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Bill Gates, the Co-chair of the Bill and Melinda Gates Foundation, has explained why Nigeria receives the largest share of intervention funds allocated by the foundation in Africa.
Gates made this statement during an interview with selected journalists on the sidelines of the 2024 NutriVision Dialogue on Tuesday in Abuja.
He said, “We spend a lot in Asia, but we spend even more in Africa. The country where we spend the most in Africa is Nigeria.
“That makes sense because of the population and the incredible needs that are here. That means that I’ve literally spent billions in Nigeria.
“I’m glad that things like the child mortality rate have come down, but we could do a lot better.”
Gates emphasised that reducing global health inequality and eradicating measles, malaria, and polio are top priorities for the foundation.
He also mentioned that the foundation plans to increase its spending in the future, with a focus on improving primary healthcare.
“Our work is almost entirely focused on primary healthcare because the impact per dollar is dramatically greater than anywhere else,” he said.
Beyond health, Gates noted that the foundation also invests heavily in the agricultural sector, recognising that boosting agricultural productivity is crucial to Nigeria’s economic development.
He highlighted that this goal could be achieved through access to high-yield, climate-resistant seeds, fertilisers, improved and timely information, and better weather predictions for farmers.
According to him, these measures will significantly boost agricultural output and reduce food costs.
The philanthropist also stated that the foundation supports partners in implementing food fortification for staple foods, which enhances the nutritional quality of the food supply and provides public health benefits.
He stressed that access to a variety of low-cost foods, particularly milk and eggs, is crucial for reducing malnutrition.
Gates noted that the time is right to utilise innovative ideas and tools in the health and agricultural sectors to substantially reduce malnutrition.
Since its inception in 2000, the foundation has supported partnerships with African regional institutions, national governments, and local communities in 49 African countries.
A repentant female Boko Haram member, who underwent deradicalisation and resettled in Mafa Local Government Area of Borno, Fatima Musa, has said she regrets shredding into pieces her National Certificate in Education.
Musa made this known in Maiduguri on Tuesday during a community dialogue on understanding, tolerance and peaceful coexistence organised for the repentants and community leaders of Mafa.
The News Agency of Nigeria reports that the dialogue was organised by a community-based NGO, Allamin Foundation with support from the British Government under the UKaid.
Musa, who was deradicalised with other repentant women by the foundation, said many of them joined the insurgency at a young age after they were misled.
“We were misled as young people through the use of religion and later discovered that we went the wrong way after we were deradicalised by the foundation.
”We met with clerics who put us on the right track regarding Islam. We are now mature and more knowledgeable on Islam and the teachings of the Holy Prophet that promote peace and tolerance.
“I regret tearing my NCE certificate up when I made the mistake of accepting the twisted ideology that Western education was Haram.
“One of my prayers for now is to reach out to my father, who is now in a neighbouring country to beg for his forgiveness for joining the sect against his wish,” she said.
Also speaking at the dialogue, another deradicalised female, who identified herself as Bintu, pleaded for forgiveness from the people of Mafa and urged for support to the foundation to reach out to more women and men in the bush.
Bintu pointed out that a few cases of some repentants returning to the bush had to do with stigma and harassment by some people, telling them that they were doomed for hellfire fire in spite of their repentance.
“If you keep telling people they are doomed, they’ll say since there’s no forgiveness, they had better go back and continue.
“Some of the surrendered have easy money and others loot in the bush. They are struggling for survival with other citizens in their communities.
“Such repentants need to be encouraged to start a new life to sustain it,” Bintu said.
Some residents of Mafa who also spoke at the meeting, urged the government to do more on the deradicalisation and resettlement process through more empowerment support to victims and those that repented in line with transitional Justice.
The leader of the Civilian Joint Task Force in Mafa, Babagana Butu, said members now include some of the repentant insurgents.
”We patrol the area together. We provided them with farmlands to cultivate like everyone as part of the reintegration process.
“We want the government to also remember them in its empowerment programmes to enable them to sustain themselves and their families as well as contribute positively to the society,” Butu said.
In her remarks, the Executive Director of the foundation, Hajiya Hamsatu Allamin, said the dialogue was organised to discuss issues arising from the reintegration process and the way forward regarding challenges faced.
A lecture on Islamic ruling on peace, reconciliation and peaceful co-existence was delivered by a Consultant and Peace Mediator, Shiekh Ali Mustapha.
NAN
International football returns across Europe this week, less than eight weeks after Spain edged out England in the Euro 2024 final in Berlin.
AFP Sport picks out five storylines to follow around the continent ahead of two rounds of fixtures over six days starting Thursday:
Will Spain pick up where they left off?
Spain are on a high after their magnificent triumph at the Euros and their gold medal success at the Olympics.
