Business
Buhari Receives Kudos, Knocks Over Finance Bill
![](https://www.thetidenewsonline.com/wp-content/uploads/2019/08/FRED-19082019-NEWS-17M.jpg)
Mixed reactions have trailed the Finance Bill recently signed into law by President Muhammadu Buhari.
The law heralds a new regime of Value Added Tax rate of 7.5 per cent, up from five per cent.
While many financial experts hailed President Buhari for signing the bill, some others picked hole in the bill.
Mr Tope Fasua, an economist, said that the signing was a good development and therefore, commendable as it was necessary to know how a budget would be financed for proper implementation.
“Let the public know how you intend to finance the budget, that is what the finance bill is all about,’’ Fasua said.
He also commended the president for excluding small business companies that generate income less than N25 million from paying tax.
According to him, the development will enhance job creation among small business owners, expenses on the companies will reduce and productivity will increase.
A finance expert, Dr Tony Aziegbemi also said the Finance Law was a right step in the right direction.
He, however, said that the finance law should not be centered on how much revenue that was generated, but should be implemented judiciously.
“The finance law has both good and bad impacts. First of all, exempting the small business owners from paying Companies Income Tax for revenues below N25 million is great, the president deserves commendation.
“However, increasing VAT from five per cent to 7.5 per cent is unacceptable, because it will affect the citizens.
“Government cannot be exempting small business owners from paying income tax, and on the other hand asking people to pay more VAT,’’ he said.
The Finance bill was signed into law by President Muhammadu Buhari to fast-track infrastructure development in the areas of road, health, education and other critical areas.
However, the Organised Private Sector has warned the government against fleecing the people and endangering productivity.
The Nigeria Employers’ Consultative Association warned the government against seeing the private sector as a cash cow in its drive to increase revenue.
On the other hand, the Lagos Chamber of Commerce and Industry expressed worry over the increase in VAT; even it said that it was inappropriate to compel loss-making firms to pay tax, no matter how little.
The Director General, NECA, Dr Timothy Olawale, noted that overburdening the private sector with taxes would further impoverish the citizens Buhari promised to take out of poverty.
He said, “The government should not see the private sector as a ‘cash cow’ in its drive to raise revenue, as it will do more harm to the already burdened private sector and further impoverish citizens that the president promised to take out of poverty.
“The common man will definitely be at the receiving end of the increase in VAT. Even if businesses are taxed more through likely illegal levies and rates outside the provisions of the law, they will naturally pass the cost to the customers whose purchasing power is already at the lowest ebb.”
Director General of the LCCI, Dr Muda Yusuf, said, “The increase in VAT from five per cent to 7.5 per cent amounts to additional burden on investors.
“Already businesses have been grappling with multiple taxation, high import duty, high regulatory charges, exclusion from the official forex market and high energy cost.
“It is also disturbing that in Nigeria, VAT is not treated as consumption tax. Most often it is imposed on the entire value chain of production and investment. This is why investors will worry about the review.”
Business
Bayelsa Begins EIA On 60MW Power Plant
![](https://www.thetidenewsonline.com/wp-content/uploads/2025/02/12.jpg)
The Bayelsa Electricity Company Ltd, in collaboration with the Federal Ministry of Environment, on Friday, commenced the Environmental Impact Assessment (EIA) for the proposed 60-megawatt (MW) power plant.
The Tide’s source reports that the power plant project, led by the Bayelsa State Government, is in Elebele, on the outskirts of Yenagoa, the state capital.
The source also reports that the State Governor, Douye Diri, had announced plans to establish an independent power project to end the state’s reliance on the national grid and provide an uninterrupted power supply across Bayelsa.
The Director of Operations at the Bayelsa Electricity Company Ltd., Steve Bubagha Jnr., conducted the Minister of Environment, Balarabe Lawal, and his team around the project site.
Mr. Bubagha explained that the company planned to install a 60MW “plug and play” gas-fired turbine that would receive gas feed from the Oando gas manifold in Elebele.
He said the land area for the project is approximately 5.8 hectares, with 2.1 hectares currently being used.
“The Independent Power Plant is officially known as the ‘Yenagoa Power Project. This is a ‘Plug and Play’ Gas Turbine.
“What we mean by ‘plug and play’ is that the turbine is already set to be installed upon arrival from the manufacturers.
“We are only working on other components, so the turbine should be running in less than two years, or at most, in two years”, Bubagha explained.
Following the site visit, the environment minister, represented by Adimchinobi Okereke, emphasised that the purpose of the visit was to ensure the EIA process adhered to standard guidelines before granting final approval to the project.
He lauded the state government for initiating the project, noting that once completed, it would benefit Bayelsa and contribute to solving Nigeria’s power supply challenges.
Azibola Inegite, a professor and Dean of the Faculty of Science at Niger Delta University, and the EIA consultant for the project, assured that international best practices would be followed in conducting the EIA.
He emphasised that the EIA was essential for the successful execution of impactful land and environment-related projects.
On his part, the technical adviser on Print Media/Public Affairs to Governor Diri, Wisdom Ikuli, commended the Governor for his vision in executing the project.
He stated that the 60MW power plant would help reduce the state’s frequent power outages and boost business growth, thereby accelerating industrialisation.
A key part of the minister’s visit was the “Stakeholders Engagement Scoping Workshop for Environmental Impact Assessment of Proposed Gas Powered Plant and Gas Delivery Pipeline in Bayelsa State”.
