…Orders Integrity Review Of Nigeria’s Waterways, Dams

…Says 321 Dead In 34 States On Account Of Flooding

…Tinubu Not Against Northerners With Tax Reform Bills — Presidency

The National Economic Council (NEC), on Thursday, prevailed on President Bola Tinubu to with­draw the Tax Reforms Bills from the National Assembly.

NEC hinged it on the need to allow for wider consultations and consensus building among stake­holders, particularly Nigerians.

Oyo State governor, Seyi Ma­kinde, who briefed State House correspondents on the develop­ment, said this formed part of resolutions reached at the 144th meeting of the NECouncil at the State House, Abuja.

According to Makinde, the council members agreed that it was necessary to allow for consen­sus building and understanding of the bills among Nigerians.

President Bola Tinubu and the Federal Executive Council (FEC) recently endorsed new policy ini­tiatives to streamline Nigeria’s tax administration processes.

The Federal Government hinged it on the need to enhance efficiency and eliminate redun­dancies across the nation’s tax operations.

The reforms emerged after a review of existing tax laws since August 2023. The National Assem­bly is considering four executive bills containing these tax reform efforts.

NEC’s decision came days after the Northern governors kicked against the reform bills.

At a meeting on October 28, 2024, governors of the 19 North­ern states, on the platform of the Northern Governors’ Forum, re­jected the new derivation-based model for Value-Added Tax dis­tribution in the new tax reform bills before the National Assembly.

A communiqué read by the Chairman of the forum, Gov­ernor Muhammed Yahaya of Gombe State, said the proposition negates the interest of the North and other sub-nationals.

Makinde said, “NEC today took a presentation from the Chairman of the Presidential Committee on Fiscal Policy and Tax Reforms. Their main focus is fair taxation, responsible borrow­ing and sustainable spending.

“The council acknowledged that the country is underperform­ing on all indices as regards huge losses from major revenue sourc­es, also tax to GDP ratio and so on.

“So after extensive delibera­tion, NEC noted the need for suf­ficient alignment between and among the stakeholders for the proposed reforms.

“Council, therefore, recom­mend the need to withdraw the bill currently before the National Assembly on tax reforms so that we can have wider consultations and also build consensus around these reforms for the benefit of the entire country, and also to give people, for them to know the vision and where we are moving the country in terms of a tax re­form, because there’s really a lot of miscommunication, misinfor­mation.

“The bills will be drawn from the National Assembly, then there will be consultations afterwards”.

NEC OrdersIntegrity ReviewOf Nigeria’s Waterways, Dams

Meanwhile, the National Eco­nomic Council (NEC) on Thurs­day also directed the Ministry of Water Resources and Sanitation to commence a comprehensive integrity review of Nigeria’s wa­terways and dams.

The move is intended to miti­gate the ravaging impact of flood­ing in the country.

Anambra State governor, Prof. Chukwuma Soludo, disclosed this while briefing State House corre­spondents at the Presidential Vil­la, Abuja, after the NEC meeting presided over by Vice President Kashim Shettima.

He said that the Minister of Water Resources and Sanitation, Prof. Joseph Utsev, had briefed members of NEC on the Federal Government’s intervention activ­ities across the country regarding the impact of this year’s flooding which has become a major nation­al disaster.

The Water Resources Minis­try had earlier identified 148 local government areas in the country spanning 31 states as high flood risk areas for 2024 beginning from April to November.

According to Prof. Soludo, after receiving the presentation from the minister, NEC resolved that “the Federal Ministry of Water Resources and Sanitation should conduct an integrity review of all the waterways and dams across the country.

“There was a serious empha­sis on the need for a massive pro­gramme of dredging of the wa­terways. The council also urged governors who have not submit­ted their reports on the situation of flooding and management in their states to do so immediately.

“Council also noted that the Green Climate Fund should have an infrastructure resilient fund component and it was also noted that there are some critical parts of the country that are very mas­sively ravaged by this flooding particularly the South East and the South South that are com­pletely omitted in the ongoing programmes of the construction of dams at least to act as speed bumps along the highways par­ticularly in the River Niger.”

Prof. Soludo also said that the council considered the national emergency and the responses on the damages and the coordination taking place between the states and the Federal Government and outlined further steps that should be taken.

It was gathered that Prof. Utsev during his presentation informed the NEC that a techni­cal sub-committee appointed by President Tinubu October 8, 2024, is ongoing with its assignment and will be putting together an interim report to be presented to the Inter-Ministerial Committee for onward transmission to the president.

