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Nigeria Ranks Lower Than Rwanda In Innovation-Sanusi

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Former Central Bank (CBN) Governor and immediate past Emir of Kano, Muhammad Sanusi II, on Friday said the Nigerian economy is about to collapse totally as he warned that oil which he described in parable as the goose laying the ‘golden egg’ for the country is about to die.

Sanusi who spoke at the closing of the Kaduna Investment Summit, tagged KadInvest 6.0 said aside the fact that Nigeria is having difficulties in oil production, the product is now being rejected in the global market, as there is no longer a future in carbon.

The former CBN governor who pointed out that the future lies in knowledge based economy, which is the theme of the summit, however lamented that Nigeria is behind many African countries in innovation index and ranking 114th globally.

He lamented that while Ghana with a smaller economy invests more in education, Nigeria spends only seven percent of its budget in that direction, saying that, only eight of every 100 Nigerians who start primary school, complete university education.

According to him, “globally, work is being redefined. 30 to 40 per cent of workers in developed economies will need to significantly upgrade their skills by 2030. And what are the major drivers of this redefinition? ICT and remote working, which we have seen even here with COVID. There is increased automation and artificial intelligence. Very soon, robots will take over work in most countries and those who would have jobs are those who operate the robots or manufacture the robots or service the robots.

“And you have decarbonisation. For us in Nigeria, the enclave economy that we have, the so-called goose that lays the golden egg is about to die. There will be no eggs. The future is not in the carbons.

“A few months ago, Germany was able to produce enough renewable energy for the entire country’s needs. Today, we are having difficulties selling Nigerian oil. So, not only are we having problems to produce, even when we produce, the market is not there.

“So, this is forcing a change, and for us as a country that depends on oil, things need to change.

“Nigeria is ranked 114th in the global innovation index. We are lower than other African countries such as Kenya, Rwanda and Senegal. We are in fact ranked 14th in sub-Saharan Africa. I think we should have this reality check and know where we are as a country. Let’s stop calling ourselves the giant of Africa, because we are the giant with clay feet.

“Countries like Kenya, Rwanda and Senegal are ahead of us. I am not even talking about South Africa. Our expenditure on education is only seven per cent of the budget. We are spending less on education than Ghana; I am not talking about as per percentage of the budget; in absolute terms, even though the Ghanaian economy is much smaller than the Nigerian economy, even though the Ghanaian government revenue is less than Nigeria’s revenue, Ghana is spending more on education than Nigeria.

“And we are surprised that industries are moving to Ghana. We are surprised that the Ghanaian president has become the leading President in Africa? We are not investing in education and human capital.

“We have a 68 per cent missing job requirement and the major areas being IT, communication and decision making. And the completion rate between entry into primary one and completing university is eight per cent, meaning that out of every 100 pupils who go into primary school, only eight come out of university. And out of those eight, nine percent, which is one of the eight, will get a job.

“So, this is the reality in addition to what is happening globally. Now, digitization to level the playing field is required if we are deliberate and we shift from consumption to value creation. But, part of our problem is that even when we have the solution at our feet, we do not take it,” he said.

Meanwhile, the Kaduna State government said it will be introducing ICT skills in vocational institute and also in primary and secondary schools across the state.

Governor Nasir El-Rufai in an interview at the summit said his administration believes that the future of jobs in the world today will be digital. “So everyone needs digital skills and we intend to provide that and we have an agreement with IHS to cover Kaduna with 3g and 4g network so that everyone will have access to the internet,” he said

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Gombe Approves 2025 SSCE Fees for Over 20,000 Students

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The Gombe State Executive Council (SEC), presided over by Governor Muhammadu Inuwa Yahaya, CON, has approved the sum of 580 million for the payment of registration fees for over 20,000 students sitting for various Senior School Certificate Examination (SSCE) in 2025 across the state.

This was announced by the Commissioner of Information, Culture and Ethical orientation, Hon. Mijinyawa Ardo Tilde, when he led other council members for a press briefing after the 45th executive council of the State.

Speaking further on the council’s approval for the payment of the SSCE, the Commissioner for Education, Prof. Aishatu Umar Maigari, stated that the Gombe State Government has consistently funded SSCE payments since 2019 to ease parents’ financial burdens and ensure indigent students complete their secondary education without obstacles.

“Today, at the council meeting, approval was granted for the payment of registration fees for various Senior School Certificate Examinations (SSCE) for 20,477 students across the state. Out of this number, fees were paid for 18,723 indigent students for WAEC, 110 students under the Exchange Programme Officer, 58 students from Special Schools, 1,368 students for NABTEB, and 219 students from Arabic colleges for NBAIS”, the Commissioner stated.

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“The total amount approved for this year’s SSCE is N580,870,900. This amount will be shared between the state and local governments. Let me also reemphasize that the payment of SSCE fees has been an annual practice of this administration since 2019, and is aimed at alleviating the financial burden on parents and ensuring that our students across the state have the opportunity to complete their secondary education,” the Commissioner added.

The commissioner further stated that before Governor Inuwa’s led administration came on board, only 23% of students who sat for various SSCE exams obtained five credits, including English and Mathematics, saying with the continuous reforms in the education sector and the increased annual payment of SSCE fees, the number has risen to about 70%.

In a related development, the Education Commissioner announced council’s approval for a new sanitation roadmap in schools and healthcare facilities aimed at improving hygiene and environmental standards across the state.

