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General News

NBS Says GDP Down to 6.23% in Third Quarter

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Dr Yemi kale, Statistician-General of the Federation
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The National Bureau of Statistics (NBS) yesterday released the country’s Gross Domestic Product figure for the third quarter of 2014, stating that the economy, in real terms, grew by 6.23 per cent.

The bureau in the report said the 6.23 per cent third quarter growth rate, is lower than the 6.54 per cent recorded in second quarter of 2014.

The report said the oil sector experienced production challenges, adding that the average daily production of crude oil in the third quarter of 2014 was recorded at 2.15 million barrels per day (mbpd), a decrease from 2.26 mbpd recorded in the third quarter of 2013 and 2.21 mbpd recorded in second quarter.

The report said the impact of the drop in crude oil was a decline in oil GDP by 3.6 per cent in the third quarter of 2013.

This, it added, was also lower relative to 5.47 percent in the second quarter of 2014.

It said, “On an aggregate basis, the economy when measured by the Real GDP, grew by 6.23 percent (year-on-year) in the third quarter of 2014, higher by 1.06 percentage points from rates recorded in the third quarter of 2013, and lower by 0.31 percentage points from the second quarter of 2014.”

It said the oil sector contributed approximately 10.45 per cent to real GDP in the third quarter of 2014, lower from the 10.76 per cent contribution in the second quarter of 2014, and the 11.51 per cent contribution recorded during the third quarter of 2013.

For the non-oil sector, the report said growth was driven  by activities recorded in the crop production, textile, apparel and footwear; telecommunications, and real estate sectors.

In the third quarter of 2014, the report said non-oil sector recorded 7.51 per cent growth in real terms, lower compared to 8.46 per cent at the corresponding period in 2013, yet higher than 6.71 per cent in the second quarter of 2014.


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General News

FG to Provide High-fibre Internet in 12 Universities by Year End

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Dr. Bosun Tijani, Minister of Communications, Innovation, and Digital Economy, on Wednesday said that no fewer than twelve federal universities will benefit from high-fibre digital infrastructure before the end of the year.

In addition, some Nigerian universities are set to begin enjoying 24-hour electricity supply to enhance teaching, research, and learning on campuses, according to the Minister of Education, Dr. Maruf Alausa.

Dr. Tijani disclosed this at the commissioning of a High-Fibre Digital Facility at the University of Abuja’s old Boys Hostel. He said the initiative aims to equip students with digital skills and access needed to explore emerging opportunities in the global tech ecosystem before graduation.

Citing examples of young Nigerians who have successfully built billion-dollar online payment firms, Dr. Tijani urged students to leverage the digital infrastructure being provided by the current administration to develop themselves and build a future in tech.

The project is a collaboration between the federal government, Galaxy Backbone Nigeria Ltd, Huawei Technologies Nigeria, and other tech firms. It will deliver free Wi-Fi services across campuses, serving as a digital equalizer for students.

Present at the inauguration were the Director-General of the National Information Technology Development Agency (NITDA), Kashifu Inuwa; the National Commissioner for the Nigeria Data Protection Commission, Dr. Vincent Olatunji; the Managing Director of NigComSat, Mrs. Jane Egerton-Idehen; and the Postmaster General of the Federation, Mrs. Tola Odeyemi.

Also the Vice chancellor of the University of Abuja, Prof Patricia Lar and the institution’s Registrar and the Managing Director of Huawei Technologies Nigeria, Mr Teorens Wu attended the event.

Dr Tijani further said digital inclusion was necessary especially for the students to navigate contemporary challenges and become successful in the digital space without waiting for white collar jobs on graduation.

He said the University was the first of the seven universities for the first phase of the pilot scheme. And that by the end of June, they would have connected the seven universities for the first phase.

“This initiative we are launching here today is the first of the seven in a pilot scheme, and by the end of July, we will have connected the seven universities”, he said.

“Galaxy Backbone has the infrastructure in place already; all we are doing is to take the fibre to hostels,” the Minister added.

“Your challenge today is what you do with the knowledge that you’re being given. And this is why to actualise the dream of our president, we’ve taught it to be important that Nigerian university students cannot continue to learn without access to meaningful connectivity.

“It is unacceptable because we know when we give you this access that not only are you going to be better in what you’re learning, but you’re actually going to create the future that our president is asking that we create as a nation”, Dr Tijani said.

Dr. Alausa, on his part, noted that the University was a special institution selected by the government to enjoy a 24-hour power supply. And that other special institutions will enjoy 24hrs power before the end of 2026.

“The president is energising institutions. We have special institutions in the country today enjoying 24-hour electricity via the presidential renewable mini-grid project, the solarisation project.

“The University of Abuja is one of the beneficiaries. You have a 3.3 megahertz mini-grid here and everybody can attest to it now that you have a 24-hour electricity supply.

