Latest News
Following the controversy trailing the Tax Reforms Bills, President Bola Tinubu has directed the Ministry of Justice to work closely with the National Assembly to address the concerns raised by Nigerians.
The President, who is in South Africa, handed down the review order on Tuesday as some northern youths stormed the National Assembly in support of the bills.
The bills – the Nigeria Tax Bill 2024, the Nigeria Tax Administration Bill, the Nigeria Revenue Service (Establishment) Bill, and the Joint Revenue Board (Establishment) Bill – have generated hot debates and contention across the country with northern governors and lawmakers opposed to their passage.
Critics argue that the reforms could disrupt the balance of fiscal federalism, potentially centralising tax authority and diminishing state revenues.
However, in a move to assuage the high emotion over the reform bills, Tinubu directed the Federal Ministry of Justice and relevant officials who worked on the draft to collaborate with the National Assembly to address all genuine concerns before the bills were passed.
This was contained in a statement signed by the Minister of Information and National Orientation, Mohammed Idris, titled, ‘President Tinubu committed to accountability on tax bills, directs Ministry of Justice to work with NASS on concerns.’
Tinubu’s directive
The minister said, “In line with the established legislative procedure, the Federal General welcomes meaningful inputs that can address whatever grey areas there may be in the bill.
“In this vein, President Tinubu has already directed the Federal Ministry of Justice and relevant officials who worked on the drafts to work closely with the National Assembly to ensure that all genuine concerns have been addressed before the bills are passed.”
Notably, at a meeting on October 28, governors of the 19 Northern States, under the platform of the Northern Governors’ Forum, rejected the new derivation-based model for Value-Added Tax distribution in the tax reform bills.
They argued that the changes might adversely affect their regions’ financial autonomy.
Three days later, the National Economic Council, comprising all 36 state governors, asked the President to withdraw the Tax Reforms Bill from the National Assembly for comprehensive consultations.
However, the President said there would be no need to withdraw the bill from the National Assembly.
Governor Babagana Zulum of Borno State warned that while the President could deploy his executive powers to pass the tax bills, there would be consequences for millions of Nigerians.
Zulum added that the proposed VAT-sharing model will only benefit Lagos and Rivers states.
But Governor of Nasarawa State, Abdullahi Sule, former Speaker of the House of Representatives, Yakubu Dogara, and many other northern leaders endorsed the bills.
Nonetheless, the Senate passed the bills for a second reading, a move that has been met with harsh criticisms.
In its statement on Monday, the Presidency said most reactions from political leaders and commentators “are not grounded in facts, reality, or sufficient knowledge of the bills.”
It said the tax bills will not enrich Lagos or Rivers at the expense of northern states.
Corroborating the Presidency’s stance, the information minister said, “The fiscal reforms will not impoverish any state or region of the country, neither will they lead to the scrapping or weakening of any federal agencies.”
The Federal Government welcomed the nationwide debate on the bills saying, “This is the very essence and meaning of democracy.”
Protest in NASS
Meanwhile, Some youths from the North, on Tuesday, staged a protest at the National Assembly in support of the tax reform bills.
Bearing placards mostly with the inscription, ‘Leave Senator Barau alone,’ the protesting youths described critics of the Deputy Senate President, Barau Jibrin, over his support for the reform bills as “enemies of the North, enemies of progress, enemies of the nation.”
Speaking on behalf of the protesters, Tijani Mohammed, said they were satisfied with the explanations offered by the Chairman of the Presidential Fiscal Policy and Tax Reforms Committee, Taiwo Oyedele, on the benefits of the bill to the nation at large.
Mohammed urged President Bola Tinubu, the Senate President, Godswill Akpabio; Senator Barau Jibrin and others not to relent until the passage into law of the tax bills.
He said, “The tax reform bills are in order and Nigerians should work towards her perfection and progress. For so long, we have lived on a decadence of tax reforms that have not produced anything good or meaningful to this nation.
“We are from the North; we are categorically in support of this tax reform bill. To those who have for the past few days castigated Senator Jibrin Barau, they are nothing but enemies of the North, enemies of Nigeria, enemies of our generation, enemies of progress, and supporters of retrogression.
“We call on Nigerians, as we have vowed that we shall continue to voice from one state to the other, one region to the other, we shall canvass, and this bill, by the grace of God, shall see the light of the day.
“The man who is in charge of the tax review came out to list the intents of the bill. What people were listing before are personal things like whether Alpha and Beta Consultants will be the consultants of the entire project.”
He added, “What we are looking at is, what comes to the states. And the man has said, if formerly you have five per cent, with this reform bill, you should be able to have between 15 and 20 per cent. That is progress. We cannot continue to stand stagnant for decades.
“We pray that the President will not relent, the President of the Senate supported by the Deputy Senate President, Senator Jibrin Barau must ensure that this bill is looked into properly and see that it is passed.
“It is a germane issue; it is overdue; it is something that Nigerians should look forward to to make progress. We cannot continue to stand stagnant. This is our generation. The generation of those who have led this country, in the past, have failed us. This present generation is in support of the reforms.” he said.
Prominent Islamic scholar, Sheikh Ahmad Gumi, also on Tuesday expressed his support for President Tinubu’s tax reform bills, describing it as a step towards improving Nigeria’s economic landscape.
Sheikh Gumi’s approval of the reforms marks a notable shift from the ongoing debate.
“I believe the contentious VAT issue is the only part that needs to be reviewed; otherwise, it is a good package for all,” Gumi stated.
His remarks highlighted a key point of contention in the reforms, which some northern leaders argue might favour wealthier states like Lagos and Rivers at the expense of poorer regions.
Rowdy House session
In a demonstration of the sensitive nature of the bill, there was a rowdy session during the House of Representatives plenary on Tuesday following the declaration of support for the tax reform bills by the spokesman of the Green Chamber, Akin Rotimi.
Rotimi, a member of the All Progressives Congress incurred the wrath of his colleagues when he stood up to present two reports on behalf of the Committee on Nigerian Content Development and Monitoring.