Luis de la Fuente’s side are quickly back in action and have another title to defend, having won the last edition of the Nations League. La Roja are in Group 4 of League A and begin with an awkward double-header, a trip to Serbia being followed by a meeting with Switzerland in Geneva. Denmark complete the group.
Their squad does not feature the injured Alvaro Morata, Unai Simon or Mikel Merino, who all played in the Euros final, but wing stars Lamine Yamal and Nico Williams are involved. There are also new faces in Oscar Mingueza, the ex-Barcelona right-back now at Celta Vigo, and Valencia midfielder Pepelu.
“We will keep fighting and trying to go as far as possible in every competition,” insisted De la Fuente.
England start post-Southgate era
After missing out on Euros glory, England begin a new era with Gareth Southgate having stepped down.
He has been replaced on an interim basis by Lee Carsley, the England Under-21 coach. Carsley, 50, is for now only in charge for this double-header of Nations League matches, as England play Ireland in Dublin and host Finland at Wembley.
The English Football Association are buying themselves time as they search for a permanent successor to Southgate, with 2026 World Cup qualifying not beginning until next March.
But a good start may see them keep faith in Carsley for the rest of the Nations League campaign, in which England also play Greece after being relegated from the top-tier League A following the last edition.
Carsley’s first squad is missing the injured Jude Bellingham, but there are call-ups for the uncapped quartet of Noni Madueke, Morgan Gibbs-White, Tino Livramento and Angel Gomes.
Ronaldo plays on
Cristiano Ronaldo endured a disappointing Euro 2024, failing to score in five matches as Portugal went out in the quarter-finals. Many thought the 39-year-old might then accept it was time to retire, but coach Roberto Martinez has continued to back the former Real Madrid striker, naming him in the latest squad.
“When the time comes, I’ll move on,” Ronaldo, of Saudi club Al-Nassr, insisted on Monday after teaming up with the squad to play Croatia and Scotland at home.
Portugal will also come up against Poland in Group 1 of League A, as they aim to win the Nations League for the second time after triumphing in 2019.
An injury to Paris Saint-Germain striker Goncalo Ramos means Ronaldo is likely to play from the start.
New, or not so new, faces
There are other nations beyond England starting afresh under a new coach.
Ireland’s meeting with England will be the first game for their new Icelandic coach Heimir Hallgrimsson. Aged 57, the former Jamaica boss was appointed in July and will also lead the team in World Cup qualifying.
Wales are also under new management after failing to reach the Euros, with Craig Bellamy having replaced Rob Page.
Sweden play their first competitive matches under new coach Jon Dahl Tomasson, the ex-Denmark forward. Mircea Lucescu, now 79, has returned for a second stint in charge of Romania, 38 years after ending his first spell.
Trying to follow the format
This is the fourth edition of the Nations League, but the format has not got any simpler. New this time is the introduction of quarter-finals next March, involving the top two from each group in League A. The four-team finals will take place next June.
Teams finishing third in League A, and second in League B, will face off in relegation/promotion play-offs, with identical play-offs between Leagues B and C.
There is an impact on World Cup qualifying too.
The 12 group winners in European qualifying will go to the World Cup, with another four places going to winners of play-offs featuring the 12 runners-up plus the four highest-ranked teams in the Nations League who have not otherwise made it.
as/jc
© Agence France-Presse
Binance has asked the Nigerian government to release Tigran Gambaryan, its head of financial crime compliance.
A Binance spokesperson said on Tuesday that Gambaryan’s health condition is distressing.
On February 28, Gambaryan and Nadeem Anjarwalla, Binance’s regional manager for Africa, were detained by Nigerian authorities.
Although Anjarwalla escaped from the custody of the office of the national security adviser (ONSA), the firm and Gambaryan, in April, were charged with money laundering by the Economic and Financial Crime Commission (EFCC).
Gambaryan’s legal team and his family had previously raised the alarm that the Binance executive could die in Kuje prison if his health continued to deteriorate.
His wife, Yuki, said her husband’s health was getting worse and that he requires a “highly specialised and risky surgery” to treat the herniated disc in his back.
At the resumption of trial on September 2, the EFCC objected to the health claims made by Gambaryan, saying the situation “is not as serious” as portrayed.
Speaking on the development, the Binance spokesperson said Gambaryan’s health is “rapidly declining”.
“We are extremely distressed by the video of Tigran in court yesterday. This video is just a snapshot of Tigran’s current reality,” the spokesperson said in a statement made available to TheCable.
“His health is rapidly declining and we are deeply concerned about the long-term consequences of this unjust detention.
“Nigeria does not need to keep Tigran for us to settle any alleged past issues. We continue to implore the Government of Nigeria to let Tigran return home and let us continue in our engagements.
