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NASS Suggests New Budget Frameworks …As Senate Calls For State Of Emergency On Jobs

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The National Assembly has identified 15 key reform strategies, including the adoption of a budget calendar which will begin with the submission of the Medium Term Expenditure Framework (MTEF) by the second week in July and end with the President signing the Appropriation Bill into law by the third week of December every year.
According to a statement from the Media Office of the Senate President, the strategies which also include provision of laws on development plans by the Federal Government are aimed at easy and timely preparation of the budget and its efficient implementation.
The measures contained in a report submitted to the Senate President, Dr. Abubakar Bukola Saraki, by the Senator Ali Ndume-led technical committee on reforming the budget process in Nigeria, proposed a budget calendar that will ensure that the President assents to the appropriations law by the third week of December while the MTEF is submitted in the second week of July as the first step in the budget process.
The report to be discussed at plenary by the Senate, also include amendments of the relevant sections of the Constitution and extant laws as well as enactment of new laws to improve the country’s budgetary process and align it with international best practices.
Other key recommendations in the report include the proposed provision of a legal backing for national development plans, and enactment of organic budget law to fix a realistic budget calendar.
According to the report, the broad strategies aimed at improving the budget process “revolve around reforming laws and frameworks for budget formulation, enactment, and implementation, aligning the budget process to international best practices, strengthening capacities, and institutions for budget formulation and implementation, and strengthening the revenue base for budget implementation.”
Some of the key reform strategies for budget preparation include, the alteration of Section 81(1) of the 1999 Constitution and amendment of Sections 11 and 14 of the Fiscal Responsibility Act (FRA) to provide for a fixed and realistic budget calendar by which the President will present the budget to the National Assembly by the first week of September, considered and passed by 30th November and assented to by the President by the second week of December.
Others include the provision of legal backing for development plans to serve as basis for the annual budget and ensure continuity of development plans. In this regard, complete the legislative actions initiated for the enactment of laws: “Development Planning Act” and “Project Implementation and Continuity Act”, pending in NASS.
It also plans to amend Sections 13-18 of the Fiscal Responsibility Act to link MTEF with a development plan to trigger a long term (10-15 years) development plan to be implemented with three-year MTEF and Medium-term Sector Strategy (MTSS), and ensure the National Assembly buy-in with a resolution to ensure that the annual budget is linked to it.
The rest are to amend the FRA to enlarge the list of stakeholders to be consulted during the budget preparation process, and ensure pre-budget consultation between the legislature and the executive as well as between the executive and the public, while budget defense by the MDAs before the committees, should be witnessed by relevant stakeholders.
They also plan to enact an organic budget law that puts together all laws relating to the budget, including a fixed and realistic budget calendar and a pre-budget statement; alter Section 162 of the Constitution; recognize saving by the three tiers of government through the Federation Account and provide legal backing for excess revenue savings to enable the country save revenue windfalls and stabilize government expenditure during fiscal crisis.
Other issues include the development of a budget manual which shall embody the procedure for public participation in the budget process and public access to budget information during the budget preparation process; amendment of Section 19 of FRA to include project documents in the list of budget documentation; amend Part III of the FRA to provide for reporting standards and information sharing arrangements; and the provision of effective timelines for monthly and quarterly financial and non-financial reports, which must be uploaded on a dedicated website.
It is also to develop and publish criteria or methodology for determining the aggregate expenditure estimate and its allocation to sectors and line items, and expand the information content of the Budget Call Circular to include the modalities for public participation in the budget preparation process; while further developing the capacity of MDAs and other relevant stakeholders to effectively apply the zero-based budgeting technique or any other performance-based technique that may be adopted.
The committee also urged the National Assembly to strengthen the capacity of its committees in the area of budget scrutiny and appraisal by helping members and the staff to undergo training and enlightenment programme on the economy and budget appraisal.
Meanwhile, the Senate, yesterday, ýasked the Federal Government to declare a state of emergency on employment to enable government address the challenges facing youth unemployment in the country.
Sponsor of the motion, Senator Duro Faseyi, representing Ekiti North Senatorial District maintained that the number of unemployed Nigerians rose from 24.4million in the first quarter to 26.06million, ýsaying the situation had worsened as some companies have closed shops due to recession.
“We are worried that the economic recession which has hit the country would multiply the level of unemployment in the country as more companies have started downsizing in order to cut costs”, Faseyi noted.
In his contribution, Senator Enyinnaya Abaribe, maintained that government cannot create job opportunities for everybody, while suggesting that government should create policies that empowers private sectors.
“Mr. President, distinguished colleagues, no government provides jobs for all citizens anywhere in the world, but what we should do is empower the private sector”, he said
Senate Rose Oko asked government to look towards agriculture which has capacity to absorb sizeable number of citizens which at the same provides availability of food at the same time.
In his prayers, Deputy Senate President, Ike Ekweremadu, asked the minister of labour and productivity, to provide blue print for employment as well as ensure the enlistment of Nigerians in security outfits.

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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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