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Shettima, Jinping Agree on Railways Completion

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The Peoples Republic of China has renewed  commitment to refinancing and completion of the Abuja-Kano and Port- Harcourt-Maiduguri railway projects.

This was contained in a statement issued by Stanley Nkwocha, Senior Special Assistant to the President on Media and Communications, Office of the Vice-President.

The statement, released on Wednesday in Abuja, quoted the President of China, Xi Jinping, making the pledge while responding to requests made by President Bola Tinubu during a bilateral meeting with the Chinese leader in Beijing.

Tinubu was represented by the Vice-President Kashim Shettima at the Belt and Road Initiative Forum (BRI) holding in China.

Since the launch of the projects, China was yet to release funds for the two major railway projects in Nigeria largely due to cutbacks and commitments.

China had agreed to provide 85 per cent financing for the construction of the Abuja-Kano and Port-Harcourt-Maiduguri railway projects.

Nigeria, which the duty of paying the balance of 15 per cent paid its part of the funding from inception of the project through appropriations.

The Chinese President who was visibly elated to receive the Nigerian delegation led by Shettima at the Peoples Building in China, pledged increased investments in Nigeria’s power generation and digital economy.

He called for the protection of Chinese nationals working in Nigeria, saying he would, in turn, ensure that the Nigeria-China bilateral relation was stronger than before.

Jinping also promised that China would enhance political support and build cooperation in all fields.

He appreciated Nigeria’s support of one China Policy and pledged to further deepen practical cooperation.

The Chinese leader threw his weight behind the Renewed Hope Manifesto of Tinubu and his 8-point economic agenda.

He added that China would support Nigeria’s exports, especially as they relate to peanuts and others, even as the China – Africa talent initiative remained key in its cooperation with Nigeria.

In the area of security, Jinping promised continued crackdown on terrorists, assuring that China was committed to peace in the Sahel region.

He added, “Like President Bola Tinubu stated recently at the last United Nations General Assembly, Africa does not need to run away.

”Africa holds the key to the World. We support Nigeria to play key roles in international relations and upholding allies’ commitments.

”Mr vice president, you spoke about upscaling and further upgrading of our strategic relationship, and I totally agree with you.

“Nigeria is developing with big potentials. I totally agree with you. Our foreign Ambassadors can stay and work out this upgrading.”

Earlier, Shettima, who delivered the well wishes of Tinubu described the rail projects as very vital to the president and the people of Nigeria

He said the projects remained a legacy ones that would further open up the nation’s economy, create jobs and boost trade and investments across the country.

The vice president said Tinubu remained committed to a stronger Nigeria – China tie, adding that it was ladened with respect, non-political interference and mutual international cooperations.

He said, “Our relationship commenced about 50 years ago, precisely in 1971 and it has been upgraded to a comprehensive partnership.

“But we crave your indulgence, Your Excellency, to further upgrade this relationship to a comprehensive strategic partnership because of the importance we attach to our relationship with China.

“When we met in South Africa at the China Plus 1 summit, I was very honest and upright with you.

“Beyond the infrastructure support we are getting; why we love, cherish and respect China is that you treat us with respect and dignity. You don’t dictate to us who our friends are. We don’t forget our friends.

“China stood by us through thick and thin from the post-colonial struggles for independence in Zimbabwe, Angola, Mozambique, the struggle for the emancipation of our people in Southern Africa; China stood shoulder to shoulder with the African continent, we thus appreciate your friendship.”

Jinping had before his audience with Shettima formally declared the forum, which had numerous Heads of States and top government officials open. (NAN)

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FG Plans N350bn Bond Auction Increase   

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By Tony Obiechina, Abuja 

The Federal Government, through the Debt Management Office (DMO), has announced plans to raise N350bn via a bond auction, reinforcing its commitment to securing long-term funding for national development.

According to  a notice by DMO, the auction scheduled for yesterday, would  see the reopening of two previously issued Federal Government Bonds: the 19.

30 per cent FGN April 2029 bond with an offer size of N200bn and the 18.
50 per cent FGN February 2031 bond, offering N150bn.

The settlement date for successful bidders is set for February 26, 2025.

This issuance aligns with the government’s broader strategy of raising capital to finance national projects while providing investors with a stable and secure investment opportunity.

