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‘Unity Can Surmount Economic Recession’
The Rivers State Governor, Chief Nyesom Wike, has underscored the need for Nigerians to work together in a common front to overcome the current economic recession.
He gave the charge during a special honour and award ceremony for distinguished Knights of St John by the Port Harcourt Commandery of the Catholic Church in Port Harcourt, the Rivers State capital.
Wike said, at this point in the nation’s history, unity was necessary to leap frog the country out of economic stagnation.
He said: “I am not an economist, but I know that if we present a united front, we will surmount our economic challenges”.
The governor also dismissed the negative reports about the security situation in Rivers State being orchestrated by entrenched political interests to create the wrong impression about the state.
The governor explained that the mass insecurity that has taken over almost all the states require collective attention, instead of the recourse to propaganda to vilify states like Rivers, for political reasons.
According to him, “I am happy that this programme has attracted Catholics from several states of the federation. As you can see, Rivers State is safe for people to live and do business. All the stories you read are merely planted for political reasons.
“Today in Nigeria, kidnapping has become the order of the day. From Lagos to Kogi, from Imo to Kaduna, from Ogun to Borno, there are different degrees of kidnapping and crime. In fact, in the case of one state, the Nigerian Air Force was deployed to bomb kidnappers. Today, the same Nigerian Air Force is involved in air surveillance on the Abuja-Kaduna expressway because of kidnappings.
“However, when two persons are kidnapped in Rivers State, it makes the front page. But if five persons are kidnapped in Lagos, the press hides it from the public. We are happy that more people now disregard the propaganda, and are trooping to Rivers State for the purpose of investment, conferences, religious and social events”, he said.
On the honour bestowed on different Knights, including Justice Mary Odili of the Supreme Court, the governor described it as an honour well deserved, and a call to greater service to the nation.
Rivers State Police Commissioner, Mr Francis Odesanya, was also among the honourees.
In his remarks, former Attorney-General of the Federation, Chief Kanu Agabi (SAN), commended the Knights of Saint John International, Port Harcourt Grand Commandery for doing the right thing by recognizing a woman of substance who grew through the ranks to contribute her quota to the development of Nigeria.
On his part, Chairman of the occasion, Justice Paul Onumajulu, said the honour bestowed on the honourees was a call for greater service to humanity.
Prominent among those who witnessed the event include, the former Rivers State Governor, Dr Peter Odili, former ministers, senior Knights from different states and members of the Rivers State Executive Council.
Meanwhile, the Senate President, Dr Bukola Saraki, yesterday, assured Nigerians that the present economy recession rocking the country will soon be tackled through legislative support.
Saraki, gave the assurance in Ilorin, the Kwara State capital, during an interaction with newsmen, while also affirming that Nigerians were really suffering.
According to him, the major preoccupation of the Senate upon resumption in September 20, will be on finding solutions to the economic recession.
“We are going to have an exhaustive and comprehensive debate on fixing the country’s economy when we resume next week.
“Already, all the economic priority bills are being analysed and collated so that we can hit the ground running when we resume. We understand the pains that Nigerians are going through and we do not take this for granted.
“Additionally, the Senate intends to invite everybody involved in the management of the economy to address the Nigerian people through the parliament on the steps that are being taken to get us out of this mess,” he said.
He said, “We fully intend to hold all those involved in the economic management of the country accountable.
“However, we will do so in a manner that is transparent and beneficial to the country as a whole”.
The Senate President said it was equally important to begin to formulate and actualise both legislative frameworks and executive policies to minimise the effects of the recession on Nigerians.
He added that it was also important for the parliament to start asking questions that will lead to plausible solutions.
“We need to ascertain our actual level of borrowing and what effect the devaluation of the naira has had on our economy.
“In every crisis, there is always an opportunity for positive reforms, in this regard, in order to solve this crisis, all hands must be on deck.
“Ideas should be sourced from all quarters, all arms of government, people of different political beliefs, from all socio-economic backgrounds and every part of Nigeria must work together at this time,” Saraki said.
He reiterated his call for a broader and bolder economic plan with input from both legislative and executive arms of government, the private sector and professional groups.
All the groups, according to him, must work together to put in place interventions that will create more jobs, strengthen the naira, bring more investment into the country, and attain fiscal responsibility.
Saraki harped on the need for Nigeria to rally its best economic minds both from within the country and in the Diaspora in order to tackle the economic recession.
“This recession does not identify with any one party, we need to tap into the expertise of our best economic minds to come up with plans that both the executive and the legislature can evaluate and implement”, he said.
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.
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.”
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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