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Bill Gates Condemns Buhari’s Economic Blueprint …Says It Doesn’t Address Nigerians’ Needs …‘Nigeria, Most Dangerous Country To Give Birth’

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The present economic templates being used by the Muhammadu Buhari government do not have the ability to address the unique needs of Nigerians at present, American business magnate, Bill Gates, has said.
The philanthropist and founder of Microsoft corporation however said Nigeria has the ability to approach ‘upper middle-income status’ like Brazil, China and Mexico, but added that achieving this status depends on “the choice Nigerian leaders make”.
Mr. Gates, at the special and expanded National Economic Council, held in Abuja,yesterday tasked Nigerian leaders to sincerely invest in not just infrastructural development but also human investment.
The theme of the meeting was “Role ofHuman Capital Investment in supporting Pro-poor and Economic Growth Agenda”.
The investor said though Nigeria is rapidly approaching upper- middle income status, the country has “unmatched economic potential and what becomes of that potential depends on the choice Nigerian leaders make”.
He said the Nigerian government’s Economic Recovery and Growth Plan (ERGP) identifies “investing in our people” as one of three “strategic objectives”.
But the “execution priorities” do not fully reflect people’s needs, “prioritising physical capital over human capital”, he said.
“To anchor the economy over the long term, investments in infrastructure and competitiveness must go hand in hand with investment in people. People without roads ports and factories can’t flourish. And roads, ports and factories without skilled workers to build and manage them can’t sustain an economy,” he said.
President Muhammadu Buhari on assumption of office had unveiled a four-year ERGP (2017-2020) to help propel the country towards the path of development and growth.
ERGP is an economic plan that builds on the 2016 Strategic Implementation Plan (SIP), a short term plan aimed at tackling corruption, improving security and rebuilding the nation’s economy.
ERGP seeks to build on the SIP by restoring growth, investing in people and build a global competitive economy.
Mr. Gates said the most important choice Nigerian leaders can make is “to maximise the country’s greatest resource, which is the people”.
He said Nigeria will thrive when every Nigerian is able to thrive.
“If you invest in their health, education, and opportunities- the human capital we are talking about today, then they will lay the foundation for sustained prosperity. If you don’t, however, then it is very important to recognise that there will be a sharp limit on how much the country can grow,” he said.
According to author, Nigeria’s government revenue as a percentage of its GDP is by far the lowest in the world, at 6 per cent and this makes the government investment in Nigerians difficult.
“The next lowest country, Bangladesh collects 10 per cent of its GDP. If you got yourself up to second to the last in the world, you would have an extra $18 billion to budget. Obviously, you are aiming higher, but it gives you some idea about the scale we are talking about.
“We want to support you in your work to mobilise resources to invest in your country and I urge you to rethink your investment on Nigerian people,” he said.
Speaking, Nigerian billionaire business man, Aliko Dangote said for the next generation to thrive as adults and drive the economic progress, “the government need to invest in their health and wellbeing”.
“The government need to invest in the youth’s ability to learn and apply new skills in an ever changing global economy. That at its core, is what we mean by human capital; healthy and productive and well-educated young people who are then enabled to succeed, lift up themselves and their families, and contribute to the society through their own ingenuity.
Meanwhile, Bill Gates, world second richest man, yesterday declared that Nigeria is one of the most dangerous places to give birth.
The Chairman of Bill and Melinda Foundation, said Nigeria has the fourth worst maternal mortality rate in the world behind Sierra Leone, Central African Republic and Chad.
He spoke at the Expanded National Economic Council, NEC, presided over by the Vice President, Yemi Osinbajo, in Abuja.
Gates disclosed that his foundation’s biggest office in Africa was in Nigeria where he had committed over $1.6 billion with the intention of increasing his commitment in the country.
He said, “The most important choice you can make is to maximize your greatest resource, the Nigerian people. Nigeria will thrive when every Nigerian is able to thrive.
“If you invest in their health, education and opportunities – the “human capital” we are talking about today – then they will lay the foundation for sustained prosperity. If you don’t, however, then it is very important to recognise that there will be a sharp limit on how much the country can grow.
“Nigeria is one of the most dangerous places in the world to give birth with the fourth worst maternal mortality rate in the world ahead of only Sierra Leone, Central African Republic and Chad. One in three Nigerian children is chronically malnourished.
“I urge you to apply this thinking to all your investments in your people. The Nigerian government’s Economic Recovery and Growth Plan identifies investing in our people as one of three strategic objectives.
“But the execution priorities don’t fully reflect people’s needs, prioritizing physical capital over human capital.
“To anchor the economy over the long term, investments in infrastructure and competitiveness must go hand in hand with investments in people.
“People without roads, ports, and factories can’t flourish. And roads, ports and factories without skilled workers to build and manage them can’t sustain an economy.”

