Federal Government Removes VAT on Diesel and Cooking Gas to Boost Energy Sector

The Federal Government of Nigeria has announced significant tax relief measures aimed at stimulating investments in the oil and gas sector. Effective immediately, the importation of key energy products, including diesel, feed gas, Liquefied Petroleum Gas (LPG), Compressed Natural Gas (CNG), electric vehicles, Liquefied Natural Gas infrastructure, and clean cooking equipment will no longer be subject to value-added tax (VAT).

Minister of Finance and Coordinating Minister for the Economy, Wale Edun, revealed these changes in a statement on Wednesday. The initiative is part of the government’s strategy to position Nigeria’s deep offshore basin as a leading destination for global oil and gas investments, enhance energy security, and facilitate a transition to cleaner energy sources.

According to the statement, which was signed by Director of Information and Public Relations, Mohammed Manga, the new VAT Modification Order 2024 is designed to reduce living costs and promote energy security. It complements recent divestment plans by ExxonMobil and Seplat, which are expected to receive ministerial approval soon.

The announcement outlined two major fiscal incentives: the Value Added Tax Modification Order 2024 and a Notice of Tax Incentives for Deep Offshore Oil & Gas Production. These measures reflect the administration’s commitment to revitalizing the energy sector and driving economic growth.

The government emphasized that these reforms are part of a broader initiative under President Bola Tinubu’s administration to enhance Nigeria’s competitiveness in the global oil and gas market and ensure sustainable growth within the industry.

Pat Utomi Critiques Nigeria’s Judiciary, Calls for Stronger Institutions and Values

Nigerian economist Pat Utomi has expressed deep concern over the state of the country’s judiciary, labeling it a “laughing stock.” Speaking on Channels Television’s Politics Today, he emphasized that Nigeria’s potential for greatness hinges on having individuals of character in positions of power.

Utomi attributed the decline in Nigeria’s culture and values to the collapse of key institutions, asserting that strong institutions, including the judiciary and the Independent National Electoral Commission (INEC), are essential for meaningful progress. He stated, “Ultimately, values shape human progress. When we have values and people of character and commitment to service in public authority, our country will turn around.”

He highlighted the need for a “values revolution” to restore integrity in governance, arguing that without reliable institutions, the nation cannot achieve its full potential. “The biggest challenge we have is that culture is in collapse in Nigeria,” Utomi noted, stressing that a commitment to building robust institutions is crucial for enforcing the rule of law.

Utomi concluded with a hopeful message, stating that Nigeria possesses the necessary human capital to lead the way to a brighter future, but only if values and strong institutions are prioritized.

Governors Lobby to Delay Implementation of Local Government Autonomy Following Supreme Court Ruling

As the submission date approaches for the report from the inter-ministerial committee on Local Government Areas (LGAs) autonomy, state governors in Nigeria are intensifying efforts to delay the enforcement of the Supreme Court ruling. This committee, led by Secretary to the Government of the Federation, George Akume, is expected to finalize its report by October 13.

In 2019, the Nigerian Financial Intelligence Unit (NFIU) established a regulation prohibiting transactions on joint accounts of state and local governments, mandating that funds be sent directly to local governments. This regulation also limited cash withdrawals from local government accounts to a maximum of ₦500,000 per day, with penalties for non-compliance. However, state governors, under the Nigerian Governors’ Forum, opposed this regulation, leading to its eventual revision.

In May 2024, the Federal Government filed a lawsuit aimed at curbing governors’ authority to receive and withhold federal allocations meant for local governments, seeking to prevent the unilateral dissolution of elected councils. The Supreme Court ruled on July 11 that governors cannot control local government funds and directed the Accountant-General of the Federation to ensure direct payments to local government accounts.

Following the ruling, the Federal Government formed a committee to facilitate the implementation of local government autonomy. This panel comprises several high-ranking officials, including the Minister of Finance, Attorney General, and representatives from local governments and state governors.

In a recent address marking Nigeria’s Independence Day, President Bola Tinubu pledged to uphold the financial autonomy of local governments, stating, “We are resolute in our determination to implement the Supreme Court judgment on the financial autonomy of local governments.” However, sources within the Presidency revealed that governors are pressuring officials to soften the enforcement of the Supreme Court ruling.

Hakeem Ambali, President of the National Union of Local Government Employees, confirmed that the committee is expected to submit its report by October 11 and expressed confidence in the President’s commitment to the issue.

Civil society organizations, including the Centre for Accountability and Open Leadership and the United Global Resolve for Peace, are urging the Federal Government to expedite the implementation of local government autonomy. They criticize governors for attempting to undermine the Supreme Court’s ruling, emphasizing the importance of adhering to the rule of law.

