Bitcoin has shattered the $100,000 milestone, riding a wave of investor confidence sparked by U.S. president-elect Donald Trump’s pro-crypto pivot.

The world’s largest cryptocurrency surged as high as $103,800 on Thursday, marking a 50 per cent rise since Trump’s November election win.

The rally intensified after Trump nominated crypto advocate, Paul Atkins, to lead the Securities and Exchange Commission (SEC), signaling a shift toward a more favorable regulatory environment.

Atkins’ appointment, along with Trump’s pledge to make the U.S. “the bitcoin superpower of the world,” has electrified the market. 

“Bitcoin reaching $100k is an incredible milestone for our movement,” said Kris Marszalek, CEO of Crypto.com. “We never doubted. We never wavered. And we will never stop building.”

Trump’s crypto-friendly administration has also tapped Howard Lutnick for the Commerce Department and Elon Musk to co-lead the “Department of Government Efficiency,” humorously dubbed “DOGE” after the popular cryptocurrency Dogecoin, which has soared 150 per cent since election day.

According to Financial Times on Thursday, this surge marks a stark contrast to the sector’s downturn two years ago, when the collapse of FTX and regulatory crackdowns sent Bitcoin plummeting to $16,000.

Now, institutional money is flowing in, with BlackRock’s Bitcoin ETF alone managing $45 billion in assets.

Cameron Winklevoss, co-founder of Gemini, summed up the sentiment: “This bitcoin bull run is different. We have a pro-tech president-elect, a red Senate, a red House, and a mandate from the country to build.”

With $4.4 billion pouring into crypto ETFs since November, and companies like MicroStrategy planning to raise $42 billion for further Bitcoin investments, analysts predict a “golden era” for digital assets under the incoming administration.

Earlier in the first weeks of November, PUNCH Online reported Bitcoin smashed through the $80,000 milestone, reaching an all-time high of $81,858 amid post-election optimism in the US, as pro-crypto policies appear more likely under Trump.

Barely three days after, the world’s largest cryptocurrency reached a record high above $90,000.

Meanwhile, a check by PUNCH Online as at 5.33am on Coin Market Cap placed the coin at $102,724.32 with over 7 per cent increase in the last 24 hours.

Notably, Trump’s previous administration leaned heavily towards scepticism regarding digital currencies, but the president-elect has since embraced crypto, pledging to make the US the “crypto capital of the planet.”

CNBC noted that Trump had promised to retain “100 per cent of all the Bitcoin the US government currently holds or acquires in the future” and to dismiss SEC Chair Gary Gensler, whose tenure saw over 100 regulatory actions against crypto firms.

[Punch]

Mele Kyari, group chief executive officer (GCEO) of the Nigerian National Petroleum Company (NNPC) Limited, says it is not a crime to blend petroleum products at the old Port Harcourt refinery.

Kyari, who spoke at the commissioning of the NUPENG Towers in Lagos on Wednesday, said the refinery is up and running, with loading operations in full swing.

On November 26, the refinery commenced crude oil processing after several years of being moribund.

The state-owned plant also commenced the loading of petroleum products for trucks.

The national oil firm disclosed that the refinery commenced production of daily outputs of straight-run petrol (naphtha), which is blended into 1.4 million litres of petrol.

Some Nigerians have questioned the ongoing blending at the refinery when the plant ought to be refining crude,

Speaking on the issue, Kyari said blending is not a crime as it is an integral part of the refining process.

“If you don’t blend, you will bring out off-spec products which will destroy your vehicles,” he said.

“Every refinery blends because what is on specification in the United States of America will be off-spec in Nigeria and elsewhere.

“Blending is necessary to bring products to the specification of different countries or regions.”

Kyari also invited those in doubt about the operationalisation of the refinery, including Femi Falana, human rights activist and lawyer, to join him on a tour of the Port Harcourt, Warri, and Kaduna refineries to verify their various statuses.

