that enhanced tax administration, as well as introduced targeted… this kind of non-fiscal reforms to amend, address and cure defects in existing tax and non-tax laws as well as regulations.
“This Finance bill is amending several fiscal laws, including the capital gains tax, company income tax, customs excise tariff Act, Federal Inland Revenue Service Act, personal income tax, stamp duties act, tertiary education tax, VAT act, Insurance Act, Nigerian police Trust Fund Act, as well as the National Agency for Engineering Act NASANI finance control management act, as well as the fiscal responsibility.
“So with this approval from Council, His Excellency Mr President will be conveying to the National Assembly, a request for the consideration of this bill.”
The Minister said the council also approved the memo for the design, construction, and supply of nine numbers Ballistic Riverian assault boats, as well as nine numbers patrol boats with all associated accessories in favour of Messers Sewa West African limited in the sum of N689, 722, 681.30 inclusive of 7.5 per cent VAT for the Nigerian customs service.
Minister of State for Budget, Clem Agba, said the council also approved the revised National Social Protection Policy presented by the Minister of Finance and Budget and National Planning.
Agba said, “Council approved the revised national social protection policy 2021 to 2025.
He explained that the revised national social protection policy is an offshoot of a previous policy that was implemented from 2017 to 2020.
The review was carried out in collaboration with all relevant ministries departments and agencies at both the federal and state levels as well as other key stakeholders, including development partners.
Minister of Power, Abubakar Aliyu said the council approved the contract for procurement of 20 number transformer tons ratio analyses awarded to Segulu Stembek Global Services Ltd, at the sum of N564, 231, 854.08 with 7.5 per cent VAT with a completely new period of four months.
He said the transformer tons, ratio analyser is a state-of-the-art testing device for reliable testing and diagnosing of power transformers, noting that the device being used before now was an old device.
