Ladoke Akintola University of Technology (LAUTECH) has emerged victorious in the grand finale of the 7 for 7 National Values Charter Campus Debate (NVCCD) 2024.

The event, organized by the National Orientation Agency, took place on December 17, 2024, at the esteemed Marriott Hotel, Ikeja GRA.

Adekunle Ayomide and Oladeji Oluwashina, two students from LAUTECH, Ogbomoso, demonstrated remarkable intellectual prowess and patriotic fervor, earning them the top spot with an impressive 43% of 3,921 votes.

Their outstanding performance was rewarded with a trophy and a substantial cash prize of N20 million.

The duo’s insightful arguments and unwavering dedication to upholding Nigeria’s shared values resonated deeply with the audience, garnering widespread acclaim.

Their achievement serves as a testament to the institution’s commitment to fostering intellectual excellence and nurturing patriotic values among its students.

In addition to LAUTECH’s triumph, zonal winners from six geopolitical zones also received recognition for their outstanding performances. These winners, representing esteemed institutions such as Ignatius Ajuru University of Education, Port Harcourt; Institute of Management and Technology, Enugu; Gombe State Polytechnic, Bajoga; University of Ilorin; and Ahmadu Bello University, Zaria, each received a cash prize of N5 million and additional prizes from NELFUND.

Mallam Lanre Issa-Onilu, Director General of the National Orientation Agency, emphasized the importance of upholding Nigeria’s shared values, particularly among the youth.

He reiterated the agency’s commitment to working with young people under the National Identity Project (NIP) to promote national development.

Mr. Akintunde Sawyerr, Managing Director of NELFUND, echoed this sentiment, highlighting his organization’s alignment with President Bola Tinubu’s vision.

The event served as a celebration of unity, resilience, and a shared commitment to national development, fostering a sense of patriotism and intellectual curiosity among the participants.

[DailyTrust]

President Bola Tinubu has arrived in Lagos State to commence his Christmas and New Year holidays.

The Presidential jet carrying Tinubu touched down at the Presidential Wing of the Murtala Mohammed International Airport, Lagos, at 3:23 pm on Wednesday.

This was after Tinubu presented the 2025 Appropriation Bill to a joint session of the National Assembly for the 2025 fiscal year.

Tinubu’s 2025 budget was tagged: “The Restoration Budget: Securing Peace, Rebuilding Prosperity.”

In the highlights, Tinubu said N4.91 trillion has been allocated to Defence and Security, while Infrastructure has N4.06 trillion, Education – N3.52 trillion, and Health – N2.48 trillion.

DAILY POST reported that after the presentation, the Speaker of the House of Representatives, Tajudeen Abbas informed the president that the House would visit him in Lagos.

[DailyPost]

A Federal High Court in Abuja has ordered the Interior Minister, Olubunmi Tunji-Ojo, and the Nigeria Immigration Service (NIS) to always ensure that applicants who meet all the requirements are issued international passports within six weeks and in compliance with Section 9(4) of the Immigration Act 2015.

Justice Emeka Nwite issued the order in a judgment on a fundamental rights enforcement suit, marked: FHC/ABJ/CS/75/2023 filed by an aggrieved Nigerian, Benita Ngozi Ezumezu, with the NIS and the Interior Minister listed as respondents.

Benita claimed to have applied for Nigeria’s international passport and met all the requirements as of October 6, 2022, but the NIS failed to issue her the passport 14 weeks later.

In the judgment delivered on December 4, Justice Nwite rejected the respondents’ arguments, upheld the applicant’s claims, and granted all the reliefs sought by the applicant.

Justice Nwite, who awarded N3 million damages against the respondents and in favour of the applicant, declared that as of October 6, 2022, Benita had fulfilled all the requirements and was qualified to be issued a passport within six weeks.

The judge also declared that the respondents’ failure to issue the applicant passport 14 weeks after meeting all requirements violated Section 9(4) of the Immigration Act 2015 and the applicant’s right to freedom of movement.

He proceeded to issue an order “directing the first respondent (NIS) to issue the applicant (Benita) passport forthwith as stipulated in Section 9(4) of the Immigration Act 2015.”

Benita’s employer, Citizens’ Common (CC), a civil society group, expressed delight over the outcome of the case and commended the Judiciary for coming to the aid of a Nigerian whose right was violated.

CC’s Chief Executive, Olalekan Oshunkoya, who read a statement by his organization, said: “Our interest in Benita’s case is not just because she is a staff in our organization, but primarily because the service quality of the NIS has diminished to an all-time low in the last few years.

“The frustrating experiences of Nigerians, seeking to procure international passports in the hands of the NIS officials must be stopped.

