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Seven Months After, Reps Pass Harmonized Tax Reform Bills

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By Eze Okechukwu and Ubong Ukpong,Abuja

House of Representatives on Wednesday passed the tax reform bills transmitted to the National Assembly by President Bola Tinubu in October 2024.The bills were passed at a session presided over by the Deputy Speaker, Benjamin Kalu.

The development followed the adoption of the harmonised versions of the reform bills by both the House and the Senate.
At plenary on Wednesday, the House of Representatives considered the report of the conference committee, which harmonised the bills.
The Chairman of the House Committee on Finance, Abiodun Faleke (APC, Lagos), who headed the House team to the conference committee, presented the conference report to the House for consideration.
According to him, the Conference Committee met and agreed on all areas of difference in the version passed by both chambers of the National Assembly. He stated that there were 45 areas of difference in the Nigeria Tax Administration Bill, 12 areas of difference in the Nigeria Revenue Service Bill, 9 areas of difference in the Joint Revenue Board Bill and 46 areas of difference in the Nigeria Tax Bill, adding that all grey areas were resolved ahead of the passage. While the conference committee agreed to retain the Senate version in some of the clauses, they also retained the House version in some others, making amendments in a few others. The conference committee agreed to the imposition of a 4 per cent development levy on the assessable profit of all companies chargeable to tax under Chapters 2 and 3, except small companies and non-resident companies. They also agreed that the levy shall be collected by the Nigeria Revenue Service and paid into a special account created for the same purpose.

In the sharing formula, the committee agreed that 50 per cent of the tax would go to the Tertiary Education Trust Fund, 15 per cent to the Education Loan Fund (up from 3 per cent agreed by the House), and 8 per cent to the Nigeria Information Technology Development Fund.

Similarly, the National Agency for Science and Engineering Infrastructure is to get 8 per cent (down from 10 per cent earlier agreed by both chambers), the National Board for Technology Incubation is to get 4 per cent from the fund, defence and security infrastructure is to get 10 per cent while cyber security fund will get 5 per cent.

Meanwhile, the Social Security Fund, Nigeria Police Trust Fund, and National Sports Development Fund were excluded from the list of beneficiaries passed by the House of Representatives.

The committee also adopted a new clause 158, which imposes a 5 per cent surcharge on chargeable fossil fuel products provided or produced in Nigeria and shall be collected at the time a chargeable transaction occurs.

The controversial Value Added Tax sharing formula was not part of the areas of disagreement between the two legislative chambers.

In his remarks, Kalu said the parliament has played its part in ensuring that the country moves forward, even as he urged the executive arm of government to do its part.

In his contribution, a member of the House representing Gwoza/Damboa/Chibok Federal Constituency, Borno State, Ahmed Jaha warned those who will clean up the bill not to tamper with any of the clauses passed, saying “Where the T is not crossed, don’t cross it, where the I is not dotted, don’t do it. We have the original copies of the bills as passed before and after harmonisation.

“We have had cases in the past where those in charge of cleaning up the bills tamper with it and at the end of the day, the President will withhold assent. That must not happen.”

That said, the All Progressives Congress lawmaker singled out Speaker Tajudeen Abbas and Deputy Speaker, Benjamin Kalu for praise, saying, “I want to thank your leadership for the role you played in making these bills a success. I also want to thank the Chairman of the Committee, Abiodun Faleke. He showed that he is truly a good elder. He provided a lot of training for some of us, and I want to say that this is the way to go.”

In a related development, the Senate has approved the Rivers State 2025 budget for a second reading.

The budget, which totals ₦1,480,662,592,442 trillion, was presented by the Senate Leader, Senator Michael Opeyemi Bamidele, on Wednesday.

Bamidele explained that the Senate had assumed legislative powers over Rivers State following the declaration of a State of Emergency in the state.

Supporting the motion, Senator Solomon Adeola Olamilekan emphasised the urgency of passing the budget to ensure that the people of Rivers State feel the impact of governance.

He said, “Mr. President, I am not exactly sure under what title this document is categorised, but from what I can see, it pertains to a budget under the state of emergency. I hereby support its passage for second reading so that the people of Rivers can feel the presence of government.”

With no opposition to the motion, the Senate President, Godswill Akpabio, conducted a voice vote and referred the budget to the Ad-hoc Committee on Overseeing the Rivers State of Emergency for further legislative action.

Senate announced that the Sole Administrator of Rivers State, Vice Admiral Ibok-Ete Ekwe Ibas, along with other key state officials, would appear before a Joint National Assembly Ad-hoc Committee to defend the state’s 2025 budget. NASS holds commemorate 25 years of democracy, holds joint session,

Also,President of the Senate, Senator Godswill Akpabio, has announced that a joint session of the National Assembly will be held on June 12 to commemorate Democracy Day.

He made the announcement after the upper chamber reconvened for plenary on Wednesday.

