The co-chair of the Bill and Melinda Gates Foundation, Bill Gates, has said that Nigeria’s Value Added Tax is among the lowest worldwide.

Bill Gates disclosed this on Tuesday during the Nutrivision 2024, dialogue held in Abuja.

The billionaire said this while responding to a question on potential financing mechanisms for large-scale public health interventions.

According to him, there are plans for the government to fund more health-related programs.

“Over time, there are plans for Nigeria to fund the government more than it does today. The actual tax collection in Nigeria is pretty low.

This comes as Bill Gates participated in Nigeria’s National Economic Council on Wednesday.

Recall Meanwhile, Taiwo Oyedele, the Chairman Presidential Committee on Fiscal Policy and Tax Reforms announced that plans are on the way to propose a law that would increase VAT from 7.5 percent to 10 percent.

A former spokesman of the Labour Party (LP) presidential campaign council, Kenneth Okonkwo, has charged President Bola Tinubu, ex-presidential candidate of the Peoples Democratic Party (PDP) Atiku Abubakar, and Peter Obi to step aside ahead of the 2027 elections.

Okonkwo said Tinubu, Obi, and Atiku are not fit to contest in the 2027 election, stressing that they have failed Nigerians.

Speaking on Arise TV, the Nollywood actor also criticized the opposition for their failure to form a consolidation and work together against the ruling All Progressives Congress (APC).

According to Okonkwo: “I completely agree with you that we need new faces, 100%, and that was why I have said that Atiku, Peter Obi, and Tinubu should step aside.

“The reason is that the ruling party has failed, and the opposition has failed. Are you aware that in the House of Representatives, you have more opposition members than the ruling class?

“I’m saying you don’t just finish an election, and the first thing you start talking about is the next election. You consolidate and form alliances amongst yourselves to work together as the opposition.

“If all the opposition members in the House of Representatives had come together, they would have produced the speaker and the vice.”

Galatasaray coach, Okan Buruk, has given an insight on how he convinced Victor Osimhen to join the Turkish Super Lig club.

Recall that Osimhen was heavily linked with moves to Al Ahli and Chelsea on transfer deadline day.

The Nigerian striker ultimately decided to join Galatasaray on a season-long loan from Napoli, failing to join either Chelsea or Al Ahli. 

Speaking on how he convinced Osimhen, Buruk said he had a personal conversation with the 25-year-old, during which he outlined his playing style to the player.

“I have a style and a method, like a video chat with a footballer on the phone… I spoke to Osimhen and he was convinced,” Buruk told Milliyet via Napoli Magazine.

“He found it very exciting to come to Galatasaray. I already had the idea of playing with a double striker. Such an opportunity should not be missed.”

Vice-President Kashim Shettima is currently presiding over the national economic council (NEC) meeting at the presidential villa, Abuja.

The meeting is attended by Aliko Dangote, chairman of Dangote Industries Limited, and Bill Gates, co-chair of the Bill and Melinda Gates Foundation.

The vice-president, by the provisions of Nigeria’s constitution, is the chairman of NEC.

The NEC meeting, held monthly, deliberates on the coordination of the economic planning efforts and programmes of the various levels of government.

The council comprises the 36 state governors, the governor of the Central Bank of Nigeria (CBN), the minister of finance, the secretary to the government of the federation (SGF), and other government officials and agencies, whose duties hinge on the economy.

Gates is in Nigeria as part of his foundation’s ongoing commitment to Africa’s development.

On Tuesday, Dangote announced the commencement of petrol production at the Dangote refinery.

According to the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA), the refinery is expected to supply 25 million litres of petrol daily in September.

The 650,000-bpd capacity refinery began operations in January with the production of diesel and aviation fuel.

Members of the National Youth Service Corps (NYSC) have been assured that as soon as the civil servants start receiving the new minimum wage that was approved by the Federal Government, their monthly allowance would also increase.

NYSC Director General, Brigadier General Yusha’u Ahmed gave this assurance while addressing corps members at the Kebbi and Sokoto states Orientation Camps located at at Dakingari and Wamakko in both states respectively.

Brig.-Gen. Ahmed said the corps members’ selfless and immense contributions to the socioeconomic development of the country cannot be underestimated.

