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Author: Val Kosi

  • ‘Third Mainland Bridge Not Shaking’ – FG Assures Lagosians Amid Social Media Panic

    ‘Third Mainland Bridge Not Shaking’ – FG Assures Lagosians Amid Social Media Panic

    Third Mainland Bridge

    The Federal Government has dismissed rumors circulating on social media claiming that the Third Mainland Bridge in Lagos is shaking and unsafe for use, describing the claims as baseless and malicious.

    The rumors, which surfaced on platforms like WhatsApp and Facebook, alleged that a section of the bridge had opened up and was unstable.

    During a tour of the bridge with journalists on Thursday, Mrs. Olukorede Kesha, Federal Controller of Works in Lagos State, assured the public of the bridge’s integrity and safety, urging Nigerians to disregard the false messages.

    “The honorable minister has directed that I come out and tell Lagosians and Nigerians that there is nothing wrong with the bridge. The rumor is the handiwork of mischief columnists – those who are idle and those who think that the political atmosphere is too quiet for them,” Kesha said.

    She added, “That is why we have come here. I took time with you people (journalists) to go through the entire length of the 11km bridge. We drove round this, we came back, and we saw that there is nothing amiss.”

    Kesha emphasized that the Third Mainland Bridge remains structurally sound and is safe for motorists.

    “We are using this opportunity to tell the motoring public, Lagosians, and all Nigerians that the bridge is safe, the integrity is not in doubt. After all, it is the same bridge that we ply, Lagosians ply, and the ministry’s officials ply,” she reiterated.

    The controller noted that ongoing maintenance work on the bridge includes asphalt overlays, lane markings, guardrail installations, and underwater repairs. Efforts are also underway to address deflections in specific areas, particularly between the Adekunle and Adeniji junctions.

    “You will observe that there is a deflection in some parts of the bridge; that is, from Adekunle to Adeniji. It is some of the slabs that are deflecting. There is a contract for that now to stop further deflection of this slab. Even if we cannot reverse what has been done, we can stop further deflection,” Kesha explained.

  • DHQ Blames Sahelian Fighters, Local Collaborators for Borno Attacks

    DHQ Blames Sahelian Fighters, Local Collaborators for Borno Attacks

    The Defence Headquarters (DHQ) has pledged to intensify its fight against terrorism and its collaborators following a resurgence of attacks in Borno State attributed to foreign agents and local informants aiding the insurgents.

    Addressing a press conference in Abuja on Thursday, Major General Edward Buba, DHQ spokesperson, revealed that the recent wave of attacks in the North-East is linked to an influx of foreign fighters from the Sahelian region, who are bolstering the ranks of terrorists operating in the area.

    “I will say that the resurgence of these attacks by these terrorists is attributable to an influx of foreign fighters that come in as reinforcement for these terrorists. These foreign fighters are from the Sahelian region, and this situation is made worse by local collaborators that form a support base for these terrorists,” General Buba stated.

    He further noted that the collaborators act as informants, providing critical intelligence on troop movements to the terrorists. Despite the challenges, Buba reassured Nigerians of the military’s unwavering commitment to combating terrorism.

    “Troops are profoundly cautious of their role and responsibilities in fighting insurgency across the nation,” he added.

    Recent Attacks in Borno State

    Buba acknowledged recent attacks in the Damboa, Chibok, and Gwoza areas of Borno State. He disclosed that an ambush by Boko Haram insurgents in Baga, near Lake Chad, resulted in casualties, with several military personnel missing.

    Reports indicate that soldiers were ambushed while attempting to recover the bodies of 40 civilians who had been killed by the insurgents. A fierce gun battle ensued, resulting in additional losses of military personnel.

  • Nigerian Airlines to Receive Boost from Afreximbank Aircraft Financing

    Nigerian Airlines to Receive Boost from Afreximbank Aircraft Financing

    The Nigerian aviation sector is poised for a significant boost, with the African Export-Import Bank (Afreximbank) pledging crucial support for aircraft financing. This commitment, announced during a productive side meeting at the ongoing Aviation Economic Conference in Dublin, Ireland, will provide Nigerian airlines with much-needed access to aircraft, enabling them to expand operations and enhance connectivity both domestically and internationally.

