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Breaking : Tinubu signs $10 billion Executive Order to unlock fresh investment in oil and gas, Says Gbajabiamila

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President Bola Tinubu said on Tuesday, April 30, that he recently signed an Executive Order that to unlock about $10 billion in fresh investments in the nation’s oil and gas sector.

Speaking at a opening of a two day retreat on economic transformation and development organised by the House of Representatives, the president said the development is expected to happen through Fiscal Incentives for Non-Associated Gas (NAG), Midstream and Deepwater Oil & Gas Developments.

Represented by his Chief of Staff, Femi Gbajabiamila, the president also disclosed that just last week, the Nigerian government signed the consolidated guidelines for implementing Fiscal Incentives for the Oil & Gas Sector.

According to him, the guidelines, which represent a cornerstone of the Presidential Directive, aim to enhance the Nigerian oil and gas sector’s global competitiveness while stimulating economic growth.

He said further that “the Executive Order also streamlines contracting processes, procedures, and timelines from 36 months to 6 months. The order also seeks to ensure that local content requirements are implemented without impeding investments or the cost competitiveness of oil and gas projects”.

Related to this, the President said are the reforms being implementing to the nation’s tax regimes to limit taxes collected without negatively affecting government revenues.

He said: “All of these have the same objective – to reduce government interference with the commercial imperatives of businesses in the country so that businesses based here can be competitive and focus on their core objectives of economic growth through innovation and trade.

“We will need the support of the National Assembly to fully implement some of these reforms, as statutory changes will be required in some areas.

“I am confident that when the time comes, the governing partnership we have established between the Executive and the Legislature will ensure that these changes are effected swiftly to benefit our nation.”

The president said despite the sceptics, the productive collaboration between the executive, the House, and the Senate has yielded significant results with the successfully passage of numerous bills aimed at enhancing the welfare of Nigerians.

He expressed appreciation to the leadership of the National Assembly for their swift action in considering and passing the Student Loans (Access to Higher Education) (Repeal and Reenactment) Act 2024.

He said: “Your actions have substantially fortified the legal framework of the Students Tertiary Education Loan Program, ensuring its efficient implementation. These achievements are a testament to the power of our partnership and the positive impact it can have on our nation.

“In a World Bank document titled “Legislative Oversight and Budgeting: A World Perspective,” Thomas Frederick Remington wrote “for legislators to effectively fulfil their roles of representation, oversight, and law-making, a certain level of cooperation between the Legislature and the Executive in policymaking is essential.

“The legislature must have the capacity to monitor the executive, and the executive, in turn, should be willing to comply with the legislative enactments.

“It is not just a coincidence but a strategic advantage for our country that the governing relationship between the Executive and the Legislature perfectly reflects this ideal.

“As you know, my administration is implementing significant policy changes to reform how we govern and position our country for progress and shared prosperity for all citizens.

“These reforms, while necessary and, in some cases, long overdue, are not without their challenges. I am deeply grateful for your unwavering support and understanding during these times. Your understanding and support have been invaluable, and I am confident that with our continued collaboration, we can overcome any challenges that lie ahead.

“The oil and gas industry has long been the lifeblood of our national economy. My administration is working tirelessly to change this and diversify our economy from overreliance on the production of fossil fuels. However, we are also determined to maximise revenue potential from this critical industry.

“For this reason, we are pushing policies to attract investment in the oil and gas sector”.

The President also said: “we can only justify our collective mandate and the trust our people repose in us through constructive collaboration between the National Assembly and the Executive. This joint effort is the minimum the people who voted for us expect from us.

“However, the very essence of checks and balances means there will be times when the executive and legislative prerogatives inevitably collide. Above all else, the national interest must guide our decisions in those moments. We share a common responsibility in shaping the future of our nation, and it is through our collaboration that we can effectively fulfil this duty.

In his address at the event, Speaker of the House of Representatives, Abbas Tajudeen said the House made a deliberate decision to focus on tax reforms and modernisation as well as a review of the implementation of the Petroleum Industry Reform Act (2021), adding that the overarching objective is to discuss and identify concrete legislative strategies for economic transformation.

The Speaker said further that the commitment and foresight shown by the government in addressing economic challenges deserve commendation, adding that “it is imperative that we, as legislators, align our efforts to support and enhance these endeavours.”

