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Tax Reform: Reps Postpone Debate Indefinitely 

By
Tosin Onisuuru
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The House of Representatives has indefinitely postponed the debate on the Tax Reform Bills originally scheduled for Tuesday, December 3, 2024, due to mounting opposition from governors of the 19 northern states. This decision was outlined in a memo titled ‘Rescheduling of Special Session on Tax Reform Bills’, signed by Dr. Yahaya Danzaria, Clerk of the House.

The memo stated that the delay was necessary to allow for broader consultations with relevant stakeholders. It read:
“The special session to discuss all the tax reform bills has been postponed to a later date. A new date and venue will be announced in due course. We regret any inconvenience this may cause and appreciate your understanding.”

The suspension follows opposition from 73 northern lawmakers, including 48 from the North-East, 24 federal lawmakers from Kano, and Senator Aminu Tambuwal, a former Governor of Sokoto State. A leaked video from a closed-door session revealed heated debates among lawmakers, with many citing the adverse economic impact of the proposed reforms on the North.

One North-East lawmaker highlighted the region’s vulnerability, stating:
“Before the insurgency, the North-East was Nigeria’s poorest region. Today, many of our people rely on IDP camps for basic sustenance. These bills could worsen our situation, so we need more time for consultation.”

Similarly, a lawmaker from the North-West suggested that the urgency surrounding the bills was suspicious, adding:
“The governors of the North are unconvinced by the arguments in favor of these bills. We require more time to engage with our people before proceeding.”

President Bola Tinubu had transmitted four tax reform bills to the National Assembly on September 3, 2024, based on recommendations from the Presidential Committee on Fiscal and Tax Reforms, led by Taiwo Oyedele. These include:

  1. Nigeria Tax Bill 2024 – Aims to establish a fiscal framework for taxation.
  2. Tax Administration Bill – Provides a streamlined legal framework for tax administration.
  3. Nigeria Revenue Service Establishment Bill – Replaces the Federal Inland Revenue Service Act.
  4. Joint Revenue Board Establishment Bill – Proposes a tax tribunal and ombudsman.

The Northern Governors Forum opposed the bills, particularly the Value Added Tax (VAT) sharing formula, during a meeting in Kaduna on October 29, 2024. They instructed lawmakers to reject the bills, echoing concerns raised by Governor Babagana Zulum of Borno State.

Governor Zulum, speaking to BBC, criticized the speed of the process:
“The Petroleum Industry Bill took almost 20 years to pass. Why rush these tax reform bills? They could have far-reaching consequences for the North and other regions. Let’s ensure they are properly reviewed.”

He also warned that the reforms disproportionately benefit Lagos State, leaving other regions at a disadvantage. Zulum stressed the need for extensive stakeholder engagement, noting:
“This is not opposition but a call for thorough deliberation. If implemented as proposed, these reforms will drag the North and other regions backward.”

Despite assurances of loyalty to President Tinubu, Zulum reiterated his position that deeper consultations are vital to avoid unintended consequences.

Port Harcourt Refinery Scales Down Operations for Major Upgrades

By
Tosin Onisuuru
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The Port Harcourt Refining Company (PHRC) has clarified that its operations have not been completely shut down but temporarily scaled back to enable critical upgrades to the facility.

This disclosure was made on Sunday by Moyi Maidunama, Executive Director of Operations at the Nigerian Pipeline and Storage Company Limited, during a guided tour of the refinery led by PHRC Managing Director Ibrahim Onoja.

Addressing journalists, Maidunama acknowledged a brief disruption in operations but emphasized that the reduction was necessary to resolve technical challenges and boost operational capacity.

“Our operations were not halted; they were adjusted to allow for essential improvements,” Maidunama explained. “We are currently managing product evacuation with available trucks and a few loading arms, which we expect to resolve soon.”

Despite the scale-down, Maidunama assured stakeholders that product distribution remains ongoing, with trucks actively loading and dispatching refined products.

Worlu Joel, Terminal Manager at the Port Harcourt Depot, confirmed the distribution of Premium Motor Spirit (PMS), kerosene, and diesel from the facility. However, he highlighted concerns over the low turnout of tanker drivers.

“We have an ample supply of products and operational loading arms, but we’ve had to encourage tanker drivers to come and evacuate. So far, we’ve loaded over ten trucks and aim to dispatch at least 15 before the day ends,” Joel stated.

