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Breaking : Tinubu signs $10 billion Executive Order to unlock fresh investment in oil and gas, Says Gbajabiamila
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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Rebuilding the North-East: Inside Nigeria’s Largest Post-Conflict Recovery Experiment
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How the NEDC is attempting to turn years of devastation into a pathway for long-term development
By Michael Olukayode
For more than a decade, Nigeria’s North-East has remained a symbol of prolonged conflict and humanitarian collapse. The insurgency led by Boko Haram and its breakaway factions did far more than disrupt security—it dismantled entire communities, shattered economic systems, and altered the social and cultural foundations of a region once anchored by farming and cross-border trade.
The human cost has been staggering. More than 350,000 people are estimated to have died directly and indirectly from the conflict. Over 2.5 million individuals were forced from their homes, while at the height of the crisis, about 8.4 million people required urgent humanitarian support. Entire settlements across Borno, Adamawa, and Yobe were destroyed, leaving behind a region marked by displacement and ruin.
A System Built from Collapse
The scale of destruction prompted the establishment of the North-East Development Commission (NEDC) in 2017 under former President Muhammadu Buhari. It was created not simply as a relief agency, but as a long-term institutional response to structural breakdown across an entire region.
Early post-conflict assessments placed the cost of destruction at over $9 billion. Infrastructure losses were extensive: thousands of homes were destroyed, more than 1,400 schools were damaged or completely wiped out, and in some areas over 70 percent of health facilities became unusable. The agricultural sector—long the backbone of the regional economy—collapsed almost entirely, deepening poverty and food insecurity.
To coordinate recovery, the Commission was tasked with implementing the North-East Stabilisation and Development Master Plan (NESDMP), a blueprint designed to move the region from emergency humanitarian response into structured reconstruction and sustainable development.
From Emergency Response to Large-Scale Reconstruction
Since beginning operations, the NEDC has implemented interventions worth hundreds of billions of naira, funded through federal allocations and supported by development partners.
Its activities span all six states of the region—Borno, Adamawa, Yobe, Bauchi, Gombe, and Taraba—where thousands of projects have either been completed or are ongoing.
Across its portfolio, the Commission has:
• Built and rehabilitated thousands of housing units for displaced families
• Executed more than 1,000 infrastructure projects, including roads, schools, and healthcare centres
• Distributed millions of relief items during peak humanitarian emergencies
• Supported agricultural programmes reaching hundreds of thousands of farmers
The Managing Director/Chief Executive Officer of the Commission, Mohammed Goni Alkali, explained that the institution is now deliberately evolving its focus.
“We are transitioning from humanitarian interventions to sustainable development,” he said. “The priority is building systems that can endure beyond immediate recovery.”
He added that reconstruction must be understood beyond physical structures.
“It is not only about rebuilding infrastructure. It is about restoring livelihoods, rebuilding institutions, and restoring hope to communities,” Alkali said.
Gradual Return to Normalcy Across Communities
On the ground, signs of recovery are beginning to emerge across the region, though unevenly.
Large numbers of internally displaced persons have started returning to reconstructed communities, easing long-standing pressure on overcrowded camps. Schools that were destroyed or abandoned during the peak of the insurgency are being rehabilitated and reopened, restoring access to education for thousands of children.
Healthcare delivery has also improved, with rebuilt and newly equipped facilities expanding access, particularly in rural areas that were previously cut off. Road reconstruction projects are reconnecting isolated communities, improving movement, trade, and access to services.
The Governor of Borno State, Professor Babagana Umara Zulum, acknowledged the role of the Commission in supporting recovery efforts.
“The NEDC has played a critical role in supporting the rebuilding of communities and restoring hope to our people,” he said.
Restoring the Economic Lifeline
Before the insurgency, agriculture was the dominant economic activity in the North-East, employing a large portion of the population. The conflict disrupted farming cycles, displaced rural communities, and left vast tracts of farmland abandoned.
Recovery efforts are now focusing on reversing that collapse. Through the distribution of seeds, fertilisers, and farming equipment, as well as investments in irrigation and dry-season farming, agricultural production is gradually resuming. Small businesses and cooperatives are also receiving support to stimulate local economies.
According to Alkali, economic recovery remains central to the Commission’s strategy.
“Without livelihoods, recovery cannot be sustained,” he said. “Economic empowerment is therefore at the core of our interventions.”
Moving Away from Long-Term Aid Dependence
One of the most significant shifts emerging in the region is the gradual transition from humanitarian dependency to self-reliance.
