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IsDB Approves US$ 2.12 Billion for Development Projects in Member Countries

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Outgoing board members

The Board of Executive Directors of the Islamic Development Bank (IsDB), today, approved US$ 2.12 billion to finance new development projects in member countries.

Chaired by IsDB President and Group Chairman, H.E. Dr. Muhammad Al Jasser, the 353rd board meeting approved 16 projects that support socio-economic development and promote sustainability in member countries in key strategic sectors such as transport, energy, health and education, in addition to youth development/entrepreneurship-employment.

In his remarks, the IsDB President highlighted the significance of the approved projects, and their transformative impacts on improving transportation, health, education, and energy, as well as fostering regional economic integration.
Dr. Al Jasser told the Board members that IsDB is working to deepen the Sukuk (Islamic bonds) market to enable the Bank to finance more projects, be they green, sustainability, or ordinary Sukuk.

Top among the approvals is IsDB’s EUR 803.3 million (US$ 845.57 million) financing to Indonesia to contribute to “Strengthening Indonesia’s Health Care Referral Network Project”. The objective of the project is to enhance the physical and service capacity of the health referral system in Indonesia, ensuring that everyone has equal access to quality healthcare services in all districts, cities, and provinces.

The IsDB Board also approved financing of EUR 187.84 million (US$ 204.00 million) to Morocco for the “Construction of Guercif-Nador Highway Project” in the Kingdom of Morocco. The project aims to contribute to improving the connectivity of the Oriental region and the Nador West Med port complex by completing the construction 104 km of highway including 17 bridges and 53 flyovers by 2029.

Also, among the key approved projects are IsDB’s financing contribution of EUR 136.86 million (US$ 144.00 million) to Burkina Faso and US$ 106 Million to Uganda to improve the living environment of the populations and support the transport sector in the two beneficiary countries.

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Additionally, the Board approved the following projects:

EUR 55 million (US$ 58.0 million) to the Republic of Mali to help enhancing the country’s electricity transmission grid via modernization and expanding of the high voltage transmission infrastructure;

Euro 64.30 million (US$ 70.0 million) for the Republic of Chad and EUR 25.24 million (US$ 27.13 million) to the Republic of Togo to support the higher education sector in these two African member countries.

US$ 16.90 million in slums Upgrading and Integrated Urban Development Project in Bouloas, Djibouti to improve the livelihoods of people living in slum areas through developing basic economic infrastructure.

US$ 79 million to improve access to affordable, resilient, and energy-efficient housing for the underserved population, as well as to support the Shariah mortgage development in the Kyrgyz Republic.

US$ 40.00 million to contribute towards supporting sustainable and green economic transformation of the Maldivian economy through improved access to Islamic finance while embracing social and environmental responsibilities.

US$ 200 million to deliver beneficiary‐driven, multi‐hazard resilient, reconstruction of core housing units to the populace affected by the 2022 floods in Sindh province in Pakistan.

US$27 million to improve the quality of life of the people living along the project road as well as contribute to the development of the international transit traffic potential of Tajikistan.

The IsDB Board approved US$ 300 million in financing for two projects for Türkiye earthquake-affected areas:

US$100 million to support the economic recovery of earthquake-affected industrial firms in various sectors and thereby contribute to enhancing the resilience of productivity and economic growth of the country.

US$ 200 million to support Türkiye’s efforts towards the rapid delivery of health facilities and services to improve the quality of life of the earthquake-affected population.

Furthermore, the IsDB Board reviewed several technical reports including the progress report of the IsDB Group Food Security Response Program (FSRP) which aims at supporting member countries in better averting the ongoing food crisis and further strengthening their resilience to future food security shocks. The Board was also updated on “Various Initiatives to Enhance IsDB’s Products and Services”.

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Parliamentary Probe Reveals Tampering with Key Tax Reform Legislation

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By Yusuf Danjuma Yunusa

The House of Representatives has confirmed that there is an illegal alteration of Nigeria’s newly gazetted tax reform laws.

The House Minority Caucus Ad-hoc Committee probing alleged alteration of the tax reform laws reported evidence of unauthorized changes to some of the tax reform laws recently passed by the National Assembly and signed into law by President Bola Tinubu.

In an interim report released on Friday, the committee said its findings showed clear discrepancies between the versions of the tax laws approved by lawmakers and those later published in the official gazette.

According to the panel, the Nigeria Tax Administration Act, 2025, contained the most significant alterations.

The probe followed public concern triggered by a motion raised on the floor of the House by Abdulsamad Dasuki, who warned that versions of the tax laws in circulation differed from what legislators had approved.