After getting Speaker Tajudeen Abbas’ nod to present the reports, Rotimi announced the stand of Ekiti federal lawmakers on the controversial four tax bills transmitted to the parliament on September 3.
He began, “Thank you very much, Mr Speaker. My name is Akin Rotimi Jr. I represent the people of Ekiti North 1 comprising Ikole and Oye Local Governments. Mr Speaker, I am from Ekiti State, the first State whose National Assembly caucus has unanimously endorsed the tax bills. I rise on behalf of Hon Boma Goodhead (Committee chairman who was absent)…”
But the House members did not allow him to complete his sentence as they chanted “No, no.”
Repeated appeals by the speaker to restore order failed as the members vowed that the report would not be laid.
The Speaker waded in, saying, “He (Rotimi) is expressing his personal opinion,” just as the Ekiti lawmaker reminded his colleagues that he had the protection of the presiding officer.
Also, Abbas’ plea that Rotimi shouldn’t be taken seriously because “he was just talking on a lighter note,” failed to calm frayed nerves.
Rotimi then added, “My introduction does not affect the substantive matter,” just as the Speaker urged him to restrict himself “To the person you are representing here. We are not talking about tax bills.”
The lawmaker finally gave in, saying, “Honourable colleagues, I withdraw the introduction. Mr Speaker, I withdraw the introduction. I will introduce myself properly. Mr Speaker, can I have the opportunity to speak?”
Abbas thereafter took over, saying, “Mr Rotimi, you know this (tax bill) is a controversial issue. I don’t want you to be mentioning things that are not relevant to the subject matter. On your behalf, I withdraw that statement that you have made.”
With a semblance of order in place, Rotimi again stood up and said, “Honourable colleagues, I would like to withdraw that introduction and restrict myself to the Order Paper.”
The Speaker asked for a seconder but the members failed to listen as the protest continued.
“I beg you. This has nothing to do with the tax bills,” Abbas pleaded repeatedly, all to no avail.
Rotimi took to the floor once again.
“I seek the leave of the Speaker and honourable members to step down the report,” he said.
Like Rotimi, the deputy spokesman of the House, Philip Agbese, also had his dose of trouble when Kano lawmaker, Tijjani Ghali, standing on a matter of personal explanation (Order 6 rule 5), called on him to resign from his position.
“I woke up this morning to see an online publication from the deputy spokesman, saying that those opposed to tax reform bills are seeking speedy passage. I am one of the first persons that opposed these bills vehemently but the deputy spokesperson did not contact me as a stakeholder and did not seek my opinion on this.
“The headline is insinuating that for those who opposed these tax bills, there is an inducement somewhere. Therefore, I am calling for the withdrawal of this statement and an investigation and apology in print media because this is injurious to me, my people, my religion and the region where I come from.
“Mr Speaker, this is a breach of privilege and is unprofessional, unethical and immoral. Therefore, I am personally calling for this matter to be investigated to find out those people opposed to the bills that are now asking for their speedy passage,” he stated.
The member representing Jibia/Kaita Federal Constituency, Katsina State, Sada Soli, moved that the matter be referred to the Ethics and Privileges Committee for investigation.
Ruling on the matter, Deputy Speaker, Benjamin Kalu, promised action, stating “Once a point of privilege is moved, it is not debated. You have asked for this to be investigated. But you did not tell whether to move it to ethics and privileges and that is why Sada Soli came with his own. It is not in your prayer. There are many ways to investigate this.”
Kukah backs bill
Meanwhile, the Catholic Bishop of Sokoto Diocese, Bishop Hassan Kukah, has said that the proposed tax reform bills would end the recklessness of the elite in the country.
The clergyman commented on Channels Television Morning Brief on Tuesday.
Kukah expressed hope that the bills would mark the beginning of better fiscal management and end financial recklessness, noting that any form of reform must get the country working.
“Nigeria is a very energetic country with people that are so eminently gifted and are roaring to soar at any time. However, our problem is the inability of states to create enough gatherings to contain the energy, vision, and competing narratives of their citizens. This lack of competitive gatherings often spills over into violence.
“So, I am excited because hopefully, we can take the time to listen to the conversation about how to avoid and end this financial recklessness, and the irony of Nigerians living by the seaside and washing their faces with saliva.
“The reforms should end the narrative of Nigerians living in a country that is so richly endowed but are spectators to the rascality and irresponsibility of the elites who continue to mismanage our resources.
“So, I’m hopeful that this is the beginning of a very long journey of fiscal management and efficiency that can lead to the growth and development of the kind of country that we envision,” he said.
In support of the bills, the Ekiti State Caucus in the National Assembly called on stakeholders, including state governments, private sector leaders, civil society and citizens to also endorse the tax reform bills.
The caucus said the tax reforms “are a testament to the bold and transformative agenda of President Bola Tinubu, which has prioritised economic growth, inclusivity, and national prosperity.”
The nine All Progressives Congress lawmakers from Ekiti State in the National Assembly – Senators Opeyemi Bamidele, Yemi Adaramodu and Cyril Fasuyi; and House of Representatives members Olufemi Bamisile, Olusola Fatoba, Bioduun Omoleye, Rufus Ojuawo, Akinlayo Kolawole and Akin Rotimi, spoke in a jointly signed statement made available in Ado Ekiti on Tuesday.
The caucus stated, “These bills aim to strengthen Nigeria’s revenue generation system, ensuring sustainable funding for critical sectors such as education, healthcare, infrastructure, and social welfare.
“Additionally, these reforms will simplify the tax system, foster local entrepreneurship, attract investment and create employment opportunities, driving economic growth across the state and the nation.
“The establishment of the Tax Appeal Tribunal and the Office of the Tax Ombudsman will further entrench transparency, accountability and fairness in tax administration, protecting taxpayers’ rights and fostering trust in the system.
“As representatives of Ekiti State, we remain resolute in our support for initiatives that prioritise economic growth and enhance the welfare of our people. These reforms underscore our collective commitment to a better future and we urge all Nigerians to embrace this bold step toward national development.”
The Labour Party Senator representing Edo South in the Senate, Neda Imasuen, described the tax reform bills as timely and long overdue.
