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SANWO-OLU PRAISES BUHARI, TINUBU, DANGOTE CONTRIBUTIONS TO NIGERIA’S FIRST PRIVATE REFINERY

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President Muhammadu Buhari, Aliko Dangote, Lagos State Governor Babajide Sanwo-Olu ,Senate President Ahmad Lawan and others at the official Commissioning Dangote Refinery in Lagos
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LASG has provided enabling environment for private sector growth, says Dangote

Lagos State Governor, Mr. Babajide Sanwo-Olu, on Monday, said the stories of President Muhammadu Buhari; President-elect, Asiwaju Bola Tinubu and Chairman of Dangote Group, Alhaji Aliko Dangote are a testament that prosperity can be achieved when  leaders have shared vision for the people they are leading.

Sanwo-Olu shared three different stories on how President Buhari, Asiwaju Tinubu and Dangote are connected to the newly commissioned first privately owned refinery in Nigeria, the Dangote Petroleum Refinery in Ibeju-Lekki, Lagos, said the three leaders have shown Nigerians that leadership is about consistency and commitment to Nigeria’s economic growth.

He said: “The vision of Aliko Dangote, President Muhammadu Buhari and incoming President Asiwaju Bola Ahmed Tinubu, is a story of possibility when men have a shared common vision, purpose and they have the possibility that things can happen, things can change and things can be prosperous for the people they are leading.

“These three men; Aliko Dangote, President Muhammadu Buhari, and President-elect Bola Ahmed Tinubu epitomise all the great qualities of great leadership. They have shown us that nothing can be something. They have shown us that leadership is about consistency. It is about showing that whatever it is that you believe in, give it all it takes and at the end of it you will see the results coming out.”

Governor Sanwo-Olu while commending Dangote, said the business mogul is a completely detribalised Nigerian who has impacted many lives positively.

He said: “To our son Alhaji Aliko Dangote, we are indeed truly proud that you have put Nigeria and indeed Africa on that world map in which you have done the very first. We are proud of your belief in your country and your belief in the youth that you are giving the opportunity to. We are proud of the fact that you are a Nigerian that is completely detribalised and you have imbibed it in many ways.

“It is about the opportunity this (refinery) has provided for all the youth and young people of our country. It is about the fact we can say to them the work these three men – Mr. President, Alhaji Dangote, and our incoming president have done and will continue to do.

“It is about our future. It is about providing an opportunity for the youth because over 150,000 direct and indirect jobs that will be created are for our youths; young leaders that are in their 20s and their 30s for them to believe that indeed Nigerian is a place for them. Nigeria considers them as an important and veritable tool in developing and ensuring the very best.

“I want to also thank our President-elect who propelled a vision of what we are enjoying today. As governor and as Lagosian, he was the main architect of the modern history of the trajectory of Lagos and we are hopeful and praying that when he comes in as president, all of those additional vision that he has will come to reality.”

Governor Sanwo-Olu, who was part of the birth of the Lekki free zone in 2006 during the tenure of Tinubu as Governor of Lagos State, praised the host communities for showing hospitality to investors in the area.

“I want to use this opportunity to thank our host community. This community has been the host to several firsts in our country and I want to thank all of them; from the traditional rulers to all of the indigenous citizens that have continued to reflect the true spirit of Lagos to be able to show hospitality and accommodation in everything that we are about,” he said.

Governor Sanwo-Olu also commended President Muhammadu Buhari’s eight years in office, saying the people of Lagos State are proud of what the President has done for Nigeria.

He said: “You (President) have spent 2,915 days out of 2,922 days that you have. Mr. President, you have spent 99.98 percent of your time. Mr President history will certainly judge you well. We in Lagos are happy. This is your third trip to the Lekki Free Zone in less than a year.

“We are proud of you. We are indeed excited that you have thrown everything you have into it and as you bow down, I might not have the opportunity of holding a microphone again, I want to say to you, that on behalf of Lagos State, we are truly proud of the things that you have done for us in this country.”

Speaking earlier, Dangote commended Lagos State Government under the leadership of Governor Sanwo-Olu for providing an enabling environment for private sector growth, particularly the Dangote Refinery.

He said: “Lagos State Government has been exceptionally remarkable in their efforts toward the completion of this project.

“The Lagos State Government under the leadership of Governor Babajide Sanwo-Olu has provided an enabling environment for private sector growth in the state and this project. It has allowed us to invest over $30 billion in different sectors of the industry.”

Business & Economy

N’Assembly Positioning Nigeria For One Trillion Dollar Economy by 2030 – Bamidele  

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Senate Leader, Michael Opeyemi Bamidele
Leader of the Senate, Senator Michael Opeyemi Bamidele
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The Leader of the Senate, Senator Opeyemi Bamidele on Tuesday reeled out the accomplishments of the 10th National Assembly, saying the upper chamber had been passing diverse laws aimed at creating an environment for economic competitiveness and positioning Nigeria for a $1 trillion economy by 2030.

Bamidele, currently representing Ekiti Central, added that many of these legislative initiatives are already making a difference in the daily lives of the citizenry and the collective prosperity of the country.

He made these remarks yesterday at a meeting with the delegation of the United Kingdom Parliament held at the conference room, New Senate Wing, National Assembly Complex, Abuja.

Led by MP Kate Osamor of Edmonton & Winchmore Hill, the delegation comprises a member of the Parliament for Dumfriesshire, Clydesdale & Tweeddale, Rt. Hon. David Mundell; member of the Parliament for Westminster North; Dame Karen Buck; member of the House of Lords; Lord Jonathan Oates; member of the Parliament for Worthing West; Dr Beccy Cooper and member of the Parliament for Plymouth Moor View; Rt Hon. Fred Thomas, among others.

