Eze Okechukwu, Abuja

The Senate yesterday resolved to amend the Northwest and South East Development Commission Acts over positions of Managing Director and Chairman.This was even as it passed for second reading, the South – South Development Commission bill.In his separate lead debates on the amendment acts bills, the leader of the Senate, Senator Opeyemi Bamidele said amendment on the North West Development Commission Act, 2024, seeks to provide for geo – political representation in the Governing Board of the Commission.

He said the amendment bill also seeks to reconcile the lacuna that exists in the provisions, relating to the appointments of the Chairman and the Managing Director of the Commission by ensuring that the two are not appointed from the same state of the zone, as well as subject the appointments to the confirmation of the Senate in accordance with the provisions of the Constitution of the Federal Republic of Nigeria.” For effective representation, and in line with the principles of Federal Character, it is imperative that membership of the commission be extended to other geo – political zones of the country which would be in tandem with extant Acts, relating to the establishment of Federal Commissions “, he said .The leader gave similar reasons in his lead debate for amendment of the South East Development Commission Acts.In his remarks after passing the amendments bill for second reading, the President of the Senate, Godswill Akpabio, said the proposed amendments to the Acts, were very necessary for smooth running of the commissions across the zones.Meanwhile the Senate also during plenary on Thursday , passed for second reading , the bill seeking for establishment of South – South Development Commission , a few months after kicking against it .Arguments canvassed by the sponsor of the bill, Senator Asuquo Ekpenyong (APC Cross River South) and Senator Seriake Dickson (PDP Bayelsa West) during debate on the bill, convinced Senators across party lines and geo – political zones to embrace the idea.Senator Dickson in his contribution to the bill, said the Niger Delta Development Commission ( NDDC) , being mistaken to be in the mode of zonal development commissions , is a resource based commission that cuts across the south – South geo – political zone . “NDDC is a resource based commission meant to mitigate against environmental degradation caused by oil exploration across the oil producing state and fast track their development. “The States covered by NDDC cuts across South – South, South – East and South West, unlike zonal based commissions which the proposed South – South Commission, falls under”, he said.Elated by total support given the proposed commission by all the Senators who contributed, the President, Godswill Akpabio, thereafter, referred the legislative proposal to the Senate Committee on Special Duties and reported back within one week.

From Sylvia Udegbunam, Enugu

The Vice President of the Federal Republic of Nigeria Kashim Shettima has commissioned the Enugu State Fashion and garment hub at Anamco Emene Enugu.The VP also gave a personal support of N10m naira to MSME participants.The VP on Thursday commissioned the project during his visit in Enugu and also during the supervision of exhibition of the 5th Expanded National MSME Clinic, Enugu 2024 with theme “Bridging the gap between government and SMEs” at old government house Lodge GRA Enugu.

The VP in his speech commended the participants for their talents, commitment and passion in SME’s. He noted that he was moved to give some of the participants his personal support because of his satisfaction on their products and also their passion and commitment towards their SME.He noted that the federal government will continue to partner with the government of Enugu State in terms of MSME’s. He furthermore stated that President Bola Tinubu mandated him to award a total of 150,000 naira to each outstanding MSME participants in EnuguHe commended the governor of Enugu State, Dr Peter Mbah for his good governance to the people of Enugu State, his humility and dedication in driving Enugu forward, especially in security, water supply and education.The Governor of Enugu State Dr Peter Mbah in his speech noted that the Enugu State Fashion and garment hub is a facility developed by the office of the Vice President of Nigeria in partnership with the Enugu State government through the Enugu MSME centre.He commended the Vice president for always being a champion for MSME’s growth to Nigeria economy. He said that what MSME’S is to Nigeria’s economy cannot be overemphasized stressing that 90 percent of business in the country are small scale and the backbone of the economy.He further noted that SME thrives only through careful policies that enhance the ease of doing business, sustaining of infrastructure, security, among others. He further appreciated him for the continuous support he has given to Enugu State.The minister of science and technology Uche Nnaji commended the VP for touching the life of the poor through SME.Member representing Enugu West and also the minority whip at the national Assembly Senator Osita Ngwu in his speech lauded the VP for commissioning several promising and changing projects and also projects that are people oriented.He also commended Governor Peter Mbah for establishing one of the biggest security projects in the country.

By Tony Obiechina, Abuja

The Federal Government has removed Value-Added Tax (VAT) on Liquefied Petroleum Gas and diesel in the country.The Minister of Finance and Coordinating Minister of the Economy, Wale Edun, made this known while unveiling new fiscal incentives to boost foreign investments in Nigeria’s oil and gas sector on Wednesday, October 2, 2024.

The incentives are Value Added Tax Modification Order 2024 and the Notice of Tax Incentives for Deep Offshore Oil and Gas Production. Edun, according to a statement issued by the Director of Information and Public Relations at the Finance Ministry, Mohammed Manga, said the incentives are aimed at revitalising Nigeria’s oil and gas sector.Manga stated that the importation of diesel, feed gas, Liquefied Petroleum Gas, Compressed Natural Gas, electric vehicles, Liquefied Natural Gas infrastructure, and clean cooking equipment would no longer require VAT payment.He added that the initiative would position Nigeria’s deep offshore basin as a premier destination for global oil and gas investments, bolster energy security, and accelerate Nigeria’s transition to cleaner energy sources. “The VAT Modification Order 2024 introduces exemptions on a range of key energy products and infrastructure, including diesel, feed gas, Liquefied Petroleum Gas, Compressed Natural Gas, electric vehicles, Liquefied Natural Gas infrastructure, and clean cooking equipment.“These measures are designed to lower the cost of living, bolster energy security, and accelerate Nigeria’s transition to cleaner energy sources,” he said.Manga noted that the notice of tax incentives for deep offshore oil and gas production provides new tax reliefs for deep offshore projects, adding: “This initiative is aimed at positioning Nigeria’s deep offshore basin as a premier destination for global oil and gas investments.“These reforms are part of a broader series of investment-driven policy initiatives championed by President Bola Tinubu, in line with Policy Directives 40-42.“They reflect the administration’s strong commitment to fostering sustainable growth in the energy sector and enhancing Nigeria’s global competitiveness in oil and gas production.“With these bold initiatives, Nigeria is firmly on track to reclaim its position as a leader in the global oil and gas market.“These fiscal incentives demonstrate the administration’s unwavering commitment to fostering sustainable growth, enhancing energy security, and driving economic prosperity for all Nigerians.”