Imasuen, who serves as the Chairman, Senate Committee on Ethics, Privileges, and Public Petitions, called for patience and a better understanding of the proposed reforms.
He criticised state governors, describing them as complacent and urged them to explore alternative means of generating revenue.
In its contribution to the debate, the Arewa Dignity Advancement Initiative, called on the National Assembly to reject the bills, citing the widespread criticisms and opposition to them.
The group stated this in a document jointly signed by its members comprising individuals from academia, professionals, civil society organisations, students, traditional and religious leaders, and other stakeholders.
The group, chaired by Baheejah Mahmood Abdullahi from Bauchi State, stated, “Introducing additional taxation, particularly on personal income and value-added tax, is ill-timed and could exacerbate economic hardship.
“The bill was drafted without adequate input from professionals and the general public. As a key democratic institution, the National Assembly must ensure that inclusive decision-making processes are upheld.”
It pointed out that the proposed redistribution formula, “which allocates 60 per cent VAT ownership to states based on consumption location, contradicts existing laws that emphasised revenue distribution based on equality and population rather than consumption location.”
Court papers filed by the Economic and Financial Crimes Commission have linked the immediate-past Governor of the Central Bank of Nigeria, Godwin Emefiele, to the massive Abuja property with 753 duplexes and other apartments located in the Cadastral Zone area of the capital city.
The anti-graft agency on Monday announced the recovery of the property from an unnamed ex-government top brass, describing the property as the biggest single recovery it had made in the course of fighting corruption since its establishment in 2003.
The recovery followed a ruling delivered on December 2, 2024 by Justice Jude Onwuegbuzie of the FCT High Court in Apo.
In the court documents obtained by our correspondent on Tuesday, the EFCC ran a narration linking Emefiele to the massive property spanning 150,500 square metre and identified as Plot 109, Cadazral Zone C09, Lokogoma District, Abuja.
Emefiele is currently being prosecuted by the EFCC in three separate cases before different judges.
Before Justice Hamza Mu’azu, he is being tried for procurement fraud, forgery of former President Muhammadu Buhari’s signature, and other charges.
Before Justice Rahman Oshodi at the Special Offences Court in Ikeja, Lagos, Emefiele is charged with alleged fraud involving $4.5bn and N2.8bn.
Additionally, Emefiele is before Justice Maryann Anenih of the FCT High Court in Abuja for allegedly approving the printing of N684.5m notes at the cost of N18.96bn.
According to the document, Emefiele allegedly carried out “monumental fraud” as the CBN governor with his cronies to acquire several properties including the estate.
“The commission whilst investigating the alleged monumental fraud carried out by the immediate past Governor of the CBN and his cronies traced and discovered several properties reasonably suspected to have been acquired and or developed with proceeds of unlawful activities.
“The property highlighted in Schedule A to this application is one of the said properties recovered, having been reasonably suspected to have been acquired/ developed with proceeds of unlawful activities.”
The EFCC alleged that “in the cause of this investigation, it was revealed that the erstwhile CBN governor negotiated kickbacks in return for allocation of foreign exchange to some companies who were in desperate need of foreign exchange for their lawful and legitimate businesses.
“Our investigation equally revealed that erstwhile CBN Governor received kickbacks from some contractors who were awarded contracts by the Central Bank of Nigeria.”
The anti-graft agency also alleged that Emefiele connived with several cronies, including one Ifeanyi Omeke, who “ran several errands for him, which included purchase and perfection of title documents for several properties located in highbrow areas of Lagos and Abuja.”
It said the documents for the Abuja property were recovered during a search of Omeke’s office and that investigators located the property on September 17, 2024 “with the assistance of a surveyor from the Abuja Geographical Information Systems, using search results and coordinate.”
The EFCC said its investigation “revealed that the said property has been abandoned and deserted with only a guard manning the said property since June 2023 upon the arrest of the erstwhile CBN Governor. “
The PUNCH reported that the Department of State Services arrested Emefiele in Lagos the following day he was suspended by President Bola Tinubu.
In October, the EFCC arrested Emefiele in less than an hour he regained his freedom from the DSS.
According to the EFCC, the massive property, allegedly acquired by Emefiele, through cronies, was originally meant for a mass housing development.
The EFCC said its investigation revealed that Emefiele used three companies to pay a total of N2.2bn to buy the property.
It said the seller “received the aggregate sum of N2,200,000,000.00,” adding that “the said three companies used for the payment of the property are enmeshed in criminal maneuvering of layering proceeds of illegal activities of Mr. Godwin Emiefele.”
According to the EFCC, one of the companies was used to pay N900m, the second paid N700m, while the third paid N600m, totalling N2.2bn.
It said the directors of the companies were arrested “and their statements voluntarily obtained in the course of investigation.”
“The funds used in the acquisition of the property highlighted in Schedule A to this application are not legitimate earnings of Godwin Emefiele but funds acquired through illegal and unlawful activities.
“That I know as a fact and verily believe that the source/origin of the funds used in the acquisition and/or development of the properties sought to be forfeited are proceeds of unlawful activities to wit: corrupt enrichment, receiving of gratification or kickbacks and abuse of office,” an EFCC investigator stated in the affidavit filed in court.
The EFCC noted that the court had on November 1, 2024 made an order for the temporary forfeiture of the property “after evaluating facts placed before it.”
It, therefore, urged the judge to order the permanent forfeiture of the property to the Federal Government as no one had come forward to challenge the facts placed before the court, in spite of adverting the interim forfeiture order in The PUNCH edition of November 6, 2024.
According to the EFCC, the court acceded to its request and has now permanently forfeited the property to the Federal Government.
Efforts to get the reaction of Emefiele’s legal team were unsuccessfuly. One of the lawyers, Matthew Burkaa( SAN), did not pick up calls to his line and had also yet to respond to a text message seeking Emefiele’s side of the story as of the time of filing this report.
‘Why EFCC concealed property owner’s identity’
Meanwhile, EFCC spokesman, Dele Oyewale, defended the decision by the anti-graft agency not to reveal the identity of the owner of the property to the public.
He was responding to public criticisms on the motive behind concealing the identity.
