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SHONEKAN DID HIS BEST FOR NIGERIA, SAYS SANWO-OLU

Lagos State Governor, Babajide Sanwo-Olu, has mourned the passage of the former Head of the Nigerian Interim National Government, Chief Ernest Shonekan.
Shonekan, who succeeded former Military President, General Ibrahim Babangida, died on Tuesday in Lagos at the age of 85.
Governor Sanwo-Olu described late Shonekan, as a renowned technocrat, seasoned administrator and passionate leader who served his country meritoriously as a public servant during his short tenure as Number One Citizen in Nigeria.
He said the former elder statesman did his best for the country in contributing to the growth and development of Nigeria during his tenure as Head of the Interim National Government.
Sanwo-Olu in a condolence message issued by his Chief Press Secretary, Gboyega Akosile, on Wednesday, also praised Shonekan’s contribution to the economy of Nigeria as boardroom guru and employer of labour, especially during his tenure as the Chairman and Managing Director of the United Africa Company (UAC).
The governor also commiserated with Ogun State Governor, Prince Dapo Abiodun, and the entire people of the State, especially, indigenes of Abeokuta, on the demise of their illustrious son and elder statesman.
He said: “On behalf of the Government and people of Lagos State, I want to express my sincere and heartfelt condolences to the family, friends and associates of Chief Ernest Shonekan.
“I pray that God will grant him eternal rest and give his immediate family, friends, associates and the people of Ogun State, the fortitude to bear the irreparable loss.”
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SANWO-OLU ASSURES LAGOSIANS OF ECONOMIC SUSTAINABILITY

Governor Babajide Olusola Sanwo-Olu has assured Lagosians that the State will continue to sustain its enviable status as the fifth largest economy in Africa and also achieve its vision to become Africa’s model megacity as well as a global economic and financial hub that is safe, secure, functional and productive.
Sanwo-Olu gave the assurance at the Year 2022 edition of the Punuka Annual Lecture with the theme:
“Taxation of the Digital Economy: The Challenges and Prospects for the Nigerian Economy”, held recently at Metropolitan Club, Victoria Island.
Governor Sanwo-Olu, represented by the
Commissioner for Finance, Dr. Rabiu Olowo, reaffirmed Lagos State’s commitment to improving the ease of doing business through the development of Small and Medium Scale Enterprises (SMEs) and ensuring overall prosperity for every citizen.
He averred that the Lagos State Government will continuously seek ways of improving revenue generation through a tax system that is modern, efficient and effective, noting that it is in this regard that the present administration considers the lecture timely and relevant.
Sanwo-Olu said the State faces major challenges in taxing income/profit accruing from e-commerce and digital activities as the transactions more often than not transcend borders, while the contracting entities usually do not have a fixed base (tax residence rule) in the State.
Explaining that the trend has made it difficult to trace, track and establish taxing rights over the huge profits made by multinational enterprises and individuals, the Governor said the inability to garner the requisite tax income from such e-commerce businesses is detrimental to revenue collection/generation.
According to him, the emerging trend requires laws to regulate their operations, just as monitoring will also help to establish the economic presence of these entities for tax purposes.
Mr. Governor reiterated that the State is always open to ideas, strategies and ways to effectively and comprehensively improve tax administration processes and procedures in line with emerging trends in the digital economy towards maximising its revenue generation capacity.
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