He further noted that although the depot operates with 11 functional loading bays, only three are in use due to their high efficiency, capable of loading three trucks in just 15 minutes.

“With 100 trucks available, we could complete evacuation in under five hours,” Joel added confidently.

PHRC Managing Director Ibrahim Onoja highlighted the extensive upgrades at the refinery, describing them as significant steps toward improving efficiency and reliability.

“The plant is operational, and we’re actively trucking out products. We’ve undertaken a massive overhaul, replacing key equipment such as pumps, instrumentation, and cables. This is a comprehensive upgrade of the facility,” Onoja remarked.

The PHRC team reiterated its commitment to consistent product distribution and ongoing improvements to ensure the refinery operates at optimal capacity.

Tragedy on River Niger: Boat Capsizes with Over 200 Passengers

By
Tosin Onisuuru
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A devastating boat accident occurred early Friday along the Dambo-Ebuchi stretch of the River Niger, leaving dozens feared dead and several others unaccounted for.

According to eyewitness accounts, the vessel, reportedly owned by Musa Dangana, was carrying over 200 passengers, including market vendors and farm workers, en route to the Katcha weekly market when it capsized, plunging everyone on board into the river.

Local divers have taken the lead in rescue operations, recovering eight bodies so far, while the search for the remaining passengers continues.

This tragic event comes shortly after a similar incident on October 1, 2024, when a boat capsized on the Muwo Gbajibo River in Mokwa Local Government Area, Niger State, resulting in significant loss of life.

Preliminary reports indicate that none of the passengers were wearing life jackets, a critical safety oversight that likely contributed to the high fatalities.

Authorities are yet to release an official statement, but an investigation into the cause of the disaster is expected.

Stay tuned for further updates as more details emerge.

Nigeria and France Sign €300 Million Agreement to Boost Agriculture and Food Security

By
Tosin Onisuuru
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Nigeria and France have solidified their bilateral relationship through two major agreements worth €300 million, focusing on agriculture, food security, and critical infrastructure. The agreements were signed during President Bola Tinubu’s state visit to Paris, where he met with French President Emmanuel Macron at an economic forum held at the Palais des Élysée.

A notable aspect of the visit was the expansion of Nigerian banking services into France. United Bank for Africa (UBA) Group Chairman, Tony Elumelu, and French Minister of Economy, Finance, and Industry, Antoine Armand, signed an agreement enabling UBA to commence operations in Paris. Similarly, Zenith Bank inaugurated its services in France.

The first agreement, valued at over €300 million, focuses on critical infrastructure projects, including healthcare, transportation, agriculture, renewable energy, and human capital development. This investment is intended to bolster economic growth and development across Nigeria’s six geopolitical zones.

Additionally, Nigeria’s Minister of Finance, Wale Edun, and French Minister Armand signed a Letter of Intent reaffirming commitments to investments in critical sectors. The financial and technical assistance package is worth over €300 million and will be distributed across all of Nigeria’s geopolitical zones.

The second agreement aims to support Nigeria’s Renewed Hope Agenda reforms, focusing on sustainable projects in urban infrastructure, transportation networks, housing, education in STEM, agriculture, food security, and healthcare. The French Development Agency (AFD) pledged to fund agro-logistic hubs to support energy access, sustainable agriculture, and MSMEs in high-impact sectors.

At a joint press conference with President Macron, President Tinubu reiterated Nigeria’s commitment to enhancing cooperation in food security, energy, solid minerals, education, and defense.

These agreements mark a significant milestone in the bilateral relations between Nigeria and France, underscoring a shared commitment to sustainable development and economic growth.

Ngozi Okonjo-Iweala Reappointed as WTO Director-General for a Second Term

By
Tosin Onisuuru
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Ngozi Okonjo-Iweala has been reappointed as the Director-General of the World Trade Organization (WTO) for a second term. Her new four-year tenure will commence on September 1, 2025.

In an official statement released on Friday, Okonjo-Iweala expressed her gratitude to the WTO’s 166 member nations for their continued trust and support.

“I am deeply honoured by the trust and support of the WTO General Council and its 166 Members. It is a privilege to continue serving as Director-General for a second four-year term,” she said.

Reflecting on her first term, the former Nigerian finance minister highlighted the WTO’s pivotal role in addressing global challenges, including the COVID-19 pandemic, conflicts, and rising geopolitical tensions.

