President Bola Tinubu, is set to perform the  groundbreaking of 2,000 housing units of the Renewed Hope City in Ibeju Lekki, Lagos, in the next few weeks.

Mr Ahmed Dangiwa, Minister of Housing and Urban Development, announced this during an official assessment visit, on Wednesday in Lagos

Dangiwa said Lagos would represent the South-west, while the president would do that of the North-West in Kano, before doing that of the four other regions.

“Arrangements is already on ground, we have gotten sites, and work has commenced for 2000 houses in the Renewed Hope City that we intend to build in Ibeju-Lekki,” he said.

Towards achieving the set goal, the minister said the visiting team also paid a courtesy visit to Gov.

Babajide Sanwo-Olu to discuss area of collaboration between the federal and state governments.

He disclosed that the federal and Lagos state governments had agreed to set up a Tripartite committee and ensure all the issues of concerns between the parties were resolved amicably for the benefit of all.

Earlier, the Minister embarked on an assessment visit of deplorable Federal Government buildings and assets across Lagos state in a bid to commence rehabilitation on them in a few months.

Dangiwa said the rehabilitation was necessary as the deplorable buildings posed a challenge and security concerns to the Lagos state government. (NAN)

Gov. Hyacinth Alia on Wednesday presented the sum of N550.1bn as the 2025 appropriation bill to the Benue State House of Assembly for consideration and passage into law.

Alia told the lawmakers that out of the total budget size, N175.4 billion is for recurrent expenditure while the N374.

7 billion is for capital expenditure.

The governor said that the total estimate represented a 47.

5  per cent increment over the 2024 revised and approved figure of N373 billion.

He stated that the appropriation bill tagged “Budget of Human Capital Development, Food Security, and Digital Economy” was to consolidate the gains made in 2024.

Alia further explained that the proposed recurrent expenditure of N175.

4 billion was 13.55 per cent higher than the previous year.

According to him, budgeted capital expenditure of N374.7 billion represents a 71.5 per cent increment on the 2024 revised capital expenditure.

“The budget breakdown indicated that the sum of N212.2 billion, representing 38.52 per cent is for administration; N196.6 billion, representing 35.68 per cent is for the economy; law and justice will take N26.6 billion, representing 4.84 per cent while social welfare will gulp N115.5 billion, representing 20.96 per cent.

“We have the vision. We have the will. And most importantly, we have the people ready to work alongside us to turn this vision into reality.

“Together, we will build a state where every citizen has the opportunity to succeed, where food is plentiful, and where the digital economy opens new frontiers of opportunity for all,” he said.

The governor said the intention of the government was to stay within the limits of its recurring revenue to build the state without accruing unnecessary debts for generations unborn.

He, however, said that since the 2025 budget was a deficit one, it proposed a borrowing plan of a conservative sum of N26bn, representing a modest 4.7 per cent of the proposed aggregate expenditure for 2025.

“This is lower than the state’s debt-to-GDP ratio of 8.2 per cent which is within the benchmark of the 25 per cent debt sustainability threshold.

“Despite these favourable debt ratios, I want to reiterate that borrowing will only be considered as a last resort and for regenerative investment purposes,” he added.

Alia stated that the problem of Internally Displaced Persons (IDPs) remained a challenge, adding that they have reasonably improved their living conditions.

He said the Bureau of International Cooperation and Development has elicited substantial grants from donors, totalling N85bn. (NAN)

The President of the Senate, Sen. Godswill Akpabio, says the National Assembly will prioritise the interest of all Nigerians in considering the tax reform bills.

Akpabio made the pledge on Wednesday in Abuja at a roundtable on the four tax reform bills organised by the National Institute for Legislative and Democratic Studies (NILDS).

He said that the bill before the National Assembly represented a critical step forward in modernising Nigeria’s tax system.

He explained that the bills, when passed into law, would ensure a more equitable distribution of the tax burden among all Nigerians.

According to him, these bills aim to enhance efficiency, improve revenue generation, and ultimately, build a stronger, more prosperous Nigeria for all.

Akpabio acknowledged that the introduction of the bills had been met with some misunderstanding and politicisation by certain segments of the society.

The senator said that the misunderstandings should not be seen as a setback, but rather as a testament to the growing democratic maturity of the country.

“As your representatives, we want to assure our compatriots that the members of the National Assembly have heard your voices.

“We stand here, not as adversaries, but as partners in the quest to build the Nigeria of our dreams.

“We know that we have the unwavering trust of the Nigerian people, and we will never, ever, betray that sacred trust in the performance of our duties.

“Let us use this moment to reaffirm our unwavering commitment to a National Assembly that is pro-people, pro-democracy, and pro-progress.

“As the great Nelson Mandela once said, “It always seems impossible until it’s done.” My friends, together, we can make the impossible, possible with this tax reforms,” he said.

He commended the organisers for the initiative saying that NILDS had consistently demonstrated its commitment to fostering constructive dialogue and serving as a bridge between the legislature and the Nigerian people.

Earlier, the Director-General of NILDS, Prof. Abubakar Sulaiman, said that the importance of an efficient tax system to national development was a public knowledge.

He said that one of the challenges Nigeria faced as an emerging economy was the presence of several policy and institutional weaknesses that created loopholes in the tax system.

According to him, this singular challenge remains one of the pitfalls of effective public financial management in Nigeria.

The director-general said that there was an urgent need for tax reforms in the country saying that it was long overdue.

Sulaiman explained that contrary to the fears expressed by many, the tax reforms were designed to reduce the burden of taxation of all people by the government.

 The DG said that it would also make the tax system more progressive and less regressive while  simplifying the tax system by making it more accountable and understandable.

He said that the controversies surrounding the bills underscored the need for a fair and balanced tax system that mirrors the specificities of the Nigerian society.

“Therefore, as Nigerians continue to debate the merits and demerits of the tax reform bills, it is imperative to create the platform for engagements by all stakeholders towards passing a law that lays a strong fiscal and revenue foundation for sustainable growth and development in Nigeria.

“It is expected that the discussions today shall cover the main reforms contained in the tax reform bills, explore the extant legal and institutional challenges inherent in the current tax system and the interventions of the tax reform bills within prevalent social, political, and economic context.

“The core objective of today’s engagement therefore, is to explore perspectives on the potential short and long-term benefits and risks of reforms contained in the new tax reform bills.

“I hope that deliberations at this roundtable form the crucible for policy recommendations that will be taken into cognisance during the passage of the bill into law,” he said.

Also speaking, Mr Taiwo Oyedele, the Chairman, Presidential Fiscal Policy and Tax Reforms Committee, provided answers to the many misconceptions on the bills.

Oyedele said that the tax bills carried reforms that were important for the growth and development of the country which Nigeria could not afford to lose.

He said that one of the most debated section of the bills was on the VAT sharing formula which the existing formula was being challenged in court by two states of the federation.

Oyedele said that the bills sought to correct it as it would be chaotic if states were allowed to collect VAT because it would not augur well with businesses in the country.

The chairman said that the bill did not have any clause to merge existing agencies saying that the bills sought to enhance collaboration.

He also a said that contrary to opinion held by some group, the bills did not have any clause to task the poor.

The chairman said that the bill, when passed into law, would exempt low income earners from paying Personal Income Tax as well as small businesses.

He said that on the long run, all Nigerians would be better for it as they would be beneficiaries of the reforms. (NAN)