Business
MWUN Commends Federal Government for Reducing Maritime Agencies’ IGR Deductions to 20%
The Maritime Workers’ Union of Nigeria (MWUN) has expressed gratitude to the Federal Government for reducing the mandatory deduction from the Internally Generated Revenue (IGR) of maritime agencies, including the Nigerian Ports Authority (NPA), from 50% to 20%. The union views this decision as a significant victory for the welfare of maritime workers and the sustainability of port operations.
Background:
The Federal Government previously mandated a 50% deduction from the IGR of all Federal Government-Owned Enterprises (FGOEs), including the NPA, as part of efforts to increase federal revenue. This directive was met with opposition from the MWUN, which raised concerns about the negative impact on workers’ welfare and the maintenance of critical port infrastructure.
Union’s Advocacy:
Adewale Adeyanju, President General of MWUN, highlighted the union’s proactive efforts in lobbying the government to reconsider the initial directive. The union argued that the NPA, being a self-funding agency, needed to retain at least 70% of its IGR to manage and upgrade port infrastructure effectively. MWUN engaged in discussions with the former Managing Director of the NPA, Mohammed Bello-Koko, and formally communicated their concerns to the government.
Significance of the Decision:
The reduction of the IGR deduction rate to 20% is seen by MWUN as a critical development that ensures maritime agencies can meet their financial obligations, including salaries and pensions. Adeyanju emphasized that reducing the agency’s revenue by half would have severely impacted workers’ welfare and retirees’ benefits.
Equitable Treatment Across Sectors:
Adeyanju also pointed out the importance of treating maritime agencies fairly, similar to reductions granted to the aviation sector. He stressed that such considerations are vital for the continued viability of the maritime sector.
Appreciation to the Government:
The union thanked President Bola Tinubu for the decision, viewing it as a sign of the government’s commitment to the welfare of Nigerian workers and the recognition of the crucial role maritime workers play in the nation’s economy. Adeyanju concluded by expressing sincere gratitude on behalf of the union and its members.
Conclusion:
The MWUN remains dedicated to advocating for the interests of its members and ensuring the continued growth and stability of Nigeria’s maritime sector. The reduction in IGR deductions is seen as a positive step toward achieving these goals.
Former Kaduna Central Senator Shehu Sani has criticized the World Bank for worsening Nigeria’s economic difficulties. In a post shared on X, Sani accused the institution of projecting that Nigeria’s hardship would extend for another 15 years before the country could reach a better economic future. He questioned how many Nigerians would be left to enjoy that future, and how many African nations the World Bank has successfully helped to prosperity.
Sani’s remarks follow the World Bank’s latest *Africa’s Pulse* report, which forecasts that the Nigerian Naira will be among the worst-performing currencies in Sub-Saharan Africa by August 2024. The report placed the Naira’s decline alongside that of the Ethiopian Birr and South Sudanese Pound.
Heirs Insurance Group (HIG) recently announced impressive financial results for the 2023 fiscal year, marking significant growth across all key metrics. The Group’s Gross Written Premium (GWP) surged by 59.3%, from N19.9 billion in 2022 to N31.7 billion in 2023. This remarkable performance underscores HIG’s resilience and operational efficiency, further solidifying its position as one of Nigeria’s fastest-growing insurance firms.
Heirs General Insurance (HGI) saw a 77% increase in GWP, reaching N12 billion in 2023. HGI’s profit before tax (PBT) also rose by 203%, reflecting the company’s effective cost management. Similarly, Heirs Life Assurance (HLA) reported a 71% GWP increase and a staggering 395% rise in PBT. Both companies have demonstrated a strong commitment to customer satisfaction, disbursing billions in claims.
Beyond financial success, HIG actively engages in corporate social responsibility (CSR) projects, contributing over N100 million to education, community development, and financial literacy. With plans for future expansion and innovation, HIG is poised to remain a key player in Nigeria’s evolving insurance market.
Federal Capital Territory (FCT) Minister, Nyesom Wike, has called on Nigerians to fulfill their tax obligations, emphasizing that government revenue is essential for delivering social services. Wike made this appeal during the inaugural Abuja Business and Investment Summit, held in Abuja on Wednesday.
Speaking on the summit’s theme, “Optimising Investment Through Partnerships,” Wike stressed the importance of collaboration to generate investment opportunities. He dismissed the misconception that the government does not need revenue, explaining that taxes are crucial for funding public services.
Wike reiterated that both investors and the government must benefit from such partnerships, ensuring that both parties “go home smiling” through a fair exchange of services and taxes.
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