    A key aspect of this support will be the launch of an Afreximbank leasing subsidiary. This initiative will soon see the delivery of 25 aircraft for lease to African airlines, including those operating within Nigeria. This access to dry-leased aircraft is expected to be a game-changer, particularly for Nigerian airlines seeking to effectively service routes covered by Bilateral Air Service Agreements (BASAs) and strengthen their domestic networks.

    “At the meeting, Afreximbank, led by its Director and Global Head of Project and Asset-Based Finance, Helen Brume, agreed in principle to collaborate with Nigeria on aircraft financing,” stated Tunde Moshood, Special Adviser on Media and Communications to the Minister of Aviation and Aerospace Development.

    Brume, highlighting Afreximbank’s successful track record of supporting airlines such as Arik Air, Kenya Airways, and TAG, emphasized the critical role of robust aviation infrastructure in enhancing the competitiveness of African airlines.

    The meeting brought together key stakeholders, including Helen Brume from Afreximbank and Lereece Rose, Boeing’s Senior Director of Finance.

    Keyamo underscored the importance of strong partnerships to address the challenges faced by Nigerian operators in securing aircraft financing. He emphasized the government’s dedication to creating a more conducive environment for aviation investment by streamlining policies and improving airport concession agreements.

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    Lereece Rose commended Nigeria for its significant progress in improving its Cape Town Convention score, a crucial step towards creating a more favorable environment for aircraft financing and leasing. This increase from 49.5 percent to 75.5 percent demonstrates the government’s commitment to implementing international best practices in this area.

    This collaboration between the Nigerian government and Afreximbank marks a significant turning point for the nation’s aviation sector. By providing access to much-needed aircraft financing, this partnership promises to increase capacity, enhance passenger experience, and solidify Nigeria’s position in the global aviation landscape.

    A follow-up committee has been established to ensure the swift and effective implementation of this crucial partnership, translating the commitment into tangible solutions that will benefit Nigerian airlines and passengers alike.

  • FAAC Shares ₦1.424 Trillion Federation Account Revenue for December 2024

    FAAC Shares ₦1.424 Trillion Federation Account Revenue for December 2024

    The Federal Government, state governments, and local government councils (LGCs) have shared a total of ₦1.424 trillion from the December 2024 Federation Account Revenue.

    Contents

    This was disclosed by Bawa Mokwa, Director of Press and Public Relations at the Office of the Accountant General of the Federation (OAGF), following the January Federation Account Allocation Committee (FAAC) meeting held on Friday in Abuja.

    A communiqué released after the meeting detailed that the total revenue comprised the following:

    • Statutory revenue: ₦386.124 billion
    • Value Added Tax (VAT): ₦604.872 billion
    • Electronic Money Transfer Levy (EMTL): ₦31.211 billion
    • Exchange Difference revenue: ₦402.714 billion

    Key Revenue Figures

    The communiqué highlighted that the gross revenue for December 2024 stood at ₦2.310 trillion, but deductions for cost of collection and transfers, interventions, and refunds totaled ₦84.780 billion and ₦801.175 billion, respectively.

    “Gross statutory revenue of ₦1.226 trillion was received for December 2024, a significant drop of ₦600.988 billion from the ₦1.827 trillion received in November 2024. Conversely, gross VAT revenue increased to ₦649.561 billion in December, up by ₦20.588 billion from ₦628.973 billion in November,” the communiqué stated.

    Revenue Distribution

    From the total distributable revenue of ₦1.424 trillion:

    • The Federal Government received ₦451.193 billion
    • State governments received ₦498.498 billion
    • Local Government Councils (LGCs) received ₦361.754 billion
    • ₦113.477 billion (13% of mineral revenue) was allocated to benefiting states as derivation revenue

