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Buhari Launches INFF In New York

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President Muhammadu Buhari has restated the commitment of his administration to the achievement of inclusive, broad-based and sustainable development.
The President spoke while delivering his keynote address at strategic High Level Event held on the sidelines of the 77th session of United Nations General Assembly in New York to launch Nigeria’s Integrated National Financing Framework (INFF) for Sustainable Development.
The President noted that Nigeria adopted the INFF as a tool to improve the financing of SDGs without increasing public debt and contingent liabilities to levels that will be detrimental to economic sustainability.
He commended the Federal Ministry of Finance, Budget and National Planning; the Office of the Senior Special Assistant to the President on Sustainable Development Goals; and the United Nation Development Programme for working together to develop Nigeria’s INFF in a process which started in 2020.
“Today’s event marks the end of a long process which began in 2020, when the Steering Committee and the Core Working Group on Nigeria’s Integrated National Financing Framework were inaugurated.
“The Integrated National Financing Framework (INFF) has been developed to map out a much-needed sustainable financing plan for Nigeria to deliver on our commitment to the SDGs and our National Development aspirations,” the President said.
He further noted that as part of its commitment to sustainable and inclusive development, his administration aligned its 2017-2020 Economic Recovery and Growth Plan (ERGP); the 2020 Economic Sustainability Plan (ESP); the 2021 National Poverty Reduction with Growth Strategy (NPRGS); and the 2021-2025 National Development Plan (NDP) with the SDGs.
“It is in line with this commitment and with a focus on the National Development Plan (2021-2025) that, the Federal Government of Nigeria, with the support of the United Nations Development Programme (UNDP), has adopted the INFF as a tool to improve SDGs financing without increasing public debt and contingent liabilities to levels that will be detrimental to economic sustainability.
“The INFF is backed by Nigeria’s Medium-Term Revenue Strategy and the Medium-Term Expenditure Framework. As Nigeria champions the INFF process, we hope to promote the strategic alignment of financial policies with sustainable development and provide the enabling conditions for domestic and international, public, and private financial actors to best respond to our national needs.
“I urge all Nigerians, the international community, and our development partners to recognize the importance of this integrated approach to financing development, as you continue to count on my leadership in its immediate implementation,” the President said.
Speaking earlier, the Senior Special Assistant to the President on SDGs,Princess AdejokeOrelope-Adefulire, described the launch of the INFF report as a significant milestone in the commitment and efforts to achieve the SDGs in Nigeria.
She noted that the INFF is in line with Nigeria’s strategic approach to the implementation of the SDGs working at the National and Sub-national levels.
“At the National level, we work closely with the Federal Ministries, Departments, and Agencies (MDAs) to integrate the SDGs into their sectorial policies and plans. At the Sub-national level, we are working closely with the 36 states and the Federal Capital Territory (FCT) to mainstream the SDGs into their medium and long-term development policies and plans”.
She noted that her office, with the support of UNDP, has supported 16 states to develop SDG-Based Development Plans as part of Nigeria’s Mainstreaming, Acceleration and Policy Support (MAPS) for the agenda.
The INFF report, she added, was also another feat recorded by the country in the bid to institutionalize the SDGs, noting Nigeria was the first country in the Global South to have successfully completed a country-led Independent Evaluation of SDG-3 on ‘quality health and well-being for all’ and SDG-4 on ‘qualitative and inclusive education and lifelong learning for all’.
The two reports, she said, were officially launched on the 25th of August, 2022.
The presidential adviser noted that on the 21st of December, 2021, Nigeria became the first African country to successfully realigned its National Statistical System with the requirements and indicators of the SDGs, hence the country will be now be able to track progress on the 230 Key Performance Indicators of the agenda on annual basis through the National Bureau of Statistics.
Orelope-Adefulire further noted that in 2019, Nigeria successfully domesticated the Integrated Sustainable Development Goals Simulation Model (iSDG Model) as a home-grown analytical tool for evidence-based SDGs policymaking and planning with the report launched on the margins of the 74th Session of the United Nations General Assembly by the President.
“The Integrated National Financing Framework (INFF) Report we are about to launch today is a product of series of efforts led by the Federal Ministry of Finance, Budget and National Planning; Office of the Senior Special Assistant to the President on SDGs; and the United Nations Development Programme (UNDP).
“Nigeria is now among the INFF Pilot Countries that have made significant progress by completing the design process. Indeed, this is an expression of Nigeria’s commitment to the 2030 Agenda for sustainable development.
She expressed appreciation and profound gratitude to the President for accepting to launch the report as well as all the Institutional Members of the National Steering Committee and the Core Working Group on Nigeria’s INFF for the commitment demonstrated during the design phase.
“We look forward to similar commitment during the implementation phase,” Orelope –Adefulire said while affirming the commitment of her office to continue to drive the process of achieving the SDGs in Nigeria.
“I would like to conclude by re-affirming Nigeria’s commitment to the successful implementation of the SDGs. We look forward to working more closely with you all in this ‘Decade of Action’ for the Global Goals, so that no ‘One is left behind’.”
In his remark, Head/Sustainable Development, Minister Counsellor, Delegation of the European Union (EU) to the UN, Axel Maisonneuve, said EU had also support the mobilisation of capital for an inclusive and sustainable transition, which is at the heart of an INFF, in several ways.
“For instance, we know that whilst public finance of course has a key role to play, it will not be sufficient to bridge the SDG financing gap, and private finance needs to be mobilised as well.
“In the EU, we believe in fact that sustainable finance is critical to enable private financial flows being channelled towards sustainable investments.
“The EU’s Green Deal and the Global Gateway strategies are some of the key examples of the EU efforts in this direction. Indeed, sustainable finance is part and parcel of an INFF,’’ he said.
According to him, private finance is very much part of Nigeria’s Integrated National Financing Framework.
Maisonneuve said the INFF was designed to help the Nigerian government explore innovative financing options linking government with private sector and development partners to increase public revenue and private investments.
“Let me take this opportunity to praise Nigeria for the efforts undertaken toward the achievement of the 2030 agenda and the SDGs and for the key milestone that you have achieved.
“In September 2019, 16 countries committed to pioneer the development and implementation of INFFs, and Nigeria was among them.
“Now, Nigeria has successfully designed its INFF Strategy, and is offering a leading example for INFF progress toward a more systematic, holistic approach to achieve sustainable development objectives,’’ he said.
Goodwill messages were delivered by the Minister of Finance, Budget and National Planning, Mrs Zainab Shamsuna Ahmed, Deputy Secretary General of the United Nations, Amina J. Mohammed, and development partners.

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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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