The Nigeria Youth Organization NYO’s much anticipated National Leadership Retreat was held on Thursday, 5th December, 2024 within the exotic ambience of Oriental Hotel, Victoria Island, Lagos, and it was indeed a colossal gathering of proactive youth delegates like never before in the history of any Youth organization in Nigeria, to discuss many vital issues of National interest with the apt theme “Inside the Rubbles of Gold: The Good of our Country.”
Put together by the National Leadership Retreat Organizing Committee of the NYO, chaired by Mr. Kingsley Okes Idisi, the event heralded a new dawn for Nigerian Youths and its inclusion in Policy making and state affairs on a higher scale. As a prelude to the retreat also, there was a special Meet & Greet organized by the committee on the 4th of December at Jeromeos Billionaires Lounge where NYO delegates that virtually flew in or drove down from all across the length and breadth of the country, gathered for an unwinding session and the opportunity for familiarization.
Guests and Awardees that highlighted this year’s retreat who attended or were represented in differing capacities included Lawal Pedro SAN, Hon. Attorney-General & Commissioner for Justice, Lagos State, Obiefuna Ezenwugo, Director, Trovotech Ltd., Mrs. Toke Benson-Awoyinka, Commissioner for Tourism, Arts & Culture, Mr. Mobolaji Ogunlende, Commissioner for Youth & Social Development, Lagos State, Oluwaseun Osiyemi, Commissioner For Transportation, Lagos State, Cmrd. Mrs, Ogunsola Elizabeth, Past Vice President of the Nigeria Youth Organization, Dr, Barry AvotuJohnson 1st, Country Director, Votes Must CountInitiative, CP Olanrewaju Olawale Ishola, Commissioner of Police, Lagos State, mrd.mmanuel Ogbonnaya Mbah, National Deputy Youth Leader, South Labour Party Nigeria, and Aare Oladotun Hassan Esq., Secretary General, Nigeria Ethnic Nationalities Youth Leaders Council.
While addressing journalists, the erudite National President of the Nigeria Youth Organization, Comrade Duke Alamboye said amongst many things:
“Today is our National Retreat. You know, for every company or organization, there is a time to dine out and set a spade for the next academic year, to preview what has been done in the past while linking it to national issues because we are a national body. We are here to address issues plaguing the country as well to review the Tax Reforms that is currently ongoing, and how pro- Nigerian it is as well as what the benefits are. It is a time to get ourselves prepared and align with the plans for the fiscal year and how we will be moving on for the rest of the fiscal year.”
Watch the full interview below:
While giving his welcome address, Dr. Alamboye, looking resplendent and charismatic, thanked all present, especially delegates that gave their time and resources towards the successful hosting of the National retreat as well guests and journalist. Amongst the main issues he proceeded to highlight was the current Tax reform bill, which he described as “a comprehensive legislative effort designed to consolidate the existing Tax framework to revamp our approach to income, transaction sand instrument taxation.” He said the phrase, “Rubbles of Gold”, aptly captures Nigeria’s potentials, a nation blessed with abundant resources and talent often hindered by systematic inefficiencies and policy bottlenecks. Speaking on the tax bill latest development, he gave a background information on how president Bola Ahmed Tinubu proposed sweeping reforms on the National fiscal landscape. He explained the key provisions which according to him, many people, including members of the National assembly, don’t truly comprehend as a result of its voluminous nature which includes increasing the Value Added Tax from 7.7% to 15% by the year 2030.
Company income tax would also experience a 27.5% raise in 2025 reducing to 25% in subsequent years with a provision ensuring minimum effective tax rates of 15% for mass corporations.
According to him, this simply implies that the tax is reduced so that local investors can function properly. It would also be used to checkmate corporations from springing excessively and performimg illegalities as a result of the low rate.
He also said a 4% development levy on corporate profits for funding noble initiatives such as student loans would be effected. He cited the example of multinationals recently arrested for cybercrimes. They make money from our country without paying tax, a condemnable feat that Nigerians can never be allowed to practice on their own turfs. He said our country is losing a lot of revenue with this worrisome trend. He also stressed the disparity in pay packages between local and foreign technicians and how the foreigners don’t even pay VAT. He explained that the aim of the credible Tax exercise is to practice what other countries do as a well in order to maximize our Tax income for credible national ventures. As long as economic activities take place, he said the country will make money from VAT producing or not producing.
He also talked about excesses taxes on games explaining that a 5% excise duty would be charged on lottery and games businesses highlights the governments focus on the governments agenda of revenue diversification. He said while bill aims at bolstering National Revenue, it has drawn criticism from various quarters, including governors and traditional rulers from Northern Nigeria with the argument that it affects some national economies. According to Dr. Alamboye, there is a critical balance in the view which could be a call to awaken many governors to be more proactive. He said many states don’t think on how to generate revenue internally, but would rather depend on the monthly federal allocation. He applauded the Government’s move of now appropriating each state’s contribution to the national purse to the volume of allocation to be henceforth awarded transmuting to improved productivity in the private and public sector of each state ideally.
Talking on the Pros of the Tax reforms, he said the reform will sufficiently boost government revenue, funding critical sectors like Education and infrastructure through local funding. By imposing minimum tax threshold for multi-national companies, tax avoidance by large entities would be avoided. Corruption would also be reduced and local content can be effectively funded.
Revenue from local development levies would also be channeled towards embarking on strategic projects like student loans, fostering long term national development.
Amongst the Cons highlighted by Dr. Alamboye included high VAT rates could exarcebate inflation leading to high cost of living for Nigerians. Economic restraint on businesses i.e. Small and Medium scale businesses may also struggle with high tax volumes potentially straining entrepreneurship and job creation. Regional disparities could lead to states with less economies suffering.