NEC also confirmed that 321 persons lost their lives in the flood disaster which has so far ravaged 34 states of the federation.

It also confirmed that 217 local government areas, 1,374,557 per­sons were adversely affected by the flood across Nigeria as at today.

Soludo, who also reeled out the statistics after the NEC meeting, said the various State Emergency Management Agencies (SEMA) have been directed to up their game to bring succour to the af­fected states.

“You know the country is facing the national emergency with regards to flooding and the reports so far identify a major na­tional disaster. We’ve been called upon to note that to date, that about 34 states have been affect­ed, 217 local government areas, 1,374,557 persons already affect­ed. And 740,743 were displaced nationwide. 321 persons dead and 2,854 persons injured and 281,000 houses, 258,000 cultivated farm­lands also destroyed, or affected by the ravaging flood.

“Council deliberated on the actions, particularly at the sub national level, and got up on the the SEMA, the various state emer­gency management agencies, to up their game and increase the collaboration with the National Emergency Management Agen­cy (NEMA).

“There was serious emphasis and the need for massive pro­gramme of dredging, or desilt­ing of the waterways and have a firm programme of continuous desilting

almost on annual basis of the waterways.”

Tinubu Not Against Northerners With Tax Reform Bills — Presidency

The Special Adviser to the President on Information and Strategy, Bayo Onanuga, has de­fended the proposed bills from the presidency seeking reforms in tax collection processes.

Recall that the Federal Ex­ecutive Council (FEC), which President Tinubu presided over recently, had endorsed new policy initiatives aimed at streamlining Nigeria’s tax administration pro­cesses, enhancing efficiency and eliminating redundancies across the nation’s tax operations.

But the governors of the 19 Northern states, on the platform of the Northern Governors’ Fo­rum, at their meeting recently, picked holes in the new deriva­tion-based model for Value-Added Tax (VAT) distribution in the new tax reform bills before the Nation­al Assembly.

Chairman of the forum, Gov­ernor Muhammed Inuwa Yahaya of Gombe State, presided over the meeting where the northern elite opposed the policy.

Onanuga, while reacting on be­half of the president, explained that these reforms emerged after an extensive review of existing tax laws.

He noted that the National Assembly is considering four executive bills designed to trans­form and modernise Nigeria’s tax landscape.

“First is the Nigeria Tax Bill, which aims to eliminate unin­tended multiple taxation and make Nigeria’s economy more competitive by simplifying tax obligations for businesses and individuals nationwide.

“The Nigeria Tax Adminis­tration Bill (NTAB) proposes new rules governing the administra­tion of all taxes in the country. Its objective is to harmonise tax ad­ministrative processes across fed­eral, state and local jurisdictions for ease of compliance for taxpay­ers in all parts of the country.

“The Nigeria Revenue Ser­vice (Establishment) Bill seeks to rename the Federal Inland Reve­nue Service (FIRS) as the Nigeria Revenue Service (NRS) to better reflect the mandate of the service as the revenue agency for the en­tire federation, not just the Federal Government,” Onanuga stated.

He explained that the Joint Revenue Board Establishment Bill proposes the creation of a Joint Revenue Board to replace the Joint Tax Board, covering fed­eral and all states’ tax authorities.

According to him, the bill also suggests establishing the Office of Tax Ombudsman under the Joint Revenue Board, which would serve as a complaint resolution body for taxpayers.

He reiterated that it was in­structive to note that these pro­posed laws will not increase the number of taxes currently in op­eration. Instead, they are designed to optimise and simplify existing tax frameworks.

He also insisted that the tax rates or percentages will remain the same under these reforms, as they focus on ensuring a more equitable distribution of tax ob­ligations without adding to the burden on Nigerians.

The presidential media aide stated, “The reforms will not lead to job losses. On the contrary, they are structured to stimulate new avenues for job creation by sup­porting a dynamic, growth-ori­ented economy.

“Importantly, these laws will not absorb or eliminate the duties of any existing department, agen­cy, or ministry. Instead, they aim to harmonise revenue collection and administration across the fed­eration to ensure efficiency and cooperation.

“At the moment, tax adminis­tration lacks coordination among federal, state, and local tax author­ities, often resulting in overlap­ping responsibilities, confusion, and inefficiency. Without reform, this inefficiency will persist.

“The proposed laws aim to co­ordinate efforts between different tiers of government, resulting in better tax resource management and greater clarity for taxpayers.