“We understand that the service may have slightly improved in recent months under the current administration, however, we know that this case (Ezumezu’s case) highlights the plights of most Nigerians in the hands of many government ministries, departments and agencies when it comes to service delivery.

“After almost two years of litigation, we are glad that justice has been served in this matter. All the prayers sought in the case were granted by the judge.

“We commend the Judiciary for serving justice in this matter. This is a landmark judgement, asserting the right of every Nigerian to demand to be served right, especially when such service is tied to a fundamental right, such as freedom of movement.

“It should not be acceptable that services that can only be provided by the government remain poorly delivered without consequences.

“Majority of Nigerians continue to suffer irreparable loss for bad service quality from government ministries, departments, and agencies (MDAs), and it is time to make things work.

“The award of the three million naira in general damages to the applicant is a reminder to every Nigerian that the law remains a shield against bad experiences and services from government ministries, departments, and agencies.

“We must sound the alarm that losses incurred in the process of poor service delivery can be remedied through the courts, and this is an example.

“It is also a reminder to public service providers that consequences exist for poor service delivery.”

President Bola Tinubu has approved the reconstitution of the Executive Management of 12 River Basin Development Authorities under the Ministry of Water Resources.

Tinubu’s Special Adviser on Information and Strategy, Mr. Bayo Onanuga, revealed this in a statement signed and released on Wednesday titled ‘President Tinubu approves Executive Management for River Basin Development Authorities.’

They are:

OGUN-OSUN RIVER BASIN DEVELOPMENT AUTHORITY, ABEOKUTA (Lagos, Oyo, Ogun and Osun)

1. Odebunmi Olusegun – Chairman (Oyo)

2. Dr. Adedeji Ashiru – Managing Director (Osun)

3. Ayo Oyalowo – Executive Director, Finance (Oyo)

4. Dokunmu Oyekunle – Executive Director, Planning and Design (Ogun)

5. Suleiman Oris – Executive Director, Agric Services (Lagos)

6 . Julius Oloro – Executive Director, Engineering (Lagos)

UPPER BENUE RIVER BASIN DEVELOPMENT AUTHORITY, YOLA. Adamawa, Taraba, Gombe and Bauchi)

1. Sanusi Babantanko – Chairman (Bauchi)

2. Samuel Mahmud Mohammed – Managing Director (Taraba)

3. Usman Bakare – Executive Director, Engineering (Taraba)

4. Ibrahim Jalo – Executive Director Finance (Gombe)

5. Isa Matori – Executive Director, Planning and Design Part of Bauchi

6. Hamman Dikko – Executive Director, Agric Services (Adamawa)

CHAD BASIN DEVELOPMENT AUTHORITY, MAIDUGURI (Borno, Yobe, and Adamawa)

1. Prof. Abdu Dauda – Chairman (Borno)

2. Tijjani Tumsa – Managing Director (Yobe)

3. Bashir Baale – Executive Director, Finance (Yobe)

4. lliyasu Muazu – Executive Director, Agric Services (Adamawa)

5. Mohammed Shetima – Executive Director, Engineering (Borno)

6. Vrati Nzonzo – Executive Director, Planning and Design (Borno)

BENIN-OWENA DEVELOPMENT AUTHORITY (Edo, Delta North, Ondo and Ekiti)

1. Mike Ezomo – Chairman (Edo)

2. Femi Adekanbi – Managing Director (Ondo)

3. Dr. Austin Izagbo – Executive Director Planning and Design (Delta)

4. Johnson Oghuma – Executive Director, Agric Services (Edo)

5. Adegboyega Bamisile – Executive Director Finance (Ekiti)

6. Bayode Akinduro – Executive Director Engineering (Ondo)

NIGER DELTA BASIN DEVELOPMENT AUTHORITY (Rivers, Bayelsa and parts of Delta)

1. Ebikemi Bosin – Chairman (Delta)

2. Amgbare Ebitimi – Managing Director (Bayelsa)

3. Mary Alagoa – Executive Director Finance (Rivers)

4. Dr. Austin Izagbo – Executive Director, Engineering (Delta)

5. Felix Kurogha – Executive Director Agric Services (Bayelsa)

6. Dr. Nnamdi Akani – Executive Director, Planning and Design (Rivers)

UPPER NIGER RIVER BASIN DEVELOPMENT AUTHORITY, MINNA (Niger, Kaduna and FCT)

1. Haruna Usman – Chairman (Niger)

2. Dangajere Jaja – Managing Director (Kaduna)

3. M o h a m m e d Usma – Executive Director, Finance (Niger)

4. Dr. Abdullahi Kutso – Executive Director, Planning and Design (Niger)

5. Ayuba Tedde – Executive Director, Agric services (FCT)

6. John Hassan – Executive Director, Engineering (Kaduna)

LOWER NIGER RIVER BASIN DEVELOPMENT AUTHORITY, ILORIN (Kwara and Kogi)

