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Speaking with journalists at Abuja about those blaming Dr Umar Ganduje, Chairman of APC for saying that there is no vacancy at Aso Villa, Mr Osita Okechukwu, said the blame should go to His Excellency, Atiku Abubakar and his cohorts in the PDP who erroneously breached the rotation convention which governs the 4th Republic Nigeria.
Okechukwu maintained that the erroneous breach of the rotation convention had divided the PDP irretrievably; albeit produced Wike Masquerade which cannot be easily wipe lashed off the party’s bone marrow.
He said that it will be difficult for the PDP to play the robust role as foremost opposition party in the near future and will not succumb to second role in a merger like the defunct ACN, because of the greed of their leaders, which confirms the ancient maxim divided will fall.
“The erroneous breach of the rotation convention, a ligament holding our fledgling democracy together in the 2023 presidential election is the PD’s biggest miscalculation.
The rotation fire is raging and may not be quenched before 2027. The ugly outcome scenario sounds like the local clincher of the advisory song of the birds to the Reverend Father during Mass, that the big men seated in the altar front row are all the same character.” Okechukwu submitted.
When reminded that those who are opposed to President Tinubu’s second term is because of the economic hardship in the country?
In his response Okechukwu retorted that the economic hardship is going to ease before the 2027 presidential election, because some of Mr President’s economic policies will start bearing positive fruits and he has prepared grounds for Foreign Direct Investments.
“The truism is that President Tinubu has done well diplomatically; he is friend of the West and friend of the East. This means that he has the support of the international community to cushion the rough economic edges with Foreign Direct Investments and loan backed protects.” Okechukwu submitted.
After initial delay, the House of Representatives on Wednesday passed for the second reading, the four tax reform bills transmitted to the National Assembly by President Bola Tinubu on October 3, 2024.
The bills — Nigeria Tax; Nigeria Tax Administration; Nigeria Revenue Service and Joint Revenue Board of Nigeria (Establishment) Bills, 2024 have been referred to the Committee on Finance for further legislative works after extensive debate on their general principles.
The House had fixed December 3, 2024 for the debate on the general principles (second reading) of the bills, but that was postponed indefinitely.
The bills had been a subject of controversy, with Northern Governors’ Forum rejecting the new derivation-based model for Value Added Tax (VAT) distribution proposed in one of the bills when they insisted that the provision did not align with the interests of the North and other sub-national entities.
Article 77 of the Nigeria Tax Administration Bill, 2024 provides that: “Notwithstanding any formula that may be prescribed by any other law, the net revenue accruing by virtue of the operation of chapter six of the Nigeria Tax Act (VAT) shall be distributed as follows – (a) 10% to the Federal Government; (b) 55% to the State Governments and the Federal Capital Territory; and (c) 35% to the Local Governments.
“Provided that 60% of the amount standing to the credit of states and local governments shall be distributed among them on the basis of derivation.”
However, there was a twist in the event when the Nigeria Governors’ Forum (NGF) threw its weight behind the tax reform bills, but insisted that the revised VAT sharing formula must ensure equitable distribution of resources of 50% based on equality, 30% based on derivation, and 20% based on population.
Barely 24 hours after Speaker Abbas Tajudeen told the leadership of the Lagos Chamber of Commerce and Industry (LCCI) which paid him a courtesy call on Tuesday that the “House is a pro-business legislature, and that is why we are at the centre of supporting Mr. President on the tax reforms,” the bills were listed for second reading on Wednesday.
Leading the debate on the general principles of the bills which were main business of the day after their consolidation, the House Leader, Hon. Julius Ihonvbere (APC, Edo), hailed President Tinubu for summoning the courage to address the issue of reforming the tax sector hampered by multiple collections, taxations and other problems.
Ihonvbere said bills seek to essentially ensure a total overhaul and modernisation of the tax system which was chronically outdated and one of the most backwards on earth, thereby driving the economic transformation to improve the lives of ordinary Nigerians.
“The focus of the tax reform bills essentially is to ensure a total overhaul and modernisation of the tax system which is chronically outdated and one of the most backwards on earth. Second, to drive the economic transformation that we will all be part, trying to refocus, redirect the principles of production and accumulation and exchange in order to improve the lives of the ordinary person empower our citizens and support households.
“Enhance revenue mobilisation and ensure a conducive and competitive environment for investment. Many can complain that investors have being paying taxes to almost 10 and sometimes 15 different agencies without receipts sometimes.
“The Nigerian Tax administration bill provides the legal basis for tax management. The Nigerian Revenue Establishment bill replaced the FIRS to perform the role of revenue administration and finally the joint revenue board establishment bill to transform the Joint Tax Board into the Joint Revenue Board with expanded mandate and responsibilities. These are the taxes we are putting into one because they’re dealing with the same matter,” he argued.
Emphasising the benefits of the proposed legislations, the House Leader said there will be a complete exemption of low income workers earning up to N1 million from the Pay As You Earned tax (PAYEE), and VAT removed on food, healthcare, education, electricity generation and transmission, while vulnerable tax payers will be protected against arbitrary tax assessment.
“Having studied the bills myself and taking the time to compare with other Africa countries notably, Egypt, Morroco, South Africa, Ethiopia and Namibia, I could see the benefits that have been enunciated for Nigeria and Nigerians in these tax bills.
