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Things will get better, Tinubu, Sanwo-Olu assure Nigerians
Things will get better, Tinubu, Sanwo-Olu assure Nigerians
President Bola Tinubu and Governor Babajide Sanwo-Olu of Lagos State, Monday, admitted that Nigerians are experiencing social and economic difficulties, assuring that the situation will soon change.
While Tinubu insisted that his government was on the right track, he argued that solutions to complex problems could never be as instant as coffee.
Meanwhile, Sanwo-Olu, who called for prayers, described the current leadership as tough men working to get Nigerians through difficult times.
Tinubu, represented by Secretary to the Government of the Federation, Senator George Akume, spoke at the 70th birthday of Serving Overseer of Citadel Global Community, Pastor Tunde Bakare, PTB, organised by the Citadel Global Community in Lagos.
Those present included former Head of State, General Yakubu Gowon (retd), represented by Evangelist Austin Kemie; Governor Babajide Sanwo-Olu of Lagos State, Governor Dapo Abiodun of Ogun State, Deputy Governor of Lagos State, Dr Obafemi Hamzat; former governor of Ogun State, Olusegun Osoba; former governor of Akwa Ibom State, Obong Attah; former governor of Rivers State, Rotimi Amechi; former governor of Ogun State, Gbenga Daniel, former governor of Ekiti State, Dr Kayode Fayemi; former governor of Kaduna State, Nasir El-Rufai; former Ogun State governor, Senator Ibikunle Amosun; Olu of Warri, Ogiame Atuwatse III, represented by Ogwa-Olusan of Warri, Chief Mene Brown; Ooni of Ife, Oba Adeyeye Ogunwusi (Ojaja II), represented by Asoya of Isoya Ife, Oba Muraina Adedini; Oba of Lagos, Oba Rilwan Akiolu; Alake of Egbaland, Adedotun Gbadebo III.
Tinubu, in his speech, said: “The President acknowledges that times are hard, but at the end of it all, there is always light. And solutions to complex problems can never be as instant as coffee, but we are on the right track.”
On the celebrant, the President described him as a spiritual leader and advocate for truth who had left an indelible mark, not just on those who follow his teachings, but on the nation as a whole.
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said: “We are here to celebrate a true man of God, a most precious human being. It gives me great joy to honour a man whose life has been an embodiment of passion, integrity and an unwavering commitment to justice and righteousness. PTB has been a beacon of hope and a voice for the voiceless in our society.
“His decades of service and dedication, principles of honesty, transparency, and fairness have been in the respect and admiration of many across this nation. His life journey reflects our commitment not just to spiritual growth, but also to the social and political development of our country.
“I acknowledge your relentless passion for better Nigeria, a country where equal justice and good government prevails. This celebration is a testament to a life of strength and courage, of powerful messages and fearless advocacy, deep volumes of your dedication to lifting humanity.
“It is these values that allow you to make such a difference. As you unveil your token of growth, the vast but definitely not the least, we look forward to gaining insights into the endless experiences that have shaped you into the formidable figure we see today.”
It’s tough time, public servants need prayers – Sanwo-Olu
Sanwo-Olu, in his address, said: “We that are in public service, we need all your prayers. It’s tough times, but you see, we are also tough men, and we know that at the end of the tunnel, there will be a bright phase.”
On the celebrant, the governor said PTB was not just a father to all, noting: “He is a man that is completely detribalised. He is a man that, with all the complexities of understanding people, stands up for fairness, equity and justice. There’s still a whole lot that God is still going to use you for, not only to this nation, but to the world. We thank God for who you are. You are a vessel of God.”
PTB testament to Ogun legacy of trailblazers – Abiodun
Abiodun, in his remarks, said: “We join him in reaching the remarkable 70. Considering the brevity of life, reaching 70 is not easy. PTB has made life one of purpose and significance. I have had the privilege of drinking from his wealth of knowledge. He stands as a testament to the Ogun State legacy of trailblazers. He is among the distinguished ambassadors of our state. As a spiritual guide, he has mentored many. PTB has touched lives.”