“Our recent resolutions with Brazil and India demonstrate how historical issues can be resolved through constructive dialogue and adherence to legal standards.
“This is the international standard of doing business.”
‘GAMBARYAN NEEDS SURGERY’
Gambaryan’s wife Yuki also raised concerns about the dismissal of her husband’s health issues.
Yuki said the prison had withheld his medical records, while she called on the US government to intervene in the matter.
“This situation is entirely unjust. My husband was unlawfully detained by the Nigerian government after being invited under false pretences for a meeting in their country,” she said.
“During this prolonged imprisonment, his health continues to deteriorate, and now, he is in so much pain that he can barely walk. The US government must do more to help Tigran.
“I urge them to use every available tool to free an innocent American who is at risk of permanent damage.
“I am also deeply concerned about recent statements from Nigerian authorities denying Tigran’s health issues. The truth is that the prison has withheld his medical records for months, and even the partial records they finally released today say that Tigran needs surgery. They cannot keep playing games with my husband’s life like this.
“This entire situation is inhumane and degrading, and I am fed up. There must be consequences for this disregard of law and human rights.”
Gambaryan’s bail application is expected to be heard on September 4.
[TheCable]
Presidential aide, Bayo Onanuga, says the Nigerian National Petroleum Company Limited (NNPCL) Limited admitted to having financial constraints because it can no longer subsidise petrol.
Onanugu, the Special Adviser on Information and Strategy to President Bola Tinubu, disclosed this in a post on X on Tuesday.
He said if the NNPCL continues to pay the difference between the landing cost and petrol price, the national oil company will go bankrupt.
Onanuga said NNPC’s debt was a result of the company’s efforts to absorb rising petrol costs and protect Nigerian consumers, rather than any government deception.
“NNPC cried out recently because it can no longer sustain the price differential on its balance sheet without becoming insolvent,” he said.
“The situation has greater implications for the ability of the three tiers of government to function as the NNPC has failed to pay into the Federation Account, the money that should go to the government.
“There are no easy choices. Something must be done to make NNPC survive, and keep the engines of government running and petrol flowing at the pumps.
“That is the scenario that is unfolding, and the game changer and big relief giver may well be the Dangote refinery and other local refineries, which will become the fuel suppliers to the local market.
“When Dangote Refinery and other refineries, including government-owned Port Harcourt Refinery, come fully on stream, our country and economy will benefit on all fronts. There will be many good paying jobs that will be created along the value chain.”
According to Onanuga, there will also be a drop in the huge demand for foreign exchange to import petroleum products.
Tinubu government did not lie about fuel subsidies
I have read a series of articles attacking the Federal Government for not telling the truth about fuel subsidy payments, following NNPC Limited’s admittance it was owing suppliers some $6 billion.
Earlier, the NNPCL increased the price of petrol to N855 per litre, but the landing cost of the Premium Motor Spirit (PMS) was around N1,200.
Media
Tinubu government did not lie about fuel subsidies
— Bayo Onanuga (@aonanuga1956) September 3, 2024
I have read a series of articles attacking the Federal Government for not telling the truth about fuel subsidy payments, following NNPC Limited's admittance it was owing suppliers some $6 billion.
Some of the stories have… pic.twitter.com/BrIjElDw2t
The Lagos State medical doctor, Idara Bassey, who was declared wanted in connection with the death of a 36-year-old woman during a buttock enlargement surgery at a clinic in Lekki Phase 1, is now in police custody, PUNCH Metro reports.
Our correspondent learnt from the state Police Public Relations Officer, Benjamin Hundeyin, on Tuesday, that Bassey is currently being investigated at the State Criminal Investigation Department in Panti.
Bassey had previously fled after Abiola died during a buttock enlargement procedure at her clinic on August 26, 2024.
The Brazilian Butt Lift is a cosmetic surgery procedure that involves removing fat from other parts of the body and injecting it into the buttocks to enhance their fullness and create a rounder shape.
Numerous medical experts have warned about the potential risks of the procedure, particularly following the death of a 31-year-old British woman, Melissa Kerr, during a similar surgery at the Medicana Kadikoy Hospital in Istanbul in 2019.
A BBC report in 2023 revealed that the deceased had not been given enough information to properly assess the risks of the BBL surgery before travelling to undergo the procedure.
Despite warnings about the risks of the enlargement procedure, more videos have surfaced online of women, especially in Lagos, claiming to have successfully undergone the surgery.
While the police confirmed to our correspondent that the nurse who administered the injection to the late 36-year-old had been arrested, the clinic’s owner became a suspect in the case, particularly following her disappearance.
PUNCH Metro reports that Abiola had visited the clinic for the buttock enlargement procedure, which tragically ended in her death after a nurse, allegedly acting under Bassey’s orders, administered an injection.