By reopening these bonds, the government aims to enhance liquidity in the bond market and efficiently manage its debt obligations.

The bonds are offered in units of N1,000, with a minimum subscription of N50,001,000. Subsequent investments must be in multiples of N1,000. While the coupon rates remain fixed at 19.30 per cent and 18.50 per cent for the 2029 and 2031 bonds, respectively. The final price paid by investors will depend on the yield-to-maturity bid clearing the auction volume.

Investors will also be required to cover any accrued interest from the last coupon payment date to the settlement date.

Bond interest payments will be made semi-annually, ensuring steady returns for investors. Upon maturity, the principal will be repaid in full via bullet repayment, meaning the entire face value is disbursed at once.

These bonds qualify as government securities under Nigerian tax laws, making them highly attractive to institutional investors such as pension funds and insurance companies. Under the Company Income Tax Act (CITA) and the Personal Income Tax Act (PITA), pension funds and other qualified institutional investors are eligible for tax exemptions.

Additionally, the bonds meet the requirements of the Trustee Investment Act, allowing trustees to allocate funds confidently. Listed on both the Nigerian Exchange Limited (NGX) and the FMDQ OTC Securities Exchange, the bonds offer investors the flexibility to trade them in the secondary market.

Investors interested in participating in the bond auction can do so through Primary Dealer Market Makers (PDMMs) authorised by the DMO. These financial institutions include major banks such as Access Bank, First Bank of Nigeria, Stanbic IBTC Bank, Citibank Nigeria, Guaranty Trust Bank, and Zenith Bank, among others.

With this latest bond issuance, the federal government continues to reinforce its fiscal management strategy, offering a secure and structured investment opportunity while addressing national funding needs.

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Tinubu Congratulates Aiyedatiwa on Second Term as Ondo Governor

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President Bola Tinubu has congratulated Lucky Aiyedatiwa, who was sworn in yesterday for a second term in office as  Governor of  Ondo State.

 

Aiyedatiwa was inaugurated on Monday, at the Ondo State Sports Complex in Akure, as the 7th governor of Ondo State, succeeding the late Rotimi Akeredolu

In a demonstration of his commitment to reformative justice, Aiyedatiwa announced the pardon of 43 convicts to celebrate the occasion, reflecting a humane approach to governance.

 

Additionally, the new governor appointed Dr. Taiwo Fasoranti, son of the Afenifere leader, as his Secretary to the State Government, reinforcing his administration’s focus on collaboration and leadership continuity.

 

Meanwhile, Speaker of the Ondo State House of Assembly, Chief Olamide Oladiji,  conveyed strong confidence in Aiyedatiwa’s development plans, emphasizing the potential for significant transformation in the state.

The ceremony came up two months after  Aiyedatiwa  won the governorship election on the platform of the All Progressives Congress (APC).

Aiyedatiwa took his oath of office just after his running mate Olayide Adelami around 12:59 pm.

The governor thereafter, rode in an open van around the complex, waving to cheers from supporters.

The inauguration completes the succession process in the Sunshine State, with Aiyedatiwa expected to head the next administration which will lead the state in the next four years.

To arrive here, Aiyedatiwa had to overcome a stiff competition from another former deputy governor of the state, Agboola Ajayi, who contested against him on the platform of the Peoples Democratic Party (PDP).

Aiyedatiwa’s stay at the Government House in Alagbaka, Akure, was extended when he was declared winner of the November 16, 2024 governorship election by the Returning Officer, Olayemi Akinwumi, who is also the Vice-Chancellor of the Federal University, Lokoja, Kogi State.

The APC candidate polled 366,781 votes to defeat his closest rival Ajayi, who scored 117,845 votes, more than twice lower than Aiyedatiwa.

The final results showed that the APC won the election in a landslide, clearing all 18 local government areas.

A former deputy governor, Aiyedatiwa ascended to power on December 27th, 2023 after Governor Rotimi Akeredolu’s death.

Akeredolu died after a lengthy battle with illness and had before his demise transmitted power to Aiyedatiwa.

He, thereafter, won the APC’s ticket for the 2024 governorship election in Ondo, pitting him against 17 other candidates including Ajayi who was also a former deputy to Akeredolu during his first term in office.


