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Senate To Make Election Debates Mandatory …Moves To Locate NEDC Office In Maiduguri …Summons MTN, Banks Over $13.9bn Illegal Transfers
The Senate has commenced moves to make it mandatory for those seeking elective positions to participate in pre-election debates.
The moves by the Senate followed the presentation of a bill by Sen. Abdulfatai Buhari (APC- Oyo North) which was read for the second time.
The upper legislative chamber referred the bill to the Committee on Establishment and Public Service as well as Committee on INEC.
The bill is entitled: “Nigerian Political Debates Commission Bill, 2015.”
If passed, those seeking election as president, governor, lawmakers and other elective positions, including their running mates, would have to go through a debate which would be organised by a proposed commission.
Presenting the lead debate, Buhari said that the bill would give legislative backing to the establishment of a commission that would be charged with organising the debate.
“The bill, if considered and passed by this hallowed chamber, will strengthen our democracy and bring it in conformity with the practice in other renowned democracies of the world,” he said.
He said that the United States was a good example where debates were properly used to reach out to the electorate.
The senator said that political parties and aspirants were already accustomed to the debates which had now become mandatory since it began in 1960 between then Democratic nominee, John Kennedy and his Republican rival, Richard Nixon.
He urged his colleagues to support the bill for passage.
“The debate is the de facto election process in the United States as results of elections are predicated on the candidates’ performance at the debates.
“An analogous experience of this crucial indispensability of electoral debate is the current presidential debate between Hillary Clinton of the Democratic Party and Donald Trump of the Republican Party”, he added.
In another development, following the presentation of the report on the Committee of the North East Development Commission (NEDC) by Senator Sam Egwu (Ebonyi North) to the Senate on Tuesday, the Senate has resolved to take the headquarter of the commission to Maiduguri, the Borno State capital.
The report recommended that 3 per cent of Value Added Tax (VAT) be paid to the commission’s vault for the next 10 years to enable the reconstruction of wanton destruction of the zone by Boko Haram insurgents.
However, Senator Biodun Olujimi (Ekiti South) objected to VAT remittances on the ground that part of VAT is derived from alcohol, which remains a banned substance in the North on religious grounds.
Reacting, Senate Leader, Ali Ndume, argued that VAT remittances should be sustained as recommended, saying the people in the North East are ‘heavy drinkers.’
“My President, Distinguished Colleagues, even in the North East, they are heavy drinkers of alcoholic beverages and in a way, they are also contributing to VAT. I, therefore, ask that the recommendations should be upheld,” Ndume said.
In his ruling, the Senate President, while upholding the recommendations of the report referred it to Ad-hoc Committee with a mandate to report back in a week time.
Meanwhile, the Senate has launched a probe into the allegation that MTN Nigeria repatriated a total sum of $13.9billion from Nigeria to other countries between 2006 and 2016 by summoning the management of the telecoms service provider, their bankers and some businessmen over alleged violation of the Foreign Exchange (Monitoring and Miscellaneous) Act.
During its plenary, yesterday, the Upper Chamber requested MTN and the others to appear before its Committee on Banking, Insurance and Other Financial Institutions next week.
Recall that the lawmaker representing Kogi West, Senator Dino Melaye had revealed that “between 2006 and 2016, the MTN Nigeria, in collaboration with four commercial banks and with the help of a serving minister, has moved over $12billion out of this country”.
Melaye later claimed that the illegal repatriation was allegedly facilitated by the Minister of Trade and Investment, Dr. Okechukwu Elenemah, naming banks allegedly involved as: Stanbic IBTC, Standard Chartered Bank, Citi Bank and Diamond Bank.
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Tinubu Hails NGX N100trn Milestones, Urges Nigerians To Invest Locally
President Bola Tinubu yesterday celebrated the Nigerian Exchange Group’s breakthrough into the N100tn market capitalisation threshold, saying Nigeria has moved from an ignored frontier market to a compelling investment destination.
Tinubu, in a statement signed by his Special Adviser on Information and Strategy, Bayo Onanuga, urged Nigerians to increase their investments in the domestic economy, expressing confidence that 2026 would deliver stronger returns as ongoing reforms take firmer root.
He noted that the NGX closed 2025 with a 51.19 per cent return, outperforming global indices such as the S&P 500 and FTSE 100, as well as several BRICS+ emerging markets, after recording 37.65 per cent in 2024.
“With the Nigerian Exchange crossing the historic N100tn market capitalisation mark, the country is witnessing the birth of a new economic reality and rejuvenation,” Tinubu said.
He attributed the stellar performance to Nigerian companies proving they can deliver strong investment returns across all sectors, from blue-chip industrials localising supply chains to banks demonstrating technological innovation.
