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National Assembly Sends Investments Bill To President For Approval

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National Assembly

National Assembly Sends Investments Bill To President For Approval

National Assembly sends investments bill to president for approval. The National Assembly has officially forwarded the Investments and Securities Bill (ISB) 2024 to President Bola Tinubu for approval, a major milestone in Nigeria’s efforts to enhance capital market regulations.

Senator Osita Izunaso, Chairman of the Senate Committee on Capital Market, confirmed during a Securities and Exchange Commission (SEC) budget session in Abuja that Senate President Godswill Akpabio had signed the bill, with the expectation that the President will give his assent within the next 30 days.

In related developments, the House of Representatives has scheduled a public hearing for President Tinubu’s tax reform bills on February 26, 2025.

Meanwhile, the Senate has approved adjustments to the 2025 Appropriation Bill, correcting discrepancies in budget allocations across various Ministries, Departments, and Agencies (MDAs). These changes aim to ensure fiscal accuracy and transparency.

To foster investor confidence, Senator Izunaso also announced the committee’s recommendation for a special N10 billion fund in the 2025 budget to support investor education.

Senator Anthony Yaro (PDP, Gombe South) praised the SEC for its proactive approach in 2024, noting that with initiatives like the ISB and reduced deductions, the Commission’s performance is expected to improve in the coming year.

SEC Director-General Dr. Emomotimi Agama expressed gratitude for the National Assembly’s backing and highlighted Nigeria’s performance as one of the best global markets in 2024. He also shared that the Federal Government’s revenue deduction from SEC would be reduced from 50% to 20% starting March 1, 2025.

However, Senator Victor Umeh (LP, Anambra Central) raised concerns about fraudulent financial disclosures and called for stricter oversight to protect investors from deceptive practices.

Meanwhile, the tax reform bills have successfully passed their second reading in the House, receiving strong support from lawmakers. Speaker Tajudeen Abbas announced the formation of a 36-member committee, led by Abiodun Faleke (APC, Lagos), to guide the tax reform process.

The committee will include experts in tax administration to assess the proposed changes.

Lastly, the National Assembly’s budget review process, led by Senate President Akpabio, resulted in the adjustment of the N54.99 trillion 2025 Appropriation Bill.

National Assembly

National Assembly

Amendments were made to key allocations across various sectors, including the Ministry of Defence, Ministry of Police Affairs, and the National Intelligence Agency, ensuring fiscal prudence and alignment with national priorities.

With these adjustments in place, the National Assembly has reinforced its commitment to transparency, fiscal discipline, and responsible governance, aiming for effective implementation of the 2025 budget with a focus on security, infrastructure, education, and social welfare.

Economy

Government Approves N1.149bn For Solar Street Lights, Infrastructure In Gombe

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Muhammadu Inuwa Yahaya

Government Approves N1.149bn For Solar Street Lights, Infrastructure In Gombe

Government approves N1.149bn for solar street lights, infrastructure in Gombe. He said the governor approved the projects to align with his vision for infrastructure development.

The Gombe government has approved N1.149 billion for the installation of solar street lights and other infrastructure in three local government areas of the state.

Mahmood Yusuf, director-general, Joint Project Development Agency, stated this at a news conference on Thursday in Gombe.

He said the Joint Project Council (JPC) meeting chaired by Gov. Inuwa Yahaya, approved the projects to align with his vision for infrastructure development.

Mr Yusuf listed the projects to include the installation of solar street lights on newly constructed roads in Kumo at the total cost of N740 million; fencing of the NALDA market and installation of solar street lights at Kwadon area of Yamaltu/Deba, costing N362 million.

He said that N47 million has been approved for the expansion of the grains market and construction of six public toilets in Billiri.
Mr Yusuf said that the N112 million grain market project was approved in 2024, but reviewed upward to N159 million, to provide six additional toilets.

The director said the council also approved the deployment of GOSTEC and Operation Hatara personnel, to scale surveillance in schools and cemeteries in the state.

He said the measure was sequel to complaints over spate of theft in public buildings by the ALGON Chairman, Sani Haruna.

“The council has resolved to implement stricter security measures by deploying GOSTEC and Operation Hattara to enhance surveillance. The scope of Operation Hattara would be expanded to cover all the 11 LGAs,” he said.