“Suffice to say, ordinary Nigerians, the youths, families will benefit extensively because for the first time, there will be a complete exemption of low income workers earning up to N1million from PAYEE. The minimum wage that is about N83,000 a month which is above the minimum wage, so anybody with minimum wage whether in the public or private sector will not need to pay that tax. It reduces the PAYEE tax for those earning a monthly salary of N1.7 million or less.
“Remove VAT on food, healthcare, education, electricity generation and transmission. If you are involved in these activities it is 0 percent VAT. There’s tax incentives for employers to hire more workers. There are many products that are now exempted from the VAT; dairy products, renewable energy and so on and so forth. Our small businesses also have a lot of incentives in this new tax regime.
“There is also the introduction of the Office of the Tax Ombuds to protect vulnerable tax payers against arbitrary tax assessment. The bill also requires that all tax disputes must be resolved by the Ombuds in 14 days, not the current situation where in a year you will be going to tax office everyday and they’ll be turning you up and down with no solution,” he added.
For his part, the House Minority Leader, Hon. Kinsley Chinda (PDP) who supported and moved for the second reading of bill while debate was yet over, said the issues in the proposed legislation will be addressed at the appropriate stage of lawmaking.
Chinda said while lawmakers, especially his colleagues in the minority caucus opposed some of the letters of the law, they supported its spirit.
“I will not want to repeat, save to say or emphasise on a few areas. We have incremental tax contained in the tax administration law. Rather than have tax increase, it is impossible that we can have incremental VAT in this bill.
“Aside, all the other issues or the issues of conflict with the constitution and other laws, and then the issues of ambiguity, I believe that we can tidy them up.
“One good thing is that, innovation is coming, it would be difficult, but it is desirable. So, while we oppose some of the letters of the law, we support the spirit of the law in toto.
“As parliamentarians we know the stage at which we can attack those letters and correct them, and we want to assure Nigerians that, as we stand as members of this parliament that these letters we will monitor them as watchdogs and ensure that those letters are collected as we have promised.
“Generally, we support these bills. Mr Speaker, my dear colleagues since we all agree with the spirit and intent of the bill, I will pray that we support the second reading of the bill,” the opposition leader said.
In his contribution, the Deputy Minority Whip, Hon. George Ozodinobi (LP, Anambra) viewed the bills as a subtle restructuring of the country and lauded the courage of President Tinubu in introducing these reforms.
“I wouldn’t want to go into the general principles of the four bills because the Leader of the House, Prof. Julius Ihonvbere has touched on basic principles of it. But basically, I saw these bills, I’m constrained from where I’m coming from for the first time, to salute the courage of Mr President for his presentation of these bills as it were.
“I also saw it from where I came from as a subtle restructuring of this great nation by these bills and by the same time, as a kind of a handshake across the Niger to our people.
“With the consultations I had with our constituents, they pleaded with us that these bills are good to go – pass the second reading. My leader, Mr Peter Obi in some of his principles, he believes in consumption to production,” he added.
However, Hon Sada Soli (APC, Katsina) said while the bills will ensure efficiency and harmoinsed taxation, amongst other advantages, there were issues inherent in the proposed legislations as some of their sections which contradicted the constitution.
He also pointed out the issues of overlap with “existing laws – PAYEE, company income tax, preponderance of ambiguity due to inadequate interpretation; concerns for equity, technology, burdening tax payers,” amongst others.
In their separate submissions, Minority Whip, Hon. Ali Isah (PDP, Gombe); Hon. Abubakar Fulata (APC, Jigawa), amongst others, said some sections of the bills must be amended to accommodate the interests and welfare of Nigerians as well as protect institutions such as TETFUND and NITDA.
The House of Representatives on Wednesday initiated deliberations on four tax reform bills submitted to the National Assembly in 2024 by President Bola Tinubu.
These bills, scheduled for a second reading, had been pending for six months since their transmission, following recommendations from the Taiwo Oyedele-led Committee on Fiscal Policy and Tax Reforms.
The proposed legislation includes the Nigeria Tax Bill 2024, the Tax Administration Bill, the Nigeria Revenue Service Establishment Bill, and the Joint Revenue Board Establishment Bill.
However, the bills have stirred controversy, facing strong criticism and resistance from various quarters, including northern governors and opposition figures who have called for their withdrawal.
During Wednesday’s plenary, most lawmakers expressed support for the proposed reforms, but Sada Soli raised concerns about potential constitutional contradictions within some sections of the bills.
He particularly stressed the need for clear definitions on derivation to prevent ambiguity.
Soli remained optimistic that the committee assigned to review the bills would resolve any contentious issues before they are passed.
Additionally, some lawmakers highlighted the bill’s attempt to amend 40 existing acts, insisting that these amendments be laid before Parliament for proper scrutiny.
They also raised concerns about provisions related to multiple taxation on property transactions, which require both buyers and sellers to pay taxes.