“Under existing laws, taxes like Company Income Tax (CIT), Personal Income Tax (PIT), Cap­ital Gains Tax (CGT), Petroleum Profits Tax (PPT), Tertiary Edu­cation Tax (TET), Value-Added Tax (VAT), and other taxing pro­visions in numerous laws are administered separately, with individual legislative frameworks.

“The proposed reforms seek to consolidate these multiple taxes, integrating CIT, PIT, CGT, VAT, PPT, and excise duties into a uni­fied structure to reduce adminis­trative fragmentation.

“On the proposed deriva­tion-based VAT distribution model, which the Northern governors op­pose, it must be stressed that the new proposal, as enunciated in the bill, is designed to create a fairer system.

“The current model for distrib­uting VAT is based on where the tax is remitted rather than where goods and services are supplied or consumed. The ongoing tax re­form seeks to correct the inherent inequity in the current derivation model as a basis for distributing VAT revenue.

“The new proposal before the National Assembly outlines a dif­ferent form of derivation which considers the place of supply or consumption for relevant goods and services. This means that states in the Northern region that produce the food we eat should not lose out just because their prod­ucts are VAT-exempt or consumed in other states.

“These reforms are critical to improving the lives of Nigeri­ans and were not put forward by President Tinubu to undermine any part of the country. There is no better time than now for the National Assembly to give due consideration to these bills that will overhaul our tax systems and create the revenue all the tiers of government require to fund the development our country and people urgently need”.

The Bola Ahmed Tinubu-led administration has stated that the proposed tax reform bills is not against the north, adding that the bill will benefit all states.

Naija News reports that this was made known in a statement on Thursday by Tinubu’s Special Adviser on Information and Strategy, Bayo Onanuga.

Recall that Governors of 19 Northern States of Nigeria, under the platform of the Northern Governors’ Forum, at their meeting on Monday, October 28, 2024, expressed their opposition to the new derivation-based model for Value-Added Tax (VAT) distribution in the new tax reform bills before the National Assembly.

Chairman of the forum, Governor Muhammed Inuwa Yahaya of Gombe State, read the communiqué.

The Northern Governors’ Forum meeting also had traditional rulers from the region, led by the Sultan of Sokoto, His Eminence Muhammadu Sa’ad Abubakar III, in attendance.

Reacting, Tinubu’s spokesperson said: “While we commend the Governors and traditional rulers for supporting President Bola Tinubu over the success recorded in addressing the country’s security challenges, we consider it necessary to address the misunderstandings and misgivings around the tax reform already embarked upon by the administration.

“President Tinubu and the Federal Executive Council recently endorsed new policy initiatives aimed at streamlining Nigeria’s tax administration processes, enhancing efficiency and eliminating redundancies across the nation’s tax operations.

“These reforms emerged after an extensive review of existing tax laws. The National Assembly is considering four executive bills designed to transform and modernise Nigeria’s tax landscape.

“First is the Nigeria Tax Bill, which aims to eliminate unintended multiple taxation and make Nigeria’s economy more competitive by simplifying tax obligations for businesses and individuals nationwide.

“Second, the Nigeria Tax Administration Bill (NTAB) proposes new rules governing the administration of all taxes in the country. Its objective is to harmonise tax administrative processes across federal, state and local jurisdictions for ease of compliance for taxpayers in all parts of the country.

“Third, the Nigeria Revenue Service (Establishment) Bill seeks to rename the Federal Inland Revenue Service (FIRS) as the Nigeria Revenue Service (NRS) to better reflect the mandate of the Service as the revenue agency for the entire federation, not just the Federal Government.

“Fourth, the Joint Revenue Board Establishment Bill proposes the creation of a Joint Revenue Board to replace the Joint Tax Board, covering federal and all states’ tax authorities.

“The fourth bill also suggests establishing the Office of Tax Ombudsman under the Joint Revenue Board, which would serve as a complaint resolution body for taxpayers.

“It is instructive to note that these proposed laws will not increase the number of taxes currently in operation. Instead, they are designed to optimise and simplify existing tax frameworks.

“The tax rates or percentages will remain the same under these reforms, as they focus on ensuring a more equitable distribution of tax obligations without adding to the burden on Nigerians.

“The reforms will not lead to job losses. On the contrary, they are structured to stimulate new avenues for job creation by supporting a dynamic, growth-oriented economy.

“Importantly, these laws will not absorb or eliminate the duties of any existing department, agency, or ministry. Instead, they aim to harmonise revenue collection and administration across the federation to ensure efficiency and cooperation.

“At the moment, tax administration lacks coordination among federal, state, and local tax authorities, often resulting in overlapping responsibilities, confusion, and inefficiency. Without reform, this inefficiency will persist.