The President added, “Year-to-date returns have significantly outpaced the S&P 500, the FTSE 100, and even many of our emerging-market peers in the BRICS+ group. Nigeria is no longer a frontier market to be ignored—it is now a compelling destination where value is being discovered.”
Tinubu disclosed that more indigenous energy firms, technology companies, telecoms operators and infrastructure firms are preparing to list on the exchange, a move he said would deepen market capitalisation and broaden economic participation.
He also cited what he described as a sustained decline in inflation over eight months—from 34.8 per cent in December 2024 to 14.45 per cent in November 2025—projecting that the rate would fall below 10 per cent before the end of 2026.
“Indeed, inflation is likely to fall below 10 per cent before the end of this year, leading to improved living standards and accelerated GDP growth. The year 2026 promises to be an epochal year for delivering prosperity to all Nigerians,” he said.
The President attributed the trend to monetary tightening, elimination of Ways and Means financing, and agricultural investments, which he said helped stabilise the naira and ease post-reform pressures.
Nigeria’s current account surplus reached $16bn in 2024, with the Central Bank projecting $18.81bn in 2026, reflecting a trade pattern shift toward exporting more and importing less locally-producible goods.
Non-oil exports jumped 48 per cent to N9.2tn by the third quarter of 2025, with African exports nearly doubling to N4.9tn. Manufacturing exports grew 67 per cent year-on-year in the second quarter.
Foreign reserves have crossed $45bn and are expected to breach $50 billion in the first quarter, giving the CBN ammunition to maintain currency stability and end the volatility that previously fuelled speculation, according to the President.
Tinubu also highlighted infrastructure expansion in rail networks, arterial roads, port revitalisation, and the Lagos-Calabar and Sokoto-Badagry superhighways, alongside improvements in healthcare facilities that are reducing medical tourism costs, and increased university research grants funded through the Nigeria Education Loan Fund.
“Our medicare facilities are improving, and medical tourism costs are declining. Our students benefit from the Nigeria Education Loan Fund, and universities are receiving increased research grants,” he said.
He described nation-building as a process requiring hard work, sacrifices, and citizen focus, pledging to continue working to build an egalitarian, transparent, and high-growth economy catalysed by historic tax and fiscal reforms that came into full implementation from January 1.
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RSG Kicks Off Armed Forces Remembrance Day ‘Morrow …Restates Commitment Towards Veterans’ Welfare
The Rivers State Government has reiterated its commitment towards the welfare of veterans, serving officers and widows of fallen officers in the State.
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?The Secretary to the Rivers State Government, Dr. Benibo Anabraba, in a statement by ?Head, Information and Public Relations Unit, SSG’s ?Office, ?Juliana Masi, stated this during the Central Planning meeting of the 2026 Armed Forces Remembrance Day in Port Harcourt, yesterday.
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?Anabraba thanked the Committee for their contributions to the success of the Emblem Appeal Fund Ceremony recently held in the State and called on them to double their efforts so that the State can record resounding success in the remaining activities.
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?According to him, the remembrance day events will begin with Jumaàt Prayers on Friday, 9th January at the Rivers State Central Mosque, Port Harcourt Township, while a Humanitarian Outreach/Family and Community Day will be hosted on Saturday, 10th January, by the wife of the governor, Lady Valerie Siminalayi Fubara, for widows and veterans.
?”On Sunday, 11th January, an Interdenominational Church Thanksgiving Service will hold at St. Cyprian Anglican Church, Port Harcourt Township while the Grand-finale Wreath- Laying Ceremony will hold on Thursday, 15th January at the Isaac Boro Park Cenotaph, Port Harcourt”, he said.
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?The SSG noted that one of the highlights of the events is the laying of wreaths by Governor Siminalayi Fubara and Heads of the Security Agencies.
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Fubara Redeploys Green As Commissioner For Justice
The Governor of Rivers State, Sir Siminalayi Fubara, has approved a minor cabinet reshuffle in the State Executive Council.
Under the new disposition, Barrister Christopher Green, who until now served as Commissioner for Sports, has been redeployed to the Ministry of Justice as the Honourable Attorney General and Commissioner for Justice.
This is contained in an official statement signed by Dr. Honour Sirawoo, Permanent Secretary, Ministry of Information and Communications.
According to the statement, Barrister Green will also continue to coordinate the activities of the Ministry of Sports pending the appointment of a substantive Commissioner to oversee the ministry.
The redeployment, which takes immediate effect, was approved at the last State Executive Council meeting for the year 2025, underscoring the Governor’s commitment to strengthening governance, ensuring continuity in service delivery, and optimising the performance of key ministries within the state.
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