1. Abdullateef Alakawa – Chairman (Kwara)

2 . George Olumoroti – Managing Director (Kogi)

3. Babajamu Adeniran – Executive Director, Engineering (Kwara)

4. Hon. Abdullahi Sadiq – Executive Director, Agric Services (Kogi)

5. Alanamu Abolere – Executive Director, Planning and Design (Kwara)

6. Abidemi Adeyemi – Executive Director Finance (Kogi)

LOWER BENUE RIVER BASIN DEVELOPMENT AUTHORITY, MAKURDI (Benue, Plateau, Nasarawa and Kogi)

1. Dr Amos Yadukso – Chairman ( Plateau )

2. Ninga Terese – Managing Director (Benue)

3. Chris Takar – Executive Director, Engineering (Benue)

4. Yusuf Omaaki – Executive Director, Finance (Nasarawa)

5. Hassan Omale – Executive Director, Agric Services (Kogi)

6. Okibe Ogomola – Executive Director, Planning and Design (Benue)

ANAMBRA – IMO RIVER BASIN DEVELOPMENT AUTHORITY, OWERRI (Anambra, Imo, Enugu, Abia and Ebonyi)

1. Emmanuel Anosike – Chairman (Anambra)

2. Emeka Nduka – Managing Director (Imo)

3. Nwebonyi Nkechi – Executive Director Finance (Ebonyi)

4. Evaristus Asadu – Executive Director, Engineering (Enugu)

5. Onukwubiri Ojigwe – Executive Director, Agric Services (Abia)

6. Abigail Igwe – Executive Director, Planning and Design (Anambra)

HADEJIA JAMAERE RIVER BASIN DEVELOPMENT AUTHORITY, KANO (Kano, Jigawa and Bauchi)

1 . Mamman Aliyu – Chairman (Jigawa)

2. Rabiu Bichi – Managing Director Director (Kano)

3. Tijjani Isa – Executive Director, Planning and Design (Jigawa)

4. Zainab Gamawa – Executive Director Agric Services (Bauchi)

5. Baffa Abdulkadir – Executive Director, Engineering (Kano)

6. Musa Kwankwaso – Executive Director Finance (Kano)

CROSS RIVER BASIN DEVELOPMENT AUTHORITY (Cross River and Akwa Ibom)

1. Mr. Wabilly Nyiam – Chairman (Cross River)

2. Glory Oho – Managing Director (Akwa Ibom)

3. Effiwatt Eyo – Executive Director Finance (Cross River)

4. Ebiere Udoh – Executive Director, Agric Services (Akwa Ibom)

5. Charles Akpan – Executive Director, Engineering (Akwa Ibom)

6. Dr. Ndom Abia – Executive Director, Planning and Design (Akwa Ibom)

SOKOTO RIMA BASIN DEVELOPMENT AUTHORITY (Sokoto, Kebbi, Zamfara and Katsina)

1. Bello Wurno – Chairman (Sokoto)

2 Abubakar Mallam – Managing Director (Kebbi)

3. Kabiru Maigoro – Executive Director, Planning and Design (Zamfara)

4. Abubakar Ibrahim – Executive Director, Finance (Katsina)

5. Muttaka Jikamshi – Executive Director, Agric Services (Katsina)

6. Mansur Aminu – Executive Director, Engineering (Zamfara)

President Tinubu expects the appointees to use their wealth of experience to bolster the efficiency of the organisations, in line with the administration’s commitment to bettering the lives of citizens.

[Punch]

Femi Adesina, spokesperson to former President Muhammadu Buhari, said his principal did not remove petrol subsidy because he cared about its implications on “ordinary” Nigerians.

In a tribute to commemorate Buhari’s 82nd birthday on Tuesday, Adesina said the decisions of the former president were based on his love for “poor and underprivileged” Nigerians.

Adesina said the Buhari-led administration knew that that the country is spending huge resources on petrol subsidy.

The former presidential spokesperson described Buhari as “ore mekunu”, a Yoruba phrase that means friend of the poor.

Adesina said during the 2020 COVID-19 lockdown, Buhari told Zainab Ahmed, a former minister of finance, to ensure timely payment of workers’ salaries and pensions.

He added that Buhari understood the challenges workers faced during the pandemic and was determined to avoid the additional burden of unpaid salaries.

“The Big Elephant in the room. Removal of fuel subsidy. Did you think the Government didn’t know that the money guzzling monster had to be slain? It knew,” Adesina wrote.