“The proposed laws aim to coordinate efforts between different tiers of government, resulting in better tax resource management and greater clarity for taxpayers.

“Under existing laws, taxes like Company Income Tax (CIT), Personal Income Tax (PIT), Capital Gains Tax (CGT), Petroleum Profits Tax (PPT), Tertiary Education Tax (TET), Value-Added Tax (VAT), and other taxing provisions in numerous laws are administered separately, with individual legislative frameworks.

“The proposed reforms seek to consolidate these multiple taxes, integrating CIT, PIT, CGT, VAT, PPT, and excise duties into a unified structure to reduce administrative fragmentation.

“On the proposed derivation-based VAT distribution model, which the Northern Governors oppose, it must be stressed that the new proposal, as enunciated in the Bill, is designed to create a fairer system.

“The current model for distributing VAT is based on where the tax is remitted rather than where goods and services are supplied or consumed. The ongoing tax reform seeks to correct the inherent inequity in the current derivation model as a basis for distributing VAT revenue.

“The new proposal before the National Assembly outlines a different form of derivation which considers the place of supply or consumption for relevant goods and services. This means that states in the Northern region that produce the food we eat should not lose out just because their products are VAT-exempt or consumed in other states.

“These reforms are critical to improving the lives of Nigerians and were not put forward by President Tinubu to undermine any part of the country. There is no better time than now for the National Assembly to give due consideration to these bills that will overhaul our tax systems and create the revenue all the tiers of government require to fund the development our country and people urgently need.”

Ruben Amorim is expected to be confirmed as Manchester United’s new manager on Thursday after the club reached an agreement with Sporting Lisbon, reports said.

The Athletic said the 39-year-old would stay with the Portuguese league leaders for their next three games, including next week’s Champions League match against Manchester City.

He is expected to take charge at Old Trafford during the November international break, with his first game set to be United’s away trip to Ipswich on November 24.

Sky Sports said it was understood the Premier League club had paid Sporting an extra one million euros over and above his 10 million euro ($11 million) exit clause for an early release.

Sporting issued a statement to the Lisbon stock exchange on Tuesday confirming United were willing to meet the release clause.

United pulled the plug on Erik ten Hag’s two-year reign as manager on Monday after a 2-1 defeat by West Ham left them 14th in the Premier League.

Amorim quickly emerged as United’s number one option.

United caretaker boss Ruud van Nistelrooy oversaw a 5-2 victory against Leicester in the fourth round of the League Cup on Wednesday.

“I came here as an assistant to help the club,” said Van Nistelrooy. “I’m helping as long as I’m needed and in the future, in any capacity, I’m here to help the club build towards the future.”

Despite spending heavily in the transfer market in the summer, Ten Hag paid the price for United’s poor start to the season.

Prior to the win against Leicester, they had won just one of their past eight games in all competitions.

The Joint Action Committee of the Non-Academic Staff Union of Educational and Associated Institutions and the Senior Staff Association of Nigerian Universities said the ongoing strike is a long-term battle involving even vice-chancellors, bursars and registrars.

On Monday, the JAC of SSANU and NASU embarked on an indefinite strike over its four-month withheld salary.

Since then, activities have been grounded in universities across the country.

In an interview with The PUNCH on Wednesday, the National President of SSANU, Mr Mohammed Ibrahim, said university executives, including vice-chancellors, bursars, and registrars, did not receive salaries for four months.222A 

He said as a result, the universities would remain completely shut down until the payments were made.

He added that the unions reported massive compliance with the ongoing strike across all universities nationwide.

Ibrahim also revealed that there had been no invitation or any form of interference from the government.

He said, “It is a long-term battle because this strike also involves vice-chancellors, bursars, registrars, and other senior administrators who were not paid.

“The impact is significant, and no one from the government has reached out to us. We have withdrawn our services, and our members are resolute they will not return to work until all salaries are paid.”

He added that compliance with the strike was encouraging, achieving 98 per cent adherence.

“We have achieved 98 per cent compliance with the strike; it is a total strike if you look around. The remaining two per cent are those who held their congress today, and they will join fully tomorrow,” he said.

Both Ibrahim and Vice President of SSANU, Abdussobur Salaam, noted that there had been no official response from the government on the strike.

The former Minister of Education, Prof Tahir Mamman, was relieved of his position last week, and a new minister, Dr Tunji Alausa, is expected to take over today, following President Bola Tinubu’s directive that former ministers should hand over by October 30.

