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Those benefitting from massive fuel imports discouraging construction of refineries – Dangote
By Francesca Hangeior.
Africa’s richest man and owner of the $20 billion Dangote Refinery, Aliko Dangote, has stated that individuals who benefit from fuel importation are deterring African governments from constructing refineries in the continent.
Dangote made this statement during a conversation with CNN’s reporter, Eleni Giokos, at his refinery in Lagos, Nigeria.
According to him, no new refineries have been constructed in Africa in the last 35 years, despite the continent being one of the leading regions for oil production.
Dangote also mentioned that other reasons for this underdevelopment include the lack of loan facilities for investors, attributed to weak financial institutions in Africa, among others.
“There are other countries in Africa who have been trying to build refineries but have been unable to. There has not been a new refinery in Africa in the last 35 years.
“There are so many issues regarding this such as money, political will, and also people who are benefitting from this whole system of importing petroleum products into Africa are actually discouraging their governments from building a refinery.
“Also, they won’t get loans anyway because they don’t have very strong banks. The international banks will not support anything like this,” Dangote said.
Africans need to develop Africa
Speaking further in the interview, the business mogul explained why African entrepreneurs and leaders need to develop work together to develop the continent.
According to him, waiting for foreign investors to develop the continent is something that might never happen.
“We Africans have to make sure that we focus and realize that we are the only ones that can deliver. We Africans are the only people that can develop Africa. If we are waiting for foreign investors to come and develop Africa, it will never happen,” Dangote added.
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PRESIDENT BOLA AHMED TINUBU TEXT OF THE 2025 BUDGET
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Netizens Slam Lawmakers As They Sing Tinubu’s Anthem At Budget Presentation
Netizens slam lawmakers after they were sighted singing “On Your Mandate We Shall Stand” as President Bola Ahmed Tinubu took the stage to present the 2025 national budget.
The incident, which is in a viral video clip, showed the lawmakers singing the song, which has become synonymous with Tinubu’s political supporters.
The gesture, however, has ignited outrage among Nigerians, who questioned its appropriateness in light of the country’s current economic challenges.
Many critics took to social media to express their disappointment, describing the act as insensitive and unprofessional. They argued that lawmakers should focus on addressing pressing national issues, such as a inflation, unemployment, and hardship, rather than engaging in political theatrics with Tinubu during a crucial budget session.
“What kind of leadership did we vote for? Instead of scrutinizing the budget and ensuring accountability, they’re busy singing praises,” one commenter wrote.
Others questioned the mandate the lawmakers you were celebrating, with some accusing them of being disconnected from the realities faced by ordinary Nigerians. “What mandate are they standing on when the citizens are struggling to make ends meet?” another critic remarked.
The 2025 budget presentation, meant to outline the government’s financial plans and priorities for the year, has now been overshadowed by this controversy, with many calling for lawmakers to prioritize governance over partisan loyalty.
Read some netizens’ reactions as lawmakers sings for Tinubu during budget presentation;
@emeka: This is really problematic 🤣🤣
@agwai: This is the reason the president don’t do well in Nigeria because the people around him feed him with lies. And praise him when things is not good. Just clapping
@abyusuf: The lawmaker’s rendition of “On Your Mandate” should serve as a wake-up call, reminding us that it’s time to take a closer look at the people we’ve elected to represent us.
@danleety: I now believe there’s serious disconnect between the lawmakers and their constituents.
News
Tax Reforms: Those criticising it lack knowledge -Akpabio
The Senate President, Godswill Akpabio, has flayed critics of President Bola Tinubu’s tax reforms as lacking an understanding of what the initiatives were truly about.
Akpabio disclosed this during his remarks at the presentation of the 2025 budget estimate by President Tinubu to a joint session of the National Assembly on Wednesday.
He said, “Your Excellency, we commend you on your groundbreaking tax reform initiative. The four tax reform bills—the Joint Revenue Board of Nigeria (Establishment) Bill, 2024; Nigeria Revenue Service (Establishment) Bill, 2024; Nigeria Tax Administration Bill, 2024; and Nigeria Tax Bill, 2024—represent a monumental shift in our fiscal landscape.
It is disheartening that those who have not taken the time to understand these bills are the loudest critics. I urge all Nigerians, especially those in public office, to engage with these vital reforms thoughtfully. This initiative marks the first comprehensive tax reform since Nigeria’s independence, presenting a transformative opportunity for rejuvenating small and medium enterprises and enhancing the livelihoods of ordinary Nigerians.
“These reforms will not only improve Nigeria’s revenue profile but also create a more conducive and internationally competitive business environment, transforming our tax system to support sustainable development.”
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