“But who ensured that subsidies remained as long as it did? Buhari. And why? The people, the ordinary people. His argument was always simple:

“When oil sold for at least 100 dollars per barrel in the international market, rising even to as high as 140 dollars per barrel, what did the ordinary people gain? Nothing! So why should they be the ones to bear the brunt when oil prices fall?”

“By the time the administration ended, all, including the three main presidential candidates, were resolved that oil subsidies had to be removed.

“It was not unlikely that President Buhari shared the same conviction. But something that would throw society into a tailspin? He didn’t want to do it—for the sake of the ordinary people.

“Ordinary people gravitate towards Buhari, like bees to the honeycomb. That was why he always had a basket of millions of waiting votes, even before the first ballot was cast.

“He clobbered the ruling People’s Democratic Party in 2015, and won with even larger votes in 2019, despite all attempts to denigrate and demarket him. When you love the ordinary people, they love you in return, and stand with you through thick and thin.

“Now almost two years into retirement, get to Buhari’s house today. And you see the people milling around, just wanting to get a glimpse of the man.

“As he turns 82 December 17, 2024, I salute the Ore Mekunu, a friend of the poor, who still draws the people like magnet, even in retirement.”

THE PETROL SUBSIDY ISSUE

Buhari was sworn in as Nigeria’s president on May 29, 2015 and handed over to President Bola Tinubu on May 29, 2023.

In August 2022, the Buhari-led administration said the federal government will halt the costly petrol subsidy in June 2023.

Ahmed, former minister of finance, budget and national planning, said the 2023 budget only made provision for petrol subsidy payments from January to June 2023.

During his inauguration, Tinubu announced that the payment of petrol subsidy had stopped — a move that led to sudden hike in the price of the product as well as goods and services in the country.

[TheCable]

Being text of the 2025 budget presentation by President Bola Tinubu to a joint session of the national assembly on December 18, 2024.

My Fellow Nigerians,
 
1. In fulfilment of one of my constitutional duties and with unyielding commitment to rebuilding Nigeria towards ensuring that we remain steadfast on the journey to a prosperous future, I hereby present the 2025 Budget to the Joint Session of the 10th National Assembly.
 
2. On this day, before this hallowed chamber, I present to you the 2025 Budget at a time when our country is at a crucial point in its development trajectory.
 
3. The 2025 Budget Proposal again reinforces our administration’s roadmap to secure peace, prosperity, and hope for a greater future for our beloved nation. This budget christened, “Budget of Restoration: Securing Peace, Rebuilding Prosperity,” strikes at the very core of our Renewed Hope Agenda and demonstrates our commitment to stabilizing the economy, improving lives, and repositioning our country for greater performance.
 
4. The journey of economic renewal and institutional development, which we began 18 months ago as a nation, is very much underway. It is not a journey of our choosing but one we had to embark on for Nigeria to have a real chance at greatness. I thank every Nigerian for embarking on this journey of REFORMS and TRANSFORMATION with us.
 
5. The road of reforms is now clearly upon us, and as the President of this blessed nation, I know this less-travelled road has not been easy. That there have been difficulties and sacrifices. They will not be in vain. And we must keep faith with the process to arrive at our collectively desired destination.
 
6. We must build on the progress we have made in the past eighteen months in restructuring our economy and ensuring it is strong enough to withstand the headwinds of any future shocks of the global downturn.
 
7. The 2025 budget that I present today is one of restoration. It seeks to consolidate the key policies we have instituted to restructure our economy, boost human capital development, increase the volume of trade and investments, bolster oil and gas production, get our manufacturing sector humming again and ultimately increase the competitiveness of our economy.
 
8. We do not intend to depart from this critical path to strengthen the Nigerian economy. Just as I believe in the resilience of our economy to withstand the current challenges, I also strongly believe in the resilience of the Nigerian people. Again, I summon the unstoppable Nigerian spirit to lead us on as we work to rebuild the fabric of our economy and existence.
 
9. The improvements we witnessed in the 2024 budget have led us into the 2025 budget. The goals of advancing national security, creating economic opportunities, investing in our youthful population, infrastructure development, and national re-orientation form the core of the 2025 budget. But more than that, this will lay a solid foundation for Nigeria’s future growth trajectory.
 
CURRENT ECONOMIC REALITIES AND PROGRESS
 
10. Distinguished Senate President, Right Honourable Speaker of the House of Representatives, leaders and members of both Chambers of the National Assembly, I report today that our economy is responding positively to stimulus. Our objective is to further stimulate the economy through the implementation of targeted fiscal stimulus packages through public expenditures and specific non-inflationary spending.
 
11. The reforms we have instituted are beginning to yield results. Nigerians will soon experience a better and more functional economy.
 
12. Global economic growth for the outgoing year 2024 was projected at 3.2 percent, and against predictions, our country made significant progress.
 