“The allegation of a cover-up of the identity of the promoters of the estate stands logic on the head in the sense that the proceedings for the forfeiture of the Estate were in line with Section 17 of the Advance Fee Fraud Act, which is a civil proceeding that allows for action-in-rem rather than action-in-personam.
“The latter allows legal actions against a property and not an individual, especially in a situation of an unclaimed property. This Act allows you to take up a forfeiture proceeding against a chattel who is not a juristic person. This is exactly what the commission did in respect of the Estate. Individual in situations of unclaimed assets,” Oyewale said.
He added that since investigation had not been concluded, releasing the suspects’identity would be the unprofessional.
“The substantive criminal investigation on the matter continues. It will be unprofessional of the EFCC to go to town by mentioning names of individuals whose identities were not directly linked to any title document of the properties,” Oyewale stated.
South Africa has relaxed its visa application procedure for Nigerians in what the country said will strength diplomatic ties and bolster trade between the two nations.
The new visa policy will allow Nigerians to apply for a visa without submitting passport and will also be eligible for five-year multiple entry visas.
Cyril Ramaphosa, President of South Africa, announced the development on Tuesday at the opening of the 11th session of the Nigeria-South Africa Bi-National Commission (BNC) in Cape Town, which President Bola Tinubu attended.
Ramaphosa disclosed that South Africa simplified its visa processes to create a conducive environment for Nigerian business people and facilitate travel to the country for tourists.
“Qualifying Nigerian business people can be granted a five-year multiple entry visa,” he said.
He also pledged South Africa’s commitment to removing constraints on greater investment and addressing the challenges faced by companies in both countries.
“As we mark 30 years since the establishment of diplomatic relations, we see a bright future for our relationship. Our strong bonds of friendship provide a firm foundation for more meaningful economic cooperation.
“Nigeria is host to a number of South African companies. South Africa has always been open to Nigerian business, reflected in the number of investments and operations established in this country.
“But there is much more we need to do. We need to remove the remaining constraints to greater investment, just as we need to address some of the challenges that companies have experienced.
Ramaphosa also acknowledged the Nigerian government’s reforms to further strengthen and foster a business environment that offers assurances to investors, including from South Africa.
He said his administration will continue with its efforts to improve the ease of doing business in South Africa. We want to enable investors to operate, trade and pursue opportunities in various sectors.
“We look forward to seeing more Nigerian companies investing in South Africa,” he said.
The South African leader said Africa’s development and the challenges facing countries of the Global South would be firmly placed on the G20 agenda.
“It will be the first time the G20 Leaders’ Summit will be held on African soil. We will seek to galvanise support for the AU’s Agenda 2063 as we pursue an inclusive global agenda.
“For South Africa, it is our view that in shaping global discourse, programs should be tailored to ensure that in our societies, no one is left behind,” he said
The Enugu State Government and Austrian investors under the auspices of WANDE NEXUS, have formalised an agreement to implement the Sustainable Last Mile Connectivity and Advanced Metering Infrastructure (AMI) Project in Enugu.
With the signing, which took place on Monday at Government House, Enugu, in the presence of the Austrian Ambassador to Nigeria, Thomas Schlesinger, WANDE Nexus is to inject $100 million as Foreign Direct Investment, FDI, to modernise water infrastructure, improve service delivery, and ensure equitable access to clean water for all households in Enugu City.
WANDE NEXUS, is established as Special Purpose Vehicle (SPV) in Nigeria for the $100 million investment to coordinate and execute the project in collaboration with key partners, such ss OSTAP International Water Consulting, an Austrian company, which holds more than 50 years of experience in the water sector.
Speaking, Governor Peter Mbah described the signing as an example of the relationship that could exist between a sub-sovereign and a sovereign, and a major step to getting water to the last mile in Enugu City.
“We now have an investment of $100 million to deal decisively with the last mile connection, the downstream part of our water system. This huge sum shows that the economic reforms of the Federal Government and our effort to position Enugu as the premier destination for investment are yielding results because this is a major FDI, not just for us as a state, but even as a country.
“For the record, this is not a case where we are just signing an agreement that is exploratory. This is an agreement we signed today for the funds to begin to flow. This is a discussion that started eight months ago. From signing an MoU, to Terms Sheet, to getting a Concession Agreement, today we are signing the final agreement and we expect that the investment funds will start to flow immediately, as they should have started with the connectivity to the last mile, and the procurement of the metres will commence,” he said.
The governor explained that while the administration had been able to increase water production from an occasional 2 million litres to 120 million litres, the biggest challenge was in expanding the network and connecting the tertiary pipelines to the various homes. He, however, noted that with the signing of the FDI agreement, the problem would become a thing of the past.
“This is purely an investment of $100m being injected in our downstream water sector and we have the responsibility, as a state government, to continue to manage the upstream sector. If you look at our budget for 2025, there is fund slated for water, and that is essentially to increasse our water production capacity. The volume will grow from 120 million litres of water per day to 200 million litres per day.
In his address, Ambassador Schlesinger said the investment had the strong backing of the Austrian Government, and commended Governor Mbah for building the necessary international relationships and showing a strong commitment to making life better for his people.
“I wish to laud His Excellency Dr. Peter Mbah for his vision to transform the water management systems for Enugu City, with its ultimate goal to ensuring equitable access to clean water.
“Governor Mbah is a great friend of Austria. He has visited Vienna twice, where he met with ministers, international organisations and the business community; and he is a very active supporter of Austrian companies in Enugu.
“This investment in the amount of $100 million is, therefore, a testimony of his excellent work and his vision for Enugu State,” he said.
He equally expressed strong confidence in the capacity of the Chairman of WANDE Nexus Group, Dr. Ugochukwu Ugbor, to lead the transformation of the downstream water sector.
“In order to implement such a plan as the governor has, you need strong leadership at the top of the project, represented by Dr. Ugochukwu Ugbor, the Chairman of WANDE NEXUS. He spent more than 20 years in Austria, where he played key roles in international organisations, addressing critical infrastructure and sustainability challenges, as enshrined in another Sustainable Development Goal of the United Nations,” he stated.