Finally, he surmised that our country strength lies in its residence and its ability to adapt. He said while the Tax Reforms poses challenges, it also presents opportunities to address systematic ineffectiveness while driving conclusive growth. He therefore charged youth leaders to advocate for policies that protect vulnerability populations by expanding VAT inclusion for essential goods and services, supporting small and medium scale businesses through tax credits, grants and capacity building projects. Improvisations for small scale and medium scale should also be explored. He then called for enhanced accountability to ensure that generated revenue are effectively utilized for public growth.
Finally, in his call to action, he said :
“The Nigeria Youth Organization must serve as a breach between policy makers and the public fostering dialogue, and ensuring that reforms reflect the collective aspirations of Nigerians. Let us champion everything, policies, hold leadership accountable and remind our nation that even in the rubbles, there lies gold. In the spirit of our shared vision, Let us commit to working for a prosperous and inclusive Nigeria.
The second speaker and Chairman of the National Retreat Organizing Committee, Comrade Idisi, who earlier addressed media men, in his general opening address, welcomed everyone while harping on the theme, Rubbles of Gold: The Good of our country, citing the country’s worst records overtime like being number 3 most corrupt nation and its deplorable poverty rating as not being a barrier to the greatness that can still be achieved despite all the daunting challenges. He talked about youths that have stood tall and made the country proud in various fields of endeavours, people like Mrs. Ngozi Okonjo-Iweala, and charting a new course for youths now and yet unborn to achieve their greatness. He stressed Fiscal federalism and its effect on the youths and its example as evidenced in the USA. He gave kudos to President Bola Ahmed Tinubu for his subtle policies towards Fiscal Federalism citing Local Government Autonomy as a perfect example. The proposed Tax Bill was also praised as a good move with much emphasis laid on the consumption-based Value Added Tax angle being a very good source of wealth generation for deserving states henceforth.
“So, what this portends is that I cannot just produce tea in Lagos where my head office is, and the tea Is sent to other parts of the country for consumption whereas, I stay here and enjoy all the value added tax entitlements” he explained.
He also talked on the rule of law and how youths would benefit greatly from its proper application at the end of the retreat. He told the story of a colleague who intervened in the case of an accused 25-year-old youth who had been in jail for over a year and how that very same day, the case was struck out. He stressed the rule of law as being key to Nigeria youth getting something out of the rubbles. He said a system is needed that would speak truly to the integrity of the rule of law for true fairness and equality in the country.
Guest speaker and chairman of the event, Mr. Obiefuna Ezenwugo, Co-founder/Director of Trovotech Ltd, a tech tart up that has been approved by the Securities and Exchanege Commission to deliver asset tokenization solutions to help develop and deepen the Nigerian Capital Market , spoke on the event being a remarkable one, stressing the many hidden talents inherent in Nigerian Youths. He said there are many good things happening in Nigeria but most times, it is the wrong images that are being projected. He said if we look inwards, we would discover that there are so many opportunities that could be tapped into by the youths. He charged the youth to really look inwards by getting educated, gaining experience and making themselves useful.
Speaking about the Tax Reform bill, he stressed that although no nation can survive without tax, Nigerians need to be very careful in their approach to the matter because a lot of people are low income earners. He said considering such people, we would new to formulate a Tax Bill where high income earners could be mandated to pay more because paying more by low income earners would lead to more penury.
According to him, the Tax Reform development is a great development for his industry which is the Virtual Asset, because at the moment, there is no standard regulatory framework guiding his industry yet, but hopeful, the statutes would play out positively. He said the motivation of Trovotech Ltd to partner with NYO is based on its youth-based orientation. Trovotech, beign into evolving technology is targeted at youth, who are the driving force of the economy.
Watch interview below:
Also addressing journalists, National Welfare Director, Hajjia Fatima Yusuf who travelled all the way from Kaduna state said her motivation to be a part of the organization was that youths are always left behind in all spheres of Nation building and National development, hence, it is important for youths to look out for themselves. She said as the National Welfare Director, part of her duties are to ensure that palliatives and relief materials are delivered to communities and zones where youths are in distress.
She highlighted the work that the NYO has been doing in IDP Camps as well as the impact of the NYO during its collaboration with the Nigeria Police for the recent Cybercrime Week. She also said that NYO is a self-sustaining, internally funded organization which was borne out of great sacrifice by committed youths across the country.
Other guest speakers who made meaningful impact during the National retreat were veteran actor and Nollywood foundational member, Mr. Jide Coker, who spoke on the impact of creativity and the abounding opportunities in the Nigerian film industry that youths can take advantage of, while another astute speaker and media industry practitioner, Mr. Kayode Ajala, highlighted issues of effective communication and how Youths can be diversely creative to bring their innate talents to the fore despite the daunting challemges currently being experienced by many youths in Nigeria today.
To cap the glorious event, awards were given out to deserving private individuals and corporate entities that have contributed meaningfully to the growth and development of the Nigeria Youth organization on a grand scale. Major winners of the award include Trovotech Ltd., and Adini Homes, Abuja.
Other activities of the Nigeria youth Organization National Retreat continues today, Friday 6th of December, with a Boat Ride To & Fro Takwa Bay for a special picnic to celebrate the successful hosting of the retreat, thereby bringing a beautiful conclusion to a grand event brilliantly put together by the sacrifice and ingeniousness of determined Nigerian youths with a strong mission to make a positive change in the leadership and youth inclusion in the policy making of their beloved country.