* Our economy grew by 3.46 percent in the third quarter of 2024, up from 2.54 percent in the third quarter of 2023.
 
* Our Foreign Reserves now stand at nearly 42 billion US dollars, providing a robust buffer against external shocks.
 
* Our rising exports are reflected in the current trade surplus, which now stands at 5.8 trillion naira, according to the National Bureau of Statistics.
 
13. These clear results of gradual recovery, among others, reflect the resilience of our economy and the impact of deliberate policy choices we made from the outset.
 
2024 BUDGET PERFORMANCE
 
14. I am happy to inform this National Assembly that our administration attained remarkable milestones in implementing the 2024 Budget. In 2024, we achieved:
 
* 14.55 trillion naira in revenue, meeting 75 percent of our target as of the third quarter.
 
* 21.60 trillion naira in expenditure, representing 85 percent of our target, also in the third quarter.
 
15. While challenges persist, we improved revenue collection and fulfilled key obligations. The transformational effects of this on our economy are gradually being felt.
 
PHILOSOPHY OF THE 2025 BUDGET
 
16. The 2025 Budget seeks to:
* Restore macroeconomic stability.
 
* Enhance the business environment.
 
* Foster inclusive growth, employment, and poverty reduction.
 
* Promote equitable income distribution and human capital development.
 
17. Our budgetary allocations reflect the administration’s strategic priorities, especially in the implementation of the Renewed Hope Agenda and its developmental objectives.
 
2025 BUDGET OVERVIEW
 
18. The numbers for our 2025 budget proposal tell a bold and exciting story of the direction we are taking to retool and revamp the socio-economic fabric of our society.
 
* In 2025, we are targeting 34.82 trillion naira in revenue to fund the budget.
 
* Government expenditure in the same year is projected to be 49.7 trillion naira, including 15.81 trillion naira for debt servicing.
 
* A total of 13.08 trillion naira, or 3.89 percent of GDP, will make up the budget deficit.
 
19. This is an ambitious but necessary budget to secure our future.
 
20. The Budget projects inflation will decline from the current rate of 34.6 percent to 15 percent next year, while the exchange rate will improve from approximately 1,700 naira per US dollar to 1,500 naira, and a base crude oil production assumption of 2.06 million barrels per day (mbpd).
 
21. These projections are based on the following observations:
 
* Reduced importation of petroleum products alongside increased export of finished petroleum products.
 
* Bumper harvests, driven by enhanced security, reducing reliance on food imports.
 
* Increased foreign exchange inflows through Foreign Portfolio Investments.
 
* Higher crude oil output and exports, coupled with a substantial reduction in upstream oil and gas production costs.
 
KEY PRIORITIES: REBUILDING NIGERIA
 
22. Our budgetary allocations underscore this administration’s strategic priorities, particularly in advancing the Renewed Hope Agenda and achieving its developmental objectives.
 
23. Highlights of the 2025 Budget Allocations:
* Defence and Security: N4.91 trillion
* Infrastructure: N4.06 trillion
* Health: N2.48 trillion
* Education: N3.52 trillion

 
24. As we embark on implementing the 2025 Budget, our steps are deliberate, our decisions resolute, and our priorities are clear. This budget reflects a renewed commitment to strengthening the foundation of a robust economy, while addressing critical sectors essential for the growth and development we envision.
 
Securing Our Nation:
25. Security is the foundation of all progress. We have significantly increased funding for the military, paramilitary, and police forces to secure the nation, protect our borders, and consolidate government control over every inch of our national territory. The government will continue to provide our security forces with the modern tools and technology they need to keep us safe. Boosting the morale of our men and women in the armed forces will remain our government’s top priority.
 
26. The officers, men, and women of our Armed Forces and the Nigerian Police Force are the shields and protectors of our nation. Our administration will continue to empower them to defeat insurgency, banditry, and all threats to our sovereignty. Our people should never live in fear—whether on their farmlands, highways or cities. By restoring peace, we restore productivity, revive businesses, and rebuild our communities.
 
Infrastructure Development:
27. When we launched the Renewed Hope Infrastructure Development Fund, it was with the conviction that infrastructure remains the backbone of every thriving economy. Under this programme, we are accelerating investments in energy, transport, and public works. By leveraging private capital, we hope to complete key projects that drive growth and create jobs. We have already embarked on key legacy projects: Lagos-Calabar Coastal Highway and Sokoto-Badagry Highway, which will have a huge impact on the lives of our people and accelerate economic output.
 
Human Capital Development:
28. Our people are our greatest resource. That is why we are making record investments in education, healthcare, and social services:
 
* Our administration has so far disbursed 34 billion naira to over 300,000 students via the Nigeria Education Loan Fund (NELFUND). In the 2025 Budget, we have made provision for 826.90 billion naira for infrastructure development in the educational sector. This provision also includes those for the Universal Basic Education (UBEC) and the nine new higher educational institutions.
 