Earlier in his address, Dr. Ugbor said that he and the rest of Austrian investors were encouraged into the venture by the speedily improving ease of doing business, conducive investment environment, and trustworthiness exhibited by the Mbah administration, adding that the company would deliver on expectations, create 500 direct jobs for a start, build human capital in modern water management, and also directly improve health and economic opportunities in Enugu State.
WANDE NEXUS and Project Partners
Meanwhile, WANDE NEXUS was established as a Special Purpose Vehicle (SPV) registered in Nigeria specifically for this $100 million water project. Its role is to coordinate and execute the project within the region, leveraging both local presence and international expertise.
This project is a collaborative effort involving key partnerships with OSTAP International Water Consulting, an Austrian company with over 50 years of experience in the water sector. Their track record and expertise are well-documented, as shown on their official website: https://www.oestap.at.
Nwankwo Scott Associates (NSA), on its part is a highly respected Nigerian consulting firm with extensive local expertise and over five decades of experience in architecture, engineering and project management.
Together, these partners bring unmatched technical capabilities and credibility to ensure the successful execution of this project.
WANDE NEXUS, said it was proud to facilitate this collaboration for the benefit of the people of Enugu State.
Nigeria secures $2.2bn Eurobonds to finance 2024 budget deficitThe Debt Management Office (DMO) says Nigeria has successfully priced $2.2bn in Eurobonds that will mature in 2031 (6.5 years) and 2034 (10 years) in the international capital markets.
In a statement on Monday, the DMO said the bond has $700m and $1.5bn placed in the 2031 and 2034 maturities, respectively.It said the proceeds from bond issuance would be used to finance the 2024 fiscal deficit and support the government’s budgetary needs.It said the notes were priced at a Coupon and Re-offer Yield of 9.625 per cent and 10.375 percent, respectively.
“Nigeria is pleased to have attracted a wide range of investors from multiple jurisdictions including the United Kingdom, North America, Europe, Asia, Middle East and participation from Nigerian investors, which it views as an expression of continued investor confidence in the country’s sound macro-economic policy framework and prudent fiscal and monetary management,” it said.
The statement further said the transaction attracted a peak order book of more than $9bn. This underscores the strong support for the transaction across geography and investor class.
“With respect to investor class, demand came from a combination of Fund Managers, Insurance and Pension Funds, Hedge Funds, Banks and other Financial Institutions,” it added.Commenting on the successful pricing, the Honourable Minister of Finance and Coordinating Minister of the Economy, Mr. Olawale Edun, said: “Today’s successful issuance signposts increasing confidence in ongoing efforts of the President Bola Ahmed Tinubu, GCFR, administration to stabilize the Nigerian economy and position it on the path of sustainable and inclusive growth for the benefit of all Nigerians. The broad range of investor appetite to invest in our Eurobonds is encouraging as we continue to diversify our funding sources and deepen our engagement with the international capital markets.”
According to the Governor of the Central Bank of Nigeria, Olayemi Cardoso, its outcome underscores the growing confidence of investors and the resilience of the Nigeria credit, and evidence of our improved liquidity position and continued access to international markets to support the financing needs of the government.UK Listing Authority and available to trade on the London Stock Exchange’s regulated market, the FMDQ Securities Exchange Limited and the Nigerian Exchange Limited.
“The proceeds from this Eurobond issuance will be used to finance the 2024 fiscal deficit and support the government’s budgetary needs. Nigeria mandated Chapel Hill Denham, Citigroup, Goldman Sachs, J.P. Morgan and Standard Chartered Bank as Joint Bookrunners. FSDH Merchant Bank Limited acted as Financial Adviser on the issuance,” she added
The Chairman, Presidential Fiscal Policy and Tax Reforms Committee, Taiwo Oyedele, on Monday explained that the objective of the tax reform bills currently before the National Assembly is to fix Nigeria’s economy for shared prosperity and not to generate more money as being speculated.
Oyedele made the clarification when he was featured as one of the panellists on Channels Television’s Townhall on Tax Reforms.
In the past few weeks, the bills have pitched some state governors against the Federal Government, with the governors calling for the withdrawal of the bills to create room for more consultation.
On Sunday, Borno State Governor, Prof Babagana Zulum, also called on his colleagues and Northern stakeholders to reject the bills, insisting that they would damage the region’s economy if implemented.But Oyedele said there are many misconceptions being peddled about the bills when it was obvious many of the critics had not taken their time to properly vet them.
He said, “Our economy is underperforming. We are not growing enough, poverty is widespread and we do not have inclusive and sustainable growth, and there can’t be shared prosperity unless we address those issues. While we face a myriad of issues, the fiscal system, including taxation clearly, is one major area.If I want to summarise it, I would say that the fiscal and tax system is like the knee on the neck of our economic prosperity as a people. It is important to state that the primary objective of the reforms is not to generate more revenue. I see people get that wrong every time. It is to fix the economy in a way that there can be shared prosperity.
If your businesses are growing, expanding within and outside the shores of this country, if our individuals are earning income and thriving, then taxes will be a natural consequence of their prosperity. That is really the fundamental objective of the reforms. So, we know that the work we’re asked to do for our country is such an enormous amount of work, but critical.”
Continuing, Oyedele also explained why many felt the Presidency was in cahoots with the National Assembly on the bill.
According to him, they planned to get the reform bills sorted out within a year as Nigeria does not have to wait for four to five years to get it done, saying, “If we’re going to take all our time, we would have asked for about four or five years. We knew Nigeria had no luxury of time. We decided we should put in all our efforts to get this done within one year. We have tax laws that are very old and no longer fit for mobiles, including those we inherited from our colonial masters.
“So, we said we’ll use the opportunity of this reform to rewrite those laws so that the laws made by Nigerians for Nigeria to be able to drive our prosperity going forward. And that’s what led to the four bills that we have before the National Assembly today that have been properly summarised.
“So, for households and individuals, including our young population, these bills are looking to exempt low-income earners completely from tax, those who earn about N83,000 per month or N1 million a year.”.
