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President Bola Ahmed Tinubu has called on Nigerians to embrace peace and unity, urging them to eschew violence and divisive tendencies in the quest for a prosperous and harmonious nation.
His appeal came as the country commemorated the annual Armed Forces Remembrance Day, a solemn occasion to honor those who have sacrificed their lives in defense of Nigeria’s sovereignty.
In a message he posted on his verified X handle, @officialABAT, the President emphasized the critical need for national and global peace, reminding Nigerians of the ultimate sacrifices made by the country’s ex-servicemen and women.
He noted that the observance is not only an opportunity to express gratitude, but also to reflect on the ongoing efforts of military personnel who continue to safeguard Nigeria’s territorial integrity.
Highlighting the significance of unity, President Tinubu urged all citizens to become ambassadors of peace, stressing that collective efforts could pave the way for a future filled with hope and optimism.
He reaffirmed his commitment to fostering a nation where peace and unity serve as the foundation for development.
Tinubu extended heartfelt gratitude to the nation’s armed forces and called for renewed dedication to the ideals for which they stood.
He reaffirmed his administration’s commitment to honoring the sacrifices of the nation’s heroes.
“The Armed Forces Remembrance Day allows us to express our gratitude and pay tribute to our ex-servicemen and women who selflessly sacrificed their lives to defend the territorial integrity of Nigeria and other nations.
“Our nation is in dire need of peace, and so is the World. As we mark this solemn event today, remember that people laid down their lives, and many still do so to guarantee our peaceful co-existence.
“Therefore, let us eschew violence and divisive tendencies for a peaceful and prosperous nation. Let us all become ambassadors of peace. We can build a future of hope and optimism together, where peace and unity reign supreme.
“Thank you, and long live the Federal Republic of Nigeria”, he said.
Latest data by the National Bureau of Statistics (NBS) has shown that headline inflation rose to 34.80% in December 2024 relative to the November 2024 headline inflation rate of 34.60%.
The food inflation rate in December 2024 was 39.84% on a year-on-year basis, a 5.91% points higher compared to the rate recorded in December 2023 (33.93%).
The NBS said the rise in food inflation on a year-on-year basis was caused by increases in prices of some food items, including yam, sweet potatoes and beer.
The December 2024 inflation figure indicated a marginal increase of 0.20% compared to the November 2024 inflation rate. “This was due to December festive period increases in demand for goods and services,” the bureau said in a statement on its X handle on Wednesday.
On a year-on-year basis, the headline inflation rate was 5.87% higher than the rate recorded in December 2023 (28.92%). This shows that the inflation rate (year-on-year basis) increased in December 2024 compared to the same month in the preceding year (i.e., December 2023).
On the contrary, the month-on-month basis, the headline inflation rate in December 2024 was 2.44%, which was 0.20% lower than the rate recorded in November 2024 (2.64%).
This means that in December 2024, the rate of increase in the average price level is slightly lower than the rate of increase in the average price level in November 2024.
The Nigerian Senate has written an emotional tribute in remembrance of soldiers killed in the line of duty, and those in active service as the world marks the Armed Forces Remembrance Day on the 15th of January.
A statement signed by the Chairman Senate Committee on Army, Senator Abdulaziz Yar’adua on Wednesday, described their sacrifices for the defence of the country as selfless.
He wrote “On behalf of the Senate Committee on Nigerian Army, I wish to pay tribute to our fallen heroes who have made the ultimate sacrifice in defence of our great nation.
“I wish to also commend our serving officers and soldiers who are currently maintaining the peace and ensuring that our nation is secured and safe from internal and external aggression. January 15th is a day set aside to remember and celebrate the bravery, patriotism, and selflessness of our military personnel who have lost their lives in the line of duty.
“As Chairman of the Senate Committee on Army, I am deeply humbled by the sacrifices of our Armed Forces. Their bravery and unwavering commitment to our nation’s unity and security have not gone unnoticed. They have consistently put their lives on the line while upholding the territorial integrity of our nation, and ensuring that our citizens can live in peace and safety.
“The sacrifices of the dead officers and soldiers in the last year will not be forgotten.
“We remember their families, who have been left behind to bear the pain of their loss. We hope that the nation will continue to care for them, providing support and comfort in their time of need.
“As we celebrate our fallen heroes today, we are reminded of the importance of unity, patriotism, and selflessness. We must continue to work together to build a nation where our military personnel can operate in an environment that is conducive to their safety and well-being.
