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Nigeria’s renewable energy sector open for German businesses — Tinubu
President Bola Tinubu on Wednesday assured German businesses of Nigeria’s readiness to fully implement existing pacts to ease investment in renewable energy, youth skill development and industrial growth.
Speaking during the visit of German President Frank-Walter Steinmeier, Tinubu highlighted ongoing reforms aimed at fostering a business-friendly environment and attracting foreign investment.
These include import duty waivers for machinery, decentralisation of power generation and active foreign exchange reforms.
“We have an open-door policy; ease of entry, ease of exit,” Tinubu said during the press conference that followed closed-door talks, emphasising the removal of bureaucratic bottlenecks in establishing businesses.
He explained: “We have an open-door policy. What do I mean by that? There is no longer bureaucracy in establishing your business. We have tax reforms that are private-sector friendly.
“We have import duty waivers for machinery. We have so many other incentives that we will help establish private businesses. That I can assure you. We are removing the bureaucracy.
“We have a reform in the foreign exchange market, and it’s very active. We’ve aligned our petroleum industry with the world standard practice of production and consumption.”
Both presidents also discussed ways to improve the people-to-people relationships between both countries.
Tinubu revealed: “It was a very good bilateral discussion. I could see from the previous meeting earlier today that our businessmen and policymakers are very anxious to do business with Germany.
“Mine is to continue to assure you that our business doors are open and reforms are working very well. We plan to strengthen the relationship and build a fulfilling and rewarding partnership between the two countries, people-to-people relationships, and government-to-government facilitation of opportunities and prosperity.”
He noted Nigeria’s potential as a major gas producer and its abundant renewable energy resources, such as solar power, which can be harnessed through German technology for rural electrification.
“While we are equally promoting the possibility of alternative energy sources, we pride ourselves on being one of the largest gas producers.
“What we need to do has been discussed, and we need to strengthen the partnership for the utilisation of energy as a source of supply and promotion of additional incremental value in business opportunities for Nigeria and Germany. We’ve discussed that,” said Tinubu.
In electricity, the Nigerian leader warned that though Siemens Energy is “working very hard” to fulfil its part of the partnership, Nigerians should not expect a “magical response” as the existing power infrastructure is decades old.
“Nigeria, being a nation in a hurry, wants a magical response. But don’t forget, those transmission lines are about 50 to 60 years old.
“The snags are what we are trying to improve and reduce the possibility of problems. We are doing that. I’ve signed a reform that decentralised the power distribution and generation in the country. The states and various subsectors and subnationals can generate their power and distribute it; they are working on it all.
“We have German businesses who are promoting alternative sources of energy, and they are here. We have the sun; they have the technology. I think we can utilise that for rural electrification; as mentioned earlier on, we can use the various dams that are not effective. We assure you that we will put these dams to use for the benefit of our people,” Tinubu said.
His comment comes just as the national grid collapsed on Wednesday, the 12th time in 2024.
The President also underscored the importance of youth training, solid minerals, and industrial partnerships in advancing Nigeria’s development agenda.
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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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Tinubu presents N47.9trn 2025 Resurrection Budget
Defence and insecurity , infrastructure, health and education were some of the sectors with high allocations in the N47.9tn Budget Proposal presented by President Bola Tinubu before a joint session of the National Assembly on Wednesday afternoon.
“It is with great pleasure that I lay before this distinguished joint session of the National Assembly, the 2025 Budget of the National Assembly of Nigeria titled, ‘The Resurrection Budget’ security peace, building prosperity,” Tinubu said as he concluded his 30-minute speech at 1:10pm on Wednesday.
Earlier in his presentation, the President listed some of the highlights of the budget as defence and security – N4.91tn, infrastructure – N4.06tn, health – N2.4tn, education – N3.5tn, among others.
He expressed commitment to economic renewal, thanking all Nigerians for embarking on the journey of reform and transformation in the last 18 months together.
The President said the economy is responding to stimulus and that his government would continue to take the right steps for economic progress. “The reforms yielding results, no reversals,” he said.
Tinubu stressed that food security is non-negotiable, adding that the government is taking steps to ensure Nigerians feed and not go to bed hungry.
Tinubu said, “Our 2025 is not just another statement of projected government revenue and expenditure; it is one that calls for action.
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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