Although millions of people still require assistance, returning communities are increasingly rebuilding their own economic and social systems as stability improves.
Former United Nations Resident and Humanitarian Coordinator in Nigeria, Matthias Schmale, noted that recovery efforts are beginning to produce measurable improvements.
“There is clear evidence that living conditions are improving and that basic services are being restored,” he said.
Security Gains and Lingering Vulnerability
Despite notable progress in stabilisation, the North-East remains fragile. Military operations have significantly degraded insurgent capabilities, but sporadic attacks continue in some areas.
The Chairman of the Governing Board of the NEDC, Major General Paul Tarfa (rtd.), stressed that development must consolidate security achievements.
“Security gains must be reinforced with development initiatives. Only then can we achieve lasting peace,” he said.
Persistent Gaps in the Recovery Process
Even with extensive interventions, major challenges remain. Millions of residents are still dependent on humanitarian assistance, unemployment among young people remains high, and environmental pressures—including climate-related shocks—continue to threaten agricultural recovery.
In addition, funding limitations remain a key constraint, with the scale of needs far exceeding available resources.
The Managing Director acknowledged these gaps but reaffirmed the Commission’s commitment.
“The level of devastation is enormous, but we are committed to working with all stakeholders to deliver sustainable recovery,” Alkali said.
A Region Still in Transition
The North-East today exists in a complex state between crisis and recovery. It remains one of Nigeria’s most vulnerable regions, but also one of its most ambitious reconstruction theatres.
What is unfolding is a slow transformation: from destruction to rebuilding, from dependency to resilience, and from emergency survival to structured development.
Former United Nations Resident and Humanitarian Coordinator in Nigeria, Matthias Schmale, noted that recovery efforts are beginning to produce measurable improvements.
“There is clear evidence that living conditions are improving and that basic services are being restored,” he said.
Observing during his tenure in the country that: “The transition is visible, but sustaining it will require long-term investment and strong collaboration.”
Conclusion: Beyond Reconstruction
The work of the North-East Development Commission goes beyond rebuilding damaged infrastructure. It represents an attempt to reimagine post-conflict recovery at scale—linking humanitarian relief with long-term development planning.
From housing and healthcare to education and livelihoods, the foundations of a new regional reality are gradually taking shape.
Yet, as stakeholders consistently emphasise, the true measure of success will not be the number of projects completed, but whether the region can sustain stability, dignity, and opportunity over time.
In the North-East, the story of recovery is no longer only about survival.
It is about building a future that once seemed impossible—and ensuring it endures.
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Breaking : Tinubu Appoints Oyedele as Finance Minister in Cabinet Shake-Up
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…Edun, Dangiwa exit FEC
…Darma named Housing minister-designate
President Bola Ahmed Tinubu has approved a minor cabinet reshuffle, effecting changes in the membership of the Federal Executive Council (FEC) with the exit of two ministers and the appointment of replacements.
The decision, conveyed in a memo signed by the Secretary to the Government of the Federation (SGF), George Akume, directed the immediate redeployment of portfolios to strengthen governance delivery.
According to a statement issued by Special Adviser to the SGF on Media and Publicity, Yomi Odunuga, Mr. Wale Edun has been relieved of his duties as Minister of Finance and Coordinating Minister of the Economy under the reshuffle.
He is to hand over to Mr. Taiwo Oyedele, who has now been elevated to the position from his previous role as Minister of State in the ministry.
Similarly, the Minister of Housing and Urban Development, Arc. Ahmed Musa Dangiwa, is to exit the cabinet, with the President naming Dr. Muttaqha Rabe Darma as ministerial nominee and minister-designate for the ministry.
The directive also mandates that Dangiwa hand over to the Minister of State in the ministry, pending Darma’s confirmation and assumption of office.
According to the memo, all handover and takeover processes are to be completed by close of business on Thursday, April 23, 2026.
Explaining the rationale for the changes, Akume said the reshuffle was designed to “strengthen cohesion, synergy in governance as well as achieve more impactful delivery on the economy to Nigerians, through the Renewed Hope Agenda.”
He added that the President exercised his constitutional powers under Sections 147 and 148 of the 1999 Constitution (as amended) in effecting the changes.
The President expressed appreciation to the outgoing ministers for their service to the nation and wished them success in their future endeavours.
Akume further conveyed the President’s assurance to cabinet members that the process of reinvigorating the government would be continuous and in line with the administration’s policy objectives.
