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Tinubu exempts VAT for electric vehicles, CNG, others

by Folarin Kehinde October 4, 2024
written by Folarin Kehinde

In a bid to boost Nigeria’s energy and oil sectors, President Bola Tinubu’s administration has introduced new Value Added Tax (VAT) exemptions on critical energy products and infrastructure, alongside tax incentives for deep offshore oil and gas projects.

The announcement, made on Wednesday, revealed that Diesel, Feed Gas, Liquefied Petroleum Gas (LPG), Compressed Natural Gas (CNG), Electric Vehicles, Liquefied Natural Gas (LNG) infrastructure, and Clean Cooking Equipment will now be exempt from VAT, offering significant financial relief to these sectors..

Wale Edun, the Minister of Finance and Coordinating Minister of the Economy, emphasized that these measures, known as the VAT Modification Order 2024 and the Notice of Tax Incentives for Deep Offshore Oil & Gas Production, are part of a broader strategy aimed at revitalizing Nigeria’s oil and gas industry.

He added that these tax breaks are in line with the Oil & Gas Companies (Tax Incentives, Exemption, Remission, etc.) Order 2024, which aims to attract more investment to Nigeria’s energy sector and make the country a key player in global oil and gas markets.

According to a statement from the Federal Ministry of Finance, these new fiscal policies are designed to reduce the cost of living, strengthen energy security, and facilitate Nigeria’s transition to cleaner energy sources. The tax reliefs on deep offshore projects are specifically geared towards positioning Nigeria’s offshore oil basins as prime destinations for international investments.

These reforms underscore the Tinubu administration’s commitment to fostering sustainable economic growth and enhancing Nigeria’s competitive edge in the global energy landscape.

October 4, 2024 0 comments
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Headlines

BREAKING: Tinubu writes NASS, submits 4 tax reform bills

by Folarin Kehinde October 3, 2024
written by Folarin Kehinde

Nigeria’s President, Bola Tibubu has written to the National Assembly seeking lawmakers’ consideration for the quick passage of four tax bills.

The president in his letter which was read on the floor of the plenary by the Speaker of the House of Representatives, Tajudeen Abbas, said that the proposed tax bills have been designed in line with the reforms outlined by his administration.

Reading the president’s letter on Thursday, October 3, Abbas listed the four bills as – Nigeria Tax Bill 2024, the tax administration bill, the Nigeria Revenue Service establishment bill, the Joint Revenue Board establishment bill.

According to the letter, the Nigeria Tax Bill 2024 would provide the fiscal work for tax in the country.

For the tax administration bill, it will provide a clear and concise legal framework for all taxes in Nigeria and reduce disputes.

In addition, the Nigeria Revenue Service establishment bill seeks to repeal the Federal Inland Revenue Service Act and in turn establish the Nigeria Revenue Service.

Also, the Joint Revenue Board establishment bill will create a tax tribunal and a tax ombudsman.

According to President Tinubu, these four bills will strengthen Nigeria’s fiscal institutions and align with the objective of the government towards the nation’s development.

October 3, 2024 0 comments
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Headlines

BREAKING: President Tinubu proceed on two week leave to UK

by Folarin Kehinde October 2, 2024
written by Folarin Kehinde

President Bola Ahmed Tinubu will depart Abuja today for the United Kingdom to begin a two-week vacation, as part of his annual leave.

A statement by the Special Adviser to the President (Information & Strategy), Bayo Onanuga on Wednesday, said he will use the two weeks as a working vacation, and a retreat to reflect on his administration’s economic reforms.

He will return to the country after the leave expires.

The president had celebrated Nigeria’s 64th Independence Day anniversary with a speech, where he said the Federal Government would introduce a 30-day confab aimed at including the youths in his administration.

The President said the modalities of the confab and selection of delegates would be designed as soon as possible.

“As we work to overcome the challenges of the day, we remain mindful of the next generation as we seek to galvanise their creative energy towards a better future,” he said during his second Independence Day Anniversary Broadcast since he assumed office on May 29, 2023.

“We lead today with the future we wish to bequeath to our children in focus, recognising that we cannot design a future that belongs to them without making them its architects.

“Considering this, I am pleased to announce the gathering of a National Youth Conference. This conference will be a platform to address the diverse challenges and opportunities confronting our young people, who constitute more than 60 per cent of our population.

“It will provoke meaningful dialogue and empower our young people to participate actively in nation-building. By ensuring that their voices are heard in shaping the policies that impact their lives, we are creating a pathway for a brighter tomorrow.

October 2, 2024 0 comments
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Headlines

BREAKING: Tinubu announces national youth confab to address challenges

by Folarin Kehinde October 1, 2024
written by Folarin Kehinde

President Bola Tinubu has announced a 30-day confab for Nigerian youths to discuss challenges confronting them.

Tinubu made this announcement on Tuesday during his 64th Independence Day Anniversary Broadcast.