He said by designing and implementing progressive tax policies, the nation strive to ensure a fair and efficient tax system that boosts revenue while fostering economic growth and equity.

This, he said involves not only broadening the tax base and simplifying tax codes, but also enhancing compliance and minimising loopholes that benefit only the wealthy.

According to him, the retreat aims to foster stakeholder engagement, ensure constructive dialogue, exchange ideas and offer insights on legislative strategies that will contribute to the economic transformation of our country.

He said further that the retreat allows the lawmakers to take a deep dive into the tax reforms instituted by President Tinubu and undertake a review of the implementation of the Petroleum Industry Act (2021).

He said the House consider these two initiatives vital in our nation’s quest for economic recovery, transformation and growth. The two areas speak to both the oil and non-oil sectors of the Nigerian economy.

The Speaker lamented that Nigeria, Africa’s most populous nation, has long been grappling with issues related to tax collection and revenue generation with Nigeria’s general government revenue was recorded at 7.3 per cent of GDP, which is significantly lower than the average revenue of countries in the ECOWAS.

He said Nigeria’s fiscal revenue has declined, predominantly due to decreasing oil revenue over the last ten years, while non-oil revenue has remained stagnant at about 4-5 per cent of GDP.

He said further that Nigeria’s tax revenue struggles are primarily due to narrow bases for indirect taxes, low compliance rates among taxpayers, substantial tax exemptions, and generally low tax rates.

He said ‘This situation is compounded by a lack of enthusiasm and morale for tax compliance, contributing to the nation’s underwhelming fiscal performance. Comparatively, Nigeria’s efficiency in collecting Value Added Tax (VAT) is the lowest among its African peers, indicating significant inefficiencies in its tax system.

“This trend of low tax revenue, coupled with a continued dependency on the increasingly unstable oil revenue, presents a major risk to Nigeria’s fiscal sustainability. It also highlights an important area for potential reform to boost revenue and stabilise the country’s economic framework.

“The lack of growth in non-oil revenue sources and the volatile nature of oil income underscore the urgent need for Nigeria to diversify its revenue base and enhance its fiscal management to ensure economic stability and growth.”

He argued that several empirical studies have shown that Nigeria has the potential to further increase revenue if priority tax reforms are implemented, adding that the House stands ready to support the Executive to achieve its overall goal of reversing the negative trend.

Speaking on the Petroleum Industry Act, the Speaker said the PIA is not just a piece of legislation, but a transformative blueprint designed to overhaul the petroleum industry, which is the backbone of the nation’s economy.

According to him, if executed effectively and thoroughly, the PIA could set a benchmark for exemplary natural resource management that would involve distinct and defined roles within the industry subsectors, the establishment of a national petroleum company that is both commercially-oriented and profit-driven, and the incorporation of transparency, good governance, and accountability in managing Nigeria’s petroleum resources.

The law, he said would support the economic and social progress of host communities, ensure environmental remediation, and create a favourable business environment for oil and gas operations within the country.

Abbas said the realisation of these outcomes depends on the ability of the political and oil industry leaders to address several significant challenges, including interpretative challenges due to ambiguous language, which could lead to disputes and uncertainty in its implementation.

He stressed that the complexity of the law necessitates enhanced capacity building within new regulatory institutions to ensure effective interpretation and application, as well as efficient fund management.

He maintained that the National Assembly was vital in ensuring continuous review of the Petroleum Industry Act to ensure its effectiveness in a rapidly evolving industry landscape.

Deputy Speaker of the House, Benjamin Kalu said on Tuesday that Nigeria’s current tax system is suffering from inefficiency leading to some of the lowest tax collection rate in the world.

Kalu put the nation’s tax collection at about 10.8 percent of GDP, adding that the statistics is according to data from the Federal Inland Revenue Service (FIRS) and the National Bureau of Statistics (NBS).

He said these inefficiencies hinder the nation’s ability to invest in essential public services and infrastructure, adding that the role of the National Assembly, particularly the House of Representatives, is crucial in enacting reforms that broaden the tax base, simplify the tax code, and enhance compliance mechanisms without placing undue burdens on Nigerians.

He said “the role of the National Assembly, particularly the House of Representatives, in this process cannot be overstated.