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INEC To Unveil New Party Registration Portal As Applications Hit 129

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The Independent National Electoral Commission (INEC) has announced that it has now received a total of 129 applications from associations seeking registration as political parties.

The update was provided during the commission’s regular weekly meeting held in Abuja, yesterday.

According to a statement signed by the National Commissioner and Chairman of the Information and Voter Education Committee, Sam Olumekun, seven new applications were submitted within the past week, adding to the previous number.

“At its regular weekly meeting held today, Thursday 10th July 2025, the commission received a further update on additional requests from associations seeking registration as political parties.

“Since last week, seven more applications have been received, bringing the total number so far to 129. All the requests are being processed,” the commission stated.

The commission revealed the introduction of a new digital platform for political party registration. The platform is part of the Party Financial Reporting and Auditing System and aims to streamline the registration process.

Olumekun disclosed that final testing of the portal would be completed within the next week.

“INEC also plans to release comprehensive guidelines to help associations file their applications using the new system.

“Unlike the manual method used in previous registration, the Commission is introducing a political party registration portal, which is a module in our Party Financial Reporting and Auditing System.

“This will make the process faster and seamless. In the next week, the commission will conclude the final testing of the portal before deployment.

“Thereafter, the next step for associations that meet the requirements to proceed to the application stage will be announced. The commission will also issue guidelines to facilitate the filing of applications using the PFRAS,” the statement added.

In the meantime, the list of new associations that have submitted applications has been made available to the public on INEC’s website and other official platforms.

 

 

 

 

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Tinubu Signs Four Tax Reform Bills Into Law …Says Nigeria Open For Business 

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President Bola Tinubu yesterday signed into law four tax reform bills aimed at transforming Nigeria’s fiscal and revenue framework.

The four bills include: the Nigeria Tax Bill, the Nigeria Tax Administration Bill, the Nigeria Revenue Service (Establishment) Bill, and the Joint Revenue Board (Establishment) Bill.

They were passed by the National Assembly after months of consultations with various interest groups and stakeholders.

The ceremony took place at the Presidential Villa, yesterday.

The ceremony was witnessed by the leadership of the National Assembly and some legislators, governors, ministers, and aides of the President.

The presidency had earlier stated that the laws would transform tax administration in the country, increase revenue generation, improve the business environment, and give a boost to domestic and foreign investments.

“When the new tax laws become operational, they are expected to significantly transform tax administration in the country, leading to increased revenue generation, improved business environment, and a boost in domestic and foreign investments,” Special Adviser to the President on Media, Bayo Onanuga said on Wednesday.

Before the signing of the four bills, President Tinubu had earlier yesterday, said the tax reform bills will reset Nigeria’s economic trajectory and simplify its complex fiscal landscape.

Announcing the development via his official X handle, yesterday, the President declared, “In a few hours, I will sign four landmark tax reform bills into law, ushering in a bold new era of economic governance in our country.”

Tinubu made a call to investors and citizens alike, saying, “Let the world know that Nigeria is open for business, and this time, everyone has a fair shot.”

He described the bills as not just technical adjustments but a direct intervention to ease burdens on struggling Nigerians.

“These reforms go beyond streamlining tax codes. They deliver the first major, pro-people tax cuts in a generation, targeted relief for low-income earners, small businesses, and families working hard to make ends meet,” Tinubu wrote.

According to the President, “They will unify our fragmented tax system, eliminate wasteful duplications, cut red tape, restore investor confidence, and entrench transparency and coordination at every level.”

He added that the long-standing burden of Nigeria’s tax structure had unfairly weighed down the vulnerable while enabling inefficiency.

The tax reforms, first introduced in October 2024, were part of Tinubu’s post-subsidy-removal recovery plan, aimed at expanding revenue without stifling productivity.