According to a press statement by Caroline Embu, the acting director information and public relations of the NYSC, Ahmed also implored them to use the opportunity of the service year to develop themselves and plan for greater heights in the future.

He further advised the corps members to embrace the NYSC Skill Acquisition and Entrepreneurship Development programme to acquire vocational skills that would make them self-reliant after the service year.

“At least, learn a skill while in camp and after the Orientation Course, you continue with the post-camp training.

“Try to acquire a skill that would enable you to create jobs and employ others instead of searching for jobs. We have many ex-corps members across the country who are doing well in their different vocations today”, the DG said.

He added that the NYSC Management has partnered many reliable organisations like the Central Bank of Nigeria, Bank of Industry, Unity Bank, Access Bank, NNPC Foundation among others, that have been assisting in giving loans and grants to corps members.

General Ahmed also assured that the Scheme would not post any corps member to a place where their safety is not guaranteed, while also advising them to be security conscious at all times.

While presenting her camp situation report to the Director General, the Kebbi State Coordinator, Mrs Aghata Banki Okolo said a total of 1,195 corps members have been registered, comprising of 1,077 for Kebbi and 118 that were dislodged from Zamfara State.

“They are responding positively to all camp activities and instructions. We also have a total number of 240 camp officials that have been applying emotional intelligence in the discharge of their duties,” she added.

For his part, the NYSC Sokoto State Coordinator, Alhaji Yakubu Yaro Usman informed General Ahmed that the corps members have exhibited high sense of discipline and acclimatised to camp environment with adherence to camp regulations.

He added that the Corps population comprised of 1,488 members made up of 682 males and 606 females for Sokoto State, with 134 males and 66 females that were dislodged from Zamfara State.

Nigeria has become the third largest debtor to the World Bank’s International Development Association (IDA) as of June 30, 2024, marking a significant increase in the country’s borrowing from the institution.

This development has reflected a substantial shift in Nigeria’s financial landscape under the administration of President Bola Tinubu.

According to the World Bank’s latest financial statements, Nigeria’s exposure to the IDA has surged by 14.4%, rising from $14.3 billion in the fiscal year (FY) 2023 to $16.5 billion in FY2024.

This $2.2 billion increase in borrowing has propelled Nigeria into the top three IDA debtors for the first time, moving up from its previous position as the fourth-largest borrower in 2023.

The fiscal year 2024 spans from July 2023 to June 2024, during which Nigeria received at least $2.2 billion from the World Bank.

This period aligns with President Tinubu’s administration, underscoring the growing reliance on international financial support amid domestic economic challenges.

Notably, this debt pertains exclusively to the IDA and is separate from any outstanding loans Nigeria has with the World Bank’s International Bank for Reconstruction and Development (IBRD).

In comparison to other top IDA debtors, Bangladesh retains its position as the largest borrower, with its exposure increasing from $19.3 billion in 2023 to $20.5 billion in 2024.

Pakistan follows on the second position with a stable exposure of $17.9 billion over the same period. Meanwhile, India, previously the third-largest borrower with $17.9 billion in 2023, saw its IDA exposure decrease to $15.9 billion in 2024, allowing Nigeria to surpass it.

Other notable IDA borrowers include Ethiopia, whose exposure grew from $11.6 billion in 2023 to $12.2 billion in 2024.

Kenya and Vietnam both hold exposures of $12.0 billion. Alongside Tanzania, Ghana, and Uganda, these countries round out the top ten IDA debtors, collectively accounting for 63% of the IDA’s total exposure as of June 30, 2024.

The IDA, a crucial arm of the World Bank, focuses on providing concessional loans and grants to the world’s poorest countries. These loans feature low interest rates and extended repayment periods, aiming to foster economic growth, reduce inequalities, and improve living conditions in developing regions.

According to reports, Nigeria secured a total of $4.95 billion in loans from the World Bank under Tinubu’s administration, amid growing concerns over the country’s escalating external debt servicing costs.

However, only about 16 per cent of these new loans have been received so far. The World Bank may approve an additional four loan projects for Nigeria this year, potentially totaling $2 billion.

Furthermore, data from the external debt stock report of the Debt Management Office (DMO) indicates that Nigeria’s total debt to the World Bank stood at $15.59 billion as of March 31, 2024.