Bayelsa State government has expressed worry over the vandalisation of over 253 electricity transformers in different communities around Yenagoa, the state capital, as Transmission Company of Nigeria (TCN) is set to restore power to the state after four months blackout.
The entire state was on July thrown into darkness as vandals destroyed 132kv double circuit line, which affected over 19 electricity towers, in Ahoada, Rivers State that supply light to the state from the national grid.
Conquering the clouds on a journey to Ta Xua with the team - Road Trip Vietnam Team - Nếm TV
The state Commissioner for Information, Orientation and Strategy, Mrs Ebiuwou Koku-Obiyai, while giving an update on the power situation in the state during a press briefing on Monday, said though the vandalised power towers were federal government’s property, the state fixed them for the benefits of the residents.
She disclosed that the state government would soon inaugurate a task force that will be going round stores, shops and other places to uncover those selling second hand armoured cables.
She urged community leaders to take the responsibilities of protecting the government property in the areas against vandalsiation.
He said: “We are here again today to provide an update on the power situation. Like we all know, about four months ago, vandals actually destroyed three towers in Bayelsa State, initially 13 between Ahoada-Mbiama. Later another three went down, a total number of 16, and three in the Bayelsa end. For the past four months, we have been in darkness in Bayelsa. The towers are not the property of the Bayelsa State government, all those towers belong to the Federal Government, and they are the one that are responsible for maintaining those towers, but because of the situation we found ourselves, the state government has committed a lot of funds in repairing those towers.
“The update we are bringing is that the power towers have been completed. We will have power this week, we also observed that out of more than 500 transformers we have, about 253 have been vandalised again, some armoured cables removed. We have the responsibility of protecting the government property that we benefit from. Today (Monday), some parts of the state will have light, as soon as we hook up to the light, while some will not have light.
“The government will soon inaugurate taskforce to go round shops and anywhere the vandals are hiding. If we see anybody selling second hand armoured cable, they must be able to tell where they get it from.”
Also Speaking, the Managing Director/CEO of Bayelsa State Electricity Company Limited, Engr. Olice Kemenanabo, explained that the Transmission Company of Nigeria (TCN) was able to restore power to Ahaoda and was working in Mbiama to connect Bayelsa State.
Regional Manager, PHED in Bayelsa State, Engr. Lawrence Emeyi, appreciated the state government’s effort in fixing the vandalised towers, stating that the company is ready for business in the state.
[DailyTrust]
The Central Bank of Nigeria Governor, Olayemi Cardoso said the federal government spent N6.2 trillion on foreign exchange subsidy in 2022 alone compared to N4.5 trillion spent on fuel subsidy.
Cardoso disclosed this in a recent 59th annual Bankers Dinner of the Chartered Institute of Bankers of Nigeria, CIBN, in Lagos.
According to him, in the past years, FX subsidy losses have been a bigger problem for the country’s revenue than fuel subsidies.
“In 2022 alone, the potential revenue total revenue lost due to a less reflective FX regime is approximately N6.2 trillion compared to 4.5 trillion from fuel subsidies.
“We have all been complaining about the loss of government revenue from fuel subsidies, yet the loss from the past FX subsidy regime far exceeds that of fuel.
“The real elephant in the room is the losses from the FX regime.”.
Recall that in June last year, the Nigerian government had announced Naira floating and fuel subsidy removal.
The twin policies had a lag impact on Nigeria’s economy as inflation stood at 33.88 percent and the exchange rate at N1672.69 per dollar from 22.41 percent and N463 between May and June 2023.
Barring any last-minute change of plan, the workers in the Federal Capital Territory, Cross River, Nasarawa, Ebonyi, Kaduna and Zamfara states may down tools on Monday (today) following the failure of the state authorities to negotiate the payment of the N70,000 new minimum wage.
Though the implementation panels set up by the concerned states have been meeting with labour leaders in a bid to ward off the strike action, the various state chapters of the Nigeria Labour Congress have expressed their readiness to embark on a strike from today.
The FCT Council of the NLC had earlier directed the workers in the six Area Councils to embark on an indefinite strike on December 1 until further directives were issued.
This was contained in a letter signed by the Chairman of the FCT Council of the NLC, Stephen Knabayi, on Saturday.
This followed the directive of the NLC leadership to workers in 14 states and the FCT to embark on industrial action from Sunday over the non-implementation of the new minimum wage.
Knabayi faulted the failure of the area council chairmen to respond to the demand for the implementation of the minimum wage, despite receiving the communique of the National Executive Council of the NLC dated November 14, 2024.
The Nasarawa State chapter of the NLC on Sunday declared its readiness to declare a strike if the minimum wage was not paid.
The state NLC Chairman, Ismaila Okoh, disclosed that a notice of strike had been issued to all the labour members.
He, however, revealed that the Nasarawa State government had reached an agreement with the union to pay N70,500 to the workers, adding that no document had been signed regarding the implementation.
He said, “We have notified all our members to embark on strike tomorrow (today) because of the non-implementation of the national minimum wage in the state.
“Although the minimum wage committee set up by the state government has agreed to start paying N70,500, no document has been signed to that effect up till this moment.
“So, we are observing the situation to see if the documents on the minimum wage will be signed before tomorrow morning. However, if nothing is done between now and midnight, our members will have to fully comply with the strike as they were directed.”
To avert a shutdown, the Kaduna State Government said it had commenced the implementation of the new national minimum wage, with the least-paid worker in the state receiving N72,000 as gross salary in November.
The PUNCH reports that many states agreed to pay above the N70,000 minimum wage, with Kaduna State offering its workers N72,000 as minimum wage.
Despite the positive development, the state chapter of the NLC confirmed its planned strike.
The state’s chairman of the NLC, Ayuba Suleiman, said the workers would embark on a strike as directed by the NLC leadership.
When asked if the NLC was prepared to embark on a strike, Suleiman replied, “Yes, we are set for the strike.”
However, a statement on Sunday by Ibraheem Musa, the Chief Press Secretary to Governor Uba Sani, insisted it was “a misrepresentation for the NLC to claim that the state has defaulted in the payment of the new minimum wage.”
Musa noted that the state government had complied with the letter of the National Minimum Wage Law.