In response, the Minority Caucus, in a statement issued on December 28, 2025, pledged to safeguard the autonomy of the legislature and cautioned that the circulation of “fake laws” posed a direct threat to constitutional democracy.

Acting on that commitment, the caucus, under the leadership of Kingsley Chinda, set up a seven-member fact-finding committee on January 2, 2026.

The panel is chaired by Victor Ogene, with members Aliyu Garu (Bauchi), Stanley Adedeji (Oyo), Ibe Osonwa (Abia), Marie Ebikake (Bayelsa), Shehu Fagge (Kano), and Gaza Gbefwi Jonathan (Nasarawa).

A day later, the House, through its spokesman Akin Rotimi, announced that Speaker Tajudeen Abbas had ordered the release of certified copies of the four tax reform Acts signed by the President to enable public scrutiny.

The laws are the Nigeria Tax Act, 2025; Nigeria Tax Administration Act, 2025; National Revenue Service (Establishment) Act, 2025; and the Joint Revenue Board (Establishment) Act, 2025.

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The committee, in its preliminary assessment, said that a side-by-side review of the certified copies and the gazetted documents confirmed Dasuki’s claims.

“There were some alterations as alleged, especially in the Nigeria Tax Administration Act, 2025.

“There were three different versions of the documents in circulation, particularly the Nigeria Tax Administration Act, 2025,” the committee stated.

The report, signed by Ogene, noted that multiple versions of the Nigeria Tax Administration Act, 2025, were in circulation, raising questions about the integrity of the legislative process.

The panel argued that instructions to “align” the Acts with the Federal Government Printing Press suggested serious procedural lapses.

The committee added that the published version of the laws unlawfully intruded into the constitutional authority of the National Assembly.

According to the committee, there was “a clear indication that there were procedural anomalies in the previously gazetted version that illegally encroached on the core mandate of the National Assembly.”

Highlighting specific concerns, the committee said Section 29(1) on reporting thresholds had been altered.

While the version passed by lawmakers set thresholds at N50 million for individuals and N100 million for companies, the gazetted text reportedly reduced the individual threshold to N25 million, a move the committee described as an attempt to widen the tax net through executive interference.

The committee also criticised the insertion of new subsections 41(8) and 41(9), which mandate a 20 per cent deposit of disputed tax liabilities before appeals can be taken from the Tax Appeal Tribunal to the High Court.

The committee noted that these provisions were absent from the version approved by the legislature.

According to the report, Section 64 of the gazetted Act further expanded the enforcement powers of tax authorities, allowing arrests through law enforcement agencies and the sale of seized assets without court authorisation, powers not contained in the original Act.

The committee also flagged changes to Section 3(1)(b), where petroleum income tax and VAT were reportedly removed from the definition of federal taxes, and to Section 39(3), which now mandates tax computation for petroleum operations in U.S. dollars rather than “the currency of the transaction,” as originally passed.

Beyond the Tax Administration Act, the panel raised alarms over the Nigerian Revenue Service (Establishment) Act, saying provisions on National Assembly oversight, particularly Sections 30(1)(d) and 30(3), were deleted in the gazetted version.

The committee said these omissions stripped the legislature of mechanisms for summons, reporting, and accountability, undermining the principle of checks and balances.

The House is expected to deliberate on the interim findings and consider further actions to rectify the published laws and prevent future alterations.

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Breaking :Gov. Yusuf Resigns NNPP Membership as Kano Political Realignment Deepens

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Kano State Governor, Alhaji Abba Kabir Yusuf, has formally resigned his membership of the New Nigeria People’s Party (NNPP), citing deepening internal crises and the need to safeguard the broader interest of the people of Kano State.

This was contained in a statement signed by the governor’s spokesperson, Sunusi Bature Dawakin Tofa on Friday.

The Governor, in a letter addressed to the Chairman of Diso-Chiranchi Ward, NNPP, Gwale Local Government Area, officially communicated his decision to withdraw from the party with effect from Friday 23rd January 2026.

“I write with a deep sense of gratitude to formally notify the leadership of the New Nigeria People’s Party (NNPP) of my decision to resign my membership of the party, with effect from Sunday, 25 January 2026.”

Governor Yusuf expressed appreciation to the party for the platform and support extended to him throughout his political engagement with the NNPP.

“I remain sincerely appreciative of the opportunity given to me by the party, its leadership, and members across Kano State to be part of its political journey since 2022, as well as the support, goodwill, and cooperation extended to me during my time in the party.”