He congratulated NUPENG on the successful completion of the NUPENG Towers, urging the union to continue to prioritise dialogue and cooperation in its relationship with the NNPC and the federal government.

The GCEO said the president’s interventions in the oil and gas industry by way of executive orders are yielding positive results, with more investments coming in and prospects of more jobs in the industry.

[TheCable]

Straight-talking and occasionally combative, Segun Sowunmi comes across as the new face of leadership in the Peoples Democratic Party (PDP). He was the spokesman for the Atiku Abubakar presidential campaign council in the 2019 election. But the former Ogun State governorship aspirant has not had it his way no matter the public acceptance of his persona.

A loyal member of the Peoples Democratic Party (PDP),  Otunba, as he’s fondly called, experienced the rough side of the political landscape when he failed to clinch the PDP governorship ticket in Ogun State for the 2023 election. The party was polarized and he had to soft-pedal in a country where politics is more about who possesses the financial war chest.

But he has remained undaunted and saw that experience as passing through the crucible of political firmament. Lately, Sowunmi launched an alternative group he said would serve as a grand opposition not only to the government controlled by the All Progressives Congress (APC) but to the PDP.

 Call it opposition within the opposition, Sowunmi did not lay claim to puritanism but that PDP needs to reform before going for any election if it wants to win. He also suggests that  Peter Obi needs to return to the PDP and that Atiku should undertake deep retrospection and introspection and allow the former Anambra State Governor to get the party’s ticket.

He believes Obi can defeat President Bola Tinubu in 2027.

In this interview with Isuma Mark of THE WHISTLER, Showumi bared his mind on the failures of the PDP, why Peter Obi needs the PDP to win the presidential election, and why Atiku should take the back seat.

Excerpts…

You Just Set Up A Group Despite Being In PDP, What Is This All About?

Well, the truth of the matter is that I’ve been a very consistent PDP man for years. Even when PDP was in government, I wasn’t really in government.

I was just in PDP because democracy takes time to build. I get people’s interest, but interest and all of that comes second to me. What comes first is whether we are making progress collectively as a people.

I believe that bread is not for the strong man, nor the race for the swift, but that a force above us which we call God, who is God, is the one that makes things happen. So, I’ve never really been about me.

And you’ll notice that after the PDP lost in 2015, I doubted and challenged anybody who defended the party more than me. I don’t think so. Others join me. They leave me. I’m still here. Some new ones join. They leave me. I’m still here.

So, what I have now seen with everything going on; one of the great disruptions that even makes it clear to see is the Peter Obi movement. The effort he made, the limitations, and even some of the crises that they had to contend with.

The Wike scenario in PDP, what led to it, the challenges I am seeing with the ruling party, and the limitation of some of its challenges. So all of this put together is what made me say that, okay, we now have to start thinking differently. People are not even turning up to vote anymore.

They don’t show up on election day. The ones that show up want to be paid to vote. Something is fundamentally wrong.

And to correct it, you need to have a dialogue that can go around the whole country. And so I thought, okay, let us create a pan-national orientation movement, which I christened the alternative. The alternative in the sense that it can look at government policies and offer the ones they agree with, they can say they agree.

The ones they don’t agree with, they can say they don’t agree, and why? Even the ones they agree with can say, these are the safety gaps we want to see in the policy. And they can also look at the opposition parties themselves and tell them, we don’t agree with this, you need to change this, you need to change that.

So, it will be a big platform that can allow anybody who is in our country, or a lover of our country, to use it as a basis for pushing the country in the right direction.

I didn’t want us to be opposition people who just pull the country down, who shame their country, who make it difficult for it to listen to each other, who become too tribal, and increase tribal hatred and all of that. So, these are the things we are doing. But it’s not a new party, and it’s not intended like that.

It’s just to make sure that we can look for a platform to look for the best of us so that the best of us can serve the rest of us. And we can save ourselves from a fait accompli of political parties who just do whatever they like and force the people to a fait accompli.

