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Personal Income Tax by wealthy Nigerians to hit 25%, says Edun

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• Rise in govt revenue, creative policies will fast track infrastructure devt.
Personal Income Tax (PIT) payments by wealthy Nigerians will go up from 18.6 per cent to 25 per cent when the Tax Reform Bills become law, according to a projection by the Federal Government.

Minister of Finance and Coordinating Minister of the Economy, Mr Wale Edun, said the upward trajectory in revenue will complement the 20 per cent increase recorded last year.

He said Nigeria’s economy has achieved relative stability over the past 18 to 20 months.

He spoke in Abuja during a Zoom dialogue meeting, according to the News Agency of Nigeria (NAN).

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The Tax Reform will also tighten government expenditure, he added.

Edun said economic growth this year, would be driven by agriculture, housing and infrastructure.

On agriculture, he said the government would continue to ensure good harvests through improved dry and wet season farming techniques.

According to him, the introduction of a 25-year low-interest mortgage with single or low double-digit interest rates to address the housing deficit.

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“The Highways Management and Development Initiative (HMDI) would facilitate the concessioning of major highways to improve road infrastructure,” he said.

An example of this is the 125-kilometre Benin-Asaba Highway being funded solely by a private organisation.

Edun said the government was transitioning from concessional and bilateral financing to cheaper sources of funding, including a domestic bond issue.

He also reiterated the government’s commitment to resolving pensioners’ legacy debt, adding that over N700 billion in bonds had been issued for pension payments.

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Acknowledging that Nigeria remains an oil-dependent economy, Edun stressed that the government was making efforts to create a safe and investor-friendly environment for oil operations.

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“Maximise revenue from fossil fuels while it remains viable, encourage public-private partnerships, joint ventures, and privatisation to boost investment.

“Now is the time for equity, revenue generation and private sector participation, both domestically and internationally,” he said.

Reflecting on the situation at the outset of the President Bola Ahmed Tinubu Administration, Edun explained that the economy narrowly avoided collapse, having survived on illegally borrowed central bank funds far beyond regulatory limits.

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“In the last quarter of 2024, the economy grew at roughly 3.84 per cent, which is close to the annual target of 3.4 per cent.

“Looking at the metrics, inflation has started to slow down.

“It dropped by 1.3 percentage points between January and February, and food inflation is also declining.

“Additionally, the cost of petroleum and energy is down due to sectoral dynamics,” he said.

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Edun noted that stabilising the exchange rate had positively impacted imported goods and services, such as healthcare and education.

He said the balance of trade was positive, with government revenues increasing by 20 per cent in 2024.

Edun said the economy was stabilising, the budget deficit was reducing, and debt servicing as a percentage of revenue had dropped.

“All economic indicators are moving in the right direction, and most importantly, the cost of living is gradually improving.

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“With this progress, the government is now focusing on further stabilisation and creating an environment that encourages private sector investment.

“We are also leveraging technology to enhance revenue generation from government-owned enterprises,” the minister said.

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INEC ought to have archived recall petition long ago-Senator Natasha

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Senator Natasha Akpoti-Uduaghan on Thursday hailed the Independent National Electoral Commission (INEC) for rejecting a petition to recall her as the lawmaker representing Kogi Central Senatorial District.

The lawmaker, who was a guest on Channels Television’s Politics Today, said the electoral umpire should have thrown out the petition long before it did on April 3, 2025.

“I’m a lawyer. I’m a senator and I understand how Nigeria works. For me, the most important thing is this recall process has been stalled.

“I give kudos and credit to INEC even though I believe they should have thrown it away from the get-go.

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“I think it was void ab initio because there is no law in the Electoral Act that says a petition should be discarded just because there is no address but again, what if the address is false?”

The Peoples Democratic Party (PDP) chieftain argued that most of the addresses provided in the petition for her recall were false because most houses in her district weren’t labelled.

Even though INEC did count 208,000 signatures, I bet you if they had gone into the verification stage, they would have struggled to even have 500 people come out to attest to signing that,” she added.

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We’re putting together new 2025 Budget for Rivers-Ibas

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…hosts Delegation Of Rivers NASS Caucus

The Administrator of Rivers State, Vice Admiral (Rtd) Ibok Ete Ekwe Ibas, has said that an appropriation bill for 2025 is being articulated to provide for critical development concerns in healthcare delivery, education, agriculture and infrastructure.