    Breakdown of Major Revenue Components

    • Statutory Revenue (₦386.124 billion):
      • Federal Government: ₦167.690 billion
      • State Governments: ₦85.055 billion
      • LGCs: ₦65.574 billion
      • Derivation (13%): ₦67.806 billion
    • VAT Revenue (₦604.872 billion):
      • Federal Government: ₦90.731 billion
      • State Governments: ₦302.436 billion
      • LGCs: ₦211.705 billion
    • EMTL Revenue (₦31.211 billion):
      • Federal Government: ₦4.682 billion
      • State Governments: ₦15.605 billion
      • LGCs: ₦10.924 billion
    • Exchange Difference Revenue (₦402.714 billion):
      • Federal Government: ₦188.090 billion
      • State Governments: ₦95.402 billion
      • LGCs: ₦73.551 billion
      • Derivation (13%): ₦45.671 billion

    The communiqué noted significant increases in VAT and EMTL collections for December 2024. However, revenues from oil and gas royalties, CET levies, excise duty, import duty, petroleum profit tax, and companies income tax witnessed considerable declines.

  • Lagos Health Commissioner Praises LASUTH Team After Successful Eye Surgery

    Lagos Health Commissioner Praises LASUTH Team After Successful Eye Surgery

    Akin Abayomi, Lagos State Commissioner for Health, has successfully undergone an eye surgery at the Lagos State University Teaching Hospital (LASUTH).

    Abayomi shared the news in a series of posts on X (formerly Twitter), where he expressed appreciation for the professionalism and expertise of the LASUTH medical team that carried out the procedure.

    “Huge thanks to the incredible oculoplastic surgeons in the Eye Department, especially Prof. Mrs. Bola Adekoya and Dr. Rosemay Ngwu, for their expertise and for making the procedure painless,” Abayomi wrote.

    The commissioner extended his gratitude to the nursing staff and the hospital leadership for their commitment to patient care and excellence.

    “A special shoutout to the amazing nursing care led by Apex Nurse Adejoke Okeowo—you truly made a difference!

    “Deep gratitude to Prof. Adebowale O. Adekoya, Director of Clinical Services and Training at LASUTH, for leading such an excellent team.

    “And a big thank you to the Chief Medical Director, Prof. Adetokunbo O. Fabanwo, for steering the ship towards excellence in healthcare,” he added.

  • Tinubu Hails Governors for Backing ‘Pro-Poor’ Tax Reform Bills

    Tinubu Hails Governors for Backing ‘Pro-Poor’ Tax Reform Bills

    President Bola Ahmed Tinubu has commended the Nigeria Governors’ Forum (NGF) for their unanimous endorsement of the four Tax Reform Bills currently under consideration by the National Assembly.

    In a statement issued on Friday by his spokesperson, Bayo Onanuga, Tinubu described the tax reforms as “pro-poor”, emphasizing their role in promoting national interests, enhancing Nigeria’s economic competitiveness, and attracting local and foreign investments.

    “Thursday’s productive consultation between the Nigeria Governors’ Forum and the Presidential Committee on Tax and Fiscal Policy is a commendable example of cooperation between the Federal and State governments,” the statement read.

    The president lauded the governors for their leadership and commitment to transcending regional, ethnic, and political differences to advance Nigeria’s development.

    “President Tinubu extends special commendations to the Chairman of the Governors’ Forum, Kwara State Governor Abdulrahman AbdulRazaq, for successfully galvanizing support among his peers for these transformative tax bills to rejuvenate the national economy and enhance Nigeria’s investment climate,” Onanuga added.

    Tinubu also praised the Progressive Governors Forum, the Northern Governors Forum, and other groups for reaching a bipartisan resolution on the bills.

    He stressed the importance of updating Nigeria’s outdated tax laws as part of a broader strategy to stimulate economic growth.

    “The primary aim of the Tax Reform Bills, which is pro-poor, is to promote national interests, improve the competitiveness of Nigeria’s economy, and attract both local and foreign investments,” Tinubu remarked.

    The president highlighted the power of constructive dialogue, pointing to the recent collaboration between the NGF and the Presidential Committee on Tax and Fiscal Policy Reform as a model for resolving national challenges.

    “President Tinubu regards the governors as vital contributors to nation-building and affirms his commitment to partnering with them to promote economic growth, national harmony, peace, and stability,” the statement noted.

    He urged other stakeholders with ideas for refining the bills to engage with the legislative process and called on the National Assembly to expedite the passage of the reforms.