“In recent years, the WTO has played a vital role in helping Members navigate pressing global challenges, including the pandemic, conflict, and heightened geopolitical tensions. I commend Members for their hard work and determination in achieving progress despite unprecedented levels of uncertainty and rapid economic shifts,” she remarked.

Okonjo-Iweala reaffirmed her commitment to leveraging trade as a tool for economic growth and resilience while strengthening the multilateral trading system.

“As we look ahead, I remain firmly committed to delivering results that matter — results that ultimately improve the lives of people around the world. By promoting trade as a driver of economic growth and resilience, the WTO will continue to provide a collaborative platform for Members to address shared global challenges.

“I am deeply committed to working alongside the talented and dedicated staff of the WTO to build a more inclusive, equitable, and rules-based multilateral trading system that benefits all,” the statement added.

In 2021, Okonjo-Iweala made history as the first woman and African to lead the WTO, setting a remarkable precedent for the global organization.

What to Know About President Tinubu’s Visit to France

By
Tosin Onisuuru
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President Bola Ahmed Tinubu’s recent state visit to France (November 27–29, 2024) marked a significant milestone in Nigeria-France relations, emphasizing mutual growth and cooperation. This historic visit, the first by a Nigerian president in over two decades, showcased discussions and commitments spanning agriculture, security, education, and trade.

Key Highlights of the Visit:

Agricultural Development and Food Security
President Tinubu called for increased French investment in Nigeria’s agricultural sector, emphasizing food security as a cornerstone of his administration’s goals. He reassured French investors, stating:

“We want to assure the French investment community that Nigeria is open for business. It shall be easy in, and easy out.”

This aligns with his Renewed Hope Agenda, focusing on transforming Nigeria’s blue economy and enhancing maritime security through projects like the Deep Blue initiative. These efforts aim to stimulate economic growth while curbing piracy in the Gulf of Guinea.

Security Cooperation

Tinubu addressed global and regional security challenges, advocating for collaborative efforts to combat terrorism and reduce migration pressures. He noted:

“Nigeria is a partner in progress. We are ready to partner with France so that we can have security operations that will stop the challenge of migration.”

Education and Child Welfare

Highlighting the importance of education in nation-building, Tinubu stressed:

“In the 21st century, no child should go to bed hungry.”
He proposed solutions like providing nutritional support in schools to encourage attendance and improve educational outcomes.

Defense and Technology

Tinubu sought advanced technological solutions to address Nigeria’s security challenges. He emphasized the shared responsibility of governments to ensure regional stability and promote innovation in defense strategies.

Support for Creative Industries

French President Emmanuel Macron praised Nigeria’s thriving creative industries and pledged support for their growth. Tinubu encouraged deeper collaborations to promote Nigerian art, music, and film globally, underscoring their potential to drive economic progress and youth empowerment.

Trade and Investment Ease

Tinubu assured French investors of Nigeria’s commitment to creating a business-friendly environment. He highlighted ongoing reforms aimed at simplifying trade and attracting foreign direct investment:

“I can assure you that Nigeria is open for business.”

Macron’s Commitment to Strengthened Ties

President Macron commended Tinubu’s visionary leadership, describing the visit as a landmark moment in bilateral relations. He pledged expanded cooperation in solid minerals and youth development:

“You are the great leader of the great country in Africa. We have confidence that you will reinforce our relationship with Nigeria.”

Broader Implications

President Tinubu’s visit symbolized Nigeria’s renewed commitment to fostering global partnerships while leveraging its economic potential. Key outcomes include strengthening bilateral ties in trade, agriculture, and security, coupled with a shared resolve to tackle global challenges collaboratively.

This visit, with its focus on fostering mutual growth, has set a promising precedent for enhanced Nigeria-France relations.

Senate Passes Tax Reform Bills For Second Reading

By
Tosin Onisuuru
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The Nigerian Senate has passed President Bola Tinubu’s tax reform bills for a second reading, marking a significant step toward overhauling the nation’s tax framework. The bills, submitted in October 2024, aim to modernize tax administration and reduce disputes.

Following a closed-door session that lasted about an hour, Senate Leader Opeyemi Bamidele (APC, Ekiti Central) introduced the debate on the four tax reform bills. The bills include the Nigeria Tax Bill 2024, providing a fiscal framework for taxation; the Tax Administration Bill, establishing a legal structure for all taxes; the Nigeria Revenue Service Establishment Bill, which seeks to replace the Federal Inland Revenue Service Act; and the Joint Revenue Board Establishment Bill, which proposes creating a tax tribunal and ombudsman.