* We are convinced that Universal Health Coverage initiatives will strengthen primary healthcare systems across Nigeria. In this way, we have allocated 402 billion naira for infrastructure investments in the health sector in the 2025 Budget and another 282.65 billion naira for the Basic Health Care Fund. Our hospitals will be revitalised with medication and better resources, ensuring quality care for all Nigerians. This is consistent with the Federal Government’s planned procurement of essential drugs for distribution to public healthcare facilities nationwide, improving healthcare access and reducing medical import dependency.
 
Revitalizing Agriculture:
29. Increasing agricultural production is central to our food security agenda, but insecurity has crippled this vital sector. We are supporting our farmers with funding and inputs to reignite productivity. Food security is non-negotiable. In this regard, we are taking bold steps to ensure that every Nigerian can feed conveniently, and none of our citizens will have to go to bed hungry.
 
30. Distinguished Senate President, Right Honourable Speaker of the House of Representatives, leaders and members of both Chambers of the National Assembly and fellow Nigerians, our 2025 budget proposal is not just another statement on projected government revenue and expenditures. It is one that calls for action.

31. Our nation faces existential threats from corruption and insecurity and suffers from many past poor choices. These challenges are surmountable when we work collaboratively to overcome them. We must rewrite the narrative of this nation together, with every leader, institution, and citizen playing their part.
 
32. The time for lamentation is over. This is a time to act. A time to support and promote greater investment in the private sector. A time for our civil servants to faithfully execute our policies and programmes. It is a time for every Nigerian to look hopefully towards a brighter future because a new day has dawned for us as a nation.
 
33. As your President, I remain committed and resolute to continue to lead the charge.
 
34. This 2025 budget proposal lays the foundation for peace, prosperity, and much needed hope. It is the plan through which a Nigeria where every citizen can dream, work, and thrive in safety can be achieved.
 
35. It is with great pleasure, therefore, that I lay before this distinguished Joint Session of the National Assembly the 2025 Budget of the Federal Government of Nigeria titled “The Restoration Budget: Securing Peace, Rebuilding Prosperity.
 
36. May God bless our Armed Forces and keep them safe. May God bless the Federal Republic of Nigeria.

The tax regime in Nigeria is made up of a complex web of disjointed tax laws which leave much to be desired in terms of efficiency and effectiveness both in administration and in achieving the nation’s fiscal policy goals. Sequel to this, President Bola Ahmed Tinubu GCFR established the Fiscal Policy and Tax Reforms Committee in August 2023 to address the pressing need for comprehensive tax reform in Nigeria. Recently, the President transmitted four tax reform bills to the National Assembly proposing significant changes to the face and character of the tax landscape.

The Tax Bills are: The Nigeria Tax Bill (NTB) 2024, the Nigeria Tax Administration Bill (NTAB), the Nigeria Revenue Service (Establishment) Bill (NRSEB); and the Joint Revenue Board (Establishment) Bill (JRBEB).

The enactment of the NTB will lead to the repeal of 11 laws, while 13 other laws will experience consequential amendments. The NTB will also revoke one subsidiary legislation and consequential amendments on two other subsidiary legislations.

Crucially, the NTB included a supremacy clause in Section 202, which states that” this Act shall take precedence over any other law with regards to the imposition of tax,” this clause effectively elevates the NTB to be Nigeria’s supreme legislation on taxes.

This Article appraises the four Tax Bills highlighted above with particular focus on the Nigeria Tax Bill, which seeks to harmonise all the major taxes such as corporate income tax, personal income tax, and value-added tax etc., discussing key provisions and significant changes.

As a comprehensive tax legislation, the NTB harmonizes all tax laws in the country into a more simplified and manageable single piece of legislation. Section 1 of the NTB provides that the objective of the Act is to provide a unified fiscal legislation governing taxation in Nigeria.

Hence, various taxes which were previously administered under different tax legislations are by the provisions of the NTB unified and compressed into one simplified law and administered accordingly.  This simplification is intended to ease compliance for businesses and individuals, making it easier for them to understand their tax obligations.

Contrary to most speculations on social media, the NTB adopts a progressive personal income tax system and provides tax relief for low-income earners. Particularly, incomes below (800,000.00) eight hundred thousand naira are completely exempted, and higher earners are taxed progressively according to their earnings. It follows, therefore, that the tax burden on low-income earners is reduced, and that the tax burden is generally spread to reflect equity and fairness in wealth distribution. The annual tax rate, as outlined in the Fourth Schedule of the bill, is as follows: (a) First N800k – 0% (b) Next N2.2m – 15% (c) Next N9m – 18% (d) Next N13m – 21% (e) Next N25m – 23% and (f) Above N50m – 25%.