And I’m hopeful that all Nigerians will embrace it. They have embraced it very well. I’m even shocked at the level of excitement and support that people have.

People are even asking, is it going to be a political party? I’m the one telling them no. It doesn’t have to be. All we need to do is look for Nigerians that we believe in, that can do well for our people, and use them.

If we can get space for them in the party, it will be good. If we cannot get space for them at the party, get space for them anywhere. Because ultimately we need to make sure that good people are in charge of us.

And then when they get there, we can continue to push them in the right direction, put their feet to the fire, argue with them, correct them, scream at them, and shout at them without necessarily destroying the country.

So these are the kinds of things that I have in mind when I keep saying we need a national opposition movement. And by the grace of God Almighty, I have been able to bring it to life.

And let me pray and hope that the Lord lets it flourish so that Nigeria’s democracy can be better for all of us.

But You’re Still A Member Of The PDP?

Oh, fully. I’m even running for national chairman of PDP.

How Is This Being Looked At From The Leadership Of The Party? When Should You Have Run This Trom The PDP?

 The truth of the matter is that even the leadership of the party knows that I’m a very loyal PDP man. And being a loyal PDP man, I must accept that the organs of the party have the liberty to have a view on things of their own. For instance, most of the issues of the ruling party, they never engaged them. I’ve been engaging them. Now I want to engage them as the leader of an alternative point of view. So the PDP can get an advantage if they want.

And if they don’t want to, they can do whatever they like. But my position is that even the PDP itself is not spared from our criticism as before when we were speaking about PDP, and then we’ll be defending even the indefensible.

What’s the point? Even if a political party is 27 years old, and will not reform itself, why will a political party be working against its interest? What should constitute the interest of a political party? A political party has to reform itself so that it is outstanding, the people who are standing for the party must be potential presidents in the making, and they must be potential governors in the making.

They must be potential ministers in the making. You cannot reduce a political party to just the interest of one individual. And one individual’s interest must not destroy a political party, anyhow you look at it.

So, this is how I see it. And it can allow me not to annoy or offend PDP that I did this. Because the alternative would have been to say, I’m criticizing PDP, and yet I’m defending PDP.

You know, it doesn’t make sense. We need a platform to criticize PDP, to criticize APC, to criticize the ruling party, to look at the issues well, or are you telling me that you Nigerians are happy with the way things are?

Why should somebody win an election today, and six months after you hate him, and start liking the one you said you didn’t like yesterday?

You didn’t like Olusegun Obasanjo, but you liked Musa Yar’adua.  You didn’t like Yar’adua but you liked Obasanjo. You didn’t like Yar’adua but you liked Goodluck Jonathan. You didn’t like Jonathan but you liked Muhammadu Buhari.

You didn’t like Buhari but you liked Jonathan. You didn’t like Buhari but you liked Bola Tinubu. You didn’t like Tinubu but you liked Buhari. Do you understand? When we are not mad people, there has to be a way of saying enough.

Let’s do it a different way, and that’s what I’m trying to offer us. And the conversation will go down to the grassroots. We’ll use the radio a lot, because when they don’t even have lights, how many of them even watch television?

We’ll use blogs a lot. We’ll use local and rural communication platforms a lot, and we’ll create voices in their locality who will understand the message and carry the message on. It doesn’t belong to me.

You Are Regarded As Atiku Man. Are You fronting for Atiku?

I was  Atiku’s spokesperson in 2019. I was Atiku’s main spokesperson in 2019, and I spoke about his candidates to life. As far as I was concerned, he joked about it in 2023. They were dancing and playing.

Are You No Longer Together?

No, no, no. I mean, Atiku has not told me he’s running for anything. Like I said to people, I’ve asked him two times, he has not said, and I don’t think anybody should force anybody to take a difficult responsibility. In any case, the political party cannot be about Atiku. He’s an old man.

It can’t always be about him. The party, yes, is allowed as a person to, if he’s interested, if he makes up his mind, tell us. We’ll review it along the lines of others.