“We are the custodians of the people’s will, entrusted with the responsibility of ensuring that the lofty ideals enshrined in the PIA are translated into tangible benefits for all Nigerians. “This retreat serves as a critical forum for us to collectively strategize on how to fulfill this vital mandate.”

Executive Chairman of the Federal Inland Service, Zack Adedeji said there must be collective effort and shared commitment for implementing collective tax reforms to empower citizens and ensure a resilient future.

Represented by the Director, Support Services Group, Mohammed Lawal Abubakar, Adedeji said the country has embarked on tax reforms to position tax administration ensuring transparency and accountability to enhance revenue and achieving revenue targets for economic development.

He added that the service has segmented tax payers into various categories for more effective tax administration and customers focused strategies to serve the country through innovative approaches.

He explained that the nation’s tax policy was hinges on both direct and indirect tax to optimize revenue collection and minimize leakages.

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Major Legal Blow as Court Orders Deregistration of ADC, Accord, Three Other Parties

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The Federal High Court in Abuja has ordered the Independent National Electoral Commission (INEC) to deregister the African Democratic Congress (ADC) and four other political parties.

The other political parties the court directed the electoral body to deregister are the Action Peoples Party (APP), Action Alliance (AA), Accord Party (AP), and Zenith Labour Party (ZLP).

The court order followed a judgment delivered by Justice Peter Lifu.

The National Forum of Former Legislators had, in the suit marked FHC/ABJ/CS/2637/2026, prayed the court to determine whether INEC has a constitutional obligation to remove political parties that fail to meet the electoral performance thresholds set out in Section 225A of the 1999 Constitution (as amended), as reinforced by the Electoral Act 2022 and INEC’s regulations.

It was the position of the plaintiff that the five political parties listed as defendants in the matter had persistently failed to meet the constitutional benchmarks required to retain their registration.

The former legislators stressed that the requirements include winning at least 25 per cent of votes in a state during a presidential election or securing at least one elective seat at the national, state, or local government level.

They told the court that the ADC and the four other parties performed poorly in both the 2023 general elections and by-elections conducted by INEC, thereby failing to win seats across key tiers of government.

The litigants insisted that the continued existence of the ADC and the other defendants as recognised political parties is unlawful and undermines the integrity of the country’s electoral system.

Among other reliefs, the plaintiff urged the court to declare that INEC is duty-bound to deregister such parties.

It further urged the court to compel the commission to deregister the five political parties before preparations for the 2027 elections advance further.

Beyond declaratory reliefs, the plaintiff prayed the court to restrain the five affected parties from participating in general elections or engaging in political activities such as campaigns, rallies, and primaries.

It also sought a court injunction restraining INEC from recognising or dealing with the parties in any official capacity unless and until they strictly comply with constitutional provisions.

The judgment may affect the chances of candidates of the affected political parties, including former Vice President Atiku Abubakar, to contest the 2027 presidential poll.

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Democracy Day: Tinubu Honours Heroes, Seeks Stronger Collective Action on Terrorism

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President honours Gens. Yar’Adua, Williams, Igbokwe, media moguls, activists, other heros
With a call on Nigerians to unite in the fight against terrorism, banditry and kidnapping, President Bola Ahmed Tinubu reflected on the nation’s 27 years of uninterrupted democracy.

He said such joint efforts had become imperative because the battle against insecurity cannot be left to the government alone.

The President listed some deserving individuals, including the late Gen. Shehu Musa Yar’Adua, Gen. Ishola Williams, media executives, rights crusaders and others for national honours.

In his Democracy Day broadcast this morning, the President urged citizens to avoid ethnic profiling and blame games in the face of security challenges.

He assured that the country would emerge stronger and more united after overcoming terrorism.

He said: “At a time like this, let us not assign blame or point fingers. Crime has no ethnicity.

“We must stand united and be assured that the enemies of our nation shall soon be history.

“We will triumph over terror and continue to build a more prosperous nation.”

The President spoke against the backdrop of recent abductions in Oyo and Borno states.

He described the incidents as a painful reminder that democracy cannot thrive without security.

Expressing optimism that the abducted children would regain their freedom, Tinubu stressed that his administration had responded decisively by declaring a security emergency and approving the recruitment of more than 50,000 police officers and thousands of military personnel.

Besides, he said the government allocated N5.41 trillion to defence and security in the 2026 Budget, describing it as the largest security vote ever.