Earlier, she had left her home in the Diamond Estate, Sangotedo, in the Ibeju Lekki area and directed her driver to take her to the clinic for the procedure.
After the nurse allegedly administered the injection on the doctor’s instructions, the driver who brought Abiola to the clinic reported to the police that she had lost consciousness and began gasping for breath.
When contacted on Tuesday about the progress of the investigation, Hundeyin stated that the doctor is now with the SCID.
Asked whether Bassey would face charges and on what grounds, he said answers to these questions would be provided “after the investigation.”
Nigerians are expressing widespread frustration and concern as the price of petrol has surged to an unprecedented ₦855 per liter at Nigeria National Petroleum Company Limited (NNPCL) filling stations, particularly in Lagos.
This sharp increase has exacerbated the ongoing scarcity of the commodity, leaving citizens scrambling for fuel and struggling to cope with the rising cost of living.
The issue has sparked reactions across the country, with many taking to social media to voice their displeasure.
Notably, Nollywood actress and activist, Kate Henshaw, shared a video on her platform, lamenting that her driver discovered the new hike while attempting to purchase fuel.
She highlighted the sudden increase by over ₦200 per liter as particularly alarming.
This current crisis comes several years after the All Progressives Congress (APC), now the ruling party, had criticized the previous administration under President Goodluck Jonathan for setting petrol prices at ₦87 per liter.
Back in January 2015, the APC argued that the price of petrol should not exceed ₦70 per liter, accusing the then-government of exploiting Nigerians by forcing them to subsidize corruption in the oil sector.
The APC’s statement from 2015, released by Lai Mohammed, described the reduction of the petrol price from ₦97 to ₦87 as mere “tokenism” in light of the significant drop in global crude oil prices.
The party argued that even at ₦87 per liter, Nigerians were overpaying for petrol, subsidizing inefficiencies and corruption in the oil industry.
Now, nearly a decade later, the reality of petrol prices exceeding ₦800 per liter is causing widespread distress, with many citizens questioning the government’s handling of the oil sector and its impact on the economy.
APC at the time stated, “When crude oil was selling at 100 dollars per barrel, the landing cost of PMS without subsidy was 125 Naira per litre. Now that the oil price has crash to about 44 dollars per barrel, landing cost without subsidy is about 65 Naira per litre. The same goes for diesel which should not sell for more than 90 Naira per litre.
“While governments of countries which are not as economically endowed as Nigeria have reduced the pump price of fuel as far back as early January 2015, Nigeria that is the world’s sixth largest producer of oil is just announcing a price slash that is far below those countries.
“Early this year, Zambia slashed the price of petrol by 23 per cent while Tanzania reduced the pump price of the product by 16%. In the US, which until recently was importing crude oil from Nigeria, the price of fuel has fallen for 113 consecutive days as of January 16. Therefore, the 10.3% price slash in Nigeria is too meagre too late.”
Fast forward to 2024, petrol sells for over ₦1000 in some states currently due to scarcity.
The mother of late President Umaru Musa Yar’adua, Hajiya Dada, was laid to rest on Tuesday at the Danmarna Cemetery in Katsina amidst tears and solemnity. Her funeral prayer, led by Imam Aminu Yammawa, was conducted at the Yar’adua Quarters, just outside her residence, at approximately 1:30 pm in accordance with Islamic rites.
Several high-profile figures attended the burial, including Vice President Senator Kashim Shettima, former Vice President Alhaji Atiku Abubakar, and Labour Party Presidential Candidate in the 2023 General Elections, Mr. Peter Obi. Other dignitaries present were former Sokoto State Governor Aminu Waziri Tambuwal, Senator representing Bauchi Central Abdul Ningi, and other notable politicians, academicians, and business leaders.
Earlier in the day, Katsina State Governor Dikko Radda welcomed a delegation led by former Vice President Atiku Abubakar at the Katsina Government House, also known as General Muhammadu Buhari House. The delegation, which included former Sokoto State Governor Senator Aminu Waziri Tambuwal, Senator Abdul Ningi, Senator Umar Tsauri, and former Secretary to the Katsina State Government Alhaji Mustapha Inuwa, had arrived to pay their respects and attend the burial.
Hajiya Dada passed away on Monday evening after a brief illness. She was the mother of both late Shehu Musa Yar’adua and Senator Abdul Aziz Musa Yar’adua, who currently represents Katsina Central Constituency and serves as the Chairman of the Senate Committee on Army. The burial took place in the same cemetery where her husband, Musa Yar’adua, and her two deceased sons, Shehu Musa Yar’adua and President Umaru Musa Yar’adua, were also laid to rest.
