NEWS
No Regrets On Subsidy Removal, Tax Reforms To Continue – Tinubu
President Bola Tinubu, during his first Presidential Media Chat aired on the Nigerian Television Authority on Monday, reaffirmed his administration’s commitment to the ongoing tax reforms and subsidy removal, maintaining that the measures are essential to securing Nigeria’s economic future.
The tax reforms, designed to eliminate colonial-era practices and widen the tax net, have faced significant resistance from some quarters, particularly from northern lawmakers and governors. Despite this, Tinubu declared, “Tax reform is here to stay. We cannot just continue to do what we were doing yesteryears in today’s economy.”
The reforms, encapsulated in four bills transmitted to the National Assembly, aim to streamline taxation and revenue generation.
However, critics, including Borno State Governor, Babagana Zulum, have argued for caution. “The Petroleum Industry Bill took almost 20 years before it was finally passed. This tax reform bill is being transmitted and receiving legislative attention within a week. It should be treated carefully and with caution,” Zulum said in an interview with BBC.
Despite calls for broader consultations and delays, Tinubu emphasized the pro-poor nature of the reforms, noting that the vulnerable would not be taxed. “The essence of the tax reform is to eliminate colonial-based assumptions in our tax environment,” he stated.
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No Regrets Over Subsidy Removal
Addressing the economic hardship resulting from the removal of the petrol subsidy, Tinubu defended his decision as necessary to prevent Nigeria from “spending its future.” He dismissed the notion of a phased removal, stating, “Phased removal is part of unnecessary fear. No matter how you cut it, you still have to meet the bills.”
The President highlighted the benefits of subsidy removal, pointing out that the policy had curtailed smuggling and freed up resources for more productive uses. “There is no way that you give out fuel and allow all the neighbouring countries as Father Christmas. I don’t have any regret whatsoever in removing the subsidy,” he said.
Tackling Inflation and Corruption
Tinubu also discussed his administration’s strategies to reduce inflation, emphasizing local production and import reduction. “If one produces more for consumption locally, stop imports, give a reasonable level of funding and assistance… we have what it takes,” he explained.
On corruption, the President cited increased earnings for workers and stricter oversight by anti-corruption agencies as key measures. He pointed to the recent seizure of hundreds of properties reportedly owned by a former Central Bank Governor as evidence of his administration’s efforts. “Part of the anti-corruption is removal of subsidy. It is very difficult to eliminate but you reduce it to the barest minimum,” Tinubu stated.
Food Stampedes and Governance
The President expressed condolences over recent tragic stampedes during food distribution events, attributing the incidents to poor organization by event planners. “If you don’t have enough to give, don’t attempt to give or publicize it,” he warned.
Tinubu concluded by reaffirming his commitment to efficient governance and economic reforms, stating, “The hallmark of a good leader is the ability to do what you have to do at the time it has to be done.”
The reforms continue to spark nationwide debates, with stakeholders divided over their potential long-term impacts.
Former Labour Party presidential candidate in the 2023 general election, Peter Obi, on Thursday visited Bauchi State for a closed-door meeting with Governor Bala Mohammed amid growing political realignments in the country.
Obi, who is also a chieftain of the African Democratic Congress (ADC) opposition coalition, arrived at the Bauchi State Government House where he proceeded to a private meeting with the governor at the Presidential Lounge.
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The purpose of the visit was not immediately known as both politicians held discussions behind closed doors.
Details of the meeting remained undisclosed at the time of filing this report.
However, sources within the Government House suggested that the meeting may be connected to recent political developments and possible alignments ahead of future elections, though this could not be independently verified.
Both leaders are expected to brief journalists after the meeting concludes.
Governor Bala Mohammed, who serves as Chairman of the Peoples Democratic Party (PDP) Governors’ Forum, has recently been at the center of political speculation regarding his party allegiance.
On March 31, he reportedly hinted at a possible political shift during a meeting with a delegation of the African Democratic Congress led by former Secretary to the Government of the Federation, Babachir Lawal, at the Government House in Bauchi.
However, his political engagements appeared to take a different turn shortly after, as he also hosted the National Chairman of the All Progressives Congress (APC), Nentawe Yilwatda, alongside Kano State Governor, Abba Yusuf, on April 1 at the same venue.
The latest meeting with Obi has further intensified speculation about ongoing political consultations and possible future alignments among key political actors.
President Bola Tinubu has requested the approval of the Senate for a fresh external borrowing of $516.33 million, in a move that is expected to further raise concerns over Nigeria’s growing debt profile.
The request was contained in a letter addressed to the President of the Senate, Godswill Akpabio, and was read during plenary on Thursday at the National Assembly.
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According to the letter, the proposed loan is to be sourced from Deutsche Bank and will be used to finance a key infrastructure component under the government’s already approved borrowing programme—the Sokoto–Badagry Super Highway project, a major road corridor designed to enhance connectivity across the country.
President Tinubu, in the request, urged the Senate to give the proposal expedited consideration and approval, stressing the importance of the project to national infrastructure development and economic growth.
Following the reading of the letter, Senate President Akpabio referred the request to the Senate Committee on Local and Foreign Debts, directing the committee to examine the proposal and submit its report within one week.
The latest borrowing request comes amid ongoing national debates over Nigeria’s debt sustainability, as the federal government continues to rely on external loans to fund large-scale infrastructure projects.
A Kaduna State High Court has rejected the bail application filed by former Kaduna State Governor, Nasir El-Rufai, ordering that he remain in the custody of the Independent Corrupt Practices and Other Related Offences Commission (ICPC) pending the determination of his trial.
The ruling was delivered by Justice D.H. Khobo, who held that the seriousness of the allegations against the former governor, as well as concerns over possible interference with ongoing investigations, made the grant of bail inappropriate at this stage.
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El-Rufai had approached the court seeking release on bail pending trial over a nine-count charge filed by the Federal Government through the Independent Corrupt Practices and Other Related Offences Commission.
He argued that the offences were not capital in nature and that he posed no flight risk, citing his community ties, fixed residences, and willingness to cooperate with investigators.
He also told the court that he voluntarily returned to Nigeria to honour official invitations and challenged the validity of the charges, describing them as defective.
Additionally, he raised health concerns, requesting bail on medical grounds.
However, the prosecution opposed the application, insisting that the alleged offences were serious and economically damaging, with a likelihood that the defendant could interfere with witnesses and ongoing investigations.
In his ruling, Justice Khobo held that the gravity of the charges and the risk of interference outweighed the arguments for bail.
The court also ruled that insufficient medical evidence had been provided to justify release on health grounds.
The judge therefore ordered that El-Rufai remain in ICPC custody and directed that the trial proceed on an accelerated basis, fixing early hearing dates for the case.
The former governor will remain detained as proceedings continue in the high-profile corruption trial.
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