During the debate, Bamidele emphasized the bills’ potential to simplify the tax landscape, reduce the burden on small businesses, and streamline tax collection processes. Key proposals include:

  • Exempting individuals earning below the minimum wage from Pay-As-You-Earn (PAYE) taxes.
  • Waiving taxes for small businesses with annual turnover below ₦50 million.
  • Gradually reducing the company income tax rate from 30% to 25% by 2026 to address double taxation and promote economic growth.

Other lawmakers, including Senators Sani Musa (APC, Niger East), Seriake Dickson (PDP, Bayelsa West), and Tahir Mongunu (APC, Borno North), expressed strong support for the bills. However, Senator Ali Ndume (APC, Borno South) raised concerns about timing and issues related to derivation and VAT, suggesting a delay for further consultations.

Despite some opposition, the majority of lawmakers voted in favor, leading Senate President Godswill Akpabio to approve the second reading with a gavel strike. The bills have now been referred to the Committee on Finance, which is expected to report back within six weeks.

During the session, key members of the president’s economic team—including Taiwo Oyedele, Chairman of the Presidential Committee on Fiscal Policy and Tax Reforms; Zacchaeus Adedeji, Chairman of the Federal Inland Revenue Service; and Tanimu Yakubu, Director-General of the Budget Office—provided detailed explanations of the bills to the Senate.

These reforms aim to ensure uniform tax administration, eliminate double taxation, and encourage private sector investment, contributing to economic growth and increased disposable income for citizens.

Nigeria Secures $1.27bn from BRICS in 2024 – Shettima

By
Tosin Onisuuru
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Vice President Kashim Shettima has revealed that Nigeria received $1.27 billion in foreign capital from BRICS nations by June 2024, a significant increase compared to $438.72 million during the same period in 2023. The BRICS bloc includes Brazil, Russia, India, China, and South Africa, along with new members such as Iran, Egypt, Ethiopia, and the United Arab Emirates.

Speaking at the 2024 China-Africa Inter-Bank Association Forum in Abuja, Shettima, represented by Dr. Aliyu Modibbo, Special Adviser to the President on General Duties, emphasized Nigeria’s strengthening economic relationships with BRICS countries. He noted Nigeria’s commitment to leveraging these partnerships for national development, even as a non-member of the bloc.

“Nigeria’s strategic alliances with BRICS nations are aimed at driving domestic growth,” Shettima stated. “This commitment was evident in our participation at the 2023 BRICS Summit in South Africa and reinforced at the October 2024 summit in Russia. The $1.27 billion capital inflow as of mid-2024 reflects the growing trust and collaboration between Nigeria and BRICS countries.”

Shettima also highlighted China’s pivotal role as Nigeria’s top trading partner, with bilateral trade totaling N7.38 trillion in the first half of 2024. This growth, he attributed, to President Bola Ahmed Tinubu’s proactive diplomacy, including the signing of five Memoranda of Understanding during Tinubu’s official visit to China in September 2024. These agreements align with China’s Belt and Road Initiative, focusing on boosting Nigeria’s infrastructure development.

“China’s role as our leading trading partner is evidenced by the N7.38 trillion trade volume in H1 2024,” Shettima said. “President Tinubu’s strategic efforts have deepened this partnership, particularly in the financial and banking sectors.”

First Bank and CAIBA Strengthen Africa-China Ties

Olusegun Alebiosu, Group CEO of First Bank, lauded the China-Africa Inter-Bank Association (CAIBA) for fostering robust trade and investment ties. He called for innovative strategies to remove barriers to trade between Africa and China, describing the partnership as crucial for the continent’s industrialization and diversification.

“As hosts of this year’s forum, FirstBank is dedicated to advancing CAIBA’s goals,” Alebiosu said. “Through our specialized Chinese desks, staffed with Mandarin-speaking personnel, we’ve enhanced our engagement with Chinese culture and business operations, extending our presence to key commercial hubs in China.”

He urged CAIBA members and stakeholders to explore new solutions to improve trade and investment flows between Africa and China, emphasizing the transformative potential of this relationship for socio-economic development.

China Development Bank’s Contributions

Wang Weidong, Vice President of China Development Bank, highlighted the bank’s impact on China-Africa relations. He noted that its infrastructure projects and support for small and medium-sized enterprises have created 270,000 jobs across 33 African countries, showcasing the tangible benefits of the partnership.

