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Paseda Blames Youths Negligence In Government On Nigeria’s Economic Woes

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Non-involvement of youths in the present administration of the country has been attributed to the telltale result of the current economic woes.

The Ogun State Governorship candidate of Unity Party of Nigeria (UPN) in the last general elections, Otunba Rotimi Paseda, stated this on Saturday while delivery a speech on the topic “Raising Our Future Generation”  at the annual youths seminar organized by the Ultimate Achievers Initiative held at Mowe/Ibafo in Obafemi Owode local government area of the state.

Otunba Paseda stressed that the inability of both the federal and state governments to maximize the full potentials of the youths is responsible for the economic ailment, which has crippled the country’s agricultural and manufacturing sectors.

He pointed out that the tale woes of the economy made the home-made goods globally uncompetitive while jerking up the value of local currency.

He said the neglect of the youths in decision making of government policies has done more harm than good to the agricultural sector of the economy, emphasizing the need to divert the energy of the youths into agriculture, which was the nation’s goldmine before oil discovery.

Otunba Paseda, who was represented by his Political Coordinator, Engineer Babatunde Folarin, opined that there is urgent need for the government to properly fund and monitor Agriculture-oriented institutions, agencies, farmers and relevant stakeholders, as well as provid them with high-quality seeds, fertilizer, feed and modern technologies.

According to him, about 2.02 billion people are suffering from chronic hunger worldwide, while 575 million of these people are from Sub-Saharan Africa, of which Nigeria forms a larger part.

“Food crisis and the attendant poverty are the tell-tale result of our neglect. And this will be so,  because our farmers are old and the energetic youths were left out.

“Our dear nation is presently trapped in a suffocating web, having relegated Agriculture, which is her initial goldmine to oblivion at the expense of oil wealth. Now that the oil-wealth has turned to oil woes, the country is embroiled in food crisis and her citizens are ravaged by abject poverty.

“Instead of beholding the legendary ground nut pyramid in the North, the sprawling barns of cocoa in the Southwest, the mountainous heaps of coal in the Southeast which were the hallmarks of our past efficiency and industry, we are today daily witnessing the evidence of misplaced priorities and inefficient utilization of God given endowment.

“Narrowing down to Nigeria, the latest United Nations Development Programme (UNDP)’s Human Development Report informs that not less than 25.5million of the estimated 170million of Nigerians go to bed with empty stomach daily. When you compare the aforementioned staggering figure of poverty-stricken Nigerians with the report of FAO on soil productivity in Nigeria, you see no justification for poverty in the land.

 

” A nation that does not equip the youths will remain stagnant and retrogress. China today, has become world Trade Centre and technologically driven as a result of her vision to adequately utilize the potentials of the nation’s economy. What is wrong with Nigerian government and the youths?

“The earlier our government realized the urgent need for proper funding and monitoring of Agriculture oriented institutions, agencies, farmers and relevant stakeholders, as well as provision of high-quality seeds, fertilizer, feed and modern technologies, the better for our Agriculture sector”, Paseda averred.

 

He however promised to support youth initiatives that would help them actualize their real potentials with a view to making them self-reliant and contribute their quota towards taking Ogun State and Nigeria to an enviable height.

“The zeal to effectively engage and encourage the youths to actualize their real potentials triggered our resolved at Paseda Legacy Foundation to take youths course as part of our core priorities and make them independent without becoming political tools.”

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Holiday Relief: Dangote Refinery Lowers PMS Price to N899.50, Introduces Special Credit Offer

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Holiday Relief: Dangote Refinery Lowers PMS Price to N899.50, Introduces Special Credit Offer

Holiday Relief: Dangote Refinery Lowers PMS Price to N899.50, Introduces Special Credit Offer

In a bid to ease financial burdens during the holiday season, Dangote Petroleum Refinery has announced a reduction in the price of Premium Motor Spirit (PMS) to N899.50 per litre. This follows a previous price cut to N970 per litre on November 24. The move is aimed at reducing transportation costs for Nigerians as they prepare for festive celebrations.

Anthony Chiejina, Group Chief Branding and Communications Officer of Dangote Group, disclosed the development in a statement, highlighting additional benefits for consumers. Beyond the price reduction, the refinery is introducing a special credit offer. For every litre of PMS purchased on a cash basis, consumers can buy an additional litre on credit, supported by a bank guarantee from Access Bank, First Bank, or Zenith Bank.

“To help reduce transport expenses this holiday season, we’re offering PMS at N899.50 per litre and providing a credit option for additional purchases. This is part of our commitment to making high-quality petroleum products accessible to Nigerians,” Chiejina said.

The refinery also reaffirmed its commitment to providing premium-quality, environmentally-friendly fuel, while ending Nigeria’s dependence on substandard imported products.

