Economy
National Assembly Sends Investments Bill To President For Approval
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
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.
Tinubu Welcomes Brazilian Delegation For Bilateral Talks
Tinubu welcomes Brazilian delegation for Bilateral talks. A Brazilian delegation led by Minister of Foreign Affairs Mauro Viera visited Abuja to strengthen cooperation between Nigeria and Brazil.
The visit included delivering an official invitation from Brazilian President Luiz Inácio Lula da Silva for President Bola Tinubu to visit Brazil soon.
Discussions focused on trade, investment, and cultural collaboration, with both nations signing agreements to enhance bilateral relations.
Viera praised Tinubu’s participation in the G-20 summit in Brazil last November and emphasized the need for deeper ties in culture, economics, and education.
Tinubu
Nigeria’s Minister of Foreign Affairs, Ambassador Tuggar, highlighted Brazil’s historic support, recalling its participation in Nigeria’s independence celebrations, underscoring the long-standing relationship between both countries.
Gov. Fubara Calls For Lasting Peace In Rivers, Reaffirms Commitment to Education
Gov. Fubara calls for lasting peace in Rivers, reaffirms commitment to education. Rivers State Governor, Siminalayi Fubara, has emphasized the need for lasting peace in the state, urging members of the Rivers State House of Assembly to fully comply with the Supreme Court ruling in the interest of stability and development.
Speaking on Thursday during the inauguration of the renovated Okrika Grammar School in Okrika LGA, Fubara reiterated his commitment to peaceful governance, stating, “For me to govern effectively, there must be peace. The Supreme Court has ruled, and we must abide by it.”
He also highlighted the government’s intervention in revamping the school, following a request from the Diocese of Okrika Anglican Communion.
The renovation aligns with his administration’s focus on education, healthcare, and food security.
Rivers State Commissioner for Education, Dr. Ovy Chukwuma, described the project as a testament to Fubara’s dedication to quality education.
The renovations included modern classrooms, hostels, an ICT library, laboratories, an administrative block, perimeter fencing, and improved sports facilities.
Governor Fubara
Fubara assured the Anglican Church that experts would assess erosion threats to the school’s land, ensuring its long-term sustainability.
The event saw praise from the Old Boys Association, community leaders, and religious figures, who commended the governor for restoring the institution’s legacy.
Rivers State Assembly to Investigate Chief Judge Over Alleged Age Falsification
Rivers State Assembly to investigate Chief Judge over alleged age falsification. The Rivers State House of Assembly has initiated an investigation into the state’s Chief Judge, Justice Simeon Amadi, over alleged age falsification.
The move comes amid the ongoing political crisis in the state, involving a power struggle between FCT Minister Nyesom Wike and Governor Similayi Fubara.
On Thursday, the issue was raised during plenary after the House Leader, Hon. Major Jack, presented certain documents to the Speaker, Martin Amaewhule.
The Deputy Speaker, Hon. Dumle Maol, stated: “These documents indicate that Justice Simeon Amadi falsified his age in service. This is a serious allegation, and I hope the House takes legislative notice.”
Rivers State Assembly
Following deliberations, the Assembly resolved to request an investigation by the Department of State Services (DSS).
The motion was put to a vote and approved, directing the DSS to verify the claims and report back to the House.
-
Akwa Ibom2 months agoThe Apostolic Church Gets New Territorial Chairman, Exco
-
Akwa Ibom2 months agoUmo Eno Commences Payment Of 80,000 Naira Minimum Wage With Arrears
-
News2 months agoList Of 42 Executive Orders Of Trump
-
Politics2 months agoPresident Trump Changes Divorce Law, No 50% Property Shares
-
News1 month agoThe Apostolic Church Gets New National President, Executive
-
Economy1 month agoTinubu Allocated N940 Billion To TETfund In 2025 Budget
-
Economy2 months agoEnugu-Onitsha Expressway: Many Feared Dead, 8 Vehicles Burnt In Tanker Explosion
-
News2 months agoTinubu In Closed-Door Meeting With Ogoni Leaders, Wike, Fubara