Currently, a low-income earner who earns N25,000 monthly, which translates to N300,000 annually, is required to pay 7% income tax, the new rates proposed in the Nigeria Tax Bill exempt individuals who earn N800,000 or less annually from paying any income tax. In effect, every minimum wage earner in Nigeria would be exempted from personal income tax.

However, with the new provisions in Section 28 of NTAB, financial institutions are now mandated to furnish tax authorities with details of individuals whose monthly cumulative transactions amount to N25 million or more. This would bring more high-income earners into the tax net.

Also, the Bill progressively redesigned the capital gains tax regime, for example, Section 51 of the bill exempts an individual from paying tax on the proceeds of the sale of his residential property or land adjoining his residential property up to a distance of one acre.

In Section 50, the bill exempts compensation paid to individuals for personal injuries. The current provision of the subsisting Capital Gains Tax Act is that compensation for loss of office, etc, is subject to capital gains tax on the portion of the income above N10 million at 10%.

The Bill aims to ensure ease of doing business, which has long been a hurdle in Nigeria’s economic growth. By streamlining tax rules, the NTB 2024 simplifies compliance, enabling businesses to focus more on innovation and expansion rather than wading through bureaucratic red tape.

The Bill in Section 20(1)(a)-(l) also indirectly reduces the taxable income of companies by increasing the deductions allowed from the company’s gross earnings before ascertaining the company’s profit, which is eventually taxed. The bill also eliminates a minimum income tax of around 1% of gross earnings hitherto imposed on companies that did not declare profit. 

For corporate entities, the NTB pursuant to Section 56 provides for a reduction of the current 30% rate for corporate income tax, and proposes 27.5% in 2025 and 25% in 2026, while completely exempting small companies. This significantly reduces the tax obligation of corporate bodies and is rather conservative compared to 27% and 30% rates in sister African countries like South Africa and Kenya. Additionally, the NTB raises the threshold for corporate tax emption from 25 million naira to 50 million naira in annual turnover, thereby exempting many small businesses from corporate tax. Furthermore, the NTB tackles the problem of multiplicity of taxes for corporate bodies by harmonizing multiple levels of taxes by introducing a 4% development levy which will regress to 2% by 2030.

The bill went further in Section 59 to harmonise all the special deductions on companies’ profit into a single development levy that is expected to progressively decline from a rate of 4% in 2025 and 2026 assessment years to just 2% in 2030.

Also, the NTB effectively handed over the revenue collection duty of the Nigeria Upstream Petroleum Regulatory Commission (NUPRC) to the NRS (FIRS). The Seventh Schedule of the Bill prescribed the royalties all production of petroleum would be subjected to, which are to be collected on behalf of the Federation by the NRS (FIRS) with the royalties so collected by the NRS administered following provisions of the Nigeria Tax Administration Bill (Act).

The notable implication of the tax bills to the States is the changes regarding revenue sharing generated from Value Added Tax (VAT). Pursuant to Section 77 of the NTAB, the new sharing formula has the States and Local Governments receiving the bulk of the VAT revenue. Precisely, 55% and 35% of the VAT revenue is accruable to the State and Local Governments respectively, while 10% goes to the federal government.

It is noteworthy to state that the VAT derivation model pursuant to Section 77 which potentially redistributes revenues amongst state governments equitably, incurs significant losses to some state governments. Based on the 60% derivation model, states that contribute more in VAT revenue will earn more while states that contribute less might earn significantly less.

BENEFIT TO LAWYERS

Advise on Compliance And Regulatory Services: Lawyers will be essential in guiding businesses and individuals on what the new tax bill is all about and how to navigate the tax law and structure their businesses efficiently to ensure compliance and avoid penalties.

•Tax Dispute Resolution: A unified Tax law means that lawyers can quickly identify the applicable rules when briefed on tax-related matters, helping lawyers to conduct dispute resolution more efficiently and reducing the complexity involved in representing clients in tax-related matters.

Other Notable Highlights of the Tax Reform Bills

• Establishment of the Nigeria Revenue Service (NRS) and Joint Revenue Board (JRB): Pursuant to the NRSEB the NRS replaces the FIRS and the JRBEB established the JRB to replace the current Joint Tax Board (JTB). Additionally, the bill also established the office of the tax ombudsman to protect taxpayers and ensure tax simplification.

• Promotion of Exports and International Trade: Exports of goods, services, and intellectual property will benefit from zero-rated VAT alongside additional incentives aimed at boosting Nigeria’s competitiveness in international trade.

