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Economy

Senate Sets To Consider Tax Reform Bills

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Legislators

Senate Sets To Consider Tax Reform Bills

Senate sets to consider tax reform bills. The Senate leader assured Nigerians that the upper chamber will consider the bills immediately after Eid-El-Fitir and Easter holidays.

The leader of the Senate, Opeyemi Bamidele, has said the Red Chamber will look into all issues of public concern relating to the Tax Reform Bills, 2024.

The Senate leader assured Nigerians that the upper chamber will consider the bills immediately after Eid-El-Fitir and Easter holidays.

Mr Bamidele said this on Thursday in a statement.
He also mentioned that the review of the Constitution was on course.

According to him, the process would lead to a more efficient and responsive governance system when it was concluded.

Persuaded by the urgent need to strengthen the country’s economy, Bamidele said the Senate had focused mainly on developing legal frameworks.

“To stabilise the fiscal and monetary spaces; prioritise security; address consumer price inflation and create more functional governance structures,” he said.

The Senate leader pointed out prominent roles he had played in the formulation and prioritisation of several significant legislative initiatives, including the introduction of the Tax Reform Bills 2024.

He said the tax reform bills “are game changers that will significantly redefine and transform our country’s fiscal environment.”

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Tax Reform Bills

Mr Bamidele stated that when enacted, the bills will address inequality and injustice that characterise our tax system.

“Besides, all businesses with N50 million capital or below will now enjoy tax exemptions. Value-added tax will no longer be placed on exports and essential consumptions by the masses.

“The essential goods and services include food items, education, transportation and medical treatment, among others,” the senator said.

Akwa Ibom

Gov Eno Flags Off Ikot Ekpene International Market, Targets Trade, Jobs, Economic Growth

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Ikot Ekpene International Market

Gov Eno Flags Off Ikot Ekpene International Market, Targets Trade, Jobs, Economic Growth

Akwa Ibom State Governor, Pastor Umo Eno, has officially unveiled the design and performed the groundbreaking ceremony for the construction of the Ikot Ekpene International Market, describing the project as a strategic investment in trade, employment and economic development.
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The ceremony, held on Wednesday, September 30, as part of activities marking the 39th anniversary of Akwa Ibom State, took place in Ikot Ekpene Local Government Area.

Speaking at the event, Governor Eno said the project demonstrated his administration’s commitment to delivering tangible infrastructure across the state.
He recalled earlier questions from the opposition regarding the number and location of the 39 projects promised as part of the anniversary activities.

“When we first started, the opposition asked, ‘Where are the 39 projects?’
“Today, we can gladly tell them to come and see,” the Governor said.
Governor Eno explained that the project was not merely about constructing a market but about investing in the economic future of Akwa Ibom State.

“Today, we are not just laying a foundation or turning the sod for this market; we are laying a foundation for prosperity, building infrastructure for opportunities, and creating a platform upon which our traders, entrepreneurs, artisans, manufacturers, and young people can build their dreams,” he said.

Also speaking, the Commissioner for Trade and Investment, Captain Iniobong Ekong (Rtd.), said the project reflected the administration’s efforts to position Akwa Ibom as a hub for trade, tourism and industrialisation.
According to him, the first phase of the market comprises 30 blocks of double-deck structures containing 108 shops, alongside two warehouses, restaurants, cold rooms, a police station, asphalt and concrete roads.

Ekong said the strategic location of the market would attract traders and customers from neighbouring states and beyond, particularly Cross River, Abia and Rivers states, as well as Cameroon.
“Upon completion, this market is going to generate income and revenue, create employment, and connect us with the trade hubs of the Gulf of Guinea,” he said.

The Director-General of Campaigns, Ambassador Chief Assam Assam (SAN), commended Governor Eno for initiating the project, noting that its strategic location would make it accessible to communities across the state.
He recalled the Governor’s earlier promise to establish an international market in Ikot Ekpene, describing the project as the fulfilment of that commitment.

“I remember that the Governor was in Ikot Ekpene Stadium when he said he was going to build an international market in Ikot Ekpene. This market is this Governor’s dream child,” Assam said.
Speaking on behalf of stakeholders in the area, Senator Emmanuel Ibokessien said the project was conceived by the people of Ikot Ekpene in 2010 but remained unrealised through successive administrations.
He commended Governor Eno for actualising the project.

“This project started in 2010 when it was conceived by the people of Ikot Ekpene. And through three administrations, this project did not see the light of day, but when you came with the finisher’s anointing, this project is now actualised,” he said.

