Business & Economy
Senate begins public hearing on Tax Reform Bills on Monday …invites critical stakeholders , 71 agencies .
By George Mgbeleke
The Senate through its committee on Finance , will on Monday and Tuesday next week , carried out public hearing on tax reforms bills forwarded to both Chambers on October 3rd , 2024 by President Bola Tinubu .
The tax reform bills which are (i) The Nigeria Tax Bill (NTB) 2024, (ii)The Nigeria Tax Administration Bill (NTAB) 2024, ( iii)The Nigeria Revenue Service (Establishment) Bill (NRSEB) 2024 and (iv) The Joint Revenue Board (Establishment) Bill (JRBEB) 2024, were passed for second reading in the Senate on 28th of November, 2024 and forwarded to the Committee on Finance for more legislative inputs through public hearing .
Briefing journalists on Wednesday after a closed door meeting held with members of the committee ahead of the public hearing , the Chairman, Senator Mohammed Sani Musa ( Niger East ) , the slated public hearing is coming after wide consultations made with relevant stakeholders.
Sani Musa said the bills on Joint revenue board establishment bill and Nigerian Revenue Services Bill , will be deliberated upon on Monday while the one on Nigerian Tax Administration and Nigeria Tax bill , will be focused upon on Tuesday .
According to him , for thorough consideration of the bills aiming at changing the dynamics of the Nation’s economy, the Minister of Finance and Coordinating Minister of the Economy, Mr Wale Edun , the Attorney – General of the Federation, Lateef Fagbemi ( SAN) , Chairman of Federal Inland Revenue Service , Zacch Adedeji , Statistician General of the Federation and Chief Executive , National Bureau of Statistics , Prince Adeyemi Adeniran , the Minister of Petroleum and his counterpart in the Ministry of Trade and Investment etc ,are expected at the public hearing .
” The Committee is inviting Nigerians totalling 71 different groups of stakeholders for the very important public hearing “, he said .
” Both the Senate and the House of Representatives have done the second reading on the reform bills and are ready for the public hearing .
” The bills have been read by all members of the committee with better understanding of what they are aimed at , like in the areas of tax administration , collection and operations in Nigeria.
“The main purpose of the reform bills are to see to how government will generate more revenue so that we’ll be able to put our country on the pedestrian of advanced economies where infrastructure where education where agricultural sector and virtually every sector that revolves around the ecosystem of economy will be adequately taken care of.
” Expectedly, we have had engagements with a lot of stakeholders before arriving at where we are today, and I believe that the public hearing is going to go on smoothly, and wherever the grey areas are,they will be addressed .
” Mr. President himself has said it, times without number, that he’s not going to interfere. It is our duty as legislators to do the needful for the good of this country.
” We are all representatives of different tribes, religion, geographic history, but we are Nigerians. And what we will work towards giving Nigeria, are laws, legislations that will put us on track economically, and by the grace of God, I think… We will succeed”, he explained .
Earlier before the closed door session , the committee met top management of Ministry of Finance Incorporated ( MOFI) led by its Managing Director and Chief Executive Officer , Dr Armstrong Tokang who was directed to provide the committee , the National Assets Register of the country .
Business & Economy
Iweh emerges A’Ibom State Chairman of UTSQEN ……Lauds govt for Transport friendlyenvironment
By Emmanuel Ikpe
A new leadership to pilot affairs of the Union of Tipper, Suppliers and Quarry Employers of Nigeria (UTSQEN) in Akwa Ibom State has been inaugurated with a call for unity of purpose and dedication to duty with the sole aim of building a union where progress and development thrive.
This was outcome of the second quadrennial delegates’ conference of the union held in the state at the weekend in Uyo which saw Comrade Edikan Emmanuel Iweh emerged as the new executive chairman of the Union in Akwa Ibom State alongside his executive members.
The event which was held at the Daniel Ekanem Hall of the Nigeria Union of Journalists, NUJ, Information Drive off IBB Way Uyo had in attendance key stakeholders of the UTSQEN, security operatives, relatives of members of the union, public officials and members of the public to graced the event which climaxed with jamboree at Tranquility Hotels Uyo where members and guests were treated to a serious entertainment.