Prof Mamman was among the five ministers relieved of their positions by the President after a Federal Executive Council meeting on Monday.

One of the issues facing the substantive minister, Dr Alausa, as he assumes duty today is the SSANU and NASU strike.

Salaam, however, said there had been no official communication from the government regarding the ongoing strike by the union.

“There’s no update on the ongoing strike, it continues. Some informal contacts were made between the minister of state for education and our union executives, but there’s been no real progress, just an informal appeal.

“This issue has persisted for a long time, with repeated promises that have not been fulfilled.

“All our ultimatums have expired, and we still haven’t received any alerts. The recent invitation was just an informal call on the phone. We urge the authorities to take decisive action; we have come too far and can no longer accept empty promises. If we don’t get the alerts we won’t back down, Salaam said.

A statement made available to The PUNCH on Sunday and signed by National President, SSANU, Ibrahim and General Secretary, NASU, Peters Adeyemi, said the ultimatum it gave the Federal Government over its withheld salaries expired on Sunday midnight.

The unions were demanding, among others, the payment of the four-month withheld salaries, improved remuneration, earned allowances and implementation of the 2009 agreements with the government.

Also, the National Association of Academic Technologists, on Wednesday, announced a nationwide protest over the five-month withheld salaries and unfulfilled agreements with the Federal Government.

NAAT also said it would picket the Ministry of Finance on November 14 for the failure to implement the President’s directive that the withheld salaries should be paid.

The protest is expected to commence at midnight on November 6, 2024, with all branches of the union across universities, polytechnics, and colleges of education mobilised to press home their demands.

The President of NAAT, Ibeji Nwokoma, who declared the protest after the union’s National Executive Council meeting in Abuja, also gave the Federal Government a two-week ultimatum starting from October 30, 2024, as a final opportunity to resolve their grievances.

Nwokoma, at the media briefing in Abuja, reeled out a list of long-standing demands that included the payment of five and a half months of withheld salaries and the full implementation of a 2009 agreement with NAAT.

He said the agreement encompassed critical items such as allowances for academic technologists, provisions for student training programmes, and the enhancement of staff-to-student ratios.

It urged the government to, among other things, release funds for upgrading university laboratories and to address the broader issues of underfunding and proliferation of public universities.

Recall that the union had previously issued a three-week ultimatum on September 30, 2024, which expired on October 21.

According to Nwokoma, the ultimatum ended without any acknowledgement from government agencies, including the Federal Ministries of Education and Labour and Employment.

NAAT expressed frustration over what it described as government “insensitivity,” pointing to the President’s recent approval of the withheld salaries that, according to NAAT, had not yet been actioned by the finance ministry.

NAAT’s president announced that, within the two-week window, local branches would convene congresses to conduct a referendum on whether to escalate the protest into a full strike.

It warned that if the government failed to act by November 13, 2024, it would embark on an indefinite strike which would potentially impact academic calendars and critical research activities across the tertiary education system.

The prepared text read, “It is quite unfortunate and regrettable too, that despite the President Bola Ahmed Tinubu’s waiver and approval to pay five-and-half month salaries owed NAAT members, the refusal by the Minister of Finance and Coordinating Minister of the Economy to effect this approval raises more questions than answers on the true commitment and sincerity on the part of the Federal Government in resolving the issues.

“Several efforts were made in the past including a series of letters, protests, visits, notices of ultimatums and several Memorandum of Understanding (MoUs) freely entered between NAAT and Federal Government (i.e MOU of 2017, 2020, 2021 and 2022) as the result of efforts by Federal Ministry of Labour and Employment as conciliator of the Federal Government but all to no avail.

“Consequent upon the above, the union, having reviewed the situation critically, decided to give the Federal Government an additional two (2) weeks ultimatum, with effect from 30th of October 2024.

“Meanwhile, the National Executive Council has directed all her branches in universities, polytechnics and colleges of education to hold a nationwide protest to drive home our demands.

“Within the two-week ultimatum, branches have been directed to hold congresses and conduct a referendum to decide if the union will proceed on strike once the 14-day ultimatum expires on the 13th of November 2024.

“If at the end of the 14-day ultimatum no positive response from the government, the union will embark on a national protest which will culminate into a total and indefinite strike without recourse to government.

“It is hoped that the government will avail itself of this window to resolve the issues on the ground, with the view to averting any industrial action.

“This decision is in line with our concern for the tertiary education system so as not to disrupt the academic calendar which will eventually affect research and practical teaching; laboratory, workshop, farm and studio practices and the attendant monumental loss of resources.”