“Once again, I salute our fallen heroes and their families. May their sacrifices not be in vain. May we continue to work towards a nation where peace, unity, and prosperity reign supreme.”
The Nigerian Communications Commission has authorised telecommunications companies to disconnect the Unstructured Supplementary Service Data codes assigned to nine financial institutions due to unpaid debts.
This directive was made in a Tuesday public notice signed by NCC’s Director of Public Affairs, Reuben Muoka.
The telecom regulator said affected banks must settle their outstanding obligations by January 27, 2025, or risk losing access to their USSD codes.
These codes, essential for enabling mobile banking services, could be reassigned to other applicants if the debts remain unresolved.
The commission revealed that, as of Tuesday’s close of business, nine out of 18 financial institutions had not complied with regulatory directives.
While other banks have cleared their debts, the total amount initially owed by the financial institutions was reported to exceed N200 billion.
However, the regulator did not disclose the precise debt currently owed by the affected banks.
According to the NCC, some of the unpaid invoices have remained unpaid since 2020, indicating a prolonged financial dispute between the banks and telecom operators.
Part of the notice read, “By the information made available to the commission as at close of business on Tuesday, 14th January 2025, of a total of 18 financial institutions, the nine institutions listed below have failed to comply significantly with the directives in the Second Joint Circular of the Central Bank of Nigeria and the commission dated December 20, 2024, for the settlement of outstanding invoices due to MNOS, some since 2020.”
The regulator noted that banks’ failure to comply with the CBN-NCC joint circular also means that they are unable to meet the good standing requirements for the renewal of the USSD codes assigned to them by the commission.
It added, “In fulfilment of its consumer protection mandate, the commission wishes to inform consumers that they may be unable to access the USSD platform of the affected financial institutions from January 27, 2025.”
The affected financial institutions include Fidelity Bank Plc, First City Monument Bank, Jaiz Bank Plc, Polaris Bank Limited, Sterling Bank Limited, United Bank for Africa Plc, Unity Bank Plc, Wema Bank Plc, and Zenith Bank Plc.
The affected USSD codes include 770, 919, and 822, among others.
The NCC emphasised that the financial institutions had been duly notified of the need for immediate compliance and warned that consumers may face service disruptions if the issues remain unresolved.
This development highlights ongoing tensions between telecommunications companies and financial institutions over unpaid USSD-related debts, a challenge that has persisted for years.
Meanwhile, data from the CBN revealed that 252.06 million transactions worth N2.19 trillion were conducted via USSD between January and June 2024.
This represents a significant growth compared to 2023 when 630.6 million transactions valued at N4.84tn were completed using USSD codes.
Originally designed by telecom operators for services like airtime purchases and subscriptions, USSD has become a key tool in the banking sector, offering financial services to users without requiring an Internet connection.
The Speaker of the House of Representatives, Abbas Tajudeen has said the priority of the House is to ensure the passage of the Appropriation Bill and the Tax Reform Bills.
The Deputy Speaker, Ben Kalu, while delivering a speech on the resumption of the House from the Christmas and new year recess on behalf of Abbas said both bills are pivotal to economic recovery and fiscal stability.
He said: “The legislative agenda of the House for 2025 prioritises the passage of the Appropriation Bill and the Tax Reform Bills, both of which are pivotal to economic recovery and fiscal stability.
“These reforms are essential for broadening the tax base, improving compliance and reducing dependency on external borrowing.
“The House will ensure that these reforms are equitable and considerate of the needs of all Nigerians, particularly the most vulnerable.”
Abbas said as the lawmakers engage with the budget and other legislative priorities, they must remain meticulous in their scrutiny, ensuring that every proposal aligns with national objectives and delivers tangible benefits to the citizenry.
He was of the opinion that the planned Citizens’ Town Hall on the budget would further reinforce transparency and inclusivity in our decision-making processes.
The national electricity grid will remain prone to collapse due to the government’s inability to repair a crucial transmission line in northern Nigeria owing to persistent insecurity.
This is according to the Minister of Power, Adebayo Adelabu, who spoke during the 2025 budget defense session with the Senate Joint Committee on Power.
Adelabu highlighted the impact of the damaged Shiroro-Kaduna-Mando line, which has been out of service since a vandalism incident in October 2024. This failure has placed immense pressure on the grid, leading to frequent collapses.