I hate anybody who creates a messiah complex. That’s one of the reasons I have against the people following Peter Obi. You create a messiah out of normal human beings who have not done anything to end it.

If Peter was a messiah, why is Anambra not better than it is? So, if you have not been able to do anything special, I don’t mind that you like him, and I like him too, and I don’t mind him doing well, but I don’t like the concept of a messiah. I will not have it from Peter, and not from Atiku.

I’m just saying that it’s the same thing with them. I mean, we’re together to the extent that he’s a Nigerian who has not told me he’s running. I’ve asked him. It should have been a different thing if he had told me.

Even if I asked Atiku, I would have asked him some tough questions. They went to the last election all of them shouting the same policy.

Am I supposed to be angry with Tinubu because he’s implementing their policy? There’s no difference. They said the same thing. They may say they would have done it differently, but that’s not important.

The important thing is that you said, I’m going to build a house on this land. You did not tell us what type of house you are building. Somebody has come and is building a house on that land, and you’re telling us it’s too tall, too short, too fat. I don’t have time for that. 

Are You Indirectly Saying, If Atiku Were To Engage You And Others…

Why do you think I shouldn’t be the presidential candidate instead of Atiku? Why do you think that we don’t need young people in leadership? Why do you think the young people that are in the country don’t have a right to say, Mr. Atiku, you have campaigned and contested too many times? Why do you think we don’t need that? Are we going to design a political party that is going to be giving tickets to a candidate all the time?

And I’m not saying we shouldn’t give him, but I’m just saying that doesn’t make everything about individuals. It’s the same mistake the party is making.

You are shouting, Wike, Wike, Wike, we can’t, Wike, as if you don’t have 12 governors. What are they doing? The same thing you are doing, you are shouting, Damagum, Damagum, Damagum, as if you don’t have 18 or 19 National Working Committee members. What are the others doing? I don’t believe in that.

I believe that, yes, somebody can be leading as a first among the equals but he’s not the totality of what we are. If Mr. Atiku dropped dead. No, we’re not going to continue our country?

Where is Awo? Where is Tafawa Balewa? Great men have died, Nigeria is still going on, then you’ve been shouting and screaming, why? For anybody to say, I want to be president, the law allows you to say, but we are not beholden to say, because you said you want to be president, that means nobody else can be president. And you can present yourself, and you can lose. After all, you’ve lost a few times.

And if your policies are the policies of your rival, if you said the same thing, for me, it’s neither here nor there. You said you are going to devalue the currency, he’s devalued it. You said you are going to remove the subsidy, he has removed it.

You said you are going to take pensions to fund the education, private sector, he’s doing it. What’s the difference? I don’t agree with those policies. Don’t get me wrong, I’m just saying, all of them campaigned on the same thing. Peter, in terms of the substance of what he’s saying, he’s not saying anything.

What Do You Think He’s Saying Wrongly?

He’s not saying anything, that’s the problem. He’s shouting, from production to consumption, what does that even mean? He’s saying domesticated production. What does that mean? What does that mean? He was governor in Anambra, how many productions did he domesticate? You can say, I’m going to do consumption to production, I hear you.

Practical step, what does it mean? You are going to come and beat people in their houses. You are going to use chains to drag them to where? You will come and say, yeah, Niger States, the land of Niger is more than the combined land of Netherlands and Peru, yes. How are you going to force them to farm? You are going to stimulate them, what do you think the governor is doing now?

So what I’m saying is that these guys are not saying anything spectacular, they are just harvesting the anger of the citizens.

Nigerians are angry because Nigerians are angry. Nigerians are feeling frustrated that they have not been well-served and that is the only thing, that is the only reason why they will not say they are experts. Yes, they’ve had about two years or one year plus before the election.

Then they had some time, four years because he was the vice presidential candidate in 2019. Then the election has been over now for two years. We have been listening to him for close to two years.

We have still not been able to find concrete policy direction that he is going to say he is going to do. So are we going to say, because of that Peter Obi is the only person who is going to run the country?