Let’s put nation first – Bakare
Meanwhile, Bakare, in his vote of thanks, urged Nigerians to put the country above personal needs, saying: “I want to appeal to you on this day that let us think of nation first. Let’s be less concerned about what we can get out of this nation. Let us think of how to make this nation a better place to live.”
Things will get better, Tinubu, Sanwo-Olu assure Nigerians
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Ex-Reps Speaker Dogara backs Tax Reform Bills
Ex-Reps Speaker Dogara backs Tax Reform Bills
Former Speaker of the House of Representatives, Yakubu Dogara, has urged Nigerian governors to contribute constructively to the controversial Tax Reform Bills rather than attempting to block them. Dogara made this appeal during a town hall meeting on the bills, broadcast by Channels Television.
He dismissed claims that the timing of the bills and the alleged lack of consultation with governors were sufficient reasons to halt the reforms.
Dogara prioritised national interest over regional or sectional biases in addressing the country’s challenges.
“When I decided to join this discussion, I received numerous calls pleading with me not to show up,” Dogara revealed. “But I believe leadership demands engagement, even when there are disagreements. We must rise above sectionalism and approach this with a national leadership mindset to solve our problems.”
The former Speaker also criticized governors, particularly from the North, for raising concerns about consultation. He argued that many governors fail to engage stakeholders when enacting laws in their states.
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“At the state level, how many people do governors consult when making laws? In some cases, these laws are written from their living rooms,” Dogara said. “Should the process stop because governors were not fully engaged? To me, the answer is no.”
Baba Yusuf, Group CEO of Global Investment and Trade Company, emphasized that the proposed tax reforms would benefit the North significantly.
He highlighted that the legal frameworks could address about 70% of the region’s multidimensional poverty. Yusuf also encouraged citizens to review the bills independently rather than relying solely on political leaders.
Taiwo Oyedele, Chairman of the Presidential Committee on Tax Reform, stated that extensive consultations were conducted with major stakeholders, including governors. He noted that most stakeholders overwhelmingly supported the bills.
Oyedele dismissed concerns raised by Governor Babagana Zulum of Borno State, who argued that the reforms might leave Northern states unable to pay minimum wage. “Our analysis and data do not support that fear,” Oyedele said.
The town hall discussion highlighted the need for constructive dialogue and leadership to ensure the successful implementation of the tax reforms, which are crucial for addressing Nigeria’s economic challenges.
Ex-Reps Speaker Dogara backs Tax Reform Bills
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$2.2bn Eurobond oversubscription by 300% pass mark for Tinubu’s reforms – Finance minister
$2.2bn Eurobond oversubscription by 300% pass mark for Tinubu’s reforms – Finance minister
The diverse range of subscriptions from multiple investors (local and foreign) to Nigeria’s $2.2 billion Eurobonds is a testament of the confidence in President Bola Ahmed Tinubu’s economic reforms, Minister of Finance and Coordinating Minister of the Economy, Mr. Olawale Edun, said yesterday.
The Eurobond had been oversubscribed by 300 per cent by investors from the United Kingdom (UK), North America, Europe, Asia and Middle East as at yesterday.
According to the minister, the peak orderbook of $9.0 billion was an expression of continued investor confidence in Nigeria’s sound macro-economic policy framework and prudent fiscal and monetary management.
The demand for the bonds came from a combination of fund managers, insurance and pension funds, hedge funds, banks and other financial institutions.
Edun said: “The successful issuance signposts increasing confidence in ongoing efforts of President Bola Tinubu administration to stabilise the Nigerian economy and position it on the path of sustainable and inclusive growth for the benefit of all Nigerians.
“The broad range of investor appetite to invest in our Eurobonds is encouraging as we continue to diversify our funding sources and deepen our engagement with the international capital markets.”
