Senate Passes 2025-27 MTEF-FSP, Probes NNPCL Over N11.54tn Subsidy Funds, Unremitted Taxes Sunday Aborisade in Abuja
The Senate yesterday passed the 2025-2027 Medium-Term Expenditure Framework (MTEF) and Fiscal Strategy Paper (FSP).
The essence of MTEF-FSP is to provide a comprehensive, multi-year plan for government spending, outlining revenue projections, expenditure priorities, and fiscal strategies. It is essentially acting as a roadmap
for managing public finances over a medium-term period, allowing for better resource allocation, policy consistency, and informed budgeting decisions across different ministries and departments.
The senate passed the fiscal document following the presentation of the report by Chairman of the Joint Committees on Finance and National Planning and Economic Affairs, Senator Sani Musa (Niger
East). The senate also tasked its Committees on Finance and Petroleum as well as Gas to investigate allegations that the Nigerian National Petroleum Corporation Limited (NNPCL) with-
held about N8.48 trillion in petrol subsidies, and $2 billion (NGN 3.6 trillion) in unpaid taxes (dividends). The allegation was highlighted Continued on page 9
EFCC Wins Landmark Forfeiture against 753 Duplexes By Unnamed Owners in Abuja... Page 6 Wednesday 04 December, 2024 Vol 29. No 10832. Price: N400
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In Breach of Protocol, Police in Ekiti Arrest Rights Activist, Dele Farotimi, in Lagos... Page 12
Nigeria, S’Africa Agree to Finalise Five-Year-Old Early Warning Mechanism MoU
Reach consensus on African Union elections Call for a ceasefire, return to diplomacy over middle east crisis
Deji Elumoye in Abuja
Nigeria and South Africa have agreed to urgently finalise the five-year-old Memorandum of Understanding
(MoU) on the Early Warning Mechanism, which monitors threats of violence, acts of criminality, and reprisals involving nationals of the two countries.
The decision was revealed yesterday in a communiqué released at the end of the 11th session of the Nigeria-South Africa Bi-National Commission (BNC) in Cape town.
President Bola Tinubu and and Cyril Ramaphosa co-chaired the meeting. In the wake of the attacks on Nigerians in South Africa, both
countries agreed to establish an Early Warning Mechanism to prevent such attacks. Before the 11th BNC meeting, both parties agreed to harmonise
all contentious areas, conclude, and present during the 11th session of the BNC. Continued on page 9
Idris: Tax Reforms Will Empower 36 States, LGAs for Development Says resources will be invested in infrastructure, education, transportation Reveals president has directed Ministry of Justice to work with NASS on proposed legislations Senate: We're doing wider consultations on bills Kukah, CITN back bills, say reform will reduce elite’s financial recklessness Kano House rejects bills, insists its anti-north We have no hand in drafting proposed legislations, Alpha-Beta stresses Chuks Okocha, Olawale Ajimotokan, Sunday Aborisade, Emmanuel Addeh, Onyebuchi Ezigbo in Abuja and Ahmad Sorondinki in Kano The federal government yesterday assured Nigerians that the controversial tax reform bills before the National Assembly would cushion the burden of millions of Nigerians across the country, empower and position the States and 774 local government areas (LGAs) for sustainable growth and development. The Minister of Information and National Orientation, Mohammed Idris, stated this yesterday while itemising the benefits of the nationwide debate on the new tax reform bills currently before the National Assembly. Idris said this same day the Senate said it would embark on Continued on page 9
BILATERAL DISCUSSION AT 11TH SESSION OF NIGERIA-SOUTH AFRICA BI-NATIONAL COMMISSION MEETING...
L-R: Minister of state for Foreign Affairs, Bianca Odumegwu-Ojukwu; President Bola Tinubu; South Africa President, Cyril Ramaphosa; and South Africa's Minister of International Relationship, Mr. Ro Lamola, during a bilateral discussion at the 11th Session of Nigeria-South Africa Bi-National Commission meeting on Tuesday, December 3, 2024, Cape Town