Speaking with the Press, New Chairman of UTSQEN Comrade Edikan Emmanuel Iweh promised to harmonize, checkmate, regulate and regularize activities of the association in the state in partnership with mining and dredging industry standard in the state.
Iweh noted that before now the sector has been fragmented, hence his determination with the new state executive to work with the national executive, the state government and the union as a whole to revitalize the dredging and mining industry in the state and form a uniting factor to give the industry a desire face where peace will prevail against dispute that was lingering in the union.
He expressed readiness to work with all stakeholders in the industry to bring sanity into the activities of truck drivers and loaders, while commending the state government for providing them with enabling environment to carryout their duties in the state, Iweh retreated members readiness under his watch to corporate with relevant agencies and authority in the exercise of their functions.
In his reaction, Comrade John Puter, the National auditor of the association described Akwa Ibom State Chapter of the association as very important to the national body and is serious about it functionality and therefore charged the new executive to work with the members and not vice versa.
Speaking on behalf of the national president of the association, Comrade Aliu Majumkpe, the national auditor emphasized need for the new leadership to put interest of the union above self, noting that it is not enough to look for the people during election period alone but it is also important to get the people to be part of the running of the government of the union, as such they will have a sense of belonging and would afford them opportunity to contribute to the development of the union and the yearning peace in the union will be achieved.
Business & Economy
FG’s Fresh N1.15 Trillion Loan Request Exposes Tinubu’s Debt Addiction and Policy Contradictions
By Our Correspondent
The African Democratic Congress (ADC) has condemned the Federal Government’s fresh approval of N1.15 trillion in domestic borrowing, accusing President Bola Ahmed Tinubu of policy inconsistency and fiscal recklessness. In a statement signed by the party’s National Publicity Secretary, Mallam Bolaji Abdullahi, the ADC noted that despite Tinubu’s public claim that Nigeria had met its non-oil revenue targets—reportedly N20.59 trillion by August 2025—the administration continues to deepen the country’s debt crisis.
Citing a report that Nigeria’s total public debt could rise to N193 trillion if all of Tinubu’s 2025 loan requests are approved, the party said the government was “borrowing against its own words” and failing to deliver meaningful relief to Nigerians still burdened by inflation and rising living costs.
The full statement read:
“The latest approval by the National Assembly of N1.15 trillion in fresh domestic borrowing by the APC-led Federal Government exposes the contradictions and dangerous fiscal trajectory of President Bola Ahmed Tinubu’s administration.
“Only a few months ago, the President himself declared that Nigeria had met and surpassed its non-oil revenue targets, generating N20.59 trillion in just the first eight months of 2025, a figure his media handlers and cabinet officials paraded as proof of sound economic management. Not long before that, the administration also promised Nigerians that domestic borrowing would be phased out, and that revenue growth would reduce the need to mortgage the nation’s future.
“Yet here we are again, watching this government take a contradictory and irresponsible detour from its own stated policy direction.
“As recently reported, if all of President Tinubu’s loan requests for 2025 are approved and disbursed, Nigeria’s total public debt could increase by N40.61 trillion, bringing the national debt stock to a staggering N193 trillion. This projection, based on verified figures from the Debt Management Office, reveals that as of June 30, 2025, Nigeria’s debt already stood at N152.4 trillion, with N80.55 trillion in domestic debt and N71.85 trillion in external liabilities.
Let it be clearly stated: this is reckless debt accumulation wrapped in propaganda.”
“A government that claims to have hit record-breaking revenue should not be borrowing. A government that promised an end to domestic loans should not be submitting back-to-back loan requests totaling trillions of naira. The APC-led government is suffering from a worsening case of economic policy schizophrenia, where the left hand borrows blindly while the right hand issues press statements about “fiscal prudence.”