Some traders and commuters in the Federal Capital Territory (FCT) have frowned at the increase in the pump price of Premium Motor Spirit (PMS) by the NNPC Ltd.
The News Agency of Nigeria (NAN) reports that the NNPC Ltd. Retail Management approved the upward review of PMS pump price from N617 per litre to N855 per litre effective from Sept. 3.
The commuters and traders, who spoke to NAN in Abuja on Tuesday, said the development would increase food prices which was gradually crashing and also the sufferings of the masses.
Mr Ignatius Ugwu, a civil servant, said the fuel pump price increase would further reduce the purchasing power of workers.
He said the increase would hike transportation fares which would make it difficult for workers to resume work promptly and be productive.
Ugwu appealed to the Federal Government to pay workers’ minimum wage and introduce other palliatives that would help cushion the effect of the increase on the masses.
”This information is very scary for a country like ours where people are struggling to eat even one good meal a day.
”This increase will make transport fare and other prices of goods and services to go up.
”The government should have been magnanimous enough to put some things in place before this increase.
”They should have paid minimum wage and other arrears, they should have brought out buses to help the masses because whether we like it or not, prices of things will go up, ” he said.
Mrs Antonia Ogbede, a housewife, said the increase would automatically hike food prices which was gradually coming down.
Ogbede said that traders would take the advantage of the fuel increase to also increase the prices of their goods.
She said the spending burden would increase on her spouse who was the sole breadwinner of the family.
”I went to the market today and I saw some traders discussing about the fuel increase.
”I heard one of them making call for some goods to be delivered to him by the company he buys from and they told him that the price will increase by the end of the week.
”The trader ordered 100 cartons and he said he will sell them at increased price.
”The government should please help us before our breadwinners will develop sicknesses as a result of too much spending,” she said.
Mrs Evelyn Otapu appealed to the Federal Government to consider its citizens first before some policies formulation.
However, Mr Andy Kolapo, a driver, said that the increase would make the fuel queues to disappear.
”We heard that they (NNPCL) has been planning to increase the price of fuel to N1,000 per litre and this they have achieved.
”We hope that this will bring to an end the recurring queues in fuel stations,” he said.
NAN reports that independent marketers were selling between N1,000 and N1,200 per litre.
Former Director-General of the Labour Party (LP) presidential campaign organization during the 2023 elections, Doyin Okupe, on Monday, submitted that all elections in Nigeria have been rigged in one way or the other.
He argued that the only exception that might have been was the 1993 annulled election, which produced the late Chief MKO Abiola.
Okupe stated further that the verdict of the Supreme Court regarding the outcome of the 2023 presidential election in Nigeria has laid to rest all contentions about the polls which produced President Bola Tinubu.
The former presidential aide made the submission on Monday while addressing journalists in Lagos in reaction to online attacks from supporters of the 2023 Labour Party candidate, Peter Obi, popularly known as Obidients, who were criticising him for dumping their principal and backing the policies of the present administration.
He argued that life must continue after elections, and the citizens must patiently wait till the next election cycle to correct any observed grievances or imperfections.
“To me, the allegations of rigging do not hold water. All elections in Nigeria from the 1st Republic to date have been rigged in one way or another, except perhaps Abiola’s election. In America today, the majority of Republicans believe the election that brought Biden in as POTUS was rigged. However, the Americans did not bring down their country because of that. They patiently waited for the next election and are making efforts to correct the imperfections,” he said.
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The Chief Executive Officer of Geregu Power Plant, Femi Otedola, has disclosed why Aliko Dangote decided to establish his own crude oil refinery.
The owner of Zinon Depot said he and Aliko Dangote would have been part owners of Kaduna and Port Harcourt refinery if not for the cabals that kicked them out through the then government.
On Tuesday, in his congratulatory message to Dangote, as his crude oil refinery rolled out refined petrol today; Otedola said he planned to purchase 20% while Dangote planned to purchase 51% in the refineries through a company the co-established.
“First and foremost, I want to extend my heartfelt congratulations to President Bola Tinubu for his unwavering support and belief in actualizing this monumental achievement under his administration. This day belongs to every Nigerian who has dared to dream of a better future. Congratulations to our great nation—today, we all stand a little taller.
“Aliko, it feels like just yesterday, but it has been 25 long years since we first set our sights on transforming Nigeria’s energy landscape. I remember vividly when we set up the Blue Star Consortium to acquire stakes in the Kaduna and Port Harcourt refineries—20% for me and 51% for you. We were ready to change the game, but fate had other plans. The government of the day, in an act I can only describe as utterly obnoxious, canceled our stakes and thwarted our vision. But, as always, you refused to be deterred.
“You never gave up on the dream we shared. You carried the torch forward, igniting a spark that has today become a roaring flame. And now, 25 years later, here we stand on the precipice of history, with the first fuel shipment from the Dangote Refinery—a feat that is nothing short of miraculous.