Akpabio revealed that the Senate leader, Senator Opeyemi Bamidele, the Senate minority leader, Senator Abba Moro as well as the Chairman senate services, Senator Sunday Karimi will meet with their counterparts in the House of Representatives to finalize the programme of activities and coordinate arrangements for the special session.

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DAILY ASSET Appoints Torough, Editor, Names Eze, Deputy

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By Laide Akinboade, Abuja 

As part of efforts to reposition the newspaper for optimum corporate performance, the management of Asset Newspapers Limited, Publishers of DAILY ASSET, has announced the appointment of David Torough as the Editor of the Abuja-based national daily.

A statement by the management said the appointments were part of the company’s new strategy to further penetrate the various states in the country and raise its readership and patronage.

“DAILY ASSET is widely acceptable across the country and to maintain our leadership position, we need to increase management presence, hence the need to create new Bureau offices in some locations outside Abuja and Lagos,” the statement quoted the Publisher/ Editor-in-Chief, Dr Cletus Akwaya to have said.

In a statement yesterday, Publisher and Editor-in-Chief of the fast-growing daily, Dr. Cletus Akwaya said the appointment was part of the new strategy to properly situate the paper for better productivity.

“DAILY ASSET has a commitment with the Nigerian people. We are determined to weather the storm and give Nigerian readers a Newspaper that satisfies their yearnings and reading pleasure and we can only do that with the right set of professionals,” the statement said.

Akwaya, a former Commissioner of Information from Benue State said the difficult times being faced by Nigerians posed a great challenge to the media as the people deserved credible information with which to make choices.

“We have a bond with the people, to offer credible information at all times in the best tradition of the Nigerian Press and on this scale of objectivity, truth and fairness, we pledge to remain steadfast no matter the challenges,” Akwaya was quoted to have said.

He said the newspaper will maiantin its daily print run and circulation to all states of the federation and urged advertisers to take advantage of the deep penetration of the Daily Asset brand to send their messages.

Torough, the new Editor has had a steady rise in the Newspaper in the last five years.

A graduate of Mass communication of the Benue State University, Makurdi, Torough joined the company in 2022 as Benue State Correspondent. He was spotted for his brilliance and redeployed to Abuja the following year and promoted to Deputy News Editor.  He was subswuently named Deputy Editor of the paper, a position he held until the recent appointment. 

Torough  has  attended several journalistic workshops and trainings to properly equip himself for the task ahead.

The statement also said the Management named Eze Okechukwu as Deputy Editor.

Before his elevation as Deputy Editor, Eze has been Deputy Politics Editor and  DAILY ASSET Newspaper correspondent  covering the Senate, having joined the organization in 2021.

Born on March 10, 1975, Eze holds a Masters Degree in Mass Communication from the Enugu State University of Science and Technology.

Eze began his journalism career with Daily Star, Enugu and later worked with Daily Trust Newspaper, Abuja as sports reporter.

Aside from his journalistic excellence, he has a great deal of passion for sports.

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Insecurity: Northern Govs, Monarchs Seek Six-month Mining Suspension

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From Ngutor Dekera, Kaduna and Aliyu Askira, Kano

Northern governors and traditional rulers yesterday called for the suspension of mining activities across the region for six months, blaming illegal mining for worsening insecurity in many states.The resolution was contained in a communiqué issued after a joint meeting of the Northern States Governors’ Forum and the Northern Traditional Rulers’ Council held at the Sir Kashim Ibrahim House, Kaduna.