“The Kaduna-Shiroro-Mando line was one of the two major lines transmitting power to the north. The second, the Ugwuaji-Makurdi line, was also vandalized but has been repaired. The Shiroro-Mando-Kaduna line, however, remains down due to insecurity,” he said on Monday.
“This is why our grid is so fragile, as it relies on a single line, causing unnecessary strain.”
The minister emphasized that while grid collapses are expected to continue, the government is focused on reducing their frequency and ensuring quick restoration times.
He underscored that the collaboration especially with the office of the National Security Adviser (NSA) Nuhu Ribadu is critical to addressing vandalism, which remains one of the most significant challenges facing the power sector.
The minister equally announced a N2 trillion budget for the ministry and its agencies, out of which N229 billion belongs to the ministry.
He revealed a N700 billion fund allocated to the Power Metering Initiative (PMI), aimed at significantly reducing the metering gap by next month, to particularly enhance billing transparency and reduce fraud in the system.
“We recognize the issues with full or partial grid collapses, but our focus is on reducing the time it takes to restore power. We are actively collaborating with security agencies to achieve this,” Adelabu said.
The minister also disclosed plans to invest N36 billion in the distribution of transformers across the six geopolitical zones.
As part of efforts to address insecurity, Adelabu has proposed the installation of solar lights and Closed Circuit Television (CCTV) cameras on highways across the country, aimed at monitoring the movements of vandals and other criminal elements, enhancing security and protecting critical infrastructure.
The proposal is included under a N200 billion sub-head in the 2025 budget.
Minister of power, Adebayo Adelabu, said on Monday that Nigeria’s power generation increased by 30 per cent in 2024.
The minister, speaking during a budget defence session with the Senate Committee on Power, revealed that his administration inherited an average generation capacity of 4,100 megawatts (MW) in 2023 and raised it to 5,528 MW by the end of 2024.
“I can tell you authoritatively that by the end of 2024, we had a peak generation of 5,528 MW of power from 4,100 MW of plants. And the reason for this is not far-fetched. We know that we added a new hydroelectric power dam, Zungeru, of 700 MW, and also there was a tremendous increase in the generation by other existing power generating companies, mainly hydro and thermal plants,” he explained.
He noted that while the initial target was 6,000 MW, unforeseen challenges such as grid disturbances towards the end of the year prevented him from achieving it. However, he emphasised that the shortfall was minimal.
The minister also reported an increase in energy access, which rose by five per cent from 59 per cent at the end of 2023 to 64 per cent by the close of 2024. This progress, according to Adelabu, resulted from a combination of grid access expansion and growth in renewable energy initiatives, including solar, small hydro and wind energy projects.
Despite these achievements, the minister expressed concerns about the metering gap in the country. He disclosed that approximately six million electricity customers are currently metered, while over seven million remain unmetered.
To address this issue, Adelabu revealed that the ministry had secured a N700 billion fund and plans to commence the procurement of meters in the first quarter (Q1) of 2025.
He explained that the goal is to procure at least two million meters annually over the next five years, which he believes will completely eliminate the existing meter gap and eliminate any form of fraud in terms of electricity billing.
Lagos State House of Assembly has sworn in its first female Speaker, Mojisola Meranda.
Meranda took her oath of office after the impeachment of the former Speaker, Mudashiru Obasa, on Monday during a plenary session.
She represents the Apapa 1 state constituency in the assembly.
Taking her oath of office, Meranda said, “I affirm that I will be faithful as the Speaker of the Lagos State House of Assembly; that I will perform my functions honestly to the best of my ability, faithfully, and in accordance with the Constitution of the Federal Republic of Nigeria.”
Details later…
Lagos Assembly Speaker Mudashiru Obasa has been impeached by 32 members of the Lagos State House of Assembly.
This development comes amid allegations of corruption and financial mismanagement against the speaker.
According to reports, the embattled Speaker was impeached for gross misconduct and abuse of office.
Obasa has been accused of spending N17 billion on a gate to the assembly complex, which critics argue is excessive and fraudulent. There have also been allegations of mishandling constituency funds and projects.
Details later…
The Zamfara state government has countered the claim by the Nigerian Air Force (NAF) that there was no credible evidence to support reports that 16 civilians were killed during an airstrike targeting insurgents in Tungar Kara,Maradun LGA of Zamfara state.
On Friday, the Nigerian Air Force (NAF) conducted Operation Fansan Yamma, targeting bandits in the LGA.