He has not even shown us that he knows how to work in a team. Peter Obi has not even demonstrated that he understands how to be a team player.

All of the time, all of the off-season elections they’ve done from his party, I’ve not seen him invest himself the way he ought to. And they’ve not done well. So if he has that much obedience, why are they not putting in for his party? And now, he’s jumping here, jumping there.

Yes, I know he went to visit Atiku to go and deliver a lecture. What does that mean? What did he even say there? Okay, then he wants to combine with Atiku to do what? Like we didn’t try that in 2019.

If That Were To Be The Case Again In 2027 If The PDP Allows That…

Listen, if Peter wants to be a member of our party, he should come back to the party. If he returns to the party and that ticket emerges… No, if Peter comes to the party, then I feel that the party can consider giving Peter the ticket.

Not Atiku?

You don’t understand. The way we run politics, you first of all have to go and look for tickets and primaries.

The South East has never been given tickets in PDP. They can be given the tickets. That nonsense that people are saying, if we give Peter the ticket, he can’t win.

I don’t understand that. Nobody can win alone. We just need to pair him with the good material from the North and they can go and try and win.

Under a strong platform, he will win or he will do so well, it will be clear that he won. But if you are insisting that you are going to reduce the role of Nigeria to Peter and Atiku, what’s the meaning of that? What about me? What if I want to be president? What about other people? Or is this only about them? They have not said it.

Atiku has been quite kind in terms of policy. And he was even the first person to bring out his policy ideas. So in another way, we can even say they are copying him. But the point is that all of them are saying the same thing.

In 2019, Atiku was the first to bring out his policy documents. In 2023, Atiku was the first to bring out his documents. He has been doing a lot of donkey work, a lot of hard work.

But the fact is that everybody is saying the same thing. And Atiku himself has to understand that there is no gain in you being an obstacle to the same democracy you say you want to deepen. You must be able to see clearly.

Shall a leader not get to a point and ask himself that over the years I have been calling everybody the obstacle, but am I the obstacle? That is the kind of thing we want to do with the alternative.

Atiku Has Said If PDP Decides To Allow Peter Obi To Get The Ticket, He Would Support…

Then Peter Obi should get back to the party and try to win the primary. Simple.

In Other Words, If That Happens, Will You Support The PDP Ticket?

Even now I can still support Peter.

I only want us to be sure that we are not going to be frustrated with another president who will not do it. That is why I want us to discuss how we do it. I am not interested in your production to consumption.

I am interested in your details. The details. I have been to Akwa Ibom a few times. Between Obong Victor Attah and Akpabio (Godswill), you can see what has been transformed in Akwa Ibom. What can you see in Anambra? Peter reduces governance to a size. Governance is for people with big ideas.

People of big ideas. I don’t give ‘shishi’, what will the people eat? It is okay.

This place is not for champagne, how will the people that are doing that business survive? Or do you think that the federal government will be running on the idea that when Peter is traveling, he has to be the only one that is going, will carry his bag by himself, and carry the tea by himself? What kind of nonsense is that? The government has to be large to some extent.

Let me repeat that the government has to be purposeful and all-encompassing. Not necessarily large.

Peter Obi Said He’s Against Wastefulness. So Many Officials Follow The President Overseas, Eleven Private Jets…

The presidential jet is only one. All the others are their own. 

If you imagine your village. Two of us want to visit one village. We are going there for something important. You go there like Peter; you carry your bag on your head. I come there with a retinue of quality men in my team.

We arrived together. You put your hand behind your back like a schoolboy. And I come there speaking like a leader and an intentional leader.

Who do you think the village would like to see? Who do you think they will entertain? They will entertain me. A government must sometimes go around with prestige. And the best that Peter would say he wants to do is anti-corruption.

And Peter cannot tell me he ever tried to do anti-corruption more than Buhari. And even Buhari did not succeed. So, what would Peter do with this idea of ‘I will be the only one doing everything’?