    “Finally, President Tinubu urges the National Assembly to expedite the legislative process for these crucial bills so that the country can swiftly reap the benefits of the reforms,” the statement concluded.

  • Ogun Police: How Ex-AIG Odumosu’s Wife Was Kidnapped

    Ogun Police: How Ex-AIG Odumosu’s Wife Was Kidnapped

    The Ogun State Police Command has provided details of how gunmen kidnapped the wife of retired Assistant Inspector General of Police (AIG) Hakeem Odumosu from her residence in Arepo, Ogun State.

    Police spokesperson Omolola Odutola said the incident occurred in the Obafemi Owode Local Government Area as the victim was returning home.

    According to Odutola, Mrs. Odumosu was approaching her residence when the assailants intercepted her Lexus Jeep. The gunmen then forcefully removed her from the vehicle and dragged her through a swampy area to an unknown location.

    “The divisional police officer has mobilized a team to comb the surrounding swampy bush area,” Odutola said, adding that local traditional rulers have been enlisted to assist in the search operation.

    “The Baale of Warewa and Maaba have been contacted to also deploy local security forces to the riverine area,” she stated.

  • Speaker Meranda Names Principal Officers, Pledges Greater Lagos

    Speaker Meranda Names Principal Officers, Pledges Greater Lagos

    The newly appointed Speaker of the Lagos State House of Assembly, Mojisola Meranda, has reaffirmed her commitment to working with other arms of government to achieve the vision of a “Greater Lagos.”

    Presiding over her first session as Speaker on Friday, Meranda announced the appointment of new principal officers to lead the House.

    Temitope Adedeji, representing Ifako/Ijaye Constituency 1, was named Majority Leader, while Richard Kasunmu of Ikeja Constituency 2 assumed the role of Deputy Majority Leader. David Setonji was appointed Chief Whip, and Ganiyu Sanni, representing Kosofe Constituency 1, became the Deputy Chief Whip.

    Meranda also unveiled the Selection Committee, which she will chair. The committee members include Deputy Speaker Fatai Mojeed (Ibeju Lekki Constituency 1), Majority Leader Temitope Adedeji, Chief Whip David Setonji, and Gbolahan Yishawu (Eti-Osa Constituency 2). Acting Clerk Taiwo Ottun will serve as the committee’s secretary.

    In her inaugural address, Meranda expressed gratitude for the trust placed in her by her colleagues and reiterated her dedication to serving Lagosians.

    “I am truly grateful for the confidence you have placed in me, and I pledge to work tirelessly to uphold the virtues of transparency and good governance that this House stands for,” she said.

    She emphasized the shared responsibilities of lawmakers as representatives of the people.

    “Today, we are reminded of the shared responsibilities that rest on our shoulders as representatives of the good people of Lagos State. We are the guardians of this collective trust, and we must work to justify the faith they have placed in us.”

    Meranda pledged to foster collaboration with the Executive arm, led by Governor Babajide Sanwo-Olu, to ensure seamless governance.

    “The synergy between us and other arms of government is crucial for good governance and democratic development. To achieve this, we must commit to maintaining an open line of communication with the Executive, fostering a spirit of cooperation and mutual respect. By doing so, we stand united to ensure that our vision aligns with that of the Executive for a better state,” she said.

    She called for unity within the Assembly, urging members to focus on delivering improved services to Lagosians while leaving past disagreements behind.

    “There is no division among us. We are united, and that is where we will draw our strength to take bold steps. Together, we will strive to create a more inclusive democracy where every citizen feels valued, respected, and empowered,” Meranda concluded.

  • Nigerian Governors Reject VAT Hike, Advocate for Equitable Distribution

    Nigerian Governors Reject VAT Hike, Advocate for Equitable Distribution

    The Nigerian Governors’ Forum has thrown its weight behind the ongoing tax reform efforts in the National Assembly but with a crucial caveat: no increase in Value Added Tax (VAT).

    This stance, articulated in a communique issued following their recent meeting in Abuja, directly contradicts the federal government’s proposal to raise the VAT rate from 7.5% to 10%.