Debo Adeniran, chairman of the Centre for Accountability and Open Leadership, condemned the governors’ efforts, stating that their actions are self-serving and detrimental to local governance. Olaseni Shalom, Executive Director of the United Global Resolve for Peace, called for a bill in the National Assembly to eliminate ambiguity around local government autonomy and support fiscal independence.

The Coalition of United Political Parties has also urged immediate action from the Federal Government, emphasizing the urgency of implementing the Supreme Court ruling to ensure financial accountability at the local government level. They argue that any delay in enforcement undermines the integrity of the legal system and hinders local governance effectiveness.

Overall, the impending submission of the inter-ministerial committee’s report has heightened tensions between state governors and the Federal Government, raising concerns about the future of local government autonomy in Nigeria.

NANS Opposes NECO’s ₦50,000 Certificate Reprint Fee, Calls for Policy Review

The National Association of Nigerian Students (NANS) has expressed strong opposition to the recently introduced ₦50,000 fee by the National Examination Council (NECO) for reprinting certificates. This announcement was made by NECO’s Registrar, Dantani Wushishi, in Minna, Niger State.

According to NECO, the ₦50,000 fee for certificate reprints will be subject to periodic reviews, and requests will only be accepted within one year of the original certificate issuance.

NANS Clerk of the Senate, Comrade Abdulyekinn Odunayo, criticized this decision, labeling it an excessive and unfair commercialization of education. He argued that this fee would impose a significant financial burden on students, particularly in the current economic climate.

Odunayo stated, “The National Association of Nigerian Students (NANS) unequivocally condemns the outrageous decision by NECO to impose a ₦50,000 fee for certificate reprints. This draconian policy is a slap in the face of Nigerian students, who are already facing financial hardships and uncertainty.”

He emphasized that the fee would exacerbate financial exclusion, preventing many students from accessing their rightful certificates, and undermine NECO’s integrity regarding equitable education access.

NANS also raised concerns about NECO’s fee structures and transparency, suggesting potential fund mismanagement and inadequate service delivery. They urged NECO to reconsider its policies, advocating for a more student-friendly approach to education costs.

NANS has demanded an immediate reversal of the ₦50,000 fee and proposed that the charge be reduced, the certificate reprint period extended to five years, and that stakeholders engage in discussions to prioritize student interests in decision-making.

Odunayo concluded, “The National Association of Nigerian Students will not stand idly by while education is commercialized and students are exploited. We demand a reversal of the ₦50,000 fee, a reduction to a more affordable amount, an extension of the reprint request deadline to five years, and a stakeholder engagement process that ensures student-centric decision-making.”

Protests Erupt at Rivers PDP Secretariat Over Delayed Voter Register Distribution

Protesters gathered at the Peoples Democratic Party (PDP) headquarters in Port Harcourt, Rivers State, on Thursday, voicing concerns over the delay in the distribution of the 2023 Voters’ Register. The demonstration occurred just two days before the scheduled local government elections on October 5, 2024.

Security forces were called to manage the situation as the crowd grew, causing traffic disruptions in the area. The protests followed a court ruling on September 30, 2024, which temporarily blocked the Independent National Electoral Commission (INEC) from handing over the voters’ register to the Rivers State Independent Electoral Commission (RSIEC).

Despite the legal hurdles, Governor Siminalayi Fubara maintained that the elections would proceed as planned. He declared public holidays on October 3 and 4 to allow residents to travel to their communities and participate in the election, with restrictions on vehicular movement from midnight on Friday to 5 p.m. on Election Day.

Femi Adebayo’s Film ‘Jagun Jagun’ Bags Seven Nominations at AMAA 2024 (Full List)

The 2024 Africa Movie Academy Awards (AMAA) nominations have been announced, with Femi Adebayo’s film Jagun Jagun receiving seven nominations. The event, in its 20th edition, will be held on November 2 at the Balmoral Hall, Sheraton Hotel, Ikeja, Lagos.

Nollywood’s The Weekend by Uche Okocha leads the pack with 16 nominations, while Adebayo’s Jagun Jagun secured nominations in categories such as Best Film in an African Language and Best Achievement in Visual Effects.

Here’s the full list of nominees for the 2024 AMAA:

  1. Efere Ozako Award for Best Short Film
    The Last Shoe Maker – Uganda
    Seben – Mali
    Isolated – Nigeria
  2. Jubril Malaifia Award for Best Animation
    Heavy Crown – Libya
    Hadu – Nigeria
  3. Best Documentary
    A Quand L’Afrique – Congo Brazzaville
    Gateway To Dreams – Cameroon
  4. Ousmane Sembene Award for Best Film in an African Language
    Jagun Jagun – Nigeria
    Unheard – Uganda

…and many more across various categories.