The bureaucracy of the government is even too big for such nonsense.

Surely President Tinubu Will Have Ago Again In 2027. What Do You Think The Opposition Needs To Do This Time To Be Able To Have A Chance?

First of all, the opposition political party has to understand that their first assignment is not the next election. Their first assignment is to reform their party until everybody can say wow, something great is happening here. Then the next election.

We cannot bring some of the same to the people. If we bring the same of the same, they won’t get anything.

Why Do You Think It Will Be Very Difficult To Reform The PDP?

Well, because of the PDP, a lot of the leaders in the PDP have never allowed reform.

•Says tax reform bills necessary to end struggles by Nigeria’s poorest 

•Insists consultants won’t be involved in collection

•Senate suspends further action on public hearing, sets up ‘elders’ committee to douse tension

The Chairman of the Presidential Committee on Fiscal Policy and Tax Reforms, Taiwo Oyedele, yesterday argued that derivation formula in the tax reform will reduce inequitable distribution of resources. He stated that some states pushing back on the proposed 60 per cent Value Added Tax (VAT) derivation formula may end up with 100 per cent if the courts eventually decide so.

The Senate proceeded to set up a 10-member committee  of ‘elders’ led by Senate Minority Leader, Abba Moro  to  meet with Attorney General of the Federation’s team on areas of concerns in the bills to douse the lingering tension of the tax reform.

Speaking on Arise Television, Oyedele said that it was surprising that the same states for which the committee was fighting were the ones kicking against the passage of the tax reform bills.

The tax expert’s remarks came as the Senate yesterday directed its committee on Finance to stop further action on the landmark tax reform bills, pending when grey areas of concern raised on the proposed legislations by stakeholders are properly addressed.

But Oyedele explained that the current VAT allocation formula, based on 20 per cent derivation, 50 per cent equality of states, and 30 per cent population, was flawed.

He cited litigation initiated by Lagos and Rivers States, in which they argued that VAT collection should be under state control, since it is not explicitly mentioned in the constitution, arguing that if the case goes their way, it will mean that VAT will be based on 100 per cent derivation, further deepening the current inequity among states.

He defended the urgency of the tax reform bills, emphasising the need to address economic challenges, promote fairness, and ensure equity in revenue sharing, outlining how the reforms aim to resolve systemic issues in the VAT system and provide relief for struggling Nigerians.

He said: “Most likely, if we get the judgement from the Supreme Court, it will say states should administer it. When a state administers VAT, then it becomes 100 per cent derivation.

“It is important for us to understand that our proposal to move derivation to 60 per cent is actually a middle ground. If we lose the opportunity of getting this 60 per cent derivation, we are likely to end up with 100 per cent derivation, which, to be honest, is not bad but is going to create a lot of problems for businesses and economic growth.”

Asked why the federal government was in a rush to ensure that the bills were pushed for emergency passage, Oyedele maintained that the challenge of streamline Nigeria’s tax system was indeed an urgent matter.

“We are at a stage today where the majority of people are struggling. Small businesses face over 60 official levies and taxes, over 200 unofficial ones. If you want to provide relief for your people, you should do it in a hurry because it’s urgent; it’s an emergency,” he pointed out.

According to him,  the current system which attributes VAT revenue to states where payments are made rather than where consumption occurs,  disproportionately benefits Lagos State and to a lesser extent Rivers state.

 In 2023 alone, Oyedele said that Lagos accounted for over 80 per cent of VAT revenue, despite its economy being about 30 per cent of the national total, urging those opposed to the current bills to imagine a situation where Lagos collects all its VAT.

“To promote equity and stimulate economic activities across the country, the reform proposes attributing VAT to where consumption takes place and increasing the share of VAT revenue states retain,” he stressed.

Oyedele, who also responded to insinuations that adequate consultation was not carried out by the committee, said that there were at least four meetings with  finance commissioners as well as revenue service chairpersons, and with governors, to a lesser extent.