“The president is not stopping there. Before the end of next year, all the special institutions will have a mini-grid. You will all enjoy a 24-hour electricity supply, “Dr Alausa said.

The Acting Vice Chancellor, University of Abuja, Prof. Patricia Lar in her welcome address described the project as a laudable one that would benefit the school community.

“It’s a special initiative that’s going to create opportunities for students of all economic status to access data to be able to use for knowledge and education, and to feed their creativity with ease.

“We are grateful for deploying fibre to our hostels. This also works with the solar power backup that has been installed in our campus,” she said.


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General News

Nigeria Approves $500m for AfDB’s Trust Fund Replenishment over Next 15 Years

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Nigeria has approved a fresh $500 million replenishment of the Nigeria Trust Fund (NTF) at the African Development Bank (AfDB), extending the facility for another 15 years.

President of the AfDB, Dr. Akinwumi Adesina, announced this during his opening remarks at the ongoing AfDB Annual Meetings in Abidjan as he expressed deep appreciation to President Bola Ahmed Tinubu and Vice President Kashim Shettima for their continued support.

“To President Bola Ahmed Tinubu and to Vice President Kashim Shettima, for your support over the past two years, I am profoundly grateful. Thank you for graciously approving the replenishment of the Nigeria Trust Fund for another 15 years for $500 million.”

The Nigeria Trust Fund (NTF) was set up in 1976 through an agreement between the Nigerian government and the African Development Bank Group. It’s a revolving fund that sustains itself over time and is designed to support the development of low-income African countries in need of concessional financing.

The fund can be used in a number of ways—either to co-finance projects alongside the African Development Bank and the African Development Fund (ADF) or to finance projects independently. It supports both public and private sector initiatives and can also be used to top up funding for ongoing Bank Group-backed projects.

Unlike the ADF, which allocates funds to countries, NTF resources are tied to specific projects. This allows for more flexible, needs-based support where it’s most effective.


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Harmonised Tax Bills Ready, May Get NASS Approval Today

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The National Assembly has hinted that it may consider passing the harmonised tax reform bills by Tuesday, following a successful review of the troubling clauses in the proposed legislation.

This was disclosed by the Chairman of the House Committee on Finance, James Faleke, via his official X account on Sunday. Faleke is the leader of the House delegation for the bills harmonisation exercise.

He tweeted, “The conference committee set up by the House and the Senate on the Tax Reform Bills has successfully concluded its work. The joint committees thoroughly reviewed all sections and addressed the grey areas of the four bills, examining each clause strategically and resolving contentious issues.

“After an intensive deliberation that stretched through Thursday night, all day Friday, and into the early hours of Saturday, I am pleased to report that the bills are now ready for presentation to both the House and the Senate for final passage.

“I would like to especially appreciate the Senate conference committee, ably led by the Chairman of the Senate Committee on Finance, the Distinguished Senator Sani Musa, as well as all members of the Senate Conference Committee.

“I also extend heartfelt gratitude to my colleagues on the House Conference Committee, which I had the honour to lead, for their unwavering commitment to the Nigerian people. We are truly grateful for your dedication and resilience in bringing this important task to a conclusion.”

It was reported that the four tax bills were sent two weeks ago to the joint harmonisation committee made up of members of the Senate and the House of Representatives to reconcile the amendments of both Chambers before it is transmitted to President Bola Tinubu for his assent.

After announcing the passage of the bills following a majority voice vote, the Senate President, Godswill Akpabio, praised the lawmakers for their sacrifice in ensuring that the tax system in Nigeria meets an international standard.

He said, “These four executive bills seek to transform and modernise the tax system in Nigeria.”

The move came barely 24 hours after the Upper Chamber earlier cleared two of the bills before pushing the remaining legislation for consideration on Thursday.

Addressing journalists after the plenary, the Chairman of the ad hoc committee for the tax reform bills and the lawmaker representing Niger East Senatorial District, Senator Sani Musa, explained that they did their best to ensure the taxation system in Nigeria meets international standards.

Musa also disclosed that parts of the tax proceeds will be used to fight cybercrime, boost defence infrastructure, the TETfund, and aid soldiers in their efforts to restore peace and safety in the country.

Continuing, the Niger Senator explained that the senators recommended that the President needs to appoint a chairman and create an ombudsman to arbitrate and adjudicate on tax-related matters.

The legislator also harped on the need for the establishment of a tax tribunal, which he said cannot be overemphasised.

“It is not à court of record. We have looked at the issue of VAT, coĺlection of taxes, development levies, and inheritance tax, which had been expunged.

“I believe Nigerians wiĺl see something nice from this. We also commend the President for giving a level playing field to all,” he said.

 


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