Tinubu Congratulates Aiyedatiwa

Congratulating Aiyedatiwa via a statement signed by his Spokesperson, Bayo Onanuga, Tinubu urged the governor to use his mandate to serve the people of the state and build upon the legacy of his predecessor, the late Gov. Rotimi Akeredolu.

“I congratulate you on your successful inauguration today for a new term of office after an outstanding run in the last governorship election in Ondo State.

“You have the rare privilege to succeed your illustrious predecessor, who worked for the growth and development of the state and advanced the progress of Nigeria as a whole,” Tinubu said.

The President further urged Aiyedatiwa to work in the best interest of the people of Ondo State and the nation.

“I will be your partner in progress to usher in a new era of prosperity to the people of Ondo State,” Tinubu added.

Governor Pardons 43 Convicts to Mark Inauguration 

Gov. Lucky Aiyedatiwa of Ondo State on Monday pardoned 43 convicts to celebrate his swearing-in as governor.

This is contained in a statement issued by his Spokesperson, Mr Ebenezer Adeniyan in Akure.

The government said the pardon follows the recommendation by the State Advisory Council on the Prerogative of Mercy, chaired by the Attorney General and Commissioner for Justice, Mr Kayode Ajulo.

“As part of this initiative, the governor has ordered the outright release of eight individuals who were previously incarcerated.

“Additionally, 15 condemned inmates who were sentenced to death by hanging have had their sentences commuted to various prison terms, while 20 other convicts serving life imprisonment have also had their sentences adjusted to more lenient terms.

“This momentous decision was made to commemorate Governor Aiyedatiwa’s swearing-in today, reflecting his commitment to reformative justice and humane governance,” the government  said.

The governor’s action, it added, aligns with his ongoing efforts to address issues within the penal system and to promote the reintegration of individuals into society as productive members.


Aiyedatiwa Appoints Pa Fasoranti’s Son as SSG

Gov. Lucky Aiyedatiwa of Ondo State has appointed Dr Taiwo Fasoranti as the Secretary to the State Government (SSG).

Taiwo is the son of Pa Reuben Fasoranti, the leader of pan Yoruba socio-cultural group, Afenifere.

The appointment is contained in a statement by the Chief Press Secretary to the Governor, Mr Ebenezer Adeniyan, on Monday in Akure.

Until his appointment as SSG, Fasoranti, who hails from Akure South Local Government, was the Chairman of the Ondo State Hospitals Management Board.

The governor also reappointed Dr Kayode Ajulo as Attorney-General and Commissioner for Justice, and Mrs Omowunmi Isaac as Commissioner for Finance.

Aiyedatiwa also approved the appointment of four Special Advisers; Engr Johnson Alabi on Power; Seun Osamaye on Women Affairs; Mr Bola Taiwo on Union Matters and Special Duties; and Prof. Simidele Odimayo on Health.

The governor said the Senior Special Assistant on Infrastructure, Lands and Housing, Engr. Abiola Olawoye, had been elevated to the position of Special Adviser on Infrastructure, Lands and Housing.

Aiyedatiwa urged the appointees “to hit the ground running by providing effective and efficient services to the people of Ondo State.”

He said that all appointments were with immediate effect.

Ondo Speaker  Hails Aiyedatiwa’s Development Plan

The Speaker, Ondo State House of Assembly, Chief Olamide Oladiji, has said that the development plans of Gov. Lucky  Aiyedatiwa would bring all round transformation to the state and  prosperity for all.

In a congratulatory message to the governor and his deputy, Dr Olayide Adelami, on Monday in Akure, Oladiji attributed the landslide victory in the last governorship election to their unwavering passion for development across the various sectors of the state in the last one year.

“Mr Governor, your exemplary leadership and commitment to advancing the cause of peace, healthcare, security and education remain a legacy for generations to come,” Oladiji said.

He felicitated the governor and his deputy, wishing them greater accomplishments in the next four years.

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Arewa Think Tank, other  Stakeholders Back Tax Reform Bills

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By Eze Okechukwu, Abuja

Critical stakeholders, including the Arewa Think Tank, who participated in a public hearing over the contentious Tax Reform Bills yesterday in Abuja have all thrown their weight behind the proposed legislation.