NLC President Ajaero Warns of Challenges Ahead Despite Securing ₦70,000 Minimum Wage

The Nigeria Labour Congress (NLC) has urged its state councils to brace for the challenges ahead as public sector workers await the implementation of the new ₦70,000 minimum wage. NLC President, Joe Ajaero, emphasized that securing the wage increase is only half the battle, with the real challenge being its full and fair implementation.

Speaking at a workshop in Lagos for NLC’s southern state councils, Ajaero highlighted the importance of fair wages, stating, “When we fight for better wages, we are not asking for charity… we are fulfilling a sacred duty—to uplift the nation and secure the dignity of work.”

Reflecting on the struggle that led to the new minimum wage, Ajaero noted the fierce opposition and challenges faced during negotiations, and he warned that the road to full implementation will be equally difficult, urging workers to stay resolute.

The workshop, organized by Fredrich Ebert Stiftung (FES) and the International Labour Organisation (ILO), focused on strategies to ensure the effective implementation of the 2024 National Minimum Wage Act. Ajaero reminded leaders that their responsibility is to make sure the benefits of the new law reach all workers across Nigeria, warning of sanctions for any officials found colluding to deny workers their entitlements.

PDP Urges INEC to Declare Nkwonta’s Seat Vacant After Defection to APC

The Peoples Democratic Party (PDP) in Abia State has formally requested the Independent National Electoral Commission (INEC) to declare the seat of Chris Nkwonta, the lawmaker representing Ukwa East and Ukwa West in the House of Representatives, vacant following his defection to the All Progressives Congress (APC).

Nkwonta’s defection occurred on Wednesday during a House session, prompting the PDP to release a statement through Jude Ndukwe, the Media Adviser to the PDP Caretaker Committee in Abia. The statement urged INEC to organize a new election within the constitutionally mandated timeframe to fill the vacant seat, arguing that Nkwonta’s defection violated legal provisions.

The PDP claimed there were no internal crises within the party at the state or federal level to justify Nkwonta’s move. Citing Section 68(1)(g) & (2) of the 1999 Constitution, Ndukwe emphasized that Nkwonta’s defection lacked the necessary legal grounds.

However, Don Ubani, a PDP member from the same constituency, expressed that Nkwonta’s defection aligned with the decisions of the party’s local chieftains.

Senate Leader Bamidele Denies Allegations of Working Against Yoruba Interests

Senate Leader Opeyemi Bamidele has refuted claims that his legislative activities in the National Assembly are working against the interests of the Yoruba people. The lawmaker dismissed recent media reports as baseless and false, insisting that his actions have always served Ekiti Central, Ekiti State, the South-West, and Nigeria as a whole.

In a statement to Naija News, Bamidele challenged anyone with evidence to support the accusations against him, including a purported statement that if Nigeria returned to a regional system, “the easterners would automatically have Biafra.” He denied ever making such remarks and emphasized that the claims were an attempt to pit him against the Yoruba and other ethnic groups.

Bamidele clarified that he never discussed regional governance at the recent Senate Retreat on constitutional review, labeling the reports as misinformation and fake news. He warned that he would take legal action against anyone spreading false claims about him.

Dollar to Naira Black Market Exchange Rate and Nigeria’s $1.57 Billion World Bank Aid Boost

Dollar to Naira Exchange Rate Today – 3rd October 2024

What is the current exchange rate for the dollar to naira in the black market, also known as the parallel market (Aboki fx)? Check the latest black market rates for 2nd October below. You can exchange your dollars for naira at these rates.

As of Wednesday, 2nd October 2024, players in the Lagos Parallel Market are buying a dollar at N1640 and selling it at N1680, according to sources from the Bureau De Change (BDC).

It is important to note that the Central Bank of Nigeria (CBN) does not recognize or support the parallel market and encourages individuals to approach their respective banks for foreign exchange services.

Black Market Rates for 3rd October 2024:

  • Buying Rate: N1640
  • Selling Rate: N1680

CBN Rates for 3rd October 2024:

  • Buying Rate: N1600
  • Selling Rate: N1601

Keep in mind that exchange rates may vary, and you might buy or sell forex at a different rate than what is listed.

Nigeria Receives $1.57 Billion from World Bank for Health and Climate Resilience Projects

Nigeria has secured fresh support from the World Bank, totaling $1.57 billion, to help boost the country’s efforts in improving human capital and resilience to climate change. The funding will assist in strengthening healthcare services for women, children, and adolescents, as well as enhancing infrastructure against the effects of floods and droughts through improved dam safety and irrigation systems.

The aid package includes:

  • $500 million for addressing governance issues in education and healthcare (HOPE-GOV),
  • $570 million for the Primary Healthcare Provision Strengthening Program (HOPE-PHC),
  • $500 million for the Sustainable Power and Irrigation for Nigeria Project (SPIN).