Muhammadu Inuwa Yahaya

Muhammadu Inuwa Yahaya

Also, Fatima-Binta Bello, chairperson, Shongom Local Government Council, expressed readiness to consolidate on Mr Yahaya’s achievements in education and health sectors.

She stressed the need to strengthen human resources through recruitment of qualified personnel to address manpower gaps and enhance quality service delivery, especially at primary healthcare and basic education level.

Similarly; Ahmad Wali, chairman, Kwami LGC, said the council had initiated resurvey and remapping of grazing reserves and cattle routes to check farmer/herder clashes.

He warned that anyone found encroaching cattle routes and grazing lands would be sanctioned.

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Akwa Ibom

Umo Eno Is Committed To Blue Economy, Maritime Development: Oil , Gas

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Umo Eno

Umo Eno Is Committed To Blue Economy, Maritime Development: Oil , Gas

Umo Eno is committed to blue economy, maritime development: Oil , Gas . Akwa Ibom Oil and Gas Professionals have been assured of the commitment of the state government to harnessing the potentials of the blue economy and the extensive maritime development.

The Commissioner for Special Duties and Ibom Deep Sea Port, Comrade Ini Ememobong, reiterated the commitment of the state government to harnessing the potentials when he hosted members of the Akwa Ibom Oil and Gas Professionals to a courtesy call in his office on Thursday, March 13.

He said the recent commissioning of the Surge Protections project and development of Surge lines in Oron, was a demonstration of Governor Umo Eno’s dedication to maritime development, emphasising that the action would bring greater focus on maritime transport and recreation in the area.

Highlighting the significance of the Ibom Deep Seaport, which he described as a foundation for future development, Comrade Ememobong acknowledged the importance of a collaboration between the Ministry and the maritime oil and gas professionals and assured them of his readiness to work together with them, in order to drive growth and development in the maritime sector so as to achieve the long-term objectives of the state in the maritime sector.

The Commissioner stated that the industrial city envisioned by the Governor aims to build indigenous capacity and ensure local participation in its development, saying, “This is where the local content law comes into play, requiring that a certain percentage of the project’s workforce, services, and materials be sourced locally.”

“To activate this law, however, there needs to be available capacity among local individuals and businesses.

This is why His Excellency has prioritised capacity procurement, which ensures that the necessary skills and resources are in place before project execution begins. By doing so, the government can guarantee that local communities are well-prepared to take advantage of the opportunities arising from the industrial city’s development,” he emphasised.

Comrade Ememobong seized the occasion to commend the technical committee, led by Mrs. Mfon Usoro, in driving the Ibom Deep Seaport project forward, saying the committee is ready to collaborate with key stakeholders to turn the vision of the Ibom Deep Seaport into a reality.

Earlier, while addressing the Commissioner, the leader of the delegation and Secretary General Port State Control for the West and Central African Region, Captain Sunday Umoren, expressed his team’s enthusiasm in supporting the development of Akwa Ibom State’s maritime sector.

As indigenes of the state, with expertise in various sectors of the maritime cluster, they seek to give back by investing in human capacity building, in view of the upcoming Ibom Deep Seaport.

Umo Eno

Umo Eno

“We are here to render our services to you; we will respect your support in planning because the deep seaport is coming: the port is just a notch, but there are other aspects to port development, which if we don’t position ourselves very well, we may end up having a deep seaport in Akwa Ibom but not making the best out of it.” He said.

Other members of the team were the Senior Special Assistant to the Governor on Project and Director of Project, Ibom Deep Seaport, Engr. Akaninyene Ekong; Former District Surveyor NIMASA, Marine Surveyor Engr. Eyo James; and Project Lead, Shell UK, Adjunct Professor John Moores University, UK, Prof Maurice Asuquo.

Also on the team were the Chief Engineer, Jad Construction limited, Warri, Engr. Iniobong Ebong; Marine Pilot, Nigerian Ports Authority, Bonny/Port Harcourt Pilotage District, Rivers Port Complex, Nkopuyo Abraham.

