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Senate Under Fire For Approving Buhari’s $22.7bn Loan

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The Peoples Democratic Party (PDP) has berated All Progressives Congress (APC) senators for approving President Muhammadu Buhari’s request for a fresh $22.7billion loan even amidst public outcry against it.
The party said the approval clearly indicates that the ruling APC was out to only satisfy its immediate selfish gains and plunge the nation into further hardship under burdens of overwhelming loans.
In a statement signed by the National Publicity Secretary of the Peoples Democratic Party; Mr Kola Ologbodiyan, the PDP expressed dismay over the approval giving the loan even when the Buhari Presidency have not justified the request.
According to the PDP, the approval championed by APC senators “is a situation that validates apprehensions that the APC senators have become rubber stamp legislators”.
The statement read in parts, “the fact that the $22.7billion loan request brimmed with unexplained, obscure, over-bloated and questionable subheads, such as the scandalous $500million (N180billion) smuggled in under the guise of upgrading the Nigerian Television Authority (NTA), shows that the APC and a cabal in the Presidency are in a huge financial racket, for which they are ready to plunge Nigerians into more suffering.
“In approving the loan, even after it was clear that Nigerians are averse to it, the APC senators have confirmed that they are in league with other APC leaders to fleece our nation and bring more hardship to Nigerians.
“The party notes as disheartening that under the Buhari Presidency, our foreign debt has continued to accumulate with nothing to show other than excruciating unemployment rate, decayed infrastructure, a worsening governance system, escalated insecurity and unprecedented poverty.”
The PDP, in the statement, however, commended the PDP senators for rejecting the loan “as it will bring more hardship and further mortgage the future of our nation”.
The PDP, therefore, demanded a reversal of the approval, and urged Nigerians to unite in defence of the nation by raising their voices against the demand.
Similarly, the Human Rights Writers Association (HURIWA0 has described as vexatiously unconstitutional the decision of the Ahmed Lawan-led Senate to approve President Muhammadu Buhari’s request to borrow $22.7billion despite objection from some Senators.
The rights group believes that the collection of the foreign loans, which would be re-looted by government officials, offends several provisions of the Nigerian Constitution including sections 16(1); (2) of the Nigerian Constitution.
HURIWA noted that the section of the Constitution opposes excessive borrowings that makes Nigeria a slave of external jurisdictions and impedes our national drive for self reliance.
Specifically, section 16-(1) provides thus: “The State shall, within the context of the ideals and objectives for which provisions are made in this Constitution.
“(a) harness the resources of the nation and promote national prosperity and an efficient, a dynamic and self-reliant economy.
“(b) control the national economy in such manner as to secure the maximum welfare, freedom and happiness of every citizen on the basis of social justice and equality of status and opportunity.
(c) without prejudice to its right to operate or participate in areas of the economy, other than the major sectors of the economy, manage and operate the major sectors of the economy.
(d) without prejudice to the right of any person to participate in areas of the economy within the major sector of the economy, protect the right of every citizen to engage in any economic activities outside the major sectors of the economy.
“(2) The state shall direct its policy towards ensuring:
(a) the promotion of a planned and balanced economic development;
“(b) that the material resources of the nation are harnessed and distributed as best as possible to serve the common good.
“(c) that the economic system is not operated in such a manner as to permit the concentration of wealth or the means of production and exchange in the hands of few individuals or of a group.
“(d) that suitable and adequate shelter, suitable and adequate food, reasonable national minimum living wage, old age care and pensions, and unemployment, sick benefits and welfare of the disabled are provided for all citizens.”
HURIWA submitted that the constant flying around cap in hand by President Buhari to borrow from all conceivable creditors from all around the world was tantamount to converting Nigeria to a beggarly economy which is against these constitutional provisions.
The group stated this in a media statement signed by the National Coordinator, Comrade Emmanuel Onwubiko, and the National Media Affairs Director, Miss Zainab Yusuf, and made available to newsmen, yesterday.
It added, “We all know that when Nigeria had an activist National Assembly headed by Senator Bukola Saraki, this move by President Muhammadu Buhari to mortgage Nigeria into the enslavement of the Chinese creditor was rejected.

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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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