Subsequently, reports surfaced from the community alleging that 16 residents, including members of the Zamfara Community Protection Guard (ZCPG) and vigilantes, were mistakenly killed during the operation.
NAF responded, claiming that there was no credible evidence to support the reports.
In a statement released on Sunday, Dauda Lawal, governor of Zamfara, said some members of the Civilian Joint Task Force (JTF) and local vigilantes were killed during the airstrike.
The governor did not disclose the number of civilians killed in the air raid.
“We have received multiple positive reports of precision strikes carried out by the Air Component of Operation Fansar Yamma over the weekend in troubled Maradun and Zurmi local government areas,” the statement issued by Sulaiman Idris, Lawal’s spokesperson, reads.
“This intervention by the military has significantly degraded the operational capacity of the bandits and has shown the commitment of the Nigeria Air Force to carrying out its constitutional mandate of protecting civilians and safeguarding the lives and property of the people.
“As a responsible government, we assure all the people of the State that the Government of Zamfara State remains steadfast in its resolve to sustain the gains made in the fight against banditry and related criminalities. The recent success indicates that the collaborative efforts between the state and federal security agencies yield positive results.
“In light of these achievements, the state government reaffirms its commitment to providing all necessary support to the Nigerian Air Force and other security agencies to sustain their operations and bring lasting peace to the state.
“We will continue to offer support to enhance intelligence sharing, provide logistics, and strengthen community engagement, all in the spirit of a comprehensive approach to security and achieving the ultimate goal of restoring normalcy across all parts of the state.
“Regrettably, some members of the Civilian Joint Task Force (JTF) and local vigilantes were also affected during the operation in Tungar Kara, resulting in the loss of lives.”
Lawal said the government will provide necessary support and assistance to the bereaved families.
Nigeria has a history of military airstrikes targeting terrorists but inadvertently resulting in civilian casualties.
In December 2023, Christopher Musa, chief of defence staff (CDS), vowed that airstrikes would no longer record civilian deaths, noting that the duty of the military is to protect Nigerians and not kill them.
Musa said this after an accidental airstrike killed over 100 residents at Tudun Biri village in Igabi LGA of Kaduna.
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The Edo State chapter of the Peoples Democratic Party, PDP, has vowed to upturn the results of the September 21, 2024 governorship election which was won by the All progressives Congress, APC, and its candidate, Monday Okpebholo.
The party made this vow as the State Governorship Election Petition Tribunal resumed sitting on Monday.
This was contained in the communiqué released at the end of a meeting of the leadership of the party including its governorship candidate, Asue Ighodalo.
According to the communiqué signed by the Secretary, Edo State PDP Caretaker Committee, Henry Tenebe on Sunday, the meeting was convened at the instance of the Chairman, State Caretaker Committee, Tony Aziegbemi.
The party reiterated its resolve to reclaim the mandate, which it said was duly given to it by the people of Edo State in the last governorship election.
It urged all party faithful and the people of the state to keep supporting and praying for its progress and that of the gubernatorial candidate on the journey.
The state PDP said it acknowledged and appreciated the commitment, loyalty, and steadfastness of party members and faithful supporters across Edo State, urging them never to relent in their support and prayers for the party and its leadership.
It expressed grave concern over the current state of Edo under the APC-led administration, saying that the state has suffered significant setbacks in the last few months.
“The PDP reaffirmed its unshakable commitment to the rule of law and upholding constitutional democracy in the State. The party strongly believes that law, order and security are essential for the peace, progress and development of Edo State and Nigeria as a whole.
“The party chairmen unanimously passed a vote of implicit confidence in the State Caretaker Committee led by Tony Aziegbemi, and the party’s candidate in the last governorship election, Asue Ighodalo. They commended both leaders for their outstanding leadership and exemplary efforts in piloting the affairs of the party in the state, which have fostered unity and progress in the Edo State chapter of the PDP,” the communique read in part.
Socio-Economic Rights and Accountability Project (SERAP) has filed a lawsuit against the government of President Bola Tinubu and Nigeria’s 36 governors over “the repressive use of the Cybercrimes (Amendment) Act 2024 to criminalize legitimate expression and violate the human rights of Nigerians, including activists, journalists, bloggers and social media users.”
The ECOWAS Court had in its judgment dated 25 March, 2022 “ordered Nigerian authorities to stop using section 24 of the Cybercrime Act 2015 to prosecute anyone on the grounds of insulting or stalking public officials online.”