At the session with members of the UK Parliament, Bamidele explained that the National Assembly would continue to play pivotal roles in building a resilient economy and functional political system, which guarantees the security of the citizenry.

He said: “Since the birth of the 10th Senate about two years ago, I have been discharging the duties of my office with modest records of accomplishment. One of such accomplishments is the timely passage of key legislations, particularly in the areas of fiscal reform and national security

“By engaging my colleagues across all political divides, we have successfully passed laws aimed at creating an environment for economic competitiveness and positioning Nigeria for a $1 trillion economy by 2030. I am proud to say that many of these legislative initiatives are already making a difference in the daily lives of our citizens.

“As we look towards the future, we remain deeply committed to strengthening Nigeria’s democratic institutions and ensuring that the National Assembly continues to play its pivotal role in building a resilient economy and a functional political system that guarantees the security of all.”

Bamidele disclosed that the nation’s parliament is building synergy with different parliamentary associations and institutions across the world to address the dearth of institutional capacity.

In her own presentation, the leader of the delegation, MP Kate Osamor, solicited for inclusion of more women in the National Assembly to address the existing gender gap in the nation’s electoral offices.

Osamor said: “We have to make sure more women are in the parliament. Every society is a reflection of elected representatives.”

On the issue of gender sensitivity, the senate leader promised the delegation that the 10th Senate would give priority attention to the issue, recalling that the 9th Senate was almost resolving the issue before it came to an end in June 2023.

 

 

 

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CBN Stops Free Withdrawals For Customers Using Other Banks’ ATMs

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CBN Headquarters Abuja
CBN Headquarters Abuja
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The Central Bank of Nigeria (CBN) says charges will now apply anytime customers use the Automated Teller Machines (ATMs) of banks other than theirs.

This was contained in a circular dated February 10, 2025, and addressed to all banks and financial institutions, the apex bank’s acting Director of Financial Policy and Regulation Department, John Onojah.

“The three free monthly withdrawals allowed for remote-on-us (other bank’s customers/not-on-us consumers) in Nigeria under Section 10.6.2 of the Guide shall no longer apply,” the circular partly read.

The CBN directed banks and other financial institutions to apply the following charges with effect from March 1, 2025.

The apex bank said while customers withdrawing at the ATMs of their banks and financial institutions won’t be charged, customers withdrawing from the ATM of other banks would now be charged ₦100 per every ₦20,000.

The CBN said for off-site ATMs — automated teller machines not on a bank’s premises – like those at shopping malls, eateries and other public places — a surcharge of not more than ₦500 per every ₦20,000 will apply in addition to the statutory ₦100 fee for withdrawals by customers of other banks’ ATMs.

The apex bank attributed the reviewed charges to rising costs and the need to improve the efficiency of ATM services in the country.

“This review is expected to accelerate the deployment of ATMs and ensure that appropriate charges are applied by financial institutions to consumers of the service,” the circular stated.

 

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Senate Passes MTEF/ FSP, To Probe N8.4tn Withheld Subsidy Funds By NNPCL

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Nigerian Senate
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The Senate has passed the 2024 – 2026 Medium-Term Expenditure Framework (MTEF) and Fiscal Strategy Paper (FSP) for implementation by the Federal Government.

The passage followed the presentation of a report by the chairman of the Joint Committees on Finance and National Planning & Economic Affairs presented by Sen. Musa, Mohammed Sani (Niger East).

The senate also tasked its Committees on Finance and Petroleum as well as Gas to investigate allegations of withheld funds by the NNPC, including NGN 8.48 trillion in petrol subsidies, and $2 billion (NGN 3.6 trillion) in unpaid taxes.

The allegation was highlighted by reports from the Nigeria Extractive Industries Transparency Initiative (NEITI) and the Revenue Mobilization, Allocation, and Fiscal Responsibility Commission.

The development comes following the Office of the Auditor-General of the Federation, saying it had received the necessary and complete documents required to verify the N2.7 trillion fuel subsidy claim by the Nigerian National Petroleum Company Limited against the government.

The Senate approved the exchange rate projection of 1,400 USD for 2025-2027 with a provision for review in early 2025, based on prevailing monetary and fiscal policies.

They also resolved that any excess on the official figure would be used for debt servicing.

During the debate on the report submitted by the Chairman Senate Committee on Appropriations, Senator Sani Musa (APC, Nigeria East ), the Lawmakers also demanded a reduction in the petrol prices against the backdrop of the commencement of the Port Harcourt Refinery.

Chairman of the Senate Committee on Appropriations, Senator Adeola Olamilekan referenced the Federal Government’s Compressed Natural Gas initiative as the underlying imperative for the adoption of the N1400 to one dollar.

According to him: “With the functioning of our refineries the demand for Forex will drop. With the CNG initiative, Nigerians will have an option for your information if you leave Benin to Lagos the amount of fuel is about 130 thousand but with CNG you can’t use more than 48 thousand Naira. Another issue to be addressed is the recurrent to-capital ratio which is very high.

The need to support the manufacturing industries was also raised by Senator Yahaya Abdullahi, of the Peoples Democratic Party, Kebbi North if the projections of the MTEF are to be achieved.

In their resolutions, the Senate also adopted inflation rate projections of 15.75, 14.21 and 10.04 per cent for 2025, 2026 and 2017 respectively.

According to the recommendations, “The 2025 Federal Government of Nigeria budget proposed spending of N47.9trilion of which N34.82 trillion is retained. New borrowings stood at N9.22tn, made up of both domestic and foreign borrowings.

Capital expenditure is projected at 16.48 trillion naira with statutory transfers standing at 4.26 trillion naira and sinking funds projected at N430.27billion.

 

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