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JUST IN: Federal Government Arraigns Suspected Coup Plotters on 13 Charges
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The Federal Government has filed a 13-count charge before the Federal High Court in Abuja against six individuals, including two retired senior military officers and a serving police inspector, over an alleged plot to wage war against Nigeria and commit acts of terrorism.
The defendants—retired Major General Mohammed Gana, retired Naval Captain Erasmus Victor, Inspector Ahmed Ibrahim, Zekeri Umoru, Bukar Goni, and Abdulkadir Sani—are scheduled to be arraigned on Wednesday, April 22, before Justice Joyce Abdulmalik.
Also listed in the charge, but said to be at large, is a former Minister of State for Petroleum Resources, Timipre Sylva.
The charge, filed on Monday by the Office of the Attorney-General of the Federation and signed by the Director of Public Prosecutions, Rotimi Oyedepo (SAN), accuses the defendants of offences ranging from treason and terrorism to failure to disclose security intelligence and money laundering linked to terrorism financing.
The prosecution alleged that the defendants conspired in 2025 “to levy war against the state to overpower the President of the Federal Republic of Nigeria,” an offence punishable under Section 37(2) of the Criminal Code.
The Federal Government further alleged that the defendants had prior knowledge of a planned treasonable act involving one Colonel Mohammed Alhassan Ma’aji and others but failed to alert authorities.
According to the charge, the defendants, “knowing that a treasonable act was intended to be committed, did not give information thereof with all reasonable despatch to either the President… or a peace officer.”
They were also accused of failing to take preventive steps, as the charge stated that they “did not use any reasonable endeavours to prevent the commission of the offence.”
Beyond treason, the defendants are facing terrorism-related charges under the Terrorism (Prevention and Prohibition) Act, 2022. Prosecutors alleged that they “conspired with one another to commit an act of terrorism in the Federal Republic of Nigeria.”
Inspector Ahmed Ibrahim and Zekeri Umoru were specifically accused of attending meetings linked to the alleged plot, “in a bid to further a political ideology which may seriously destabilise the constitutional structure of the Federal Republic of Nigeria.”
The charge also accused the defendants of providing support for terrorism, alleging that they “knowingly and indirectly rendered support” to facilitate acts of terror.
In addition, the prosecution alleged deliberate suppression of intelligence, stating that the defendants “had information which would be of material assistance in preventing the commission of the act of terrorism, but failed to disclose the information to the relevant agency as soon as practicable.”
On the financial aspect, several defendants were accused of handling funds linked to terrorism financing, in violation of the Money Laundering (Prevention and Prohibition) Act, 2022.
“indirectly retained the aggregate sum of N50,000,000, which forms part of the proceeds of an unlawful act, to wit: terrorism financing,” while Abdulkadir Sani allegedly retained N2m from a similar source.
Zekeri Umoru, according to the charge, “without going through a financial institution accepted a cash payment of the sum of N10,000,000,” and also retained an additional N8.8m suspected to be proceeds of terrorism financing.
Inspector Ahmed Ibrahim was also accused of taking possession of “the sum of N1,000,000, being part of proceeds of terrorism financing.”
The case is expected to test the Federal Government’s resolve to prosecute alleged threats to national security as proceedings commence before the Federal High Court in Abuja.
In October 2025, the Federal Government announced the cancellation of a ceremonial parade earlier scheduled to mark Nigeria’s 65th Independence Anniversary on October 1.
Days after the announcement, reports emerged linking the cancellation to an alleged coup plot. However, the Defence Headquarters dismissed the claims, insisting that the decision had no connection with any coup attempt.
Later that month, on October 31, authorities confirmed that 16 military officers had been arrested in the first week of October over the alleged plot, while two others were declared at large.
In January 2026, the Defence Headquarters confirmed that there was indeed a plan to overthrow President Bola Ahmed Tinubu.
The Director of Defence Information, Samaila Uba, said investigations carried out in line with military procedures uncovered the involvement of some personnel in the alleged coup plot.
Uba added that those implicated would be arraigned before appropriate military judicial panels.
In March, family members of the detained officers appealed to President Tinubu to ensure that the suspects were tried in an open court.
At a press conference in Abuja, wives and relatives of the detained officers also demanded access to the accused, whom they described as alleged coup masterminds.
The agitation continued in April, as families of the detained officers staged a protest at the entrance of the National Assembly, calling for a speedy trial and improved access to their relatives in custody.
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