With a capacity of 650,000 barrels per day, the Dangote Refinery is the largest single-train refinery in the world, capable of meeting Nigeria’s entire refined petroleum product demand and generating surplus for export. As the festive season approaches, the company expressed gratitude to Nigerians for their support and pledged continued efforts to ease their economic burdens.

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Setting the Record Straight: Clarifying NNPCL’s Role in the Dangote Refinery Investment

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General Buratai Urges Dangote Not To Succumb To Marketers Blackmail, Reveals Why

Setting the Record Straight: Clarifying NNPCL’s Role in the Dangote Refinery Investment

We have received numerous inquiries from the media and concerned stakeholders seeking clarification regarding a recent report attributed to the Nigerian National Petroleum Company Limited (NNPCL). The report suggested that NNPCL’s decision to secure a $1 billion loan backed by its crude was instrumental in supporting the Dangote Refinery during liquidity challenges.

Setting the Record Straight: Clarifying NNPCL's Role in the Dangote Refinery Investment

We wish to categorically state that this narrative is a misrepresentation of the facts. The $1 billion referenced constitutes just about 5% of the total investment in building the Dangote Refinery.

Our partnership with NNPCL was established based on their strategic importance as the largest offtaker of Nigerian crude and, at the time, the sole supplier of gasoline into Nigeria. As part of this agreement, a 20% stake in the refinery was valued at $2.76 billion. Of this amount, NNPCL agreed to pay $1 billion upfront, while the remaining balance was structured to be recovered over five years through crude oil supply deductions and dividends.

If we had been facing liquidity challenges, such generous credit terms would not have been feasible. At the time of the agreement in 2021, the refinery was still in its pre-commissioning phase. Any claims suggesting financial struggles are inconsistent with the structure and nature of this agreement.

Regrettably, NNPCL was unable to meet its commitment to supply the agreed 300,000 barrels per day of crude oil due to pre-existing financial commitments tied to their crude cargoes. Given this, we extended a 12-month period for NNPCL to pay cash for the balance of their equity. However, they were unable to meet the deadline, which expired on June 30, 2024. Consequently, NNPCL’s equity stake in the refinery was adjusted to 7.24%.

It is therefore inaccurate to claim that NNPCL facilitated a $1 billion investment amid liquidity challenges. Their $1 billion investment secured a 7.24% ownership stake in the Dangote Refinery, a strategic partnership beneficial to their interests.

NNPCL remains a valued partner, and we urge all stakeholders to adhere to the facts and provide accurate information to ensure proper media representation for the benefit of all stakeholders and the public.

Anthony Chiejina
Group Chief Branding and Communications Officer
18th December, 2024

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MTN Contributes N200bn Monthly in VAT, Driving Tax Reform Debate

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MTN Contributes N200bn Monthly in VAT, Driving Tax Reform Debate

MTN Contributes N200bn Monthly in VAT, Driving Tax Reform Debate

 

MTN Nigeria, the nation’s largest telecom company, pays over N200 billion in Value Added Tax (VAT) monthly, making it the single biggest contributor to the country’s VAT revenue, according to Taiwo Oyedele, Chairman of the Presidential Fiscal Policy and Tax Reforms Committee.

Speaking at Channels Television’s Town Hall on Tax Reforms, Oyedele highlighted significant disparities in the current VAT allocation system, revealing that all VAT paid by MTN is credited solely to Lagos State, where the company’s headquarters is located, despite the fact that services generating this revenue are consumed nationwide.

“MTN is the largest contributor to VAT in Nigeria,” Oyedele stated. “They pay over N200bn every month, and the gap between them and the second-largest contributor is massive. However, all this VAT is currently allocated to Lagos, even as calls are made across states like Kano, the FCT, Ekiti, Edo, and Kebbi.”

As part of the ongoing tax reform efforts, the committee has proposed a new framework to ensure equitable distribution of VAT revenues based on consumption rather than the corporate headquarters’ location.

Under the proposed redistribution model, Lagos State, which now retains the full N200bn from MTN, would see its share reduced to around 20 per cent. The remaining revenue would be distributed more fairly among other states where the services are consumed.

“This adjustment ensures states where VAT is generated get their fair share,” Oyedele explained. “While Lagos State’s share decreases slightly, every other state stands to gain under the new system.”

The tax reform bill, designed to address inefficiencies and promote fairness in Nigeria’s fiscal policies, has sparked debate among stakeholders. Critics have accused the committee of advancing policies that may negatively impact certain regions.

Oyedele, however, dismissed these claims, arguing that the current system is flawed and in need of urgent correction. “If something is being done wrongly, how can Lagos State or anyone oppose reforms aimed at fixing it?” he questioned.

The proposed reforms, which include provisions for revenue redistribution and efficiency improvements, are seen as pivotal to ensuring fairness and sustainability in Nigeria’s tax system.

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