Governors elected on the platform of Peoples Democratic Party (PDP) yesterday declared that their resolve to support Rivers State governor, Sir Siminalayi Fubara, cannot be changed by any individual no matter how highly placed.

The governors stated this in response to a threat by the Federal Capital Territory (FCT) minister, Nyesom Wike, to set fire in their states for supporting Fubara.

They also described Wike’s comment as irresponsible and unbridled, and called on the heads of the national security apparatuses to take note of his threats to stoke the fire of violence at the sub-nationals as no one is above the laws of the land.

Wike, last week, threatened to set fire in states of PDP governors for supporting Fubara’s control of the party structure in the state.

The PDP governors had declared support for Fubara at their meetings in Enugu and Taraba States.

The battle between Wike and Fubara have defied several peace efforts even by President Bola Tinubu.

But reacting to Wike’s comment, the director general of PDP Governors Forum, Emmanuel Agbo, said governors of the party have always stood by and supported each other no matter the circumstances, a tradition Wike enjoyed in his days of travail as governor.

“Thus, we therefore maintain that our position on the affairs of the PDP in Rivers State, as unanimously resolved at our 2024, 3rd and 4th Meetings held in Enugu and Taraba States respectively are not subject to review by any individual no matter how highly placed.”

Agbo, in a statement, added that “the statements and threats to peaceful coexistence made by Wike to “Put fire” in the PDP controlled States are unbridled, irresponsible and without ambiguity totally unacceptable as it undermines efforts to build and maintain peace, cohesion, collaboration and mutual respect amongst leaders and members of the party. It is rather unfortunate that this is coming from someone who was once a member of this highly revered forum as a former governor.”

The governors stressed that the position of the Forum is neither personal nor does it, by any stretch of the imagination, undermine the relevance of any stakeholder in the party.

“Rather, as loyal party faithful, members of the Forum remain committed to that pristine practice that was intended to guarantee order, eliminate conflicting centres of loyalty epitomised by the situation in Rivers State and guard against distracting the Governor in the prosecution of his mandate. Wike benefitted wholly from that arrangement.

“We are irrevocably committed to working with the National Working Committee (NWC) of our great party, the PDP, in ensuring that Governor Siminalayi Fubara of Rivers State is conferred with all the privileges he is entitled to as a Governor elected on the platform of our party, both at the state and national levels.

“Our undiluted commitment to the unity of our party is paramount. The PDP has always been a party that values unity and collective progress. The recent actions of the governors, including their support for Governor Fubara, reflect their dedication to these values. It is crucial for all party members, including Wike, to work together towards common goals rather than pursuing personal vendettas.

“The Forum insists that it is incumbent on the National Working Committee of the PDP to invoke both official provisions and unofficial good offices platforms to find an amicable solution to the crisis in its Rivers State chapter. Similarly, if indeed the larger interests of Rivers State is their individual motivation, the warring parties should allow themselves to be guided by a spirit of give and take and eschewing, at all times, the incendiary posturing that inflames passions among their followers.

“It is inevitable for us to encourage dialogue and reconciliation continuously. The PDP has established mechanisms for addressing grievances and resolving conflicts, such as the recently constituted disciplinary and reconciliation committees; thus it is important for Wike to engage with these processes constructively, as dialogue and reconciliation are the pathways to resolving differences and strengthening the party.

“The Forum calls on the heads of the national security apparatuses to take note of threats by Wike to stoke the fire of violence at the sub-nationals as no one is above the laws of the land.”

Less than 24 hours after his loan move to Turkish Super Lig side Galatasaray, Super Eagles forward Victor Osimhen has witnessed a remarkable surge in his social media followership.

The reigning African footballer of the year joined Galatasaray on a season-long loan from Napoli for the 2024/25 season on Tuesday after the Italian club agreed to the dry loan move.

The move has not only boosted Osimhen presence in European football but also significantly elevated his social media profile.

According to sportsration.com‘s report, since Galatasaray officially announced the agreement with Napoli on their social media platforms, Osimhen has gained over 100,000 new followers on Instagram, with his count rising from 4.4 million to 4.5 million in less than 24 hours. This rapid growth underscores Osimhen’s influence as one of Africa’s most prominent footballers and highlights the excitement surrounding his move to Turkey.