More details to follow…
[NaijaNews]
[PRESS RELEASE] Wigwe was Committed To Our Programmes, His Absence Strongly Missed, Says Sanwo-Olu
Admin![[PRESS RELEASE] Wigwe was Committed To Our Programmes, His Absence Strongly Missed, Says Sanwo-Olu](/media/k2/items/cache/b3da9b048c785c3640f646891e51fea8_M.jpg)
- Presidents, Governors, others pay tribute to former GMD Access Holdings
Lagos State Governor, Mr. Babajide Sanwo-Olu, said the late Herbert Wigwe was a firm believer in and supporter of his administration’s development programmes since inception in 2019.
He said the State has felt the absence of the late Group Managing Director of the Access Holdings, very strongly, since his passing in the last one year.
He said there are projects that would have been delivered faster if Wigwe, the co-founder of Access Holdings, was alive, noting that "across the states there are projects with Herbert Wigwe’s footprint."
Governor Sanwo-Olu spoke during the First Year Memorial Service in honour of Wigwe, his wife Doreen, and son, Chizi, organised by the Access Holdings at the Eko Hotels and Suites, Victoria Island, Lagos.
The memorial service was attended by the late Wigwe's family, friends, colleagues, and loved ones, as well as President Emmanuel Macron of France; former President Olusegun Obasanjo; Governors Sanwo-Olu and his Ogun State counterpart, Prince Dapo Abiodun; Minister of Finance and Coordinating Minister for the Economy, Mr. Wale Edun; Emir of Kano, Muhammadu Sanusi II; present and former public office holders; captains of industries; renowned bankers; and business tycoons.
It would be recalled that Herbert, Doreen and Chizi lost their lives alongside the former Chairman of the Nigeria Exchange Group (NGX), Bimbo Ogunbanjo, in a helicopter crash in the Mojave Desert near the California-Nevada border in United States on February 9, 2024.
Governor Sanwo-Olu, while paying glowing tributes to the late Group Managing Director of the Access Holdings, one year after his death, described the late Wigwe as a believer in the works of his government.
The Governor said the late Wigwe was a builder of not just businesses but also people, ideas and the future, adding that his death was a reality “we never prepared for.”
Governor Sanwo-Olu described Wigwe as a visionary who believed in Nigeria and Africa’s capacity to rise above challenges, adding that he was not just a friend but a brother with whom he shared the vision of good governance and passion for the people together.
He said: “He lived perpetually in the present and the future. He believed in actions, not just words. I saw him transform vision into reality. When others hesitated, he moved. When others saw obstacles, he saw opportunities. He truly believed in Nigeria and Africa.
“He was a builder of men and businesses, turning visions into reality. His absence is deeply felt in Lagos State, as there are projects today that would have progressed faster if he were still with us. Herbert made my work easier by mobilising partners and funding for state projects."
Speaking earlier, President Bola Tinubu, who was represented by the Minister of Finance and Coordinating Minister for the Economy, Mr. Wale Edun, said Wigwe’s impact was not confined to the “boardroom and balance sheet.”
President Tinubu, in his tribute delivered by Edun, described the late Wigwe as more than just a banker but a builder of dreams and institutions.
“Herbert embodied vision, excellence, and generosity. He was deeply committed to uplifting society. His impact was felt in the lives he touched, opportunities he created, and hopes he inspired,” he said.
President Emmanuel Macron also praised Wigwe as an exceptional entrepreneur and a friend of France.
“He made significant contributions as Chairman of the Nigeria-France Business Council, strengthening the bilateral relationship and friendship between France and Nigeria,” he noted.
Former President Olusegun Obasanjo highlighted Wigwe’s resilience and dedication to partnership, noting that "despite his success, he remained accessible and committed to nurturing relationships. He understood that true leadership involves building both institutions and people. His legacy is a testament to what Africans can achieve through vision, determination, and collaboration."
SIGNED
GBOYEGA AKOSILE
SPECIAL ADVISER - MEDIA AND PUBLICITY
Governor Okpebholo Appoints Pioneer Chairman For Edo State Commission For Persons With Disabilities
Admin
Edo State Governor, H E Monday Okpebholo has appointed Theophilus Egbodion, a Seasoned Professional and Dedicated Public Servant as the pioneer Chairman Edo State Commission for Persons with Disabilities.
The appointment was conveyed in a letter signed by the Secretary to the State Government;
The letter reads thus “I write to inform you that the Governor of Edo State, His Excellency, Senator Monday Okpebholo has approved your appointment as Chairman, Edo State Commission for Persons with Disabilities with effect from December, 2024”.
On his part, Theophilus, who described the appointment as a call to service, expressed gratitude to the Governor for the opportunity, and assured that he will serve with compassion, while prioritizing the needs of the people living with disabilities.
Born in 1978 in Uromi Edo State , Theophilus has consistently demonstrated excellence and dedication in his personal and professional pursuits despite being a physically challenged person.
Theophilus Egbodion
Theophilus attended Federal Government College, Warri, for his secondary education, graduating in 2000. His passion for computer science led him to Ambrose Alli University, Ekpoma, where he earned a Bachelor's Degree in Computer Science in 2006,
Theophilus' commitment to public service began with his participation in the National Youth Service Corps (NYSC) program in Jos, Plateau State, in 2007. His leadership skills and expertise soon earned him his first appointment as Special Adviser to the Local Government Chairman of Esan North East.
In 2011, Theophilus joined the renowned Irrua Specialist Teaching Hospital (ISTH) as a Data Processing Officer, where his diligence and expertise has seen him rise through the ranks.