“While the Kaduna and Port Harcourt refineries have remained dormant, their promise unfulfilled despite billions of dollars spent on so-called turn-around maintenance, you have achieved what many said was impossible. You have beaten all the skeptics, silenced the naysayers, and proved wrong those who doubted your resolve, even those who never wanted this project to succeed,” Otedola said.
The billionaire businessman further stated that Dangote Refinery was fought heavily by foreign powers that wanted Nigeria to depend on them and local cabals who were making so much money through oil imports.
The Geregu Power Plant Owner said with Dangote Refinery, the economy of Nigeria will grow. He added that Dangote has dismantled obstacles put in place to hold Nigeria’s development.
“You have not just built a refinery; you have liberated us from the chains of economic dependence that have held this nation back for far too long. The days of bowing to foreign powers for our fuel needs are over, thanks to your vision and determination.
“You have dealt a death blow to the so-called local cabals who have fattened themselves for years, feeding off our nation’s economic slavery. These cabals, who have grown rich by keeping Nigeria in a perpetual state of dependence, must now face the reality that their era of easy gains is coming to an end.
“I am reminded of the time you revolutionized the cement industry in Nigeria. Ships that once brought in cement turned into rusting relics, scraps of a bygone era. Now, with your refinery in full swing, I foresee a similar fate for fuel imports. The depot owners should take heed—it’s time to dismantle those depots and sell them as scraps while the market is still high. The world has changed, and those who do not adapt will be left behind.
“When I ventured into the depot business with Zenon, it was in response to the inefficiencies of the NNPC. Zenon pioneered the diesel business in Nigeria and quickly became the largest in the country, filling the gaps left by our inefficient system. But today, your refinery stands as a beacon of what is possible when one has the audacity to dream and the tenacity to see it through.
“Aliko, you have my deepest admiration and respect. Congratulations to you and the entire board, management and staff of Dangote Refinery on this monumental achievement. This is not just a victory for you but for every Nigerian who dares to dream. May this be just the beginning of even greater things to come,” Otedola added.
The Chairman of the Presidential Fiscal Policy and Tax Reforms Committee, Taiwo Oyedele, has announced that the committee intends to propose legislation to the National Assembly to raise the value-added tax (VAT) from its current rate of 7.5% to 10%.
Oyelede disclosed this during an interview on Channels TV’s Politics Today.
He elaborated on the committee’s efforts to streamline various taxes in Nigeria to facilitate a reduction in the overall tax burden.
He further indicated that the tax legislation prepared by the committee is set to be presented to the National Assembly.
Oyedele said, “We have significant issues in our tax revenue. We have issues of revenue generally, which means tax and non-tax. You can describe the whole fiscal system in a state that is in crisis.
“When my committee was set up, we had three broad mandates. The first one was to look at governance: our finances as a country, borrowing, and coordination within the federal government and across sub-national.
“The second one was revenue transformation. The country’s revenue profile is abysmally low. If you dedicate our whole revenue to fixing roads it will be insufficient. The third is on government assets.
“The law we are proposing to the National Assembly has a rate of 7.5%, moving to 10% from 2025. We don’t know how soon they will be able to pass the law. Then subsequent increases are also indicated in terms of the year they will kick in.
“While we are doing that, we have a corresponding reduction in personal income tax. Anybody who is earning about ₦1.5 million a month or less will see their personal income tax come down. Companies will have income tax rates come down by 30% over the next two years to 25%. That is a significant reduction.
“Other taxes they pay are quite many: IT levy, education tax, etc. We are consolidating all these into a single one. They will pay 4% initially. That will go down to 2& in the next few years.”
President Bola Tinubu is set to meet with Chinese President Xi Jinping in Beijing today (Tuesday) as part of his ongoing diplomatic mission to China.
Tinubu, who departed Abuja last Thursday, is on a significant visit aimed at strengthening bilateral relations between Nigeria and China.
Sources within the Presidency who spoke with Punch revealed that the meeting is expected to be a high-profile event, marked by formalities such as a gun salute and an inspection of the guard of honor.
The event is expected to conclude with the signing of several bilateral agreements between the two nations.
Governor of Kaduna State, Uba Sani, and Huawei Technologies Company signed a Memorandum of Understanding to advance the Smart City Project in Kaduna State.
The governor, on his verified X account, stated, “Today, I had the honour and privilege of signing a Memorandum of Understanding between the Kaduna State Government and Huawei Technologies Company, Nigeria Limited at the Huawei Technologies office in Beijing, China.
“Chris Lu, CEO, Huawei Technologies, Nigeria Limited, signed on behalf of the company. The ceremony was witnessed by our dear President, H.E. Bola Ahmed Tinubu, GCFR, my colleague governors, ministers and other senior government officials.