The International Monetary Fund (IMF) has reiterated its support for the removal of petrol subsidy and the floating of the exchange rate by the President Bola Tinubu-led government.

The Bretton Woods institutions have come under heavy backlash by Nigerians for advising President Bola Tinubu on the present economic policies, especially the removal of subsidy from PMS as well as the floating of the naira which have plunged the country into inflationary pressures.

The IMF’s African Region Director, Abebe Selassie at a briefing on the sidelines of the IMF and World Bank Annual Meetings, however, stated that the organisation did not advise the President to remove fuel subsidy, adding that it was Tinubu’s decision.

However, an IMF spokesperson who spoke to  Premium Times, in response to its enquiry on Wednesday, said the institute stands by its advice to the Tinubu-led government.

“We stand by our advice, though it’s important to underscore that individual pieces of that advice cannot be viewed in isolation.

“Our advice is a comprehensive policy package where all elements are linked to each other. That package seeks to ensure macroeconomic stability and raise living standards in a sustainable fashion.

“Importantly, our advice on petrol subsidies and the exchange rate, is set in a larger, comprehensive policy mix that also includes scaling up social transfers to provide relief to Nigerians who are already suffering from a cost-of-living crisis or who are impacted by policy reforms,” the spokesperson was quoted as saying.

Also, the spokesperson referenced the IMF’s 2024 report on Nigeria, published in May, in which the global institution’s executive directors “welcomed the bold reforms implemented by the new administration and commended the authorities’ focus on revenue mobilization, governance, social safety nets, and upgrading policy frameworks in the face of Nigeria’s significant economic and social challenges.”

The Senate on Wednesday confirmed the appointment of Bianca Odumegwu-Ojukwu as the substantive Minister of State for Foreign Affairs, alongside six other ministerial nominees in President Bola Tinubu’s cabinet reshuffle.

The confirmations followed the dismissal of several ministers by Tinubu on October 21, 2024.

In addition to Odumegwu-Ojukwu, the Senate approved Dr. Jumoke Oduwole as Minister of Industry, Trade, and Development, Dr. Nentawe Yilwatda as Minister of Humanitarian Affairs and Poverty Reduction, and Muhammadu Dingyadi as Minister of Labour and Employment.

The chamber also confirmed Idi Muktar Maiha as Minister of Livestock Development, Yusuf Ata as Minister of State for Housing, and Dr. Suwaiba Said Ahmad as Minister of State for Education.

Following approximately five hours of screening, the nominees were confirmed by a voice vote led by Senate President, Godswill Akpabio.

Each nominee outlined their plans to advance their respective ministries, discussing reforms and goals to enhance Nigeria’s development.

After the recent handover process, the confirmation marks a fresh chapter for several ministries.

The Minister of Women Affairs, Iman Sulaiman-Ibrahim, assumed office on Monday, succeeding Uju Kennedy Ohanenye.

The Ministry of Tourism also transitioned leadership, with former Minister Lola Ade-John handing over to the Minister of Arts, Culture, Tourism, and Creative Economy.

The Senate had earlier suspended its procedural rules following a motion by Senate Leader, Opeyemi Bamidele to admit Basheer Lado, Special Adviser to the President on Senate Matters, who accompanied the nominees into the plenary.

Naija News understands that the confirmed ministers will be sworn-in by President Bola Tinubu, thereby giving them the right to attend the weekly Federal Executive Council (FEC) meeting.

The next weekly FEC meeting is expected to hold on Monday, 4th of November, with a fresh view after the reshuffling of cabinet during the last meeting.

President Bola Tinubu has appointed Major General Olufemi Olatubosun Oluyede as the acting Chief of Army Staff (COAS).

Oluyede will serve in the capacity of COAS until the return of Lt. General Taoreed Abiodun Lagbaja, who is currently unwell and undergoing treatment overseas.

President Bola Tinubu’s spokesperson, Bayo Onanuga, confirmed this development in a statement issued on Wednesday, October 30, 2024.

“President Bola Ahmed Tinubu, Commander-in-Chief of the Armed Forces, has appointed Major General Olufemi Olatubosun Oluyede as the acting Chief of Army Staff (COAS).

“Oluyede will act in the position pending the return of the indisposed substantive Chief of Army Staff, Lt. General Taoreed Abiodun Lagbaja,” the statement read.

Prior to his recent appointment, Oluyede held the position of the 56th Commander of the prestigious Infantry Corps of the Nigerian Army, located in Jaji, Kaduna.

At the age of 56, Oluyede was a coursemate of Lagbaja, both having been part of the 39th Regular Course.