The Court declared section 24 as “arbitrary, vague and repressive” and ordered Nigerian authorities “to repeal it in conformity with the country’s human rights obligations.” But while the Cybercrime (Amendment) Act 2024 has repealed section 24, it has not cured the arbitrary, vague and repressive nature of the provisions.
In the suit no: ECW/CCJ/APP/03/2025 filed last week before the ECOWAS Community Court of Justice in Abuja, SERAP is challenging “the legality and compatibility of the provisions of the Cybercrime (Prohibition, Prevention, etc.) (Amendment) Act 2024 with the rights to freedom of expression and information.”
SERAP said, “The provisions of the Cybercrimes (Amendment) Act 2024 have opened the door to criminalizing legitimate expression and punishing activists, journalists, bloggers and social media users.”
According to SERAP, “What constitutes ‘causing a breakdown of law and order’ in section 24(1)(b) of the amended legislation is unclear and undefined, threatening to punish peaceful and legitimate expression and opening the provisions up to abuse.”
SERAP also said, “Rather than using the amended legislation to make cyberspace and its users safer, Nigerian authorities are routinely weaponizing it to curb Nigerians’ human rights and media freedom.”
SERAP is arguing that, “The Cybercrime (Amendment) Act 2024, in addition to its arbitrary, vague and repressive section 24 provisions, broadly defines ‘cyberstalking’ in section 58 as ‘a course of conduct, directed at a specific person that would cause a reasonable person to feel fear.’”
SERAP is also arguing that, “The provisions of the Cybercrimes (Amendment) Act 2024 represents a harshly punitive attempt to address the problems relating to stalking and harassment and fails to provide sufficient safeguards against misuse, particularly for peaceful and legitimate exercise of human rights.”
SERAP is arguing that, “The use of section 24 of the Cybercrime (Amendment) Act 2024 to harass those who are deemed critical of the government directly threatens the staff, members and supporters of SERAP, particularly given the nature of the organization’s advocacy for human rights.”
The suit filed on behalf of SERAP by its lawyers, Kolawole Oluwadare, Mrs Adelanke Aremo and Andrew Nwankwo, read in part: “The amended legislation is abused to threaten and stifle people’s human rights and livelihoods.”
“The vague, arbitrary, and repressive provisions on ‘cyberstalking’ in section 24 of the Cybercrime (Amendment) Act 2024 are routinely abused to suppress factual reports by activists, journalists, bloggers and social media users, thereby leaving a chilling effect on human rights and media freedom.”
“Nigerian authorities not only have a negative obligation to abstain from unduly interfering with human rights and media freedom but also have a positive obligation to facilitate and protect these rights.”
“Freedom of expression is a fundamental human right and full enjoyment of this right is central to achieving individual freedom and to developing democracy. It is not only the cornerstone of democracy, but indispensable to a thriving civil society.”
“Whether labelled as cyberstalking, criminal defamation, seditious libel of government officials or false news, the provisions of section 24 of the Cybercrime (Amendment) Act 2024 disproportionately penalize the accused and inevitably limits protected public discussion and debate on matters of legitimate public concern.”
“The ECOWAS Court had on 25 March 2022 ruled that section 24 of the Cybercrime Act 2015 is arbitrary, vague and repressive and therefore, is in contravention of Article 9 of the African Charter on Human and Peoples’ Rights and Article 19 of the International Covenant on Civil and Political Rights.”
“The Court also ordered the Federal Republic of Nigeria to amend Section 24 of the Cybercrime (Prohibition, Prevention, etc.) Act, 2015 in accordance with its obligations under Article 1 of the African Charter on Human and Peoples’ Rights.”
“The National Assembly amended section 24 and other provisions of the Cybercrime 2015 in 2024 but the new Cybercrime (Amendment) Act, 2024 still criminalizes ‘cyberstalking’. The provisions remain vague, arbitrary, and frequently misused by Nigerian authorities to crackdown on human rights.”
“Since the amendment of the Cybercrime Act in 2024, Nigerian authorities at all levels have consistently used the provisions of the Cybercrime Act to harass, intimidate, arbitrarily arrest and detain and unfairly prosecute users of social media, activists, journalists, and bloggers solely for the peaceful exercise of their rights.”
“Stories published online have been deemed ‘offensive’, ‘obstructive’, ‘insulting’ or ‘annoying’ with actionable consequences under provisions of section 24 of the Cybercrime (Amendment) Act 2024 even when the stories are true and factual.”