“We also had engagement with the governors themselves, but you would imagine that if you manage to get the airtime to speak to governors, either through the governors’ forum or the national economic council, they are unlikely to give you one hour or two hours, so there was a particular meeting where we got 15 minutes,” he disclosed .

He added: “We understand they have a very busy schedule.  We also recognise that they may not be in the best place to deal with the technicalities of what we were dealing, that is why we spent more time with their finance commissioners and with the revenue service chairpersons across Nigeria.”

Stressing that Tinubu has never interfered in the work of the committee, he said that the body was able to convince the federal government to reduce its share of VAT from 15 per cent to 10 per cent, reallocating the remaining 5 per cent to states,.

 “This amount exceeds what states currently collect from multiple consumption taxes and ensures efficient, centralised tax collection,” Oyedele argued.

He also dismissed allegations of third-party involvement in tax administration, especially consultants, noting that the bills explicitly prohibit the use of such consultants for tax collection or assessment.

Separately, Special Adviser to  President Bola Tinubu on Policy Communication, Daniel Bwala, has said that the opposition from the north against the bill was just a mere plot for political negotiate

Speaking on Arise television programme, Prime Time, Bwala said: ”I have a feeling that this whole opposition thing, I see it even more of playing the politics for negotiation.”

Bwala, who hails from Borno, said contrary fears expressed in some quarters , the bills would not impoverish the north.

“I am from the north, and I am really saddened by the notion generated in the media that it is a north versus the south thing. This is not from the media in the sense of media people, but people creating the narrative that the tax reform bills are built or designed to afflict the north.

“I have seen lots of northerners who supported the bill, lots of them from different parts of the north, north-central and north-west. The very opposite is the point of the bill, because if you say that the bill is going to impoverish the north or is going to afflict poor people, it is actually this proposed bill that is addressing the problem that the poor people encounter.

“But the reason why I’m very emphatic about this issue of poverty is because I come from the north and the conversation in the north is that this will bring poverty to you, or this one will impoverish you. The tax is in favour of the poor,” he maintained.

Also yesterday, the Senate directed its committee on finance to stop further actions on the landmark tax reform bills pending when grey areas of concern raised on the proposed legislations are properly addressed.

The Deputy President of the Senate, Jibrin Barau, who stated this at plenary, specifically asked the Senate Committee on Finance, to put the proposed public hearing on hold for now.

He said a team of the Senate will today (Thursday), meet a delegation of the federal government led by the Attorney General of the Federation and Minister of Justice, Lateef Fagbemi (SAN).

Barau said: “It’s on this note that the Committee on Finance that the bills have been referred to, should put on hold further action on it, that is, public hearing and other issues until we resolve these issues.

“All sides will be given the opportunity and we shall resolve the issues before anything is allowed to go.”

Barau said the proposed meeting with the AGF was aimed at resolving the criticisms on the proposed tax reform bills currently before the two chambers of the National Assembly.

Barau said the meeting will be held at the National Assembly Complex, Abuja and that it was necessary for the lawmakers to have extensive interaction with the government officials before passing the tax reform bills.

He said the Senate Minority Leader, Abba Moro will lead the senators in the meeting. Other senators who will attend the meeting according to the Deputy Senate President are: the Senate Chief Whip, Tahir Monguno; Adamu Ailero, (PDP, Kebbi Central), and  Seriake Dickson (PDP, Bayelsa  West).

Others are:  Titus Zam (Benue South), Abdullahi Yahaya (Kebbi), Adeola Olamilekan (APC, Ogun West), Sani Musa (APC, Niger East) and Adetokunbo Abiru (APC, Lagos East).

Barau said: “Of the tax reform bills that are before us, this is in consonance with the fact that we understand at all times that this Senate is the highest assembly in this country.

“The Senate is composed of men and women of wisdom, of pedigree that this country has entrusted to legislate for them for the peace and tranquility and the development of this country. The Senate of the Federal Republic, as known by everyone and indeed other Senates in the entire world, are known to be the stabilisers of every country.