Earlier, the Chairman of Ikot Ekpene Local Government Area, Hon. Elder Aniefiok Nkom, expressed appreciation to Governor Eno for commencing the long-awaited project.
Nkom recalled previous discussions on the economic importance of the market, noting that its location was expected to redirect commercial traffic and attract traders who ordinarily travel to other commercial centres.

He described the Governor as “a man of his word,” saying the people of Ikot Ekpene were excited by the commencement of the project.

Ikot Ekpene International Market

Ikot Ekpene International Market

The Paramount Ruler of Ikot Ekpene Local Government Area, His Royal Majesty, Okuku Okon Udo Ukut, also expressed gratitude to the Governor, describing the project as a significant development for the area.

Upon completion, the Ikot Ekpene International Market is expected to strengthen commercial activities, create employment opportunities and expand Akwa Ibom State’s trade links with neighbouring states and the wider Gulf of Guinea region.
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Economy

NAF Boosts Grassroots Economic Development, Commissions Special Intervention Project in Benue

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Benue

NAF Boosts Grassroots Economic Development, Commissions Special Intervention Project in Benue

A new chapter in community development was opened in Oklenyi, Okpoga, Benue State, as the Nigerian Air Force (NAF) commissioned a Chief of the Air Staff (CAS) Special Intervention Project, executed in honour of one of its distinguished senior officers and an illustrious son of the State, Air Vice Marshal Patrick Owoicho Obeya.
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The CAS, Air Marshal Sunday Kelvin Aneke, represented by the Chief of Civil-Military Relations, Headquarters NAF, Air Vice Marshal Edward Gabkwet, said the initiative reflects the NAF’s commitment to winning hearts and minds, strengthening public trust and deepening cooperation with host communities. He noted that it is one of 21 similar interventions executed nationwide in honour of distinguished senior officers in their respective homelands.

The CAS said the newly commissioned market sheds, administrative block and water facilities are designed not only to provide essential infrastructure, but also to stimulate economic activity and improve livelihoods at the grassroots. He commended AVM Obeya for facilitating the intervention and urged the Oklenyi community to take ownership of and protect the facilities.

He further emphasised that sustained civil-military cooperation and the timely sharing of actionable intelligence remain critical to supporting the Armed Forces in tackling security threats and safeguarding Nigeria’s territorial integrity.

For AVM Obeya, the intervention represents a meaningful opportunity to give back to his community. The facilities comprise two market sheds capable of accommodating up to 48 traders, a furnished administrative block and a solar-powered water reticulation system supported by two deep wells.

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NAF

The Executive Governor of Benue State, Rev. Fr. Hyacinth Alia, represented by the Secretary to the State Government, Dcns. Serumun Deborah Aber, commended the NAF for complementing its traditional defence role with community development, noting that the intervention aligns with the State Government’s rural transformation agenda.

He urged the people of Okpoga to protect and sustain the facilities for the benefit of present and future generations.
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Economy

NAF, Innoson Vehicle Manufacturing (IVM) Sets for Partnership to Advance Indigenous Defence Capacity

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Innoson Vehicle Manufacturing (IVM)

NAF, Innoson Vehicle Manufacturing (IVM) Sets for Partnership to Advance Indigenous Defence Capacity

The Chief of the Air Staff (CAS), Air Marshal Sunday Kelvin Aneke, has expressed the readiness of the Nigerian Air Force (NAF) to explore a strategic partnership with Innoson Vehicle Manufacturing (IVM) to strengthen indigenous capacity in aircraft spares production, technology transfer and specialised technical training.
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The CAS stated this on 29 September 2026 when the Chairman of IVM, Chief Dr Innocent Ifediaso Chukwuma, CON, paid a courtesy visit to him at Headquarters NAF, Abuja.

Discussions focused on leveraging IVM’s indigenous manufacturing capabilities to support NAF operational requirements and advance local content in the defence sector. Chief Chukwuma highlighted IVM’s interest and capability in the production of selected aircraft parts and spares, while also showcasing its CNG and electric vehicle manufacturing capabilities.

The CAS welcomed the initiative and reaffirmed NAF’s commitment to partnerships that promote local production, technology transfer and human-capacity development. He also expressed interest in exploring affordable vehicle acquisition options for NAF personnel through convenient payment arrangements, subject to further engagement and applicable procedures.

Innoson Vehicle Manufacturing (IVM)

Innoson Vehicle Manufacturing (IVM)

The engagement underscores the CAS’s drive to harness indigenous innovation and local expertise to strengthen NAF capability and personnel welfare, while supporting Nigeria’s broader pursuit of technological self-reliance and industrial development.
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