Recall that in July 2022, the Edo State Government passed the Edo State Persons Living with Disability into Law. The law, among other things, aims to fully integrate people with disabilities into society and protect their rights.
Signed
Augustus Osakpono
Personal Assistant
Nigerian Ports Authority, NPA, has announced a 15 percent tariff increase, the first in 32 years.
According to the Nation, NPA managing director Abubakar Dantsoho disclosed this on Thursday in Lagos during the stakeholders’ engagement.
He noted that the 15 percent ports tariff increment is across the board.
Represented by the Executive Director of Marine and Operations, Olalekan Badmus, Dantsoho explained that the agency had maintained the same rates for over three decades despite significant economic changes, including exchange rate fluctuations, rising wages, fuel and lubricant costs, and inflation.
This comes weeks after the Nigerian Communications Commission approved a telecommunications tariff hike capped at 50 percent.
Meanwhile, Nigerians and financial experts have criticised the Nigerian government’s revenue-driven posture at the expense of citizens’ welfare as economic hardship worsens
A combined security team has discovered the decomposing body of a member of Anambra State House of Assembly, Justice Azuka, on the 2nd Niger Bridge.
Azuka was taken captive on December 24, 2024, along Ugwunabankpa Road, Inland Town, Onitsha.
He was representing Onitsha North Constituency 1 in the Anambra assembly.
After weeks of investigation, security operatives from Abuja apprehended the suspects late Wednesday. The arrested individuals led authorities to the location where they dumped the lawmaker’s remains.
Spokesman of the Anambra Police Command, Tochukwu Ikenga, said he would reveal details to the public soon.
In 2022, a member of Anambra House of Assembly, Okey Okoye, popularly known as Okey Di Ok, was abducted and beheaded.
His body was later found around the Nnobi axis.
[Vanguard]
Bandits have reportedly kidnapped the former Director General of the National Youth Service Corps, Brgd. Gen. Maharazu Tsiga (retd.), in Tsiga village, Bakori Local Government Area of Katsina State, in the early hours of Thursday.
The bandits also killed one person and abducted at least nine others, even as they were said to have ransacked several homes, carting away valuables.
The bandits attacked at 12.30am on Thursday, as eyewitness reports have it that the armed hoodlums stormed the community, shooting sporadically to scare residents.
Our correspondent contacted the Katsina State Police Public Relations Officer, DSP Abubakar Sadiq, to confirm the attack but said he “can’t talk now” in an SMS.
Details soon…
[Punch]
The Federal Government is engaging the World Bank for two fresh loans totalling $580m, which are expected to be approved in March 2025, according to findings by The PUNCH.
Information obtained from the website of the World Bank on Wednesday showed that the funding is aimed at improving nutrition and education initiatives, with two projects currently listed in the bank’s pipeline.
The projects, Accelerating Nutrition Results in Nigeria 2.0 and HOPE for Quality Basic Education for All, are expected to receive final approvals on March 27 and March 20, 2025, respectively.
The HOPE for Quality Basic Education for All programme has a commitment of $552.18m, with $500m coming from the World Bank and an additional $54m from other sources.
The initiative is designed to tackle Nigeria’s education crisis, where over 17 million children remain out of school.
It is expected to enhance early childhood education, primary and junior secondary schooling, as well as expand access to learning resources.
The programme will be implemented by the Federal Ministry of Finance in collaboration with the Federal Ministry of Education and the Universal Basic Education Commission.
The project remains in the ‘Concept Review’ phase, requiring further consultations before being finalised.
The second loan project, the Accelerating Nutrition Results in Nigeria 2.0 project, is expected to secure $80m from the World Bank to address malnutrition and food insecurity.
The PUNCH further observed that $232m was approved on June 27, 2018, for the Accelerating Nutrition Results in Nigeria.
This initial loan project was faced with a number of challenges, leading to some changes, including the cancellation of some amount from the total approved loan.
However, the Federal Government is currently engaging the World Bank to get an extra loan for a second part of this project.
The PUNCH further observed that the approval day for the second part was moved from February 20, 2025, to March 20.
As Nigeria continues to struggle with a high rate of stunting among children, the project seeks to improve access to quality nutrition services, particularly for pregnant women, lactating mothers, adolescent girls, and children under five.
It will be implemented through primary healthcare facilities and community-based programmes.
Also, it will include interventions such as nutrition-smart agriculture to bolster household food security and dietary diversity.
Part of the funding will support project management, government coordination, and data-driven decision-making to enhance long-term sustainability.
This project is currently at the ‘Decision Meeting’ stage, indicating it is closer to final approval compared to the education initiative.
The approval of these loans is expected to enhance Nigeria’s human capital development by improving education and nutrition outcomes.
The World Bank has been a key development partner, funding various projects to address socioeconomic challenges in the country.
However, concerns persist over Nigeria’s growing debt burden, with economists questioning the government’s borrowing strategy.
The PUNCH further observed that the Federal Government, under the leadership of President Bola Tinubu, has secured loans worth $6.95bn from the World Bank in about 18 months.
Not less than 10 loan projects have been approved by the World Bank under the current administration.