Details shortly…

October 1, 2024 0 comments
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Headlines

JUST IN: Tinubu Was Just Joking When He Announced an End to Fuel Subsidy – Dogara Clarifies

by Folarin Kehinde September 27, 2024
written by Folarin Kehinde

Former House of Representatives Speaker Yakubu Dogara has shed light on President Bola Tinubu’s pronouncement on fuel subsidy removal, stating that it was merely a joke.

He made the clarification while speaking on Channels TV on Friday.

According to Dogara, Tinubu wasn’t the one who removed the subsidy, as there was no provision for it in the budget approved by the National Assembly before his election.

Dogara clarified that Tinubu’s declaration that “subsidy is gone” was not backed by any policy action.

“In this case, there was no provision for it, and anybody who told you he (Tinubu) suspended it was just joking because how did he suspend payment that was not budgeted for in the first instance?

“There was no provision for subsidy in that budget and I am not aware of any amendment that took place to accommodate the payment of subsidy. The truth is that he (Tinubu) was not the one who removed the subsidy. But he did make that pronouncement,” Dogara said.

The former speaker explained that although Nigerians are feeling the effects of subsidy removal, it was the right move for the country’s progress. He stressed that real change requires sacrifices and that Nigerians must move beyond discussing problems to finding solutions.

He added, “In addressing this, we must accept whether we like it or not unless we are being disingenuous. Whether the President said the subsidy was gone or he was removing the subsidy, we all know that subsidy had been removed before he was elected. There was no provision for it in the budget and you know the budget is backed by the constitution. If there’s no provision for it in the budget, then how do you pay for it?”

President Tinubu had announced the removal of fuel subsidy during his inaugural address on May 29, 2023, stating that there was no provision for it in the national budget from June 2023.

September 27, 2024 0 comments
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Headlines

VIDEO: Moment Edo governor-elect Okpebholo, deputy kneel to thank Tinubu in Aso Rock

by Folarin Kehinde September 26, 2024
written by Folarin Kehinde

Edo State Governor-elect, Monday Okpebholo, and his deputy, Dennis Idahosa, were seen kneeling before President Bola Tinubu during a visit to Aso Rock on Thursday.

The moment, captured on video, showed the duo expressing their appreciation to the president for his support during their successful campaign.

The visit took place just days after the Independent National Electoral Commission (INEC) officially declared Okpebholo of the All Progressives Congress (APC) the winner of the Edo governorship election.

The visit took place just days after the Independent National Electoral Commission (INEC) officially declared Okpebholo of the All Progressives Congress (APC) the winner of the Edo governorship election.

Okpebholo secured 291,667 votes, defeating his closest rival, Asue Ighodalo of the Peoples Democratic Party (PDP), who garnered 247,274 votes. The Labour Party’s candidate, Olumide Akpata, came in third with 22,761 votes.

Accompanied by other top APC members, Okpebholo and Idahosa expressed their profound gratitude for the confidence reposed in them by both the party and the president.

Okpebholo pledged to live up to the expectations of Edo people by delivering on his promises and working towards the development of the state.

In his remarks, President Tinubu congratulated the newly elected leaders and urged them to prioritize the welfare of Edo people.

He encouraged them to focus on unity, development, and good governance as they prepare to take over the reins of power in the state.

The video of the kneeling gesture has sparked conversations on social media, with some interpreting it as a sign of humility, while others raised concerns about the implications of such acts in Nigerian politics.

Okpebholo is set to succeed Governor Godwin Obaseki, whose tenure will end in November 2024.

Watch the video below:

VIDEO: Okpebholo, deputy kneel to thank Tinubu at Aso Rock pic.twitter.com/2dzMVDWPSx

— TheCable (@thecableng) September 26, 2024
September 26, 2024 0 comments
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Headlines

Ministers Intensify Lobbying as President Tinubu Plans to Sack Appointees

by Folarin Kehinde September 26, 2024
written by Folarin Kehinde

A looming cabinet reshuffle has sparked intense lobbying among ministers and their political godfathers, as President Bola Tinubu prepares to sack underperforming appointees.

Sources reveal that ministers have been frantically calling their godfathers to influence the President, while others have sought the intervention of the President’s allies and associates, including Chief of Staff Femi Gbajabiamila.

Leading reporters learnt that the President has been under immense pressure from political godfathers and ministers who fear being dropped from the cabinet.

To alleviate this pressure, the Chief of Staff advised President Tinubu to take a brief break in the United Kingdom after the Forum on China-Africa Cooperation Summit in China.

“The President needed some time off to clear his head and make decisions without external influence,” a presidential aide disclosed.

Ministers and their godfathers have pulled out all the stops to save their jobs. Some have resorted to media campaigns, touting their achievements and highlighting their contributions to the administration.

Others have taken to social media, attempting to garner public support and demonstrate their commitment to the President’s agenda.