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He pointed to persistent internal disputes and legal challenges that have continued to unsettle the party’s structure nationwide.

“In recent times, the party has been confronted with persistent internal challenges arising from leadership disagreements and ongoing legal processes, many of which are presently before the courts for judicial determination.”

According to the Governor, the internal disagreements have widened divisions and weakened cohesion within the party.

“The growing disenfranchisement among party members has created deep divisions within the party structure, resulting in cracks that appear increasingly irreconcilable and have generated uncertainty at both state and national levels.”

Governor Yusuf stated that his decision followed careful reflection and was guided strictly by public interest considerations.

“After careful reflection, and without prejudice to the party’s capacity to resolve its internal challenges, I have come to the conclusion that my resignation is in the best interest of the people of Kano State.”

He emphasized that the decision was taken in good faith and without bitterness.

“This decision is taken in good faith, without any ill will, and with a continued commitment to peace, unity, and the progress of Kano State.”

The Governor is resigning today along with 21 members of the State Assembly, 8 members of the House of Representatives and 44 Local Government Chairmen of Kano state.

The resignation letter was acknowledged by the party Secretary, Diso-Chiranchi Ward, Hon. Kabiru Zubairu who commended the Governor for his laudable projects on infrastructure, urban renewal, health, education and economic empowerment.

“I wish to concur with His Excellency on the lingering crisis in our party, though we are trying our best to contain it, but we have no option than to accept the resignation of a one and most performing Governor of the NNPP.”

 

Signed
Sunusi Bature Dawakin Tofa,
Director General,
Media and Publicity,
Government House, Kano

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Oluwafemi hails Tinubu’s ambassadorial postings, urges driven agenda for Nigeria’s key mission

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Sir Victor Oluwafemi, KJW, a leading international development expert, media mogul, and Isle of Man-based member of the Nigerian diaspora, has commended President Bola Ahmed Tinubu, GCFR, for approving the posting of ambassador designates to strategic foreign missions, describing the decision as a timely step towards repositioning Nigeria’s diplomacy for measurable national value.

Oluwafemi, the principal architect of Policy as a Platform (PaaP) and Results as a Service (RaaS), said Nigeria’s missions must now adopt a modern delivery discipline that converts goodwill into outcomes. He explained that *PaaP* is a structured approach for translating national priorities into clear mission workflows and service standards, while RaaS  is a quarterly scorecard system for tracking results, including partnerships secured, investment leads progressed, trade outcomes, and improvements in diaspora and consular service delivery.

“Diplomacy must be more than protocol. It must translate into investment pipelines, trade opportunities, diaspora confidence, and a reputation lift that is backed by delivery,” Oluwafemi said.

He urged the newly appointed envoys, particularly the ambassador-designate to the United States, to adopt a clear three-point agenda that can be applied across Washington, London, and Paris, while recognising that Washington remains Nigeria’s most strategic theatre for investment mobilisation and diaspora confidence building.

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Three priority actions for immediate activation

1. Establish an embassy-convened Diaspora and investment council.
Oluwafemi advised each mission to inaugurate a structured council bringing together diaspora leaders, business chambers, institutional partners, and credible investors, supported by a quarterly calendar and committee mandates. He said this will institutionalise engagement, reduce fragmentation, and create a permanent platform for mobilisation.

2. Launch an annual flagship investment and diaspora conference with a Deal Room.

He called for a signature annual conference hosted by each mission, anchored in a Deal Room that showcases vetted opportunities, matches partners, and tracks post-event progress. For the United States, he recommended a Nigeria–US Diaspora Prosperity Conference and Deal Room in Washington, DC, designed to convert goodwill into bankable pipelines and sustained investment momentum.

3. Publish a quarterly mission results scorecard under the RaaS discipline
Oluwafemi said every mission should publish a simple quarterly scorecard tracking measurable outputs, including partnerships secured, investment enquiries progressed, trade and export facilitation outcomes, diaspora engagement metrics, and service improvements. He noted that transparent reporting will strengthen credibility and distinguish Nigeria’s diplomacy as outcomes-led.

“Washington should become the benchmark mission by institutionalising PaaP-style delivery workflows and RaaS scorecard reporting, while London and Paris drive the same discipline through their own strategic corridors,” he added.

The Presidency announced that President Tinubu approved Ambassador Ayodele Oke as the ambassador designate to France, Retired Colonel Lateef Kayode Are as the ambassador designate to the United States of America, and Ambassador Amin Mohammed Dalhatu as the high commissioner designate to the United Kingdom.

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