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Economy

Tinubu Reveals How Buhari Almost Bankrupted Nigeria; He Quickly Saved The Country

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Buhari Almost Bankrupted Nigeria

Tinubu Reveals How Buhari Almost Bankrupted Nigeria; He Quickly Saved The Country

Tinubu reveals how Buhari almost bankrupted Nigeria; He quickly saved The country. The statement came hours after Muhammadu Buhari issued a statement Thursday afternoon reiterating his loyalty to the president and the ruling APC.

President Bola Tinubu on Thursday said he took over a Nigeria that was in the throes of bankruptcy after eight years of his predecessor Muhammadu Buhari.

“Nigeria would have been bankrupt if we had not taken the actions that we took, and we had to prevent the economy’s collapse,” Mr Tinubu said during a meeting with a group of supporters at the State House in Abuja.
The Nigerian leader has faced criticism for mishandling the economy after inflation soared for consumer items nationwide, a development analyst blamed mainly on the president’s decision to eliminate subsidies on essential petroleum products.

Mr Buhari was the first politician to be elected president on the platform of the All Progressives Congress, serving two terms of four years each from 2015 to 2023. He handed power to Mr Tinubu on the same platform, arguing during his last days in office that he had turned the nation’s socio-economic conditions around during his tenure.

Both leaders remained key political allies, and Mr Buhari issued a statement earlier on Thursday reiterating his loyalty to Mr Tinubu and the APC, following rumours that the former president was considering joining a budding alliance to defeat Mr Tinubu at the ballot in 2027.

It was unclear how Mr Tinubu’s statement would be received by Mr Buhari, who now lives in Kaduna following his exit from power.

A spokesman for the former president did not immediately return a request seeking comments about his successor’s statement Thursday night.

A State House press release said the president sought to assuage citizens that conditions would continue to improve after inflation showed signs of cooling in recent months.

Read the full press statement as issued by the president’s spokesman Bayo Onanuga below:
President Bola Ahmed Tinubu articulated on Thursday the rationale behind his administration’s economic reforms, saying the primary motive was protecting the interests of future generations.
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“For 50 years, Nigeria was spending money of generations yet unborn and servicing the West coast of our subregion with fuel. It was getting difficult to plan for our children’s future,” he said.

He made these remarks at the State House in Abuja while receiving a delegation of former National Assembly colleagues from the aborted Third Republic, during which he served as a Senator representing Lagos West.

The President highlighted the challenges faced at the beginning of his administration, especially economic and social issues, and expressed his gratitude for the delegation’s support in addressing these difficulties:

“We faced serious headwinds when I took over, very challenging times. Nigeria would have been bankrupt if we had not taken the actions that we took, and we had to prevent the economy’s collapse.

President Tinubu declared that the administration had been able to stem the tide and expressed appreciation to Nigerians for their collective support in turning things around.

“Today, we are sitting pretty on a good foundation. We have reversed the problem; the Exchange rate is stabilising. Food prices are coming down, especially during Ramadan. We will have light at the end of the tunnel.”

He said firm adherence to democratic tenets is the best route to economic, social, and political development.

“I am happy that you are holding to your belief in democracy. I thank you for keeping faith and remembering how we started. Some people missed the ball.

“Some leadership failed, but we kept the faith with our democratic beliefs and freedom and the right to aspire to the highest office in the land. I am benefitting from it.”

Senator Emmanuel Chiedoziem Nwaka, who spoke on behalf of the group, expressed his delight at some of the programmes that the Tinubu administration had implemented, especially the Nigerian Education Loan Fund (NELFUND) and the Nigerian Consumer Credit Corporation (CREDICORP) and at what the two organisations were offering Nigerians.

“I appreciate you for what you are giving to students because the student population is the largest demographic in the country. I’ve spoken with many of them, and many have benefited from it.

Buhari Almost Bankrupted Nigeria

Buhari Almost Bankrupted Nigeria

“And the next one is the CREDICORP. That’s a major way of fighting corruption. You see a young man, you come out of school, you want to buy a car, you have to put down cash, you want to buy a house, and you are not married, but with the CREDICORP, you can get things done. I’m following their activities; we are delighted,” he said.

Other members of the delegation were Sen. Bako Aufara Musa, Hon. Terwase Orbunde, Hon. Wasiu Logun, Hon. Amina Aliyu, High Chief Obi Anoliefo and Hon. Eze Nwauwa.

Bayo Onanuga
Special Adviser to the President
(Information & Strategy)
March 13, 2025

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