The meeting, chaired by the Gombe State Governor and NSGF Chairman, Muhammadu Yahaya, had in attendance the 19 northern governors and chairmen of the 19 states’ traditional councils.
The Forum expressed concern over the escalating violence in parts of the North, including the killings and abductions recently recorded in Kebbi, Kwara, Kogi, Niger, Sokoto, Jigawa and Kano states, as well as renewed Boko Haram attacks in Borno and Yobe.
“The Forum extends its deepest condolences and solidarity to the governments and good people of the affected states,” the communiqué said, noting that the attacks on schoolchildren and other citizens had become “unacceptable tragedies” that required urgent collective action.It commended President Bola Tinubu for what it described as the Federal Government’s “firm response” to recent abductions and insurgency threats, especially the rescue of some abducted pupils.The governors also saluted security agencies for their sacrifices on the frontlines.“We resolved to renew our support for every step taken by the President and Commander-in-Chief to take the fight to insurgents’ enclaves in order to end the criminality,” the Forum stated.A major highlight of the meeting was the North’s renewed push for the establishment of state police, with governors and traditional rulers insisting that decentralised policing had become inevitable.“The Forum reaffirms its wholehearted support and commitment to the establishment of state police,” the communiqué added, urging federal and state lawmakers from the region to “expedite action for its actualisation.”On illegal mining, the governors said criminal mining networks were fuelling violence and providing resources for armed groups.As a corrective measure, they asked Tinubu to direct the Minister of Solid Minerals to impose a six-month suspension of mining activities in order to allow for a full audit and revalidation of licences.“The Forum observed that illegal mining has become a major contributory factor to the security crises in Northern Nigeria. “We strongly recommend a suspension of mining exploration for six months to allow proper audit and to arrest the menace of artisanal illegal mining,” it said.To strengthen the fight against insecurity, the governors also announced the creation of a regional Security Trust Fund.Under the proposed arrangement, each state and its local governments will contribute ₦1bn monthly, to be deducted at source under an agreed framework.They said the fund would help provide sustainable financing for joint operations, intelligence-driven interventions and coordinated security responses across the region.At the end of the meeting, the Forum reaffirmed its commitment to unity and collective responsibility.“Only through unity, peer review and cooperation can we overcome the pressing challenges before us,” it declared.The Forum agreed to reconvene on a date to be announced.Meanwhile, Nigeria’s worsening security crisis took a grim turn on Monday as bandits launched fresh attacks in Kano State, abducting 25 villagers, even as the Federal Government raced to secure the release of more than 300 Catholic school children kidnapped in Niger State.In the early hours of Monday, armed bandits invaded Unguwar Tsamiya—popularly called Dabawa—in Shanono Local Government Area of Kano State, whisking away nine men and two women after shooting into the air and assaulting residents. The attackers also rustled two cows.A resident lamented the community’s helplessness: “We cannot do otherwise; most of us cannot leave because we have nowhere to go. This is our place, our land and everything is here.”The assault came less than 24 hours after a similar attack on Yan Kamaye in Tsanyawa LGA, a community along the volatile Katsina border.In Niger State, National Security Adviser Nuhu Ribadu has assured distraught families of St. Mary’s Co-Education School, Kontagora that the more than 300 students and staff abducted on November 21 will return home “soon.” Ribadu, who led a high-level federal delegation to the school on Monday, said the abductees are safe, though he offered no specifics on their location or the status of rescue operations.According to Daniel Atori, spokesman for the Catholic bishop overseeing the school, the NSA reassured officials: “The children are where they are and will come back safely.”The St. Mary’s attack is part of a worrying resurgence of mass kidnappings reminiscent of the 2014 Chibok schoolgirls’ abduction. Security analysts warn that banditry has evolved into a “structured, profit-seeking industry,” with hundreds of Nigerians abducted in November alone.The Kontagora school abduction occurred the same week 25 girls were kidnapped in Kebbi State—victims who authorities say have since been rescued through “non-kinetic” means. About 50 of the St. Mary’s hostages have also managed to escape.Ribadu’s delegation, which included the Minister of Humanitarian Affairs and the Director-General of the Department of State Services (DSS), reaffirmed the government’s commitment to securing the freedom of all abducted citizens.As communities from Kano to Niger continue to bear the brunt of these violent incursions, the escalating spate of kidnappings underscores the urgent national demand for a more decisive and coordinated security response.

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Abacha Loot Probe: Malami Faces EFCC Panel Daily in December

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Abubakar Chika Malami SAN Attorney General
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By David Torough, Abuja

The Economic and Financial Crimes Commission (EFCC) said former Attorney‑General of the Federation and Minister of Justice,  Abubakar Malami, will face a team of interrogators at its office daily throughout December.A credible source in the EFCC said on Monday that the daily appearance was part of an ongoing investigation into the whereabouts of an alleged 490 million dollars Abacha loot secured through a Mutual Legal Assistance (MLAT) request.

The source said that Malami, who was summoned for interrogation by the EFCC on Saturday, was barred from leaving Nigeria for the next one month.According to the source, one of the conditions for his release on Saturday was that he should report daily to the EFCC Headquarters in Abuja for further interrogation.
The source said Malami would have to appear daily at the anti-graft office due to the volume of the investigation and the seriousness of the charges against him.”We seized his passport, it is the normal routine during investigation, but he has to report at the EFCC headquarters in Abuja every day for the next month.”He will be reporting for further investigation throughout December.”He will be reporting every day, starting from Dec. 1st to Dec. 31st.He will appear before the team of investigators for the entire month of December.”He will be reporting to EFCC for investigation for the period because of the volume of the investigation and the seriousness of the charges against him,” the source added.According to the source, a fact sheet on the former minister revealed that Malami had several issues to clarify with the EFCC within the coming weeks.“We have asked him to explain the whereabouts of the $490 million Abacha loot secured through MLAT.“We didn’t say he stole money, but he should account for the loot. This is one of the issues he will clarify to our investigators.”The commission cited the large volume of documents he must review and the need for extensive interviews as reasons for seizing his passport.The source said EFCC would not engage in a war of words but would release its findings after a thorough investigation.Malami, in a statement by his media aide, Mohammed Doka, on Monday in Abuja, however, described the EFCC investigation as a political witch‑hunt.He confirmed he honored an EFCC invitation on Nov. 28, describing the engagement as fruitful and expressing confidence that the probe would vindicate him.Malami described the EFCC’s allegations as baseless, illogical and devoid of substance, insisting they collapse under factual scrutiny.

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