However, the bills faced turbulence at the National Assembly and amongst some state governors who rejected its passing in 2024.

At the NASS, the bills sparked heated debate, particularly around the revenue-sharing structure, which governors from the North opposed.

They warned that a shift toward derivation-based allocations, especially with VAT, could tilt fiscal balance in favour of southern states with stronger consumption bases.

After prolonged dialogue, the VAT rate remained at 7.5 per cent, and a new exemption was introduced to shield minimum wage earners from personal income tax.

By May 2025, the National Assembly passed the harmonised versions with broad support, driven in part by pressure from economic stakeholders and international observers who welcomed the clarity and efficiency the reforms promised.

In his tweet, Tinubu stressed that this is just the beginning of Nigeria’s tax evolution.

“We are laying the foundation for a tax regime that is fair, transparent, and fit for a modern, ambitious Nigeria.

“A tax regime that rewards enterprise, protects the vulnerable, and mobilises revenue without punishing productivity,” he stated.

He further acknowledged the contributions of the Presidential Fiscal Policy and Tax Reform Committee, the National Assembly, and Nigeria’s subnational governments.

The President added, “We are not just signing tax bills but rewriting the social contract.

“We are not there yet, but we are firmly on the road.”

 

 

 

 

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Senate Issues 10-Day Ultimatum As NNPCL Dodges ?210trn Audit Hearing 

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The Senate has issued a 10-day ultimatum to the Nigerian National Petroleum Company Limited (NNPCL) over its failure to appear before the Senate Committee on Public Accounts probing alleged financial discrepancies amounting to over ?210 trillion in its audited reports from 2017 to 2023.

Despite being summoned, no officials or external auditors from NNPCL showed up yesterday.

However, representatives from the representatives of the Economic and Financial Crimes Commission, Independent Corrupt Practices and Other Related Offences Commission and Department of State Services were present.

Angered by the NNPCL’s absence, the committee, yesterday, issued a 10-day ultimatum, demanding the company’s top executives to appear before the panel by July 10 or face constitutional sanctions.

A letter from NNPCL’s Chief Financial Officer, Dapo Segun, dated June 25, was read at the session.

It cited an ongoing management retreat and requested a two-month extension to prepare necessary documents and responses.

The letter partly read, “Having carefully reviewed your request, we hereby request your kind consideration to reschedule the engagement for a period of two months from now to enable us to collate the requested information and documentation.

“Furthermore, members of the Board and the senior management team of NNPC Limited are currently out of the office for a retreat, which makes it difficult to attend the rescheduled session on Thursday, 26th June, 2025.

“While appreciating the opportunity provided and the importance of this engagement, we reassure you of our commitment to the success of this exercise. Please accept the assurances of our highest regards.”

But lawmakers rejected the request.

The Committee Chairman, Senator Aliyu Wadada, said NNPCL was not expected to submit documents, but rather provide verbal responses to 11 key questions previously sent.

“For an institution like NNPCL to ask for two months to respond to questions from its own audited records is unacceptable,” Wadada stated.

“If they fail to show up by July 10, we will invoke our constitutional powers. The Nigerian people deserve answers,” he warned.

Other lawmakers echoed similar frustrations.

Senator Abdul Ningi (Bauchi Central) insisted that NNPCL’s Group CEO, Bayo Ojulari, must personally lead the delegation at the next hearing.

The Tide reports that Ojulari took over from Mele Kyari on April 2, 2025.

Senator Onyekachi Nwebonyi (Ebonyi North) said the two-month request suggested the company had no answers, but the committee would still grant a fair hearing by reconvening on July 10.

Senator Victor Umeh (Anambra Central) warned the NNPCL against undermining the Senate, saying, “If they fail to appear again, Nigerians will know the Senate is not a toothless bulldog.”

Last week, the Senate panel grilled Segun and other top executives over what they described as “mind-boggling” irregularities in NNPCL’s financial statements.

The Senate flagged ?103 trillion in accrued expenses, including ?600 billion in retention fees, legal, and auditing costs—without supporting documentation.

Also questioned was another ?103 trillion listed under receivables. Just before the hearing, NNPCL submitted a revised report contradicting the previously published figures, raising more concerns.

The committee has demanded detailed answers to 11 specific queries and warned that failure to comply could trigger legislative consequences.

 

 

 

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