Governor Uba Sani of Kaduna State has revealed that N4.7 billion is being subtracted from the state government's federal allocation each month to pay off the debts he inherited.

He said, “In Kaduna, we are paying N4.7 billion in debt every month; go and check and see our allocation. You will agree with me that we started paying this debt in June 2023. Currently, what we are receiving is about N8 billion, while we should be receiving around N12 billion compared to what other states are getting within Northern Nigeria.

“We are trying our best to manage what we have. Yes, I agree with you that governance is about reducing costs. Since I became governor, I have maintained that we have not purchased a single vehicle for anyone—whether myself, the Deputy Governor, or my commissioners. We have also reduced the performance bonuses and salaries of our commissioners and the Deputy Governor. Today, I am only receiving half of my salary because we have to make sacrifices, considering the challenges we face.

“People may ask about our IGR (Internally Generated Revenue). Our IGR account is with Zenith Bank; you can check it. Every month, Zenith Bank deducts about N800 million at source because I inherited that debt.”

Atiku urges the National Assembly to consider a six-year presidential term.

Atiku Abubakar, a former Vice President, has written to the National Assembly. He is advocating for a constitutional amendment to establish a six-year single-term limit for both the President and state governors.

In a memorandum addressed to the Senate Committee on Constitutional Review, Atiku suggested the implementation of a rotational presidency between the Northern and Southern regions

Atiku called on the National Assembly to revise Section 135(2) to state: “amend Section 135(2) to read: ‘Subject to the provisions of subsection (1), the President shall vacate his office at the expiration of a period of six years.”

Furthermore, he suggested replacing the term “substitution of an aspirant” in Section 285(14)(a) with “a voter.”

The former Vice President proposed that the minimum educational requirement for candidates seeking election should be the Ordinary National Diploma, rather than the Senior Secondary School Certificate Examination. He suggested amending Section 65(2)(a) to state: “He has been educated up to at least Ordinary National Diploma in any recognised academic institution.”

Additionally, he suggested adding a clause to Section 65(2)(a)(i) that would state: “Evidence of certificates of all educational qualifications of a candidate shall be submitted to the Independent National Electoral Commission or an affidavit by the candidate in the event of loss of his/her educational certificates, qualifications obtained, and dates, stating the schools attended.”

Atiku emphasized the need for political parties to have greater authority in the selection of candidates. He suggested modifying Section 65(2)(b) to state: “He is a member of a political party whose name is in the register to be made available by his political party to the Independent National Electoral Commission 30 days before the conduct of the political party’s primary and he is sponsored by that party.”

FG Unveils Fresh Fiscal Incentives to Enhance Nigeria's Oil and Gas Industry.

The Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun, has announced two significant fiscal incentives designed to rejuvenate Nigeria's oil and gas industry:

- Value Added Tax (VAT) Modification Order 2024

- Notice of Tax Incentives for Deep Offshore Oil & Gas Production, in accordance with the Oil & Gas Companies (Tax Incentives, Exemption, Remission, etc.) Order 2024.

The VAT Modification Order 2024 introduces exemptions for several essential energy products and infrastructure, such as Diesel, Feed Gas, Liquefied Petroleum Gas (LPG), Compressed Natural Gas (CNG), Electric Vehicles, Liquefied Natural Gas (LNG) infrastructure, and Clean Cooking Equipment. These initiatives aim to reduce living costs, enhance energy security, and expedite Nigeria's shift towards cleaner energy alternatives.

Furthermore, the Notice of Tax Incentives for Deep Offshore Oil & Gas Production introduces fresh tax relief options for projects in deep offshore exploration. This initiative is designed to establish Nigeria's deep offshore basin as a top-tier choice for international oil and gas investments.

These reforms are components of a larger set of policy initiatives focused on investment, advocated by President Bola Ahmed Tinubu, as outlined in Policy Directives 40-42. They demonstrate the administration's unwavering dedication to promoting sustainable development within the energy sector and boosting Nigeria's competitive standing in global oil and gas production.