“His Excellency, the Executive Governor of Kaduna State, Senator Uba Sani, has complied with the spirit and letter of the National Minimum Wage Law, by paying the lowest paid civil servant N72,000 last month,” he said.
He added that the NLC had been pushing for consequential adjustments but the state government argued that there was a difference between salary increments and the minimum wage.
Musa explained that the state government received an average of N8bn from the Federal Allocation and generated around N4bn monthly, totalling N12bn revenue.
However, he said with the implementation of the minimum wage, the monthly wage bill had increased from N5.4bn to N6.3bn, including N4bn deduction for loan payments every month.
This, he said, left only N2bn for rural transformation, healthcare, education, and other public services in the state.
“It will be unfair for Kaduna State Government to spend almost all its revenue on consequential adjustments, after paying the mandatory minimum wage.
“There are over 10 million people who are also entitled to the accrued revenue of Kaduna State. There are 84,827 civil servants in the state. So, it is unreasonable for the government to spend over 90 per cent of its revenue on just about one per cent of the population,” he added.
Musa urged the NLC to exercise patience over the consequential adjustments, pending when the state government’s revenue improved.
“Governor Uba Sani is labour-friendly. He has demonstrated this by providing buses for civil servants to commute to work free of charge, as part of the palliatives to cushion the prevailing economic challenges,” he said.
Meanwhile, the Chairman of the NLC in Ebonyi State, Dr Oguguo Egwu, disclosed that the state workers had been directed to join the ongoing industrial action from today.
According to him, the warning strike, which will last one week, was sequel to the failure of Governor Francis Nwifuru to implement the new national minimum wage.
He said, “Talking about the new national minimum wage as it concerns Ebonyi State, our governor on September 11 at the Ojiji festival of Izzi Kingdom announced the new minimum wage of N70,000 and we are all aware of that.
“We were very happy and excited that Ebonyi would be among the first states to implement the wage. But subsequently, there was no communication and no information.
“And we heard that the governor wanted to implement the national minimum wage without any due process of collective bargaining where both the workers and government angle would meet to agree on the consequential adjustment.”
Also, the Zamfara State NLC secretary, Ahmed Abubakar, said workers in the state had yet to receive the new minimum wage, and as such had no alternative but to join the strike.
He said, “We are going to join the strike as directed by the national body of our great union to express our anger over the non-payment of the new minimum wage.”
Abubakar, however, explained that the union would continue to dialogue with the state government on the issue.
The organised labour in Cross River is set for an industrial action over the non-implementation of the new minimum wage in the state.
The Cross River State Chairman of the Nigeria Labour Congress (NLC), Gregory Ulayi, disclosed that the union would embark on an indefinite strike if the state government failed to implement the new minimum wage to workers.
However, it was learnt that the state government reached an agreement with the state chapters of the NLC and TUC late on Sunday night to pay the N70,000 wage to its workers.
Calls to the NLC and TUC officials to clarify whether the state workers would still embark on strike were not answered as at the time of filing this report.
The Federal Competition and Consumer Protection Commission (FCCPC) says it will probe consumer complaints of exploitative practices in banking, telecommunications, and aviation sectors.
In a statement on Sunday, Ondaje Ijagwu, FCCPC’s director of corporate affairs, announced that the probe is scheduled to commence from December 3 to December 5.
He said the inquiry would address issues related to poor service delivery, exploitative practices, and possible violations of consumer rights.
“In the banking sector, the FCCPC will engage Guaranty Trust Bank (GTB) over reports of network failures that hinder customers from accessing their funds or using banking applications,” Ijagwu said.
“In the telecommunications sector, MTN Nigeria faces questions regarding persistent complaints of undelivered data services, unexplained data depletion, and inadequate customer care.
“Similarly, Air Peace Limited will address allegations of exploitative ticket pricing, including significant price hikes for advance bookings on certain domestic routes.
“These inquiries are being conducted under the Federal Competition and Consumer Protection Act (FCCPA) 2018, specifically Sections 17, 18, 32, 33, 80, 110, 111, 112, and 113, which empower the FCCPC to investigate and resolve practices that undermine consumer rights, disrupt markets, or create unfair competition.”
The director said the FCCPC’s engagement with the companies provides a platform to address consumer concerns, clarify business practices, and enforce compliance with regulatory standards.
He said the companies will be required to appear before the commission on specified dates to provide information and responses, allowing the commission to make decisions and address outstanding issues efficiently.
According to Ijagwu, the action reflects the FCCPC’s commitment to safeguarding consumer rights, fostering a fair marketplace, and ensuring accountability across all sectors.
He urged consumers to continue to report instances of poor service delivery or exploitative practices to the FCCPC through its official channels.
More...
Former Vice President and candidate of the People’s Democratic Party (PDP) in 2023 Presidential election, Atiku Abubakar has expressed deep concern over the ongoing discussions surrounding the Tax Reform Bills.
Speaking in a statement issued on Sunday, Atiku urged lawmakers to ensure the process is transparent, inclusive, and reflective of the interests of the Nigerian people.
The former leader emphasized that the fiscal system being proposed must uphold justice, fairness, and equity.
The former presidential candidate cautioned against reforms that could exacerbate disparities among Nigeria’s federating units.
Atiku also noted that Nigerians are unified in their demand for a tax framework that supports balanced development rather than favoring a select few states while disadvantaging others.
Highlighting the importance of transparency, he called for the ongoing public hearing process organized by the National Assembly to be open and objective.
He stressed the need for an inclusive approach that involves diverse stakeholders such as Civil Society Organizations, traditional institutions, public officials, politicians, and experts.
Atiku believes such inclusivity is vital to fostering accountability, good governance, and public trust in the policy-making process.
The former vice president also called on the National Assembly to revisit and publicly disclose the resolutions of the National Economic Council (NEC), which he described as a key advisory body with constitutional authority on economic matters.
According to Atiku, the NEC’s input is crucial to ensuring that lawmakers are guided appropriately in their deliberations.
Atiku urged the National Assembly to ensure that the final provisions of the Tax Reform Bills align with the aspirations of the majority of Nigerians, reflecting their interests and addressing their concerns.