“When there are difficulties and disagreements, the Senate of this country comes in with solutions through dialogue and consensus at all times to solve such problems, and the Senate of the Federal Republic of Nigeria has been doing that since 1999.

“Because of this, we decided to put politics, ethnicity, and regionalism aside to sit among ourselves and find the way forward with respect to the issues surrounding the tax reform bills.

“It is on this note that we extended our view to the executive arm of government and it was agreed that there should be a forum to sit down to look at the areas that are creating disagreements to resolve them so that the entire country will remain united – united in our effort to solve our problems.

“Before the introduction of these bills,  we know we’ve been faced with several problems and insecurity that we’ve been trying to solve. The president has been trying, and we’re also working with him to solve issues about our economy, which is in line with global economic problems.

“We also agree that we shouldn’t allow anything else to aggravate our country’s problems. It is on this note that it has been agreed by the executive and also by us that there should be a forum that will sit with the Attorney General of the Federation (AGF)  so that we can sit down and sort out all these problems in the interest of this nation,” he stated.

He  therefore proposed that by tomorrow (Thursday) there will be a meeting with the committee to sit with the Attorney General of the Federation to look at the issues and resolve them.

President Bola Tinubu had on Tuesday directed the Ministry of Justice to work with the National Assembly to address some of the concerns generated by the Tax Reform Bill currently before the Legislature.

The Minister of Information and National Orientation, Mohammed Idris who disclosed this in statement he issued in Abuja, said the nationwide debate on the new tax reform bills was commendable.

Meanwhile, the Colleges of Education Academic Staff Union (COEASU) has warned of grave consequences for the Tertiary Education Trust Fund (TETFund), if the bills are passed and implemented

The teachers’ union said if the bill sails through in the National Assembly, the sources of funding for TETFund might become impeded, thereby stifling the tertiary education in the country.

In a statement issued in Abuja, COEASU President, Dr. Smart Olugbeko criticised aspects of the proposed tax administration reforms, which he said threaten to cut off TETFund’s critical funding sources.

He described the move as a “dangerous ambush” that could severely undermine the development of public tertiary institutions in Nigeria.

He argued:  “Our Union, COEASU, has noted with serious concern the inimical effect of the proposed tax reforms of the federal government on tertiary education in Nigeria.

“The tax reform is nothing but a dangerous ambush aimed at destroying public tertiary institutions in Nigeria. We strongly reject the aspects of the proposed tax administration which aims to withdraw or impede on the source of fund to TETFund.

“Such injury, if allowed to stand, is bound to undermine the development of public tertiary education in Nigeria,” Olugbeko added.

Emphasising the pivotal role of TETFund, Olugbeko noted that the fund was a product of decades-long advocacy by academic unions, particularly the Academic Staff Union of Universities (ASUU), adding that before its establishment, Nigeria’s tertiary institutions were grappling with decayed infrastructure and inadequate funding.

“It is shocking to note that no Nigerian government in the last two decades or more has committed up to 9 per cent of the annual budget to education despite UNESCO’s recommendation of 26 per cent,” the statement added.

COEASU warned that withdrawing TETFund’s funding source could push public tertiary institutions into the stock market, transforming them into profit-driven ventures accessible only to the wealthy.

“Except for TETFund, which has become the spine and lifeblood of public tertiary education funding, Nigerian universities, polytechnics, and colleges of education would have gone comatose.

“TETFund has been playing an indispensable role in the development of tertiary institutions in Nigeria, providing funding for infrastructure, research, teaching, and staff development,” Olugbeko stated.

COEASU accused the political elite of attempting to dismantle public tertiary institutions in favour of private, profit-driven alternatives, as was done with public secondary schools.

“Rather than killing TETFund through the purported tax reform, the federal government should strengthen and expand its revenue accrual sources with a view to sustaining the fund’s commendable efforts in our institutions,” Olugbeko stressed.