Headline

FG removes VAT on diesel for six months

Published

2 months ago

October 6, 2023

The Federal Government, in an effort to cushion the effects of the recent removal of the fuel subsidy, has declared the removal of the value-added tax (VAT) on diesel for the coming six months.

This announcement was made public by Femi Gbajabiamila, the Chief of Staff to President Bola Tinubu, after the conclusive discussions with the leadership of the Nigeria Labour Congress (NLC) and Trade Union Congress (TUC).

Key resolutions from the meeting include:
The approval of a N25,000 provisional wage increment for all treasury-paid federal government workers over a period of six months.

The commitment of the Federal Government to expedite the delivery of Compressed Natural Gas (CNG) buses to mitigate public transportation challenges that have risen from the removal of the PMS subsidy.

A pledge to allocate funds specifically for micro and small-scale enterprises.
An acknowledgment of the 8.57% spike in diesel prices, as reported by the National Bureau of Statistics, with consumers now paying an average of N854.32 per litre, a significant rise from N786.88 per litre from the previous year.

The commencement of payments, by the Federal Government, of N75,000 to 15 million households at N25,000 monthly from October to December 2023.

The National Bureau of Statistics had highlighted a worrying trend in diesel prices which, spurred by a 7.5% VAT and forex challenges, catapulted from N650 per litre to nearly N950. In light of these developments, Bennett Korie, the President of the Natural Oil and Gas Suppliers Association of Nigeria, had emphasized the severe impact of the VAT on diesel, which had propelled pump prices to staggering heights across the nation.

The meeting, which saw the participation of prominent figures including Lagos State Governor, Babajide Sanwo-Olu, Governor Abdulrazak Abdulrahman of Kwara State, and Governor Dapo Abiodun of Ogun State, also touched upon the longstanding issues between the Road Transport Employees Association of Nigeria (RTEAN) and National Union of Road Transport Workers (NURTW) in Lagos State.

Both NLC and TUC are currently deliberating the propositions made by the Federal Government with the aim of potentially halting their planned industrial action, allowing further discussions on the actualization of the aforementioned resolutions.

The Minister of Information and National Orientation, Mallam Mohammed Idris, emphasized the Federal Government’s dedication to addressing these pressing concerns, urging that solutions are more feasible with workers at their stations rather than on strike. The labor delegation, which was headed by NLC President Joe Ajaero and included notable leaders from both NLC and TUC, seemed hopeful for the forthcoming consultations.

Headline

President Tinubu Seeks Senate Approval For Fresh $8.6billion, €100million Loans

Published

1 hour ago

November 28, 2023

Olakunle Adeniyi

The president made the request through a letter to the Senate, read during the plenary by the Senate President, GodsWill Akpabio, on Tuesday, noting that the fund was to execute critical projects in different sectors.

The President Bola Tinubu-led administration has sought the approval of the Nigerian Senate for $8.6billion and €100million borrowing plan.

The request was said to be part of the federal government 2022-2024 external borrowing plan approved by former President Muhammadu Buhari’s administration, according to the letter.

Tinubu explained that the projects to be funded with the loan cuts across different sectors of the economy, and were selected based on economic evaluation and the expected contribution to the country’s development.

The letter reads in part;, “I write in respect of the above subject and to submit the attached the federal government 2022-2024 external borrowing plan for consideration and early approval of the National Assembly to ensure prompt implementation of the projects.

“The Senate may wish to note that the past administration approved a 2022-2024 borrowing plan by the federal executive council (FEC) held on May 15, 2023.

“The project cuts across all sectors, with specific emphasis on infrastructure, agriculture, health, water supply, roads, security, and employment generation as well as financial management reforms.

“Consequently, the required approval is in the sum of $8,699,168,559 and €100 million.

“I would like to underscore the fact that the projects and programmes in the borrowing plan were selected based on economic evaluations as well as the expected contribution to the social economic development of the country, including employment generation, and skills acquisition.

“Given the nature of these facilities, and the need to return the country to normalcy it has become necessary for the Senate to consider and approve the 2022- 2024 external abridged borrowing plan to enable the government deliver its responsibility to Nigerians.”

In August, the National Assembly approved President Tinubu’s request for over $800 million loan to finance the National Social Safety Network Programme.

The National Assembly had also approved the 2022 Supplementary Appropriations Act of N819 million “for the provision of Palliatives to Nigerians to cushion the effect of fuel subsidy removal”.

Headline

Tinubu Should Review RECs Appointment – Ex-INEC Chairman, Jega

Published

11 hours ago

November 28, 2023

Ifunaya Emeka

A former Chairman of the Independent National Electoral Commission (INEC), Attahiru Jega, has called on President Bola Tinubu to review the appointments of the commission’s Resident Electoral Commissioners (RECs).

Jega said Tinubu should review their appointments due to concerns that some of the RECs are partisan.

About a month ago, Tinubu had nominated 10 RECs, with the Senate confirming their appointments.

However, some of the RECs have been accused of being involved in partisan politics.

Reacting to the criticisms, Jega said the non-review of their appointment sends the wrong signal.

Featuring on Channels Television’s Politics Today on Monday, Jega said: “I think there is no doubt that if the President were listening, my advice would be to immediately review the appointment of the Resident Electoral Commissioners that was passed by the Senate recently.

“It’s very, very important because clearly, not only does it send a wrong signal about the government’s intention to improve the integrity of elections, it also suggests, you know, that there is indifference with regards to protecting the independence and impartiality of the election management body.

“I would want to believe that Mr President was either misinformed or is not really furnished with all the necessary details with regards to these appointments.”