“The MOU is for the actualisation of the Smart City Project in Kaduna State. It is geared towards enhancing security, efficiency and transparency in public service, competitiveness, city management, and attracting talents and investments. The ultimate goal is the establishment of a safer and smarter Kaduna State.
“As the strategic partner of the Kaduna State Government, Huawei will provide comprehensive leading solutions and professional technical support for Kaduna State in the following areas: (i) State-Level Unified Command Centre (ii) Enhanced Security (iii) Intelligent Traffic System (iv) E-Government and Office Automation (v) Smart Education (vi) Smart Healthcare (vii) ICT Talent (viii) Renewable Energy, and (ix) Public Transportation.
“The Kaduna State Government and Huawei will establish a joint committee to flesh out details of the Implementation Plan, Funding Arrangement, and the Technology to be Deployed. We want to ensure that the project is deliverable, sustainable, and valuable.”
[NaijaNews]
Nigeria’s downstream petroleum industry may have gone into a frenzy, following clear indications that the Federal Government may no longer sustain the cost of under-recovery, otherwise known as subsidy, due to a the steady rise in petrol import bills.
Industry operators told Vanguard yesterday that it is now clear that pump price may be officially raised soon to enable the government, through the Nigerian National Petroleum Company Limited, NNPCL, to generate enough funds to settle its outstanding bills on products received on credit supply by several international dealers.
Consequently, they speculated that a compromise pump price of N1,000 per litre or more may be underway, though some of them quoted the landing cost of the product at about N1,200 per litre, excluding the cost of delivery to petrol stations.
Presently, NNPCL, according to the dealers, is no longer getting adequate supply to meet the nation’s needs, a situation which has worsened the product scarcity in the past one week while imposing excruciating pains on the transportation sector and the entire citizenry.
The shortage in supply, they further explained, was because some of the suppliers are no longer willing to deliver the product on credit. They also said that more of the products are now being smuggled out of the country.
The current transactional analysis obtained by Vanguard, yesterday, put the landing cost, including product cost, finance cost, freight, port charges, insurance, storage and the Nigerian Midstream and Downstream Petroleum Regulatory Authority, NMDPRA at N1,205.52 per litre.
However, when the transportation cost, marketers’ margins and dues were added, the estimated official pump cost of the product rose to N1,405 per litre.
This indicates that at the proposed N1,000/ltr, under-recovery (subsidy) would still be significantly high, a situation which they said has put the government in a dilemma of choosing between full cost recovery (total elimination of subsidy) or a compromise position of splitting the cost between government and final consumers in a N1,000/ltr pump price.
NNPCL overwhelmed by subsidy
The NNPC Ltd has already indicated that it cannot continue to sustain fuel importation at rising cost while passing the cost to final consumers is proving a difficult decision.
The nation’s oil company was permitted by President Bola Tinubu to utilise the 2023 final dividends due the federation, amounting to N2.1 trillion, to pay for the petrol subsidy.
The president also approved the suspension of the payment of 2024 interim dividends to the federation to augment NNPC’s cash flow, according to a presidency source.
In addition, the national oil company told the president it will be unable to remit taxes and royalties to the federation account for now because of subsidy payments, which it termed “subsidy shortfall/FX differential”.
NNPC’s cumulative petrol subsidy bill from August 2023 has been estimated at N6.884 trillion by December 2024, making it impossible for the company to remit N3.987 trillion in taxes and royalties to the federation account.
In June 2024, NNPC cried out to Tinubu that the subsidy payments were negatively impacting its cash flow and it was struggling to remain a “going concern”, adding that it might not be able to sustain petrol imports because of the ballooning subsidy bill, which it blamed on “forex pressure”.
Also, Mele Kyari, Group CEO of NNPC, informed the president that when the subsidy was removed in June 2023, it led to monthly savings of N400 billion to the federation, which enabled the company to remit its taxes and royalties totalling N2.032 trillion into a sequestered account at the Central Bank of Nigeria (CBN) as at January 2024.
However, in August 2023, the fuel importation costs began to rise, incurring a subsidy bill of N52.73 billion that further rose to N57.59 billion in September and N212.28 billion in October before rising further to N665.60 billion in November, following depreciation of the Naira.
New pump price expected this month
Considering the situation petroleum marketers expect the government to emerge with a new fuel pump price to give direction to the market this month.
A source who opted to remain anonymous said: “We expect that the market would be driven by the forces of demand and supply in the domestic market.
“However, the government would still be guiding the market, mainly through the Nigerian Midstream and Downstream Petroleum Regulatory Authority, NMDPRA that has the responsibility to regulate as well as enforce compliance”.