• Simplifying and Rationalising Taxes: Over 50 nuisance taxes are to be repealed, with remaining levies harmonised into a few number of taxes.

• A Tax System Based on Equity and Fairness: the bills implement progressive rates for personal income tax, VAT, and capital gains tax, ensuring protection for low-income earners.

• Equity Among States: VAT revenue will be allocated to states using a fairer model that rewards their actual economic contributions.

• Tax Accountability and Transparency: With the establishment of the Tax Ombudsman vulnerable taxpayers are protected thereby ensuring equity and fairness in tax administration.

In conclusion, the tax reform bills seek to foster economic equity, encourage exportation, extend the tax net to reflect current global trends and create a business-friendly environment to attract local and foreign investments. The bills further strengthen fiscal federalism and facilitate cooperation between taxpayers, subnational governments and MDAs for a vibrant and prosperous economy.

•Atoyebi is a Senior Advocate of Nigeria (SAN), FCIArb (U.K.)

The Economic Community of West African States (ECOWAS) is ramping up preparations to introduce its single currency, ECO, following a consensus reached during its 65th Ordinary Session.

This announcement was made in a communiqué released after the 66th ordinary session of the heads of state and government meeting, which was held in Abuja on Sunday.

Initially scheduled for launch in 2020, the rollout of the ECO was postponed due to the impact of the coronavirus pandemic. The new target date for its introduction is now set for 2027.

The Authority confirmed that it has adopted selection criteria proposed by the High-Level Committee to identify member states that will initially adopt the ECO and those that may join later. In collaboration with the West African Monetary Agency (WAMA), it has tasked the Commission to integrate these criteria into the protocol for establishing the ECOWAS Monetary Union Agreement.

Additionally, the Authority endorsed the High-Level Committee’s recommendations regarding the financial aspects—costs, funding sources, and modalities—necessary for implementing the reforms and institutions required for the ECO’s launch.

Member states and central banks have been urged to take immediate action to fulfil their financial commitments to operationalise these institutions once the official launch date for the ECOWAS single currency is confirmed.

The heads of State also called on the High-Level Committee and the ECOWAS Commission to accelerate efforts to meet the established deadlines for creating and operationalising the institutions essential for the ECO’s launch.

Moreover, the Authority acknowledged the progress in executing the ECOWAS Agricultural Policy (ECOWAP) as part of efforts to enhance food security and nutrition in the region. Recognising the vital role of agriculture in the socio-economic development of member states, the Authority directed the Commission to implement regional strategies promptly focused on livestock farming, the Regional Rice Self-sufficiency Initiative, and the Comprehensive African Agriculture Development Programme (CAADP) Action Plan for 2026-2035.

The Authority also welcomed the strengthening of partnerships with technical and financial stakeholders and urged member states to collaborate with community institutions to achieve these regional food security initiatives.

The introduction of the ECOWAS currency is expected to facilitate trade and stimulate economic growth within the region.

[Leadership]

The Joint Tax Board (JTB) has called for the taxation of High Net-Worth Individuals (HNWI) as part of drive to bridge unfair tax practices in the country.

The board made the call in a communique signed by M.L. Abubakar , Chairman, JTB and Olusegun Adesokan, Secretary, JTB at the end of of its 156th meeting held on 10th and 11th December 2024 in Port Harcourt, Rivers State.

Part of the communique read: “The Joint Tax Board notes that taxation of high net-worth individuals (HNWIs) in Nigeria has increasingly come under focus given the perceived unfairness in the distribution of the tax burden among this category of taxpayers in relation to other taxpayers.

“Therefore the Joint Tax Board recognises the need for improved intelligence gathering to Identify, track, and profile (HNWIs) in Nigeria and  encourages regular review and evaluation of the effectiveness of adopted strategies and initiatives, and support needful adjustments where and when necessary, to ensure taxation of HNWIs in Nigeria,”

The communique also called for broad based collaboration with relevant national and sub-national agencies  to strengthen the data collection and analytics capabilities of sub-national revenue authorities  and foster international cooperation to improve tax compliance and curtall cross-border tax evasion to ensure that HNWIs are taxed fairly and transparently.

The board also noted the urgent need to accurately classify Electronic Money Transfer Levy (EMTL) disbursements, stamp duties, withholding taxes and other revenue items as tax, adding that “Such items should be credited to the internally generated revenue (IGR) accounts of the respective sub-nationals, rather than to the respective Federation Account Allocation Committee (FAAC) accounts, for purposes of assuring accuracy in reporting, and appropriate accounting,”

The JTB also advocated public enlightenment and sensitisation prior to any introduction of new rates for driver’s licence and vehicle number plates to afford members of the public the opportunity to be well informed in advance while educating them on the rationale behind the decision.

[DailyTrust]