He was commissioned as a second lieutenant in 1992, with an effective date of 1987, and achieved the rank of Major-General in September 2020.

Throughout his career, Oluyede has undertaken numerous command roles since his commissioning as an officer.

His positions have included Platoon Commander and adjutant at the 65 Battalion, Company Commander at the 177 Guards Battalion, Staff Officer for the Guards Brigade, and Commandant of the Amphibious Training School.

General Oluyede has been involved in various operations, such as the Economic Community of West African States Monitoring Group (ECOMOG) Mission in Liberia, Operation HARMONY IV in Bakassi, and Operation HADIN KAI in the North East theatre, where he led the 27 Task Force Brigade.

He has received numerous accolades for his distinguished service across different operational fields, including the Corps Medal of Honour, the Grand Service Star, successful completion of the Staff Course, and membership in the National Institute.

The Senate, yesterday, screened and confirmed the appointment of the seven ministerial nominees sent to it by President Bola Tinubu last week Thursday.

The screening of the nominees and their approval was done at the committee of the whole while their appointments were confirmed at plenary.

The ministers-designate and their ministries were Dr Nentawe Yilwatda (Humanitarian Affairs and Poverty Reduction); Muhammadu Dingyadi (Labour & Employment); Bianca Odumegwu-Ojukwu (Minister of State Foreign Affairs), and Dr Jumoke Oduwole (Industry, Trade and Investment).

Others were Idi Mukhtar Maiha (Livestock Development);  Yusuf Ata (State, Housing and Urban Development), and Dr. Suwaiba Ahmad (Minister of State Education).

The nominees answered specific questions which the senators asked them regarding the fresh ideas and plans they had for their proposed ministries.

Senators Enyinnaya Abaribe, Victor Umeh and Tony Nwoye, however, commended President Tinubu for appointing Bianca, wife of the late Igbo leader, Chukwuemeka Odimegwu-Ojukwu, and chieftain of the All Progressives Grand Alliance (APGA) as minister.

They said the development was an indication that Tinubu was committed to forming a Government of National Unity.

Bianca,  former Nigerian Ambassador to Spain, confirmed the South East senators assertion and emphasised that Nigeria would experience massive transformation if its citizens come together with a commitment to peace.

“I am here because I believe that if we are able to come together sincerely to commit to serving this nation, focusing on ensuring that we have peace, then the sky is the limit for this country.
She noted that the combined efforts of cultural, governmental, and diplomatic organisations could drive transformative change.

“There is hope for this country if we sincerely commit to unity and focus on peace, Nigeria’s potential is limitless.”

The Ministers-designate for the Ministry of Livestock Development, Idi Mukhtar Maiha, assured Nigerians that the issue of farmers-herders clash would be a thing of the past after developing the 417 grazing areas in the country.

The new ministry, he said, would develop a database of all the infrastructure that are animal husbandry related, meaning all the grazing reserves in the country.

“We also want to know all the cattle routes. We also want to know all the dams that are viable. From there, we will develop  those grazing reserves that have no legal inconveniences. The ministry intend to work with other critical stakeholders to make sure that this vision is realised,” he said.

The Minister-Designate for Trade and Investment, Dr. Jumoke Oduwole, pledged to continue with the economic policy of the Tinubu administration which focuses on investment, productivity, and job creation.

She noted that the, key reforms in monetary and fiscal policy aimed at stabilising the economy have started to deliver some results.

“Perhaps what we now need to deliver is the convergence of these two pillars of monetary and fiscal policy, with trade, investment, and industrial policies, to further drive growth,” she said.

Sub-national governments continued to grapple with a persistent reliance on borrowing to finance their budgets in 2023, as the total debt stock of the 36 states surged by 38.1%, from N7.25tn in 2022 to N10.01tn.

According to BudgIT’s 2024 State of States report released on Tuesday, the debt growth was partly driven by a N606.12bn increase in domestic debt, resulting in an average year-on-year growth rate of 11.4%. By 31st December 2023.

The total domestic debt stood at N5.86tn.

The situation was further complicated by rising foreign debt, which increased by 4.1%, from $4.43bn in 2022 to $4.61bn in 2023.

According to the report, the liberalisation of the exchange rate exacerbated the financial strain on states, significantly raising their foreign loan repayment obligations in naira terms.

Lagos State remained the most indebted in foreign currency, accounting for 26.9% of the total foreign debt, equivalent to $1.24bn.

