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Tinubu approves continuation of Tax Credit Scheme – FIRS

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The Federal Inland Revenue Service, FIRS, on Friday, said that President Bola Tinubu has approved the continuation of the Tax Credit Scheme.

The development followed a closed-door meeting between the Executive Chairman of the FIRS, Zacch Adedeji, the Minister of Works, David Umahi, and the Chief Financial Officer of the Nigerian National Petroleum Company Limited, NNPCL, Umar Ajiya, to discuss the tax credit agreement issued by the previous administration.

This was made known in a statement issued on the FIRS X handle on Friday.

According to the statement, NNPCL road infrastructure projects that have started will not be expanded but will continue, while all non-performing contracts will be terminated promptly and re-awarded immediately.

“A memo agreed upon by the FIRS, NNPCL and the Ministry of Works shall be written and sent to President Bola Ahmed Tinubu for the N2.73 trillion funding gap on the road infrastructure project and channelled through the National Assembly for approval.

“In the review process, the going rate for contracts shall be agreed upon by the contractors or otherwise have their contracts subject to termination.

“The FIRS, NNPCL and the Ministry of Works agreed that it is important that there be synergy amongst agencies and organisations to enable the fulfilment of the mandate of each organisation, agency, ministry and overall key into the mandate of the present administration of President Bola Ahmed Tinubu,” it added.

The chairman of the Federal Inland Revenue, Adedeji, had, while appearing before the House of Representatives, said the scheme violated the extant law in the country, noting that companies were not supposed to use their tax to directly fund construction.

However, Umahi, after a meeting with the FIRS boss on Friday, said the President approved the continuity of the scheme.

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Power Sector: FG To Establish 3 Gigawatts Of Solar Energy in 25 States – Minister

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Power Sector: FG To Establish 3 Gigawatts Of Solar Energy in 25 States – Minister
…say poor funding, insufficient gas supply responsible for power deficit
By Gloria Ikibah
Nigeria’s Minister of Power, Adebayo Adelabu, had said that the federal government is working towards the establishment of three gigawatts of solar energy sources across the 25 states in Northern and South Western parts of the country.
According to him, this is a novel approach that will go a long way to solve the power problems, even as he called on state governments to invest in power generation in their states.
The minister stated this at a two-day Power Sector Stakeholders Interactive Dialogue/Workshop organized by the House of Representatives Committee on Power with the theme “Confronting Nigeria’s Power Challenge as the Nation Migrates to a Multi-tier Electricity Market: A Legislative Intervention” on Tuesday in Abuja.
Adelabu who said that hydro energy would be deployed for the coastal cities, also lamented that the country has witnessed incessant collapse of transmission which is caused by lack of adequate infrastructure.
He admitted that most of the infrastructure in the power dates back to the 1960s, with no single backup for the national grid, and called for alternative sources in the situation where there is a collapse of the grid.
The Minister also disclosed that the major factors responsible for the power deficit currently faced by the country is as a result of inadequate financing and insufficient gas supply.
Adelabu who lamented the current state of power supply across the country, however, assured Nigerians of the determination of the President Bola Tinubu-led administration to address the challenges and make Nigeria a suitable place for business.
He said “No sector can function optimally without the power sector. Over the years, poor financing, and inadequate gas supply have been responsible for the energy deficit we have in the country. But a lot of work is going on to address these challenges.”
Earlier in his welcome address, the
Chairman, House Committee on Power, Rep. Victor Nwokolo explained that the purpose of the interactive dialogue/workshop was to provide a dynamic platform for stakeholders to evaluate the progress so far in the Nigerian Electricity Supply Industry (NESI) development.
He revealed that discussions will centre around the seamless transition to a Multi-Tier Electricity Market, as outlined in the Electricity Act of 2023.
According to him, “his transition, holds immense potential to enhance competition, efficiency, and reliability within the electricity market, ultimately benefitting consumers and driving economic growth”.
He said: “Through collaborative brainstorming and analysis, we aim to chart a clear roadmap for this transition, ensuring that it is smooth, inclusive, and conducive to sustainable development.
“Furthermore, this workshop will serve as a platform for stakeholders to explore innovative solutions to the persistent challenges plaguing the power sector. From infrastructure development and financing to regulatory frameworks and consumer engagement, we will examine a wide array of issues and propose actionable strategies for improvement.
“In addition to these objectives, we aspire for this workshop to foster enhanced collaboration and partnership among stakeholders. By bringing together legislators, representatives from government agencies, regulatory bodies, industry players, academia, and civil society, we aim to cultivate a culture of cooperation and collective action towards our shared goal of a vibrant and resilient power sector”.
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How Yahaya Bello withdrew $720,000 from Kogi account to pay child’s school fees -EFCC Chairman

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By Francesca Hangeior

The Chairman of the Economic and Financial Crimes Commission, Ola Olukoyede, has revealed that a former governor of Kogi State, Yahaya Bello, transferred $720,000 from the government’s coffers to a bureau de change before leaving office to pay in advance for his child’s school fee.

Olukoyede revealed this during an interview with journalists on Tuesday in Abuja.

He said, “A sitting governor, because he knows he is going, moved money directly from government to bureau de change, used it to pay the child’s school fee in advance, $720,000 in advance, in anticipation that he was going to leave the Government House.

“In a poor state like Kogi, and you want me to close my eyes to that under the guise of ‘I’m being used.’ Being used by who at this stage of my life?”

Olukoyede further stated that he personally reached out to Bello, offering him a chance to clarify the situation in a respectful setting within the EFCC office but the ex-governor reportedly declined to cooperate, citing fears of harassment from an unnamed woman.

The EFCC boss added, “I didn’t initiate the case; I inherited the case file. I called for the file, and I said there are issues here.

“On my own, I called him, which I am not supposed to do, just to honour him as an immediate past governor. ‘Sir, there are issues. I’ve seen this case file. Can you just come let us clarify these issues?’

“He said, ‘Ha! Thank you, my brother. I know, but I can’t come. There’s one lady that has surrounded EFCC with over 100 people to come and embarrass me and intimitade me.’

Bello was said to have suggested that the EFCC come to his village rather than conduct an investigation at the agency’s quarters.

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Yahaya Bello Withdrew $720,000 From Kogi Account To Pay Child’s School Fees -EFCC Chairman

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By Kayode Sanni-Arewa

The Chairman of the Economic and Financial Crimes Commission, Ola Olukoyede, has revealed that a former governor of Kogi State, Yahaya Bello, transferred $720,000 from the government’s coffers to a bureau de change before leaving office to pay in advance for his child’s school fee.

Olukoyede revealed this during an interview with journalists on Tuesday in Abuja.

He said, “A sitting governor, because he knows he is going, moved money directly from government to bureau de change, used it to pay the child’s school fee in advance, $720,000 in advance, in anticipation that he was going to leave the Government House.

“In a poor state like Kogi, and you want me to close my eyes to that under the guise of ‘I’m being used.’ Being used by who at this stage of my life?”

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