“According to the 2023 and 2024 Freedom House Reports on Nigeria, internet freedom of expression declined due to an unprecedented pattern of arbitrary arrests and detention of bloggers after the enactment of the Cybercrime (Amendment) Act 2024.”
“There are several reports on the recent abusive use of the arbitrary, vague and repressive provisions of section 24 of the Cybercrimes (Amendment) Act 2024.”
“For example, the police filed ‘cybercrime charges’ against activist Dele Farotimi under the arbitrary, vague and repressive provisions of the Cybercrimes (Amendment) Act 2024.”
“Journalist Agba Jalingo of the Cross River Watch Newspaper was charged with ‘cyberstalking’ over a report that a relative of a former governor of Cross River State had engaged someone to sit for law exams on her behalf.”
“Chioma Okoli was arrested following her comment on Facebook complaining about the sugar content of Nagiko tomato mix. Funke Adeoye was also reportedly summoned by the police for alleged cyberbullying due to a statement she shared on her X account.”
“The Nigeria police also reportedly re-arraigned four bloggers on fresh charges of alleged cyberstalking. The police also arrested ‘a famous singer’ for alleged cyberstalking and harassing Benin Crown Prince.’”
“The provisions of the amended legislation are inconsistent with international human rights law, which requires any regulation of freedom of expression to be necessary for a legitimate purpose and to be strictly proportionate to that end.”
SERAP is therefore asking the ECOWAS Court of Justice for the following reliefs:
A DECLARATION that the provisions of section 24 of the Cybercrime (Prohibition Prevention, ETC) (Amendment) Act 2024 are unlawful, inconsistent and incompatible with Article 9 of the African Charter on Human and Peoples’ Rights and Article 19 of International Covenant on Civil and Political Rights.
A DECLARATION that the actions of the Defendant and its law enforcement agencies in arbitrarily applying and enforcing section 24 of the Cybercrime (Prohibition, Prevention, ETC) (Amendment) Act 2024 to harass, intimidate, arrest, detain, unfairly prosecute and imprison journalists, bloggers, social media users, and other Nigerians threaten and/or violate the rights to freedom of expression, information, opinion, privacy and media freedom, guaranteed under the African Charter on Human and Peoples’ Rights, and the International Covenant on Civil and Political Rights.
AN ORDER directing the Defendant to immediately repeal and/or amend section 24 of the Cybercrime (Prohibition, Prevention, ETC) (Amendment) Act 2024 in line with Nigeria’s obligations under Article 1 of the African Charter on Human and Peoples’ Rights and other relevant human rights treaties.
SUCH FURTHER orders the Honorable Court may deem fit to make in the circumstances of this suit.
No date has been fixed for the hearing of the suit.
Open Letter To Presidential Economic Team: Stop Derailing President Tinubu’s Renewed Hope Agenda - Osita Okechukwu
Admin
Dear Presidential Economic Team,
May I humbly appeal via this Open Letter and earnestly urge the Presidential Economic Team to patriotically consider the gruesome economic hardship in the land, so as to stop derailing President Tinubu’s Renewed Hope Agenda meant to uplift millions out of poverty.
Am making this humble appeal because am not the only foundation member of the APC who wants our great party to succeed; albeit many do not want our great to go into 2027 general elections limping in the midst of widespread discontent, despondency and despair.
Secondly, one sincerely thinks that President Tinubu means well and wants to successfully consolidate the neoliberal capitalist system by taking bold decisions to bolster economic resorgimento in Nigeria via his Renewed Hope Agenda.
Luckily for us Nigerians, President Tinubu has harvested the fine tenets of classical Non-Alignment-Doctrine; consequent upon his cordial diplomatic relationship with the West and the East.
Hence Mr President inspite of the economic hardship and gross inequality has mobilised all the necessary international powers to utilise our demographic youth advantage in an aging world to consolidate the CHANGE our great party APC pledged in July 2013.
This is why am appealing to the Presidential Economic Team to reverse their gear and listen to Albeit Einstein’s admonition; that it’s illogical doing the same thing over and over again and expecting different results. Therefore let’s assist Mr President to succeed and pull out of this adverse economic condition so that Nigerians can breathe.
Accordingly this why as a roadside political economist am crying out in pain over the inadvertent derailing of the Renewed Hope Agenda. For am yet to reconcile how the program could be successfully executed when only 25% of the 2024 Capital Budget was released; moreover when we are regrettably operating multi-budgets.