    “We cannot, in good conscience, support any measure that could further burden our citizens during these challenging economic times,” Governor AbdulRahman AbdulRazaq of Kwara State, Chairman of the Forum, declared. “An increase in VAT would undoubtedly impact the cost of living for ordinary Nigerians and hinder economic growth.”

    The governors emphasized the need for economic stability and expressed concerns about the potential inflationary pressures of a VAT increase. They strongly advocated for the continued exemption of essential goods and agricultural produce from VAT, recognizing the critical role these sectors play in the lives of Nigerians.

    “We must prioritize the welfare of our people,” Governor AbdulRazaq stressed. “Exempting essential goods and agricultural produce from VAT is not merely a matter of social justice; it is crucial for ensuring food security and supporting our agricultural sector.”

    Furthermore, the governors proposed a revised VAT-sharing formula that they believe would ensure a more equitable distribution of resources across the country. This formula, they suggest, should allocate 50% of VAT revenue based on equality, 30% based on derivation, and 20% based on population.

    “The current VAT sharing formula is inherently unfair and does not adequately reflect the diverse needs of our states,” Governor AbdulRazaq argued. “Our proposed formula will ensure that all states, regardless of their size or economic output, receive a fair share of this critical revenue stream.”

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    FAAC Shares ₦1.424 Trillion Federation Account Revenue for December 2024

    Beyond the VAT increase issue, the governors also expressed their support for the continued funding of key institutions such as the Tertiary Education Trust Fund (TETFUND), the National Agency for Science and Engineering Infrastructure (NASENI), and the National Information Technology Development Agency (NITDA). They urged the National Assembly to ensure that these institutions continue to receive their share of development levies.

    The governor’s position now sets the stage for a potential showdown with the federal government over the direction of tax reform. While the federal government seeks to increase revenue through higher taxes, the governors prioritize economic stability and social welfare, arguing that a VAT increase %would be detrimental to both.

    This issue will undoubtedly be a key point of contention in the ongoing dialogue between the federal and state governments as they work to navigate the complex challenges of economic growth and fiscal sustainability.

    The outcome of these discussions will have significant implications for the Nigerian economy and the lives of millions of citizens.

  • ICYMI: Senate Projects ₦100 Trillion Budget for 2026 Amid Revenue Challenges

    ICYMI: Senate Projects ₦100 Trillion Budget for 2026 Amid Revenue Challenges

    The Nigerian Senate has projected a staggering N100 trillion aggregate expenditure for the 2026 fiscal year. This ambitious figure was revealed by Senator Solomon Ademola, Chairman of the Senate Committee on Appropriation, during a stakeholders’ interactive session on the 2025 Appropriation Bill.

    This revelation and projection towards the 2026 budget underscores the government’s ambitious plans for economic growth while acknowledging the significant hurdles in revenue generation.

    Ademola highlighted the ongoing efforts to free up government revenue currently held by organizations like the Nigerian National Petroleum Corporation (NNPCL).

    He emphasized, “A lot of revenue has been held hostage by no other person than organizations like the NNPCL who still believe that there are still some elements of subsidy that are being treated as an operational expense in their documents.”

    The Senator acknowledged the current challenges in meeting budgetary targets, stating, “We found out that we projected revenue of certain amounts and at the end of the day we can’t meet the target. To bridge the gap, we have to go and borrow. So it will add more to the deficit you are seeing.”

    However, Ademola expressed optimism about the future, stating, “By next year when we are gathered here, we will start having a budget of a minimum of about 100 trillion naira.”

    This projection, while ambitious, reflects the government’s determination to address critical infrastructure needs and stimulate economic growth.

    Senate President Godswill Akpabio emphasized the importance of making the 2025 budget a “living document” that prioritizes the welfare of Nigerians. He urged all stakeholders to collaborate and ensure that every naira spent is invested wisely in the nation’s prosperity.

    “This is not an ordinary assembly, and this is not an ordinary moment,” Akpabio declared. “For we are not gathered here merely as legislators, public servants, or citizens, but as custodians of Nigeria’s destiny, stewards of its promise, and architects of its future.”

    The 2026 budget projection underscores the significant economic challenges facing Nigeria. While the government aims for ambitious growth, addressing revenue constraints and ensuring efficient resource allocation will be crucial to achieving these goals.