Further analysis of the debt landscape revealed a considerable variance of N2.74tn in debt repayment obligations when comparing the exchange rate shift from N899.39 per dollar as of December 31, 2023, to the new rate of N1,492.9 as of June 2024. The devaluation exposed many states to heightened financial risk, particularly the eight states where more than 50% of the total debt is dollar-denominated.

Kaduna and Edo had the highest foreign debt-to-total debt ratios, at 86.06% and 60.54%, respectively.

The other states in this group—Ondo, Bauchi, Lagos, Enugu, Ebonyi, and Anambra—had ratios ranging from 50% to 59%.

The debt burden also varied significantly across the country, with the average sub-national debt per capita reaching N40,469 in 2023.

Twelve states exceeded this benchmark, with Lagos having the highest debt per capita at N138,034.

In addition to the existing debt stock, the states have exiting liabilities totalling N1.19tn: N408.69bn is owed in contractor arrears, N521.36bn is owed in pension and gratuity arrears, N79.64bn is owed in salary and other staff claims, N4.36bn is owed in judgement debt and other pending litigation, and other payables and liabilities amount to N182.79bn.

The report advised that to achieve debt sustainability, states need their appetite for accumulating foreign loans amidst exchange rate volatility and shrinking fiscal space to minimise their exposure to unfavourable exchange rates.

“Domestic revenue mobilisation should be strengthened to reduce borrowing needs and budget deficits.

“States should implement fiscal reforms that broaden the tax base and formalize economic activities.

“Furthermore, states should establish robust frameworks for debt transparency and accountability, ensuring that borrowed funds are directed towards high-impact projects with clear economic returns. Enhanced coordination between federal and state governments is essential for monitoring debt sustainability and providing guidance on borrowing limits to safeguard fiscal stability,” BudgIT advised.

The World Bank has advised the Federal Government to prioritise providing jobs for the Nigerian youths.

The World Bank’s Country Director for Nigeria, Ndiame Diop gave the advice in the wake of critical reforms made by the Bola Tinubu’s administration, which had thrown the country into skyrocketing inflation and increase in costs of living.

Tinubu in May 2023 declared an end to fuel subsidies, a move that has increased prices of Premium Motor Spirit (PMS) from N175 per litre to officially N1,025 per lire in Lagos state at the Nigerian National Petroleum Company Limited (NNPCL) stations.

Following the development, the world’s apex bank in its Nigeria Development Update Report, titled “Staying the Course: Progress Amid Pressing Challenges,” said going forward, it is most crucial for the government to provide jobs for its citizens, youths especially, to help them cope with the hardship.

“Nigeria took the bold and courageous move to undertake difficult but critical reforms. This against the backdrop of an already fragile economic position, high food and transport inflation, and other heightened uncertainties. If these reforms were not done, Nigeria would have fallen into a serious fiscal crisis that would have made it difficult for government to meet its obligations to citizens.

“It will be important to consolidate the improving fiscal outlook and scale up the support for the poorest households to cope with purchasing power losses and hardships, while expanding opportunities for growth and productive jobs, especially for young Nigerians is most urgent and crucial”.

Stop Ad-Hoc FX Auctions

It urged the Central Bank of Nigeria to refrain from intervening in the foreign exchange market through forex auctions.

It was also advised to continuously reaffirm the commitment to exchange rate flexibility by adopting a comprehensive, systematic, and transparent framework for foreign exchange interventions.

The advice followed the auction of $876.26m to end users via a retail Dutch auction on August 26, 2024, by the CBN.

The major move was away from its traditional sales of foreign exchange to Bureau De Change operators.

This auction marked one of the most significant FX interventions by the CBN under the leadership of Governor Yemi Cardoso, who has been actively working to stabilise the naira and address the ongoing volatility in the FX market.

The apex bank said the auction process was to enhance foreign exchange liquidity in the market, alleviate demand pressure, and support price discovery in alignment with its objectives.

According to the sales report, 3,347 firms got access to the dollars via the 26 banks, which qualified at the rate of N1,495 per dollar cut-off rate.

But the Bretton Woods Institution in its latest report noted that permitting market participants to trade FX with more flexibility across time would also contribute to deepening the FX market.

The report read, “Exchange rate policy should continue to be geared towards maintaining a unified, market reflective exchange rate, whilst deepening the FX market. The CBN should continue efforts towards deepening the official FX market, including by facilitating formal remittances inflows, allowing international oil companies to fully concentrate their FX sales in the official market, restoring intermediated market access to bureaux de change, and refraining from ad-hoc FX auctions.

“Allowing market participants to trade FX with more flexibility across time would also contribute to deepening the FX market.”