She explained that the roadmap seeks to ensure regular sanitation exercises in public schools and healthcare centers, stating that the initiative will compliment the monthly sanitation exchange being conducted during the last Saturday of every month to enhance a healthier environment.

To ensure adherence to the provisions of the new roadmap by all public institutions, the Commissioner announced council’s composition of a committee which include the Commissioner of Environment, Water and Forest Resources as Chairman, while Commissioner for Education and the Commissioner of Health are to serve as members with the mandate to ensure increased supervision on the schools and healthcare facilities as well as government offices.

In another development, the commissioner of Works, Housing and Transport, Engr. Usman Maijama Kallamu, announced the council’s approval of N530,770,128 for the procurement of furniture for the newly completed Sharia Court of Appeal in the State in order to immediately put the edifice into use.

 

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House of Representatives Passes Tax Reform Bills

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The House of Representatives has passed for second reading of the four Tax Reform Bills submitted to the National Assembly by President Bola Tinubu.

These bills—the Nigeria Tax Bill 2024, the Tax Administration Bill, the Nigeria Revenue Service Establishment Bill, and the Joint Revenue Board Establishment Bill—seek to overhaul Nigeria’s tax system, ensuring efficiency, transparency, and improved revenue collection.

The tax reform bills scaled second reading after five months of consultations among lawmakers, during which critical concerns were addressed to achieve consensus on contentious provisions.

During deliberations, legislators emphasized that the proposed reforms would harmonize tax administration, eliminate multiple taxation, and create a structured framework for tax dispute resolution.

The bills also propose the establishment of an ombudsman system to expedite tax-related conflicts between taxpayers and the government.

Expected impact of the tax reforms 

The lawmakers noted that the reforms are aimed at:

Expanding the tax base by integrating more businesses and individuals into the formal tax system.

Ensuring uniform tax policies across different levels of government to prevent arbitrary levies.

Enhancing tax collection efficiency, reducing revenue leakages, and improving government earnings.

Promoting ease of doing business by simplifying tax compliance processes for businesses.

Call for judicious revenue utilization 

While supporting the bills, lawmakers advocated for the prudent application of tax revenues by all tiers of government. Some legislators raised concerns over revenue mismanagement and lack of accountability in tax utilization, urging the executive to ensure that increased tax revenue translates into improved infrastructure, social services, and economic development.

With the second reading secured, the bills will now proceed to the committee stage, where lawmakers will fine-tune provisions before a final vote. Stakeholder engagements, including input from tax experts, business leaders, and government agencies, are expected to shape the final versions of the bills before they are passed into law.

What you should know 

Earlier, the Northern Governors’ Forum, chaired by Gombe State Governor Muhammed Inuwa Yahaya, earlier opposed the derivation-based VAT distribution model.

In a communiqué, the forum argued that the proposal undermines the interests of the North and other sub-national regions.

Despite this opposition, President Tinubu encouraged governors and stakeholders to engage in the legislative process.

The Chairman of the Presidential Committee on Fiscal Policy and Tax Reforms, Mr. Taiwo Oyedele, also addressed concerns, noting that the current VAT distribution model is unfair not only to Northern states but also to all geopolitical zones.

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Breaking:Dangote Refinery Reduces Diesel Price

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Aliko Dangote

Dangote Petroleum Refinery & Petrochemicals has reduced the cost of its diesel product to N1,020 per litre, down from N1,075 per litre at the gantry price, in an effort to better serve its customers and Nigerians in general.

Since it began diesel production in January 2024, the refinery has reduced the price of diesel more than three times, from an initial N1,700 per litre to the current rate, thus providing much-needed relief to manufacturers and consumers alike.

The latest reduction of N55 per litre for diesel follows the revelation by Development Economist and Public Policy Analyst, Prof. Ken Ife, that the Dangote Petroleum Refinery sacrificed over N10 billion to ensure the availability of petrol at a uniform price across the country during the yuletide period. He also praised the refinery for setting a new benchmark in Nigeria’s energy sector by unlocking vast opportunities for export revenue.

Speaking on the transformative impact of the refinery on Arise TV, Prof. Ife explained that for years, the equalisation fund had been responsible for managing the price differentials and transportation costs involved in distributing petroleum across the country. However, it has been reported that the fund owes marketers over N80 billion, according to the development analyst.

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“What has actually happened is that the president has shifted the subsidy burden away from the public purse and onto the private sector. The equalisation fund, which was meant to cover the price differential and transportation costs, plays a crucial role. If petroleum is to be sold across the country at a set price, then transportation costs must be accounted for to ensure this is possible. That’s the purpose of equalisation. However, the equalisation fund is reported to owe around N80 billion to the marketers, and this issue is still under discussion.

“During the Christmas season, which is traditionally the most challenging period, we often face shortages of petroleum, petrol hoarding, and arbitrary price hikes, all of which impact the cost of food. In response, during this last yuletide, the Dangote Group made the decision to absorb the costs. They equalised the price themselves, at a cost of over N10 billion. In doing so, they effectively absorbed the subsidy,” he said.

Prof Ife also said the facility is steering Nigeria away from its traditional focus on Premium Motor Spirit (PMS) towards a diversified range of petroleum-based exports.

He added that with major international players such as BP and Saudi Aramco purchasing refined products from Nigeria, the country is swiftly becoming a key player in the global petroleum market. The analyst expressed confidence that Nigeria is on the path to self-sufficiency in petroleum products, while simultaneously positioning itself as an energy export powerhouse.

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