According to data from the external debt report released by the Debt Management Office, the World Bank’s share of Nigeria’s debt totals $17.32bn, with the majority owed to the International Development Association, which accounts for $16.84bn, which represents 39.14 per cent of Nigeria’s total external debt.
The International Bank for Reconstruction and Development, another arm of the World Bank, is owed $485.08m, or 1.13 per cent.
The PUNCH earlier reported that the Federal Government spent $3.58bn servicing its foreign debt in the first nine months of 2024, representing a 39.77 per cent increase from the $2.56bn spent during the same period in 2023.
This was according to data from the Central Bank of Nigeria on international payment statistics.
The significant rise in external debt service payments shows the mounting pressure on Nigeria’s fiscal balance amid ongoing economic challenges.
The World Bank, in its recent International Debt Report, revealed that developing nations spent an unprecedented $1.4tn on foreign debt servicing in 2023, driven by a surge in interest rates to their highest levels in 20 years,
Interest payments alone reached $406bn, a nearly 30 per cent increase from the previous year, severely impacting spending in critical sectors such as health, education, and environmental programs.
According to the report, the most vulnerable economies, those eligible for loans from the World Bank’s International Development Association, bore the brunt of the financial strain.
In a statement on Monday, the Federal Government reaffirmed its commitment to reducing reliance on external debt financing and driving economic independence through strategic partnerships with the World Bank.
The Minister of Finance and Coordinating Minister of the Economy, Mr Wale Edun, made this known during a meeting with the World Bank Executive Director, Dr Zainab Shamsuna Ahmed, where he outlined Nigeria’s shift towards private sector-led growth.
The statement read, “Edun emphasised that President Tinubu remains focused on strengthening Nigeria’s economic foundation, reducing dependency on external borrowing, and ensuring long-term, private-sector-led development.”
Edun acknowledged the critical role played by the World Bank in Nigeria’s development but stressed that the government is prioritising a business-friendly environment to attract sustainable investments.
This is part of a broader strategy to explore alternative financing models beyond traditional multilateral loans.
The administration’s economic plan focuses on fostering fiscal responsibility while ensuring that private capital is mobilised to drive economic expansion and job creation.
Ahmed, who previously served as Nigeria’s Minister of Finance, commended the government’s macroeconomic reforms, which she noted have improved fiscal stability and bolstered investor confidence.
She also highlighted recent financial reforms within the World Bank that have strengthened its lending capacity, unlocking an additional $150bn in funding over the next decade.
This, she said, presents an opportunity for Nigeria to tap into strategic support while maintaining fiscal discipline.
President Bola Tinubu returned to the National Assembly and requested that lawmakers increase the proposed 2025 budget from N49.7 trillion to N54.2 trillion.
The Nigerian Constitution grants the National Assembly the authority to amend financial estimates for the fiscal year through legislative procedures.
Yesterday, President Tinubu formally proposed increasing the 2025 proposed budget size from the N49.7 trillion initially presented to the joint session of the National Assembly on December 18, 2024, to N54.2 trillion.
The President communicated this request through separate letters sent to the Senate and the House of Representatives.
The letters were read on the floors of both chambers of the National Assembly during Wednesday’s plenary session.
Breakdown of the Additional N4.53trn Revenue
In his letter, President Tinubu informed the National Assembly of the availability of additional revenue totalling N4,530,479,970,637 and proposed its allocation within the 2025 Appropriation Bill to address key national priorities.
The additional revenue is sourced from the following agencies: Government-Owned Enterprises (GOEs): N1.82 trillion; Federal Inland Revenue Service (FIRS): N1.49 trillion (52% share of the increase in revenue from N22.1 trillion to N25.1 trillion); Nigeria Customs Service (NCS): N1.2 trillion (52% share of the increase in revenue from N6.5 trillion to N9.0 trillion).
The president stated that with this additional revenue, the total budget proposal for the 2025 financial year would rise to N54.2 trillion, underscoring the administration’s commitment to inclusive growth and national security.
Tinubu outlined the following allocations for the additional funds: Solid Minerals Sector, N1 trillion; Bank of Agriculture (BoA), N1.5 trillion; Bank of Industry (BoI) – N500 billion; Critical Infrastructure Projects (RHID Fund), N1.5 trillion; and Irrigation Development (River Basin Authorities), N380 billion.
Also to get the additional funding are transportation infrastructure (Roads & Rail), N700 billion; Border Communities Infrastructure, N50 billion; Military Barracks Accommodation, N250 billion and Military Aviatio N120 billion.
Tinubu justified the budget increase. According to him, the additional N1trillon funding for Solid Minerals Sector will boost mineral processing and export, enhance economic diversification and reduce Nigeria’s dependence on oil revenues.
Also, the N1.5 trillion Bank of Agriculture Recapitalisation will enhance food security, expand credit access for farmers and agribusinesses, increase agricultural productivity and strengthen value chains.
The N500 billion Bank of Industry Recapitalisation will provide accessible financing for entrepreneurs, enhance industrial capacity and manufacturing, and ensure job creation.
Of the N1.5 trillion allocated to critical infrastructure, N380 billion will go to irrigation development to support all-year-round farming; N700 billion will go to roads and rail to enhance economic activity; border infrastructure will get N50 billion toward improving security and promoting cross-border trade.