Osimhen’s transfer to Galatasaray followed a dramatic transfer saga that saw his anticipated move to Chelsea collapsed on deadline day.

The Nigerian international was on the verge of joining Chelsea, but negotiations failed to progress, leaving him to stay in Naples. This came despite a lucrative offer from Saudi Arabian club Al Ahli, who were prepared to pay Osimhen a staggering €30 million per year over a four-year contract. However, the Nigerian super star opted to continue his career in Europe, leading to his loan move to Galatasaray.

The surge in Osimhen’s social media following further cements his status as one of the most influential African footballers globally, and his journey at Galatasaray is set to be closely followed by millions of fans around the world.

The Council for the Regulation of Engineering in Nigeria (COREN) has proposed one year post-graduation training for engineers and called on the federal government to return funding of the council’s activities.

The President of COREN Engr. Prof. Sadiq Abubakar made the call on Tuesday at the 32 Engineering Assembly with the theme: “Regulating Engineering Profession for Shared Prosperity in Nigeria” in Abuja.

Prof Abubakar also disclosed that COREN and the National Board for Technical Education (NBTE) will commence accreditation of technical colleges in Nigeria in the coming academic session.

He said, “In response to the goals of the current FGN Administration, the Council approved the resuscitatation of the Supervised Industrial Training Scheme in Engineering (SITSIE) under the new name of Engineering Residency Programme (EREP) and planned to engage the National Assembly to seek legislative backing.

“This is a one-year post-graduation training programme for all engineering graduates of an accredited university or polytechnic, designed to meet practical experience requirements for the purpose of registration with COREN as a professional engineer or an engineering technologist similar to the practices of Medical, Pharmaceutical, etc professions”.

Prof. Abubakar said relevant organisations like NUC, NBTE, ITF, MAN, NSE, NATE, and others have been contacted and all expressed their readiness to participate and support the initiative.

He also stated that the Council has approved the creation of a new register for the cadre of Engineering Artisans in line with its mandate.

“The new NSQ levels 1-2 under the NSQF which FGN included in the Scheme of Services of Nigeria has given the required recognition and backing to the laudable policy”.

He added that arrangement has also reached advanced stage with NBTE and other relevant organisations for the inauguration of the SSC4E.

“This will herald the commencement of the processes of training, certification and licensing of artisans in Engineering Sector in Nigeria. COREN is the awarding body, NBTE is the regulatory body while NAE will chair the SSC4E comprising of diverse interest groups in Engineering including employers of labour, professional bodies, academia, private sector, etc in line with NSQF manual approved by NSC,” he said.

Speaking further, he said COREN, in order to check the incessant failures of engineering infrastructure, especially building collapse across the country, has constituted a “National Technical Committee to drive the ERME at national level similar to existing practice at regional and state levels”.

He added that the ERME inspectors are to be supported by Engineering Intelligence & Surveillance (EIS) Task Force and EIS Whistle Blowers operating at national, regional and state levels.

“COREN is ever ready to improve its performance in regulating engineering education, training of practitioners and their practices in line with the global ethics and standards to ensure the prevention of the failures engineering infrastructure and safeguard lives and Properties of the citizenry. The Council is therefore appealing to the FGN to continue to fund COREN similar to its peers in funding regime for the benefit of the nation the health sector. It is our hope and prayer that the FGN would reconsider its position to return the Council into funding regime for the benefit of the nation” he said.

Minister of Housing and Urban Development Ahmed Musa Dangiwa said the standards COREN sets and the professional ethics it enforces are critical to ensuring the quality, safety, and resilience of housing and infrastructure projects across the nation.

Dangiwa commended ongoing reforms and restructuring in COREN to effectively and efficiently implement the provisions of the COREN amended Act in monitoring and enforcing compliance in engineering practice.

He said, “As the Minister of Housing & Urban Development, I can tell you that effective regulation of the construction/built sector is key to my ministry, especially to curb the ugly developments of incessant collapse of buildings and other infrastructure”.

He commended COREN for rising to the occasion by playing a leading role amongst the Regulators in the built environment.

He further appreciated COREN for developing checklist to provide verifiable complete documentation of the construction process that allows tracking of actions or inactions to establish culpability in building collapse in Nigeria.

“This is geared towards finding lasting solution to the menace of building collapse in Nigeria,” he added.