President-elect Donald Trump has threatened to impose a 100 percent tariff on the BRICS group nations if they undercut the US dollar.
“We require a commitment… that they will neither create a new BRICS Currency, nor back any other Currency to replace the mighty US Dollar or, they will face 100 percent Tariffs,” Trump wrote on his Truth Social website, referring to the grouping that includes Brazil, Russia, India, China, South Africa and others.
The statement comes after a BRICS summit held last month in Kazan, Russia, where the countries discussed boosting non-dollar transactions and strengthening local currencies.
The BRICS group has expanded significantly since its inception in 2009, and now includes countries such as Iran, Egypt and the United Arab Emirates. Altogether the BRICS coalition accounts for a significant minority of the world’s economic output.
At the Kazan summit in October, Moscow secured a joint declaration encouraging the “strengthening of correspondent banking networks within BRICS and enabling settlements in local currencies in line with BRICS Cross-Border Payments Initiative.”
But at the end of the summit Putin indicated that little progress had been made on launching a possible competitor to the Belgium-based SWIFT financial messaging system.
“As for SWIFT and any alternatives, we have not created and are not creating any alternatives,” Putin told reporters at the end of the summit.
He added: “As for a unified BRICS currency, we are not considering that question at the moment.”
Trump has vowed to pursue a protectionist agenda, threatening hefty tariffs on neighbors and rivals.
If BRICS countries continue with their plans, Trump warned, they “should expect to say goodbye to selling into the wonderful US Economy,” he wrote.
“They can go find another ‘sucker!’ There is no chance that the BRICS will replace the US Dollar in International Trade, and any Country that tries should wave goodbye to America.”
[AFP]
[PRESS RELEASE] President Tinubu Approves Funds for UNESCO Media and Information Literacy Institute in Nigeria
Admin![[PRESS RELEASE] President Tinubu Approves Funds for UNESCO Media and Information Literacy Institute in Nigeria](/media/k2/items/cache/751d7442be9c78be777cb89d24217b62_XS.jpg)
President Bola Ahmed Tinubu has approved the release of funds required for the immediate operationalization of the UNESCO Media and Information Literacy (MIL) Institute, whose hosting rights were awarded to Nigeria by the United Nations Educational, Scientific and Cultural Organisation (UNESCO), the Minister of Information and National Orientation, Mohammed Idris, has announced.
Idris stated this in Paris on Thursday during a meeting with the UNESCO Assistant Director-General for Communication and Information, Dr. Tawfik Jelassi, on the sidelines of President Tinubu’s State Visit to France.
“President Bola Ahmed Tinubu has been very supportive of the take-off process, and has approved the release of all funds required for the immediate operationalisation of the Institute, which will be located in the Federal Capital Territory,” Idris said.
Recalling his previous meeting with Dr. Jelassi, in 2023, the Minister conveyed Nigeria’s gratitude to UNESCO for the honour of hosting a Category 2 MIL Institute, the only one of its kind in the world.
In response, Dr. Jelassi expressed enthusiasm for the take-off of the Institute in Nigeria, emphasizing its relevance in addressing the global challenges of misinformation, disinformation, and hate speech. He also highlighted the importance of fostering a safer and more reliable internet, which aligns with UNESCO’s key priorities.
He explained that the goal of UNESCO’s new Guidelines for the Governance of Digital Platforms is to promote critical thinking and platform transparency, whilst also safeguarding freedom of expression.
Additionally, the Assistant Director-General informed the Minister about the UNESCO MIL Cities initiative, which seeks to integrate and embed the concept of Media and Information Literacy into the design and daily operations of cities around the world, including transport systems, community activities, culture, billboards, and so on.
Minister Idris welcomed the initiative and pledged to ensure that Nigeria takes prompt advantage of it, and presents a city that will be among the world's inaugural set of MIL Cities.
Discussions also touched on UNESCO’s new Guidelines for the Governance of Digital Platforms, published in 2023 following a multi-stakeholder consultation that assembled over 10,000 submissions from 134 countries. Dr. Jelassi presented copies of the document to Minister Idris, who assured that Nigeria will work with all relevant stakeholders to domesticate the guidelines and ensure a safer and more responsible internet for all Nigerians.
Minister Idris was accompanied to the meeting held at the UNESCO Headquarters by Nigeria’s Ambassador and Permanent Delegate to UNESCO, Dr. Hajo Sani OON.
Rabiu Ibrahim
Special Assistant (Media) to the Minister of Information and National Orientation.
[STATE HOUSE PRESS RELEASE] President Tinubu Congratulates New NUJ President And Executive Team
Admin![[STATE HOUSE PRESS RELEASE] President Tinubu Congratulates New NUJ President And Executive Team](/media/k2/items/cache/9e2167edda7563f4f25f527f3f8e1008_XS.jpg)
President Bola Tinubu extends his heartfelt congratulations to Alhassan Yahaya on his election as the President of the Nigerian Union of Journalists (NUJ) at the 8th Triennial National Delegates Conference in Owerri, on November 27, 2024.
The President also congratulates other newly elected members of the NUJ executive. He praises the Union for organising a rancour-free election at the conference.
President Tinubu says Yahaya's overwhelming victory was a testament to the NUJ members' confidence in his leadership qualities.
He expresses optimism that Yahaya's experience, particularly as the former deputy president of the Union, will be instrumental as he leads the Fourth Estate of the Realm.
The President emphasises the importance of the press taking on its constitutional roles with a renewed patriotic passion, aligned with the vision and efforts of the founding fathers of journalism in Nigeria.
Furthermore, the President encourages Yahaya and the new leadership to address malpractices within the industry.
He reiterates the administration's commitment to ensuring a free and independent media integral to deepening democracy and promoting national development.
President Tinubu expects Yahaya's tenure to reflect a strengthened commitment towards upholding journalism ethics while fostering a collaborative relationship with the government to build a just and equitable society.
He wishes Yahaya and his team a successful and impactful term in office.
Bayo Onanuga
Special Adviser to the President
(Information & Strategy)
November 30, 2024