The sum of N250 billion will be used to upgrade military housing to boost morale, while N120 billion will be spent to strengthen Nigeria’s air defence capabilities.
President Tinubu emphasised that national security is the foundation of economic stability.
He described military spending as a moral and constitutional obligation to protect citizens, combat terrorism, and ensure a secure environment for development.
The president urged the National Assembly to adopt and integrate these proposals into the 2025 Appropriation Bill to accelerate Nigeria’s development.
Meanwhile, the National Assembly has promised to pass the budget within the specified time.
The President of the Senate, Godswill Akpabio, has subsequently directed that Tinubu’s request to amend the 2025 budget bill be sent to the Senate Committee on Appropriations for prompt consideration.
Akpabio declared that the budget review would be concluded and passed before the end of this month.
More...
The National Chairman of the All Progressives Congress, Dr Abdullahi Ganduje, on Wednesday, welcomed the senator representing Delta North, Senator Ned Nwoko, following his defection from the opposition Peoples Democratic Party.
Nwoko, who officially switched allegiance to the APC, hinged his exit on the current crisis rocking the PDP leadership.
The lawmaker added that Delta Governor, Sheriff Oborevwori and a former governor of the state, Ifeanyi Okowa, did not accord him a conducive atmosphere to function at an optimal level.
Welcoming Nwoko on Wednesday, Ganduje assured his delegation that with all the three Delta senators on their side, the ruling party is more than certain to win over Delta at the next governorship election.
He said, “We are happy to receive you, distinguished Senator Nwoko. There’s no doubt that our leader, President Bola Tinubu, is also focused and visionary. Immediately he came in, he knew what to do and introduced some reforms. Even though they are painful, they are unavoidable reforms.
“If you want Nigeria to progress, there is no doubt you have to undertake such reforms. But we have started seeing the outcome of such reforms. Oil production increased, and refineries are working. Security is improving and the country is working.
“We know our chapter in Delta will also implement internal democracy. We therefore, request you, the stakeholders, to come together to cooperate. We had two out of three senators before and now have the entire three in Delta. As we promised, we will take over Delta State.”
Earlier on Wednessay, the Senate President, Godswill Akpabio, read Nwoko’s letter of defection to the APC during the plenary session.
The letter was titled, “Notice of departure from the Peoples Democratic Party to the All Progressives Congress.”
It read, “I write to formally inform you and my distinguished colleagues of my decision to resign my membership from the PDP and consequently join the APC.
“This decision was not made lightly, but rather after deep reflection and extensive consultations with my constituents, political associates, and stakeholders across Delta North Senatorial District.”
He lamented that the PDP, which once stood as a formidable platform for democratic participation and national development, had unfortunately been engulfed in persistent crises, ranging from internal divisions to a lack of clear leadership and direction.
“These unresolved conflicts have weakened its ability to function as an effective opposition, thereby threatening the very fabric of our democracy.
“Mr President, democracy thrives on a strong and credible opposition that keeps the government in check, promotes accountability, and ensures that the voice of all Nigerians is heard.
“The continued deterioration of the PDP raises serious concerns about the future of our multi-party democracy.
“If urgent steps are not taken to address this national emergency, Nigeria risks sliding into a dangerous one-party system, which history has shown to be detrimental to governance and national stability,” he said.
Nwoko urged the Senate to set up an ad hoc committee to investigate the crisis within the PDP and recommend a way forward to safeguard democracy.
He asked the committee to examine the root causes of the party’s internal implosion, engage relevant stakeholders, and propose reforms that would ensure the survival of a viable opposition in Nigeria.
“I remain committed to serving the people of Delta North and contributing to the progress of our dear nation.
“Accordingly, I kindly request that my new party affiliation be reflected in the records of the Senate,” the letter added.
In an earlier resignation letter addressed to the PDP leadership in Ward 8, Aniocha North Local Government Area of Delta State, dated January 30, 2025, the lawmaker lamented the current state of the party, citing deep divisions and irreconcilable factions as the primary reasons for his defection.
Governor Monday Okpebholo of Edo State has suspended the State’s Attorney-General and Commissioner for Justice, Hon. Samson Osagie, and the chairman of the State’s Local Government Service Commission, Hon. Damian Lawani, over alleged “grave official and financial infractions.”
The suspension of the duo was contained in a statement signed by Secretary to the State Government (SSG), Umar Musa lkhilor, and made available to journalists late Wednesday night.
According to the statement, “The suspension is with immediate effect.”
It further said: “the suspension of Hon. Damian Lawani and the Honourable Attorney General and Commissioner for Justice became necessary to enable Government carry out a thorough investigation into the allegation of financial infractions levelled against them.”
“They are to remain suspended
pending the conclusion of the investigation,” the statement added.
The SSG, in the statement, added that the Governor Okpebholo has consequently ordered the setting up of an Investigative Committee to probe the allegations levelled against the two top officials and make appropriate recommendations accordingly.
Meanwhile, the suspended Commissioner, Rt. Hon. Samson Osagie, has denied involvement in any financial fraud or dealing just as he vowed to defend himself against the allegation.
In a statement he personally signed in response to his suspension, Osagie said, “My attention has just been drawn to a Government special announcement dated 5th February, 2925 in which I was alleged to have been engaged in financial infractions with the Chairman of the Local Government Service Commission and therefore suspended.