Vice Admiral (Rtd) Ibas also said that the anticipated budget will cater to creating more employment opportunities for Rivers people and advance delivery of technology in critical facets of public life.

The administrator gave the hint when he hosted the delegation of Rivers State caucus at the National Assembly, led by Dr Barinada Mpigi, the Senator representing Rivers South-East District, at Government House in Port Harcourt on Thursday.

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Those on the delegation included Senator Allwell Onyesoh, the minority leader of the House of Representatives, Rep. Kingsley Chinda, Hon Dumnamene Dekor, Hon Solomon Bob, Hon Cyril Godwin Hart,
Hon Blessing Amadi, Hon. Felix Nwaeke, Hon Kelechi Nwogu, and Hon Victor Obuzor

Ibas said he has been resolute, since assumption of office, to restore law and order, and with support from the security agencies, an environment has been created where Rivers residents feel valued and safer.

The Administrator stated that the commitment is to make Rivers a model of peace in the comity of States, with a stable economy and citizens courageous to pursue their livelihood without fear or molestation.

“In addition to our peace building efforts, we are also focused on the economic stability and development of Rivers State.

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“Since the Supreme Court verdict on the state’s budget, we have acted swiftly and decided to put together a new budget that reflects our commitment to healthcare, education, social services, and continued infrastructural development.

“We have worked diligently to ensure that the process is transparent, inclusive, and most importantly expedited. Our goal is to ensure that we do not lose any more time in making the necessary investments that will improve the lives of citizens.”

Vice Admiral (Rtd) Ibas stated: “The budget which is been finalized focuses on creating job opportunities and investing in key sectors such as agriculture, infrastructure, and technology.

“We understand the urgency of this initiative, and we are committed to ensuring that they are implemented without delay.”

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The Administrator noted that to get the task done, the support of the legislators will be required as key representatives of Rivers State in the National Assembly.

He sued for their assistance in securing the necessary resources and legislative backing that would bring the initiative of his administration to fruition.

“Your partnership is critical to success in ensuring that Rivers State remains on the path of progress and enduring peace for future generations.”

He explained that in the face of the challenges that beset Rivers, which led to the State of emergency declared by President Bola Tinubu, dialogue, community engagement and reconciliation were deplored to build trust among the citizenry.

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He noted that the people of Rivers State have shown incredible resilience and patience in the efforts taken so far to restore the State back to the path of peace and respect for the law.

Vice Admiral (Rtd) Ibas assured that his administration remains committed to achieving enduring peace for the state.

He said: “Beyond security, we have prioritised community engagements as a central part of our strategy. Dialogue, reconciliation, and inclusivity have been key to building trust among our people.

“We are determined to strengthen the bond of unity in Rivers State and to foster an environment where every citizen feels valued, heard, and respected. Together, we are making strides in ensuring that peace becomes a permanent feature of our state.”

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Responding, Senator Barinada Mpigi, representing Rivers South-East District, said they are dedicated representatives of Rivers people at the National Assembly and resolved to support all efforts that will bring development to the State.

While commending the administrator for the modest successes he had achieved so far, Senator Mpigi pledged the support and cooperation of the legislators to ensure the return of the state on the path of law and order.

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Just in: Shettima jets out to attend Senegal’s independence

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Vice President Kashim Shettima has departed Abuja for Dakar, Senegal for official assignment.

The VP is expected to represent President Bola Ahmed Tinubu at the West African nation’s 65th Independence Anniversary celebrations.

Senegal marks its Independence Day on April 4 each year, commemorating its liberation from French colonial rule in 1960.

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The annual celebration is a significant event featuring national parades, cultural displays, and ceremonies highlighting the country’s achievements and unity.

A statement issued on Thursday by Senior Special Assistant to the President on Media and Communications, Office of the Vice President, Stanley Nkwocha, said Shettima’s participation followed an official invitation from Senegalese President, Bassirou Diomaye Faye.

This underscored the strong diplomatic and economic ties between Nigeria and Senegal.

The two nations share longstanding relations, particularly within the Economic Community of West African States (ECOWAS), fostering cooperation on regional security, trade, and development initiatives.

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The event is expected to reaffirm Senegal’s commitment to democratic governance and regional cooperation.

Vice President Shettima is scheduled to return to Nigeria immediately after the one-day celebrations, continuing his engagements in national development and diplomatic outreach.

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