This collaboration, marked by increasing investments and strategic agreements, underscores Nigeria’s growing role in fostering global economic alliances.

UK Launches Africa’s Largest Visa Application Centre in Lagos

By
Tosin Onisuuru
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0

The United Kingdom has inaugurated its largest Visa Application Centre (VAC) in Africa, located in Ikeja, Lagos. Operated by VFS Global, this new facility is a major advancement in improving visa application services for Nigerians traveling to the UK.

According to a statement from the British High Commission in Lagos, the centre became operational on November 19, alongside additional facilities in Abuja and Victoria Island, Lagos. The Ikeja centre aims to streamline the visa submission process and provide a seamless experience for applicants.

The British Deputy High Commissioner, Jonny Baxter, attended the launch, highlighting the strong ties between the UK and Nigeria. “I am delighted to witness the opening of this, the largest visa application centre in Africa. Nigeria remains one of the UK’s most important partners, and we hope that VFS delivers ever-improving services for those applying for visas to the UK,” he remarked.

Marc Owen, Director of Visa, Status and Information Services at UK Visas and Immigration, described the new centre as a significant milestone. He noted that over 225,000 UK visa applications from Nigerian nationals were processed in the year leading to June 2024, reflecting a growing demand for UK travel.

“The opening of our new VAC in Ikeja marks an exciting milestone for UKVI and VFS Global in providing a world-class UK visa service here in Nigeria and across Africa. This new partnership underscores our commitment to accessible, efficient visa services that meet applicants’ needs,” Owen added.

The new partnership introduces several enhanced services, including document upload assistance, extended submission hours, SMS updates, courier passport returns, and the option to retain passports after biometric enrolment. Abuja residents can also use the Mobile Visa Service for applications, while the Premium Lounge offers a personalized experience with dedicated staff.

These optional services aim to enhance convenience for applicants without affecting processing timelines or outcomes.

The UK remains a popular destination for Nigerian travelers, accounting for 5% of all global UK visit visa applications. The new facility demonstrates the UK’s dedication to meeting this growing demand while ensuring efficient and accessible visa services.

Since its partnership with UK Visas and Immigration began in 2003, VFS Global has expanded operations from 58 countries to 142, further establishing itself as a leader in visa service management worldwide.

FG Spends ₦8.8 Billion To Repair 128 Vandalized Towers – TCN

By
Tosin Onisuuru
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The Federal Government of Nigeria has revealed that it spent ₦8.8 billion in 2024 to repair and restore transmission towers damaged by vandals and bandits across the country. This disclosure was made by the Managing Director and CEO of the Transmission Company of Nigeria (TCN), Ahmed Abdulaziz, during the Quarterly Power Sector Working Group meeting held in Abuja.

In a statement released on Wednesday by Bolaji Tunji, the Special Adviser to the Minister of Power on Strategic Communication and Media Relations, it was noted that prosecuting arrested vandals remains a challenge. According to the statement, these individuals are often released on bail by the Nigerian Police, hindering efforts to deter such crimes.

Represented by TCN’s Executive Director for Transmission Service Provider, Engr. Olugbenga Ajiboye, Abdulaziz disclosed that 128 transmission towers had been destroyed nationwide between January and November 2024.

“As of today, 128 of our transmission towers have been damaged by vandals or bandits. We have spent about ₦8.8 billion to restore these towers and bring them back to full functionality,” Abdulaziz stated.

He expressed frustration over the legal bottlenecks, explaining that apprehended vandals are frequently charged with theft instead of vandalism. “Under theft charges, they are eligible for bail, but if prosecuted for vandalism, bail would not be granted. This has allowed many offenders to return to their illegal activities,” he lamented.

Abdulaziz further highlighted the dangers faced during repair operations, citing incidents where contractors required military escorts to access and restore damaged infrastructure. “In some cases, the military allowed us only two hours of work per day due to security concerns, and on certain days, it wasn’t safe to proceed at all,” he said.

He also mentioned the destruction of the Shiroro-Mando-Kaduna towers as an example, describing the logistical and security challenges involved in restoring power under such circumstances. “How can we deliver reliable electricity to Nigerians when faced with these overwhelming obstacles?” Abdulaziz questioned.

The statement underscores the critical need for stronger measures to address vandalism, enhance infrastructure protection, and ensure uninterrupted power supply in Nigeria.

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