“Let me state unequivocally that I am not and was never involved in any financial dealing with anyone nor committed any financial infraction of any kind. I was also not confronted with the said allegations by anyone before my suspension was announced.
“I shall be ready, willing and prepared to defend myself and prove my innocence in order to clear my name and hard earned reputation which I have laboured to build over the years.”
Some oil marketers are beginning to change the logo of the Nigerian National Petroleum Company Limited on their filling stations, as the dealers dump the franchise deals with NNPCL due to the stiff competition in the prices of refined products in the downstream arm of the oil sector.
It was gathered that many others are considering the move, particularly those in Lagos, following the recent crash in the prices of refined products by the $20bn Lekki-based Dangote Petroleum Refinery.
Already some dealers that used to have the NNPCL logo on their filling stations located around Wawa on the Lagos-Ibadan expressway, as well as at Ibafo, still along the busy road, have dropped the name of the national oil firm.
Independent marketers are seeking to achieve adequate product off-take at a cheaper rate, as the deregulation of the downstream oil sector has led to intense competition.
Many filling stations formerly affiliated with the national oil company are now being renamed and rebranded under the ownership of private oil marketers, particularly in Lagos and surrounding states.
It was also learned that more marketers may relinquish their licences with NNPCL due to the reduced loading costs of Premium Motor Spirit (petrol) refined by the Dangote refinery, which is currently lower than the landing cost of imported petrol.
The PUNCH reports that a petrol price war was reignited in the sector recently after the Dangote Petroleum Refinery slashed its loading costs to N890 from N950 per litre.
Dealers explained that the rebranding of filling stations is a tactic by the marketers to pick up cheaper products from the Dangote refinery, and other import sources at a cheaper rate.
This assertion was confirmed by the National Publicity Secretary of the Independent Petroleum Marketers Association of Nigeria, Chinedu Ukadike, during an exclusive interview on Tuesday.
A franchise licence in the oil sector refers to an official authorisation granted to an individual or company to operate a business or distribute products under an established brand or system within the oil industry.
This typically involves a contractual agreement that allows the franchisee to utilise the franchisor’s brand, resources, and operational model in exchange for fees or a percentage of revenue.
Ukadike explained that marketers have adopted this new approach because the NNPCL is no longer the exclusive importer and distributor of refined petroleum products.
He said, “Yes, that observation is correct. Some marketers are changing and rebranding. Remember that there was a time NNPCL was the sole distributor and importer of petrol. So, marketers then gave their filling stations as franchises so that they could get products.
“So marketers normally give their companies to NNPCL to be able to have petroleum products. But now that the game has changed, you can even see some marketers now changing to MRS filling stations. Because MRS is now selling cheaper than any other station.
“People want where they want to get turnover and return on investment. If you are carrying Total on as a brand name and Total is not giving you petrol products, what is the sense of carrying the name? You have to remove it and get a better alternative. Most of those filling stations (that are changing name), NNPC don’t own them. NNPC only collected them on the franchise.”
Attempts to contact the NNPCL spokesperson, Femi Soneye, for an explanation of why marketers are switching from the company’s brand, proved unsuccessful, as he did not reply to messages sent to his phone.
An oil and gas expert, Olatide Jeremiah, who confirmed the arrangement said marketers used the franchise licence as a method to secure cheaper products from NNPCL which was still importing at the time.
He confirmed that the avenue that provided more revenue was disrupted by the emergence of the Dangote refinery and the inability of the national oil firm to secure an agreement to fix petrol prices with the Lekki-based plant.
Jeremiah, who is the Chief Executive Officer of petroleumprice.ng noted, “Yes, it’s true. It all happened after the subsidy was removed but before the emergence of the Dangote refinery.”
He further narrated, “After the removal and petrol price went up, NNPCL was asked to manage the price and should not be allowed to keep skyrocketing. So NNPCL and the majors were pegging the price at N500 but the landing cost was above the amount. This affected importers and independent marketers who imported fuel. For instance, Petrocam imported and claimed that its landing cost was N700 but the majors and NNPCL were selling at N500 per litre. That is a difference of N200 and was a huge loss.
“So actually NNPCL was subsidising internally and when independent marketers noticed this and were losing sales, they began applying for NNPCL franchise lincence. The marketers paid millions to get the franchise licence because they were loading from NNPCL depot at a cheaper rate.
“NNPCL was the one dictating price for all the majors at that time because of public outcry and they used to buy, till Dangote came in. They also wanted to do the same thing with Dangote to fix the price but the arrangement didn’t work because Dangote wanted to sell to everyone. Its price was better and independent marketers could buy directly.
“The franchise licence was also an avenue to make more profit because some marketers got licence for one of their stations but would transport products to other stations and sell at a higher price to Nigerians. The slot of getting fuel tankers at that time was twice in a month.”
The Chairman of PETROAN in Lagos State, Akinola Ogunyolemi, said most of the outlets are not originally owned by the NNPC.
He said the removal of the NNPCL symbol might mean the end of an agreement or a breach of it by either party.
“These are individual outlets. What they do is that, if an NNPCL contract expires and they are not ready to move forward with them or if they get a juicy offer, they will remove the NNPCL logo. They will rebrand again and put other people’s names. That could be the reason.