The workshop brought together stakeholders from Elebele, whoch include the host community, and Kpansia, an impacted community in Yenagoa Local Government Area.
Business
Firm Unveils Solutions To Oil Logistics Challenges
![](https://www.thetidenewsonline.com/wp-content/uploads/2025/02/11c.jpg)
A firm, Fortune Global Shipping and Logistics Limited, said it has concluded plans to unveil an excellent and cost-effective logistics solution for oil and gas logistics, project cargo, customs clearance, consolidation, and construction, among others, in Lagos State.
Announcing this in a statement on Friday, the company said the initiative would be unveiled during the 2025 Sub-Saharan Africa International Petroleum Exhibition and Conference.
It stated that the event is billed to take place in Lagos this week.
SAIPEC is an annual global event which focuses on harnessing a sustainable African energy industry through partnerships.
Fortune Global explained that the exhibition promises to engage with other key industry stakeholders, decision-makers, and experts across Sub-Saharan Africa’s energy supply and value chain.
“We invite you to experience more and find out about Fortune Global’s latest innovations in oil and gas logistics. Connect with Fortune Global Shipping and Logistics Limited at the Exhibition Booth N21, Eko Convention Centre, in Lagos”, the statement stated.
Business
Nigeria, Still Africa’s Largest Economy – World Bank
![](https://www.thetidenewsonline.com/wp-content/uploads/2025/02/11b.jpg)
Nigeria remains the largest economy in Africa going by Gross Domestic Product (GDP), in spite of the challenges faced by yhe country’s private sector.
World Bank’s Country Director for Nigeria, Dr. Ndiame Diop, who confirmed this at the Country Private Sector Diagnostic (CPSD) and Stakeholder Engagement in Abuja, Friday, said while Nigeria receives far less Foreign Direct Investment (FDI) than its potential warrants, especially in comparison to countries like Indonesia and South Africa, it continues to hold its position as Africa’s biggest economy.
He said the CPSD report, set to be released in the coming weeks, will reveal the impact of private sector constraints on economic growth.
Diop noted that if targeted actions were taken to remove these obstacles, Nigeria’s economic potential would be significantly enhanced.
He explained that the current macroeconomic reforms have created a favourable environment for such changes.
He cited the country’s recent economic stabilization measures, particularly exchange rate market adjustments and improved access to foreign exchange, as critical steps that have already enhanced investment conditions.
The Country Director outlined four key sectors where strategic reforms could unlock massive investment and job creation.
He stayed that in the Information Communication Technology (ICT) sector, investment opportunities worth up to $4 billion could be realized, potentially creating more than 200,000 jobs.
In agribusiness, reforms could unlock $6 billion in investment and generate over 275,000 jobs.
The solar photovoltaic (PV) industry holds the potential for $8.5 billion in investment and more than 129,000 jobs, while the pharmaceutical sector could attract $1.6 billion and create more than 30,000 to 40,000 jobs.
For the ICT sector, he identified the high, unpredictable, and inconsistent right-of-way fees, levies, and informal charges, comprising 30 to 70 per cent of broadband rollout costs, as a major barrier.
According to him, addressing these regulatory inconsistencies would be a game-changer for broadband expansion.
He acknowledged that the National Economic Council has recognized this issue and that progress is being made through a World Bank-supported initiative.
He also noted challenges such as vandalism, limited financing for rural broadband expansion, and the need for competitive access to wholesale fiber.
Dr. Diop further noted that efforts are underway in collaboration with government agencies to resolve these issues, and the World Bank, the International Finance Corporation (IFC), and private investors are prepared to support broadband infrastructure development.
On solar power, Diop described Nigeria’s energy sector as difficult but noted that renewable energy access, particularly solar PV, has been a bright spot.
He explained that private sector investment in renewable energy has historically been hindered by high costs and unviable tariffs.
However, blended finance mechanisms supported by the World Bank and IFC have helped bridge this gap, making off-grid solutions more viable.
He noted the DES project, which aims to connect 17.5 million households and businesses to solar power, as evidence of growing private sector interest.
While the solar industry is expanding, he stressed that reforms to improve Nigeria’s grid electricity supply remain crucial for industrialization.
On her part, the Regional Director for Central Africa and Anglophone West Africa at the IFC, Dr. Dahlia Khalifa, stressed the importance of consistency in regulatory policies, particularly in customs duties and revenue agency fees.
She noted that unpredictability discourages private sector investment, as businesses rely on stable regulatory environments for strategic planning.
-
Sports4 days ago
Eaglesite Football Academy Targets Grassroots Dev
-
News3 days ago
Relatives Of Deceased Pension Contributors Get N82bn –PenCom
-
Niger Delta3 days ago
Police Arrest Boy, 13 For Using Gun To Threaten Colleagues
-
Opinion4 days ago
EFCC’s Alternative Approach Against Cybercrime
-
News3 days ago
NDLEA Busts Drug Kingpins In PH, Lagos As Suspects Excrete 125 Heroin Wraps
-
Oil & Energy4 days ago
OPEC+Commits To Monitoring Oil Production Adjustment
-
Business4 days ago
Nigeria, Still Africa’s Largest Economy – World Bank
-
News3 days ago
Soludo Rebagged FG Rice Shared To APGA Members-APC