A source stated, “Since reports filtered out that the President would soon reshuffle his cabinet, he has been under immense pressure from political godfathers and ministers who are afraid that they may be dropped from the cabinet.

“Due to the intense pressure, the CoS had to advise the President to take some days off in the United Kingdom after concluding the Forum on China-Africa Cooperation Summit in China two weeks ago.

“Remember that for some days, Nigerians did not know about Tinubu’s whereabouts. After pictures of his meeting with King Charles surfaced online, people started speculating that he went to London for medical checks. The fact is that he was advised to spend a few days to allow the pressure and lobbying to subside.

“Anyway, it is not unusual for politicians to lobby on behalf of their wards but Nigerians are not satisfied with the performance of many of the ministers and the President would have no choice but to let them go. If you are not performing, you have to go, regardless of who your godfather is,” he added.

It is learnt that the cabinet shake-up will be based on empirical evidence from performance reports.

Special Adviser to the President on Information and Strategy Bayo Onanuga on Wednesday confirmed that President Tinubu had stated his intent to rejig his cabinet.

He added, “The President has given an order to all his ministers at the last Federal Executive Council meeting to go out there and speak about the activities of his administration.

“Some of them have been media shy, television shy, radio shy, and he wants them to overcome all that and go out there and speak about what they have been doing because the feeling out there is that government is not doing enough and the government has been doing a lot. And it is up to them to go out there and blow their own trumpet. They should go out there and talk about what their ministries have been doing.”

The Central Delivery Coordination Unit, headed by Hadiza Bala-Usman, has been tracking and assessing ministerial performance. The unit received performance reports from at least 20 of the 35 ministries.

“The assessment reports will be a product of a joint effort of the ministers, citizens, and industry experts,” Bala-Usman had explained early in the administration.

President Tinubu had directed ministers to present their performance reports to Nigerians. “If you are performing, nothing to fear. If you miss the objective, we’ll review it. If no performance, you leave us,” he stated during his first anniversary.

September 26, 2024 0 comments
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Headlines

JUST IN: President Tinubu to reshuffle cabinet

by Folarin Kehinde September 25, 2024
written by Folarin Kehinde

The Presidency has revealed that President Bola Tinubu is considering a reshuffle of his 47-man cabinet.

The Special Adviser on Information and Strategy, Bayo Onanuga, disclosed this on Wednesday while briefing reporters at the State House in Abuja.

Responding to a question about potential changes in the Federal Executive Council (FEC), Onanuga confirmed that the president is “tinkering with the idea” of reorganizing the cabinet.

However, he did not specify the exact timeline for the reshuffle, stating, “I can’t say specifically whether that will be done before the Independence celebration on October 1.”

The announcement has sparked anticipation about possible changes in ministerial roles, although no details were provided on which ministers might be moved or dropped.

September 25, 2024 0 comments
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Headlines

VIDEO: Children chants ‘Tinubu Ole’ in Kwara, lament hardship in Nigeria

by Folarin Kehinde September 23, 2024
written by Folarin Kehinde

Some children in Kwara State have been seen in a widely circulating video on social media calling the President Bola Tinubu “Thief”

Leading reporters who monitored the video, the children storm the street singing in slangs and Yoruba language, saying ‘this hardship is much, we are comfortable with it’.

Watch video below:

VIDEO: Children Protest Against Tinubu In Kwara, Call President ‘Thief’ Over Growing Hardship In Nigeria pic.twitter.com/Z63xOh59Bv

— Sahara Reporters (@SaharaReporters) September 23, 2024
September 23, 2024 0 comments
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BREAKING: Senate President Akpabio to present Edo governorship result to Tinubu

by Folarin Kehinde September 23, 2024
written by Folarin Kehinde

The Senate President Godswill Akpabio will be presenting the results of the just concluded Edo State governorship election to President Bola Tinubu.

This was confirmed by Senator Akpabio on Monday, September 23, while he was speaking with journalists in Benin, Edo state’s capital city.

According to the Senate President, he will make the presentation of the result to President Tinubu once he returns to Abuja, Nigeria’s capital city.

The Sebate Presidebr also confirmed that the result sheet of the governorship poll was handed to him by the chairman of the Edo State chapter of the All Progressives Congress, Jeret Tenebe.

Akpabio said, “I was presented with a copy of the results sheet by the Edo State chairman, Jeret Tenebe, shortly before my departure to Abuja.

“This will be transmitted to our party leader and President, Senator Bola Ahmed Tinubu, GCFR,” Akpabio said.

Recall that Monday Okpebholo was declared winner of the Edo governorship election by the Independent Bational Electoral Commission (INEC) on Sudnay, September 22.

Okpebholo clinched the governorship seat ahead of PDP’s Asue Ighadolo and Labour Party’s Olumide Akpata who came second and third respectively.

September 23, 2024 0 comments
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