 The massive support came four months after President BolaTinubu forwarded the bills to both Chambers of the National Assembly for consideration and passage.

Their positions were made known during the public hearing conducted by the Senate Committee on Finance, where the Arewa Think Tank led by Muhammad Alhaji Yakubu emphatically debunked insinuations that the Northern part of the country was against the proposed laws.

In his opening remarks, the Senate Committee Chairman on Finance, Senator Sani Musa (APC, Niger East)  said   Tinubu had in a meeting a few days ago   requested the National Assembly to present him with workable laws from the bills including  (i) The Nigeria Tax Bill 2024; (ii) Nigerian Tax Administration Bill 2024; ( iii) Nigeria Revenue Service Establishment Bill 2024 and ( iv) Joint Revenue Board Bill 2024.

” I met President Bola Ahmed Tinubu two days ago on the tax reform bills and he told me “Mr Chairman, Senate Committee on Finance, go and do the needful.

” Give me a law that is workable from the tax reform bills I forwarded to the Senate and the House of Representatives in October last year .

” That request by Mr President came at a very auspicious time of this public hearing on the tax reform bills which are not meant to add burden to any section of the country or give undue advantage to any section as well “, he said .

It would be recalled that strident opposition against the bills was mounted    by various groups last year, which made it difficult for the House of Representatives to pass it for second reading, while the Senate managed to do so last   November 28.

However, at the public hearing declared open by the President of the Senate , Senator Godswill Akpabio, all oppositions against the bills melted as stakeholders one after the other supported the proposed laws .

The first to make submission, was the Minister of Finance and Coordinating Minister of the Economy, Wale Edun, who said that the proposed laws were not aimed at taxing poverty but prosperity.

” The tax reform bills , as repeatedly explained at different fora since their introduction last year, are for modernization of our archaic tax laws towards effecting efficiency, equity and economic growth ” , he said .

Making similar submission , the Group Chief Executive Officer ( GCEO ) of the Nigerian National Petroleum Company Limited ( NNPCL) , Mele Kyari said the entire oil and gas industry is well disposed to the reform .

” The proposed tax reform bills to us in NNPCL are very necessary and will enhance economic growth through more efficient and effective tax collection mechanism .

” As the largest tax payer in Nigeria , NNPCL has studied the reform bills , and found the proposals to be reasonable and necessary”, he said .

Toeing similar line in his own presentation , the Chairman of Revenue Mobilisation Allocation and Fiscal Commission ( RMAFC), Mohammed Shehu made a U – turn from earlier stance on the bills , by supporting them wholly.

He said  ” RMAFC is in support of the proposed tax reform but wants adjustments in the in the area of Value Added Tax ( VAT) distribution to sub nationals .

” We hope that the proposed reform , will address the issue of endless revenue remittance reconciliation with NNPCL and others “.

The Chairman of Fiscal Responsibility Commission , Victor Muruako also supported the proposed reform bills by declaring that they are in tandem with the spirit and letters of the Fiscal Responsibility Act 2007.

In their separate presentations , the convener of Arewa Think Thank , Muhammad Alhaji Yakubu and representative of President of Supreme Council for Sharia in Nigeria, Professor Mohammed Bello Dogarawa debunked the insinuation that the North was against the reform bills .

Specifically, the Convener of Arewa Think Tank said ” It is not true that the North is against the tax reform bills . We have seen the benefits and sensitized our people in the North on them “.

Earlier in his remarks before declaring the public hearing open , the President of the Senate said : ” The challenge before us transcends the simple act of passing new laws; it is about constructing a tax system that inspires confidence, promotes development, and fuels national growth. We cannot afford to be fragmented in our approach to revenue generation. Instead, we must come together—Federal, State, and Local Governments, alongside the private sector and civil society—to create a tax system that truly works for all”

Other Critical stakeholders like the Executive Chairman of Federal Inland Revenue Service ( FIRS) ,  Zacch Adedeji , the Governor of the Central Bank of Nigeria, Yemi Cardoso, the Comptroller – Generals of Nigeria Customs Service and Nigeria Immigration Service will make  their submissions today during the conclusion of the public hearing.

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