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“Democracy without security is a mirage,” he said, noting that the allocation represents the biggest defence and security budget in Nigeria’s history.

Tinubu said the country had moved beyond conventional military training exercises with international partners to precision targeting of terrorist networks, citing the degradation of an ISWAP command centre in Arege, Borno State, as evidence of progress.

Reflecting on the democratic journey, Tinubu said the country had enjoyed its longest uninterrupted period of civilian rule, spanning 27 years since the return to democratic governance in 1999.

He noted that despite its imperfections, Nigeria’s democracy remained resilient because citizens had consistently chosen leaders through the ballot box, resolved disputes through legal institutions and ensured peaceful transitions of power.

Ahead of the forthcoming governorship elections in Ekiti and Osun states, the President urged stakeholders to safeguard the integrity of the electoral process.

He called on the Independent National Electoral Commission (INEC), security agencies and political parties to ensure peaceful and credible polls, warning that democracy suffers whenever citizens lose confidence in elections.

The Ekiti governorship election will be held on June 20, while the Osun poll is scheduled for August 15.

Tinubu challenged the National Assembly, the Judiciary, the media and civil society organisations to continue serving as guardians of democratic governance.

“Criticise me, disagree with me, but never stop believing in Nigeria,” he said.

On youths, the President urged them to see the country as their future and contribute actively to national development rather than seeking opportunities elsewhere.

He said: “Nigeria is your home and your future. Build here, code here, work here, and vote here. Every great nation was built by those who stayed to solve problems, not by those who abandoned ship.”

The President also commended members of the armed forces, police, intelligence agencies, traditional rulers, religious leaders and community heads for their roles in promoting peace and national cohesion.

The President paid glowing tribute to Nigerians who endured imprisonment, exile, persecution and death during the struggle for democracy, describing them as heroes whose sacrifices made the current democratic dispensation possible.

He saluted the late winner of the annulled June 12, 1993 presidential election, Chief Moshood Kashimawo Abiola, and his deceased spouse, Alhaja Kudirat Abiola, alongside other democracy vanguards.

Former President Muhammadu Buhari in 2018 signed an Executive Order proclaiming June 12, the date of the historic election won by Abiola but annulled by the military, as Democracy Day. It has since been observed as a public holiday.

Those listed for national recognition include Chief Gani Fawehinmi, Chief Bola Ige, Chief Alfred Rewane, Senator Abraham Adesanya, Chief Anthony Enahoro, Alhaji Balarabe Musa, Commodore Dan Suleiman, Dr. Beko Ransome-Kuti, Chief Frank Kokori, Chief Arthur Nwankwo, Mr. Chima Ubani and Gen. Yar’Adua.

Tinubu also announced national honours for many journalists, activists, lawyers, politicians and civil society leaders who suffered persecution, detention, exile and other hardships during the struggle against military rule.

Many military officers who were persecuted during the pro-democracy struggle were also honoured.

They are Ayoka Lawani, Tunde Fagbenle, Oladele Alake, Olatunji Bello, Louis Odion, Segun Babatope, Sam Omatseye, Ademola Osinubi, Bola Bolawole, Lade Bonuola, Femi Kusa, Osa Director, Richard Akinnola, George Mbah, Niran Malaolu, Gbemiga Ogunleye, Jenkins Alumona, Muyiwa Adekeye, Babajide Kolade-Otitoju, Ike Okonta and Ben Charles-Obi (posthumous).

Activists on the list are Debo Adeniran, Ayo Opadokun, Ralph Obiora, Ose Osayande, Sylvester Odion-Akhaine and Arthur Nwankwo (posthumous).

Others are Osagie Obayuwana, Joe Okei-Odumakin, Titus Mann, Joe Igbokwe, Maj.-Gen. Ishola Williams (retd) and Femi Aborisade.

The President equally recognised many military officers, including Maj.-Gen. M.A. Garba, Brig.-Gen. Lawal Jaafaru Isa, Col. Umar Farouk Ahmed, Col. Sambo Dasuki, Col. Lawan Gwadabe, Brig. Jonathan Ndam Temlong, Col. Musa Shehu, Maj.-Gen. Chris Eze, Maj.-Gen. Harris Dzarma, Col. Isa Jibrin, Maj.-Gen. Joseph Oshanupin, Col. Olusegun Oloruntoba, Lt.-Col. Happy Kefas Bulus, Col. J. Okai, Col. Emmanuel Ndubueze, Lt.-Col. Yakubu Muazu and Brig. Yahaya Abubakar, who is the Etsu Nupe.