Continuing the party said,”To add insult to injury, these loans are being pushed through by the APC-dominated National Assembly while everyday Nigerians are suffering from the rising cost of living. The Tinubu administration claims that headline inflation has dropped to 18.02 percent, and food inflation to 16.87 percent as of September 2025. Yet, in the open markets across the country, everything has become more expensive since Tinubu came into office. Make no mistake, Nigerians are not experiencing statistical relief — they are experiencing economic suffocation.
“President Tinubu must come clean to the Nigerian people. You cannot claim that your house is in order while taking new loans to stop the roof from collapsing. You cannot say revenue has improved and still insist on borrowing more than any administration in Nigeria’s history.
“As a responsible party, the African Democratic Congress (ADC) therefore calls on civil society organisations, the international financial community, and the Nigerian people to demand the following from President Tinubu:
“First, an immediate freeze on non-critical new loan approvals. Second, a full publication of all revenue inflows and debt disbursements for 2025. Third, an independent verification of non-oil revenue claims. Fourth, a legally binding debt ceiling to prevent this abuse of the national purse.
“Nigerians are watching as our collective future is being mortgaged. And the President must be reminded: we cannot borrow our way out of a crisis that is fuelled by economic incompetence.”
Business & Economy
Gov Diri Presents N998bn 2026 Budget Proposal To State Assembly *Infrastructure Gets N298bn, Education N75bn, Pipe-borne Water N10b
By David Owei, Bayelsa
Governor of Bayelsa State, Senator Douye Diri, on Thursday, presented the state’s 2026 appropriation bill of N998,371,313,943.04 to the House of Assembly.
Governor Diri said the proposal tagged: “Budget of Assured Prosperity II” would be funded through various projected revenue sources, including statutory allocation N42.2bn,
Value Added Tax N84bn, 13% derivation N212.6bn and other FAAC allocations N488bn.
Other projected receipts are internally generated revenue of N85.9bn, internal and external grants amounting to N24.9bn while domestic loans would be N50bn.
Capital expenditure is expected to gulp N645.2, which is 64.6% of the total budget while recurrent expenditure is projected at N353.1bn (35.4%)
As in previous years, the Works and Infrastructure Ministry got the lion’s share of N298.6bn, which underscored the administration’s commitment to completing and expanding of the road network in the state as well as other projects like the nine-storey civil servants secretariat.
The Education Ministry was allotted N75.1bn while Sports got N46.5bn and Health N39.7bn.
Significantly, the government allocated the sum of N10.8bn for the provision of pipe-borne water, following Governor Diri’s earlier pledge to address the water challenge in the state in 2026.
Some other areas listed by the governor included power generation and supply N16.5bn, security N21.5bn and agriculture N15.6bn among other sectors.
Governor Diri commended the legislature for its cooperation with the executive, noting that they were elected to better the lives of people of the state.
“Mr Speaker, Bayelsans elected us to take bold actions to improve their quality of life. That is what we are doing and will continue to do. I trust that when history reviews our actions and this budget, our choices will be seen as the right ones.
“In the 2026 fiscal year, we will continue with all ongoing projects like the three senatorial roads, Glory Drive Phase 3 that will link Imgbi Road with a bridge crossing the Epie Creek, the Ogu-Akaba-Okodi Road, Sabagreia–Polaku Road, Toru–Orua– Bolu–Orua–Kabeama–Ebeni Road, internal roads, the ultra-modern state secretariat, among others,” the governor stated.
The Bayelsa helmsman appealed to the Speaker and members of the assembly to give the appropriation bill careful consideration and expeditious passage.
In his opening remarks, the Speaker, Rt. Hon. Abraham Ingobere, lauded the governor’s commitment to developing road infrastructure, education, sports, healthcare, the power sector and other key areas, which he noted had tremendously transformed the state.
He said: “From my assessment, the total overhaul of the education sector, infrastructure development, recruitment, training and retraining of teachers, establishment of technical and vocational schools in all the local government areas are yielding huge dividends and demonstrate the government’s dedication to middle level manpower development.”
Ingobere assured that the assembly would prioritise the appropriation bill and ensure that it is passed in good time.
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