Central Bank of Nigeria (CBN) Governor Olayemi Cardoso said the outcome underscored the growing confidence of investors and the resilience of the Nigerian credit.
He described the strong demand as Nigeria’s “improved liquidity position and continued access to international markets to support the financing needs of the government.”
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Director-General, Debt Management Office (DMO), Ms. Patience Oniha said with the successful pricing of the bond notes on intra-day basis, Nigeria has registered a landmark achievement in the international capital market.
According to her, the size of the orderbook at approximately more than four times of the offer amount, and the strong and diverse investor base helped in pricing the new bond notes.
“The DMO remains committed to maintaining transparency and open communication with investors and stakeholders and appreciates the continued confidence and support of the international and Nigerian investors who participated in the pricing.”
She added that the new notes would be admitted to the official list of the UK Listing Authority and they are available for trade on the London Stock Exchange’s regulated market, the FMDQ Securities Exchange Limited and the Nigerian Exchange (NGX)
“The proceeds from this Eurobond issuance will be used to finance the 2024 fiscal deficit and support the government budgetary needs,” Ms. Oniha said.
Nigeria mandated Chapel Hill Denham, Citigroup, Goldman Sachs, J.P. Morgan and Standard Chartered Bank as Joint Bookrunners.
FSDH Merchant Bank Limited acted as Financial Adviser on the issuance.
The Eurobond attracted about $9 billion subscriptions in overwhelming show of enthusiasm by the international capital market for long-term investments.
The Eurobond offer, launched yesterday by the Federal Government, is the first in more than two years.
It offers two tenors of a six and half years and 10 years Eurobonds. Both medium-tenor and long-tenor bonds were massively oversubscribed.
$2.2bn Eurobond oversubscription by 300% pass mark for Tinubu’s reforms – Finance minister
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Tax reform bills not to impoverish the north – Presidency
Tax reform bills not to impoverish the north – Presidency
The presidency has said no part of the controversial tax reform bills is meant to impoverish the northern part of the country.
In a statement by Bayo Onanuga the Special Adviser to President Tinubu on Information and Strategy, the presidency denied that the bills recommend the scrapping of the Tertiary Education Trust Fund (TETFUND), The National Agency for Science and Engineering Infrastructure (NASENI) and the National Information Technology Development Agency (NITDA) .
The statement read, “Since the public debate around the transformative tax bills before the National Assembly began in the last few weeks, various political actors and commentators have tried to obfuscate the facts, deliberately misinforming and misleading the public.
“Unfortunately, most reactions are not grounded in facts, reality, or sufficient knowledge of the bills. While some commentators have attempted to incite the people against lawmakers, others have polarized one section of the country against another.
“The tax reform bills will not make Lagos or Rivers more affluent and other parts of the country, as recklessly canvassed, poorer. The bills will not destroy the economy of any section of the country. Instead, they aim to enhance the quality of life for Nigerians, especially the disadvantaged, who are trying to make a living.
Contrary to the lies being peddled, the bills do not suggest that NASENI, TETFUND, and NITDA will cease to exist in 2029 after the passage of the bills.
“Government agencies, such as NASENI, TETFUND, and NITDA, are funded through budgetary provisions with company income tax and other taxes paid by the same businesses that are being overburdened with the special taxes.
One reason President Bola Tinubu embarked on the Tax and Fiscal Policy Reforms is the need to streamline tax administration in Nigeria and make the operating environment conducive for businesses.
For decades, businesses, investors, and private sector players in Nigeria have complained of being overburdened by a myriad of taxes and levies, including those earmarked to fund various government agencies and initiatives.
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“The multiple taxes complicate the economic environment, making Nigeria uncompetitive for investment and preventing many businesses from growing or continuing their operations. Some companies have had to make the rational decision to relocate to other countries. We can not continue on this path or wait for 20 years if this country is to deliver the prosperity we need for our people.
Tax reform bills not to impoverish the north – Presidency
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