The President added: “Among the architects of modern democratic Nigeria, we honour General Shehu Musa Yar’Adua for his vision of national partnership.

“In recognition of his contributions, the Federal Government has approved the revitalisation and renaming of the completed Institute of Petroleum Studies, Kaduna, as the General Shehu Musa Yar’Adua University of Geological Sciences and Engineering Technology.”

Tinubu said the full honours list would be released in the coming days.

According to him, the greatest tribute Nigerians can pay to the heroes is to build a nation where freedom is protected, justice is upheld, opportunities are expanded, and government remains accountable to the people.

June 12, he believes, demonstrates the possibility of a united Nigerian nation, noting that while the heroes of that struggle secured political freedom, the responsibility of the present generation is to secure economic freedom.

‘Reforms necessary’

He defended the economic reforms undertaken by his administration, arguing that they were necessary to rescue the country from severe fiscal strain and economic uncertainty.

The President said the reforms had restored stability and credibility to economic management, increased federation revenues, improved fiscal transparency and attracted fresh investments into agriculture, manufacturing, energy, technology, mining, transportation and the creative sector.

He added that domestic refining capacity had expanded significantly, enhancing energy security and reducing dependence on imported petroleum products.

‘We’ll deliver on electricity supply’

On electricity, Tinubu said his administration inherited a sector plagued by inadequate generation, weak transmission infrastructure, huge distribution losses, a metering deficit exceeding four million customers and massive legacy debts.

He noted that the Electricity Act signed by his administration had empowered states to generate, transmit and distribute electricity, while the Presidential Power Sector Task Force had been mandated to tackle the metering gap and raise a N4 trillion bond to settle verified debts in the sector.

The President said the Rural Electrification Agency (REA), with support from the World Bank and the African Development Bank (AfDB), was extending off-grid and mini-grid electricity projects to underserved communities, educational institutions, markets and hospitals across the country.

“Electricity is a democratic dividend we owe every Nigerian. We intend to deliver it,” he said.

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Highlighting ongoing projects, the President said they were creating jobs, improving connectivity and opening new opportunities for enterprise.

He said the National Agricultural Development Fund (NADF) was deploying 10,000 tractors over five years, while over 1,000 small and medium enterprises had been certified for export.

He added that non-oil exports grew by 21 per cent in the past year.

Despite the progress, the President acknowledged that many Nigerians continued to face economic hardship.

He assured citizens that the government remained focused on reducing inflation, increasing food production, creating jobs, improving living standards and ensuring that the benefits of economic reforms reached every household.

“We are moving from uncertainty to stability. The next phase is about accelerating growth and ensuring the benefits are felt in every home, every community and every region. We believe that democracy must be felt in the pocket,” he said.

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BREAKING: Reps Pass State Police Bill in Major Security Reform Move

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The House of Representatives has passed the state police bill, effectively making way for the decentralisation of the Nigerian policing architecture.

The resolution followed the voting by 289 lawmakers in favour of state police during Thursday’s plenary session presided over by the Speaker, Tajudeen Abbas.

Recall that the House committed Thursday’s plenary to voting on the State Police Bill following the spike in killings, kidnappings, and banditry in the past few months.

The session was not without its fair share of drama, as shortly after the lawmakers settled down for the business of the day, Kaduna lawmaker, Bashir Zubairu, moved a point of order, explaining that the document on the proposed state police put together by the House Committee on Constitution Review got to the lawmakers only on Thursday afternoon.

Recognised to speak by the speaker, Zubairu said, “Mr Speaker, this document was only made available to lawmakers in the chambers, and we are yet to go through it. We cannot do justice to it because we have not gone through it.”

Zubairu, a member of the African Democratic Congress, was ruled out of order, allowing the process to proceed.

While the Speaker took members through the clauses, voices shouting “Point of Order” could be heard, but the presiding officer ignored them.

Before the voting began, Abbas announced that the electronic voting system was faulty, noting that the exercise would be conducted based on attendance.

Out of the 290 members in attendance, 289 voted in favour of state police while one voted against. The Speaker abstained from voting.

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