Paradoxically the derailing is going on despite huge debts, increased tariffs, excessive taxation and the fact that all revenue generating agencies - NNPC, Nigeria Customs, FIRS had exceeded their 2024 targets - N13.1trillion vs N12.3trillion, N5.352trillion vs N5.09trillion and N5.7trillion vs N4.0trillion respectively.
One recalls with nostalgia President Tinubu’s July 2023 profound broadcast statement on why he removed the fuel subsidy, quote interalia, “To be blunt, Nigeria could never become the society it was intended to be as long as such small, powerful yet unelected groups hold enormous influence over our political economy and the institutions that govern it.
“The whims of the few should never hold dominant sway over the hopes and aspirations of the many. If we are to be a democracy, the people and not the power of money must be sovereign.
“This group had amassed so much wealth and power that they became a serious threat to the fairness of our economy and the integrity of our democratic governance.”
Is it not the same train of absurd Mr President frowned at that the Presidential Economic Team is boarding by not instantly and publicly disclosing how much that accrued from Fuel Subsidy removal; when the Joint Appropriation, Budget and Finance Committees of the National Assembly demanded it last week?
The Presidential Economic Team, should kindly remember that even the late military Head of State, General Sani Abacha diligently utilsed monies which accrued from his fuel subsidy removal with social and physical infrastructure via the Petroleum Trust Fund (PTF), which was beneficial to Nigerians.
My humble submission is that the Presidential Economic Team should not forget that Mr President’s statement above presupposes that he wants to seamlessly win the 2027 presidential election and end up 2nd Term as a progressive statesman.
Mr Osita Okechukwu
Foundation Member APC
Amid the ongoing controversy surrounding the proposed tax reform bills by the current administration, the Federal Government and 21 out of the 36 states in the federation have projected a combined Value Added Tax revenue of N2.5 trillion for 2025 in their respective budget estimates.
This projection excludes additional funds that may accrue from the implementation of the contentious tax reform bills.
VAT, a consumption tax on goods and services, is levied at each stage of the supply chain where value is added.
Sunday PUNCH previously reported that VAT revenue collected under the current administration increased by N549bn within six months.
This figure was derived from financial reports released by the Federation Account Allocation Committee between October 2023 and March 2024.
An analysis of the 2025 budget documents from the Federal Government and 21 states revealed a combined VAT revenue projection of about N2.53tn, representing a significant increase of N1tn (65.8 per cent) compared to the N1.527tn projected in 2024.
The 21 states include Kebbi, Kaduna, Ekiti, Oyo, Osun, Ogun, Enugu, Borno, Ondo, Kano, Katsina, Ebonyi, Gombe, Anambra, Abia, Niger, Jigawa, Bauchi, Akwa-Ibom, Adamawa, and Delta. Budget documents for the remaining 14 states and the Federal Capital Territory were unavailable.
In 2024, the Federal Government’s share of VAT revenue was N512.8bn, but it is projected to rise to N972bn in 2025. Similarly, Kebbi State, which received N41bn from VAT in 2024, anticipates N87.3bn this year. Kaduna State’s VAT revenue is projected at N57.8bn, up from N48.2bn in its 2024 budget.
Ekiti State plans to generate N54.9bn in VAT revenue this year, compared to N52.6bn in 2024.
Oyo State, which earned N78.8bn from VAT in 2024, projected N144bn for 2025, while Osun State expects N78.1bn, up from N45.3bn last year.
Other states such as Ogun, Enugu, Borno, Ondo, Kano, Katsina, Ebonyi, Gombe, and Anambra have projected VAT revenues of N85bn, N74.9bn, N87.3bn, N71.5bn, N97.3bn, N85.9bn, N50.8bn, N39bn, and N92.4bn respectively for 2025.
In comparison, their 2024 projections were N57.7bn, N44bn, N49.4bn, N30.3bn, N76.6bn, N46.9bn, N36.5bn, N30bn, and N58.4bn respectively.
Similarly, Abia, Niger, Jigawa, Bauchi, Akwa-Ibom, Adamawa, and Delta have projected VAT revenues of N60.6bn, N64.6bn, N80bn, N78.5bn, N70bn, N52.5bn, and N46.6bn respectively for 2025. Their projections for 2024 were N40bn, N50.6bn, N45bn, N45bn, N45bn, N47bn, and N45.7bn.