NMDPRA’s Chief Executive, Engr. Farouk Ahmed did not take calls nor respond to text message, yesterday.
Marketers give conditions for importation
Oil marketers said they are not considering importation immediately because of issues and challenges, including foreign exchange, high cost of funds and uncertainty in the sector
Managing Director, 11 Plc, Adetunji Oyebanji, said: “Well, marketers were unable to import earlier when the subsidy was called off due to FOREX instability and that of the naira that was floated as at the time. These developments have hindered marketers from importing petrol.
“However, the situation with Forex is now steady (away from the jumps) and yes, marketers will import if they are given the chance to. There is no challenge if they are called upon to serve.
“As long as everyone is selling in a competitive price range, we will import. “If prices are set at an economic level, other suppliers might enter the market, improving supply and reducing financial strain.”
We can import if given support — IPMAN
In an interview with Vanguard, yesterday, the former national president of the Independent Marketers Association of Nigeria, IPMAN, and currently the Board of Trustees Treasurer of IPMAN, Elder Chinedu Okoronko, said that marketers are willing to import provided they are given similar opportunities as NNPCL.
He said: “Government should create a benchmark for marketers importing petroleum products to recover their investment on petroleum products, there should be a threshold for government to get marketers involved in the procedure.
“Dangote should be encouraged to come on stream. This will help reduce our exposure to excessive costs and problems. Whatever it will take for our crude to be refined here will help get us out of this mess. Also, the CNG degradation will reduce our exposure and boost our economy.”
Scarcity hindering our operations — Transporters
The Managing Director of a leading transport company with several offices across the country who wouldn’t like his name on print told Vanguard that fuel scarcity has been one of the major problems of transporters in the country.
He wondered: “Has there been any time that fuel is available in the country? We have resolved that whatever price we buy, we shall review the fares to break even. We won’t be working without making a profit,”
He lamented that the local governments, too, are not helping matters with all manners of levies on Transport Company.
He said: “In Enugu, Abia, Rivers, Cross River, and many others collect not less N5,000 each from every boss daily which they tag daily ticket. Also, security agencies extort drivers on the highways, making the business very difficult for transporters.
He also noted that drivers are forced to cough out huge amounts for failure to provide the already suspended proof of ownership receipt by the government.
All these, he said have contributed to the fare hike across the country. A journey from Lagos to the Eastern part of the country costs as much as N30,000 as against N15,000 a few years ago.
Motorists lament as the situation worsens
Checks by Vanguard indicated that the fuel situation within Lagos metropolis and environs has worsened, due to limited supply.
The checks indicated that many filling stations on Ikorodu Road, Agege, Iyana-Ipaja, Ikeja, Somolu, Bariga, Ogba and Surulere were closed.
Meanwhile, some motorists who spoke with Vanguard, yesterday, expressed frustration at the persistent scarcity of petrol.
They also decried the long queues at filling stations as well as increased black market sale of the product at various locations, including Ikorodu, Epe, Badagry, and Ibeju-Lekki, where a litre of petrol sold for N940 and above.
Dangote Refinery Concludes Fuel Refining Plans
Meanwhile, Dangote Group said it has commenced petrol refining, raising hope for increased domestic fuel supply.
Chief Branding and Communications officer of Dangote Group, Anthony Chiejina said the refinery on the outskirts of Lagos, built by Nigerian billionaire Aliko Dangote, can meet demand.
With a capacity of 650,000 barrels per day, Africa’s largest refinery promises to ease oil producer Nigeria’s costly reliance on imported oil products.
Dangote Petroleum Refinery said it was undergoing test runs for petrol production by mid-September 2024.
Experts harp on cooperation
Meanwhile, some experts in the oil and gas business have urged the Federal Government to collaborate with local refineries to process the daily allocation of 445,000 barrels of crude oil for domestic use, based on a tolling arrangement.
Senior Independent Non-Executive Director at Seplat Energy Plc., Mr Rabiu Bello, said that collaborating with local refineries would help the government to secure petroleum products needed for domestic consumption and allow the export of excess products.
Bello said that such collaboration would enable the Dangote Petroleum Refinery and other local refineries to operate profitably and achieve over 65 per cent capacity utilisation without requiring substantial additional investments in crude oil supplies.
He said that the Federal Government should conduct a forensic audit of NNPC/NNPCL’s financial records to assess the actual cost of importing and delivering petroleum products to Nigeria from 2012 to 2024.
Similarly, Mr Henry Adigun, an oil and gas consultant, also called for full implementation of the PIA to streamline operations in Nigeria’s downstream sector of Nigeria’s petroleum industry.
Adigun said that the current fuel scarcity could be mitigated if the government could pay outstanding debts to importers and allow fuel prices to return to market levels.