“Most of the outlets are not NNPCL-owned. You can have your filling station built and put NNPCL there, with your contract to them. Maybe they could not meet up with your agreement with them, (because they too also have some breach of contract sometimes), you might decide to go and give the station to Mobil or Total. It is yours,” Ogunyolemi said.
Experts also noted that more licenses may still be revoked because the price of imported petrol now costs more than products obtained from the Dangote refinery.
According to the latest data released by the Major Energies Marketers Association, the on-spot cost of landing PMS has reached N910.14 per litre at the ASPM and N910.52 at the NPSC depot.
The document also stated the 30-day average cost of petrol surged to N939.03 per litre.
Meanwhile, fresh details emerged regarding the behind-the-scenes developments that contributed to the reduction in the ex-gantry loading cost of Premium Motor Spirit, commonly known as petrol, sourced from the Dangote Petroleum Refinery and a possible reduced retail cost for Nigerians.
The refinery in a statement signed by Group Chief Branding and Communications Officer, Anthony Chiejina, said the strategic adjustment is a direct response to the positive outlook within the global energy and gas markets, as well as the recent reduction in international crude oil prices.
“Dangote Petroleum Refinery has reduced the ex-depot (gantry) price of Premium Motor Spirit, commonly known as petrol, from N950 to N890, effective from Saturday, 1st February 2025.
“This strategic adjustment is a direct response to the positive outlook within the global energy and gas markets, as well as the recent reduction in international crude oil prices,” the statement read.
It noted that the price revision reflects the ongoing fluctuations in global crude oil markets, as highlighted in the refinery’s statement on 19th January, when a modest increase was implemented due to the previously rising international crude oil prices.
Brent crude, the international benchmark, was traded at $76.76 per barrel on Tuesday, marking a reduction of $4 from $81 per barrel recorded in early January.
While this assertion is totally accurate, marketers in the downstream sector informed our correspondent that a pricing competition between Dangote, the NNPCL and some marketers contributed to the decision to reduce its petrol costs.
This fresh pricing war started about a week ago after the NNPCL and some major marketers secured an alternative source to import refined products at a cheaper landing cost compared to Dangote’s price.
Recall that The PUNCH reported last Friday that the national oil firm and other marketers in the downstream oil sector imported more than 633 million litres of Premium Motor Spirit (petrol) and Automotive Gas Oil (diesel) in January 2025 despite the production of these commodities domestically.
A marketer said, “We had noticed for some weeks that Dangote and private depot prices were at the same level unlike before when there was a N20 difference. So we found out that some people are sourcing cheaper products outside the country and that’s why they are going head-on with Dangote. Those depots didn’t want to get out of business and that was why they had to do it to be more competitive.”
Another source who confirmed the development said the concerns expressed by bulk buyers operating at a loss of N31.02 per litre or a total loss of N310,159,109.59 made Dangote senior executives hold a meeting.
The source noted, however, that despite the reduction in output, the refinery continues to maintain a steady profit, demonstrating its ability to adapt and remain financially successful.
He said, “The price reduction from Dangote was somehow inevitable because there were serious complaints and concerns from their buyers. This made Dangote senior executives to meet on Friday between 4 and 5 pm to discuss. What has happened is basically the effect of deregulation in the downstream sector and Nigerians should expect more pricing war between competitors in the sector.”
The President of the Senate, Godswill Akpabio, on Tuesday expressed satisfaction with the just-concluded budget defence sessions, commending lawmakers for their dedication in scrutinising the 2025 budget to ensure a workable financial plan for the year.
The Senate President made the comment when he presided over the resumption of plenary after a two-week break.
In the meantime, following President Bola Tinubu’s assent to bills establishing development commissions for various regions in the country, the Senate has conducted a minor reshuffle, appointing chairmen and deputy chairmen to oversee these commissions.
According to Akpabio, Senator Babangida Hussaini and Senator Muntari Dandutse will serve as Chairman and Deputy Chairman of the Senate Committee on the North West Development Commission.
Similarly, Senator Orji Uzor Kalu and Senator Kenneth Eze have been appointed as Chairman and Deputy Chairman of the Senate Committee on the South East Development Commission, while Senator Titus Zam and Senator Isa Jibrin will head the Senate Committee on the North Central Development Commission.
In a related development, the Senate has reshuffled the leadership of some standing committees. Senator Abdul Ningi has been moved from the Committee on Population to head the Senate Committee on FERMA.
Senator Natasha Akpoti Uduaghan, previously in charge of the Committee on Local Content, is now the Chairman of the Committee on Diaspora and Non-Governmental Organisations.
Other newly appointed committee heads include Senator Garba Maidoki, who now chairs the Senate Committee on Sports Development, as well as Senator Joel Thomas who is the new Chairman of the Senate Committee on Local Content.
Senator Victor Umeh has been reassigned from the Diaspora Committee and will now serve as the Chairman of the Senate Committee on National Population and NIMC.
Meanwhile, the Upper chamber condoled with the Speaker of the House of Representatives over the passing of former deputy majority whip, Hon. Oriyomi Onanuga, on January 15.
Akpabio led other lawmakers to observe a minute silence in her honour before plenary is adjourned