Why is the Nigerian government introducing a windfall tax, and what does it mean for the economy? As part of economic reforms, President Bola Ahmed Tinubu’s administration has proposed a one-time windfall levy to address the substantial gains made by Nigerian banks due to changes in exchange rates. The windfall tax, recently introduced under Nigeria’s Finance Act, promises many benefits for the nation. The tax will channel funds into important public services, including infrastructure development, healthcare, and education, by redistributing these unexpected gains. This redistribution is expected to improve public amenities, support the quality of education and healthcare, and address…
Author: Adeboye
Traditional rulers in Yorubaland, under the aegis of Yoruba Obas Forum, have applauded the governor of Ondo state, Lucky Aiyedatiwa, for his commitment to the monthly release of five percent of the local government allocation to traditional rulers in the state. The monarchs gave the commendation while on a courtesy visit to the governor in Akure on Thursday. The forum, speaking through its national president, the Malokun of Atijeere, Oba Samuel Adeoye Edema and the national publicity secretary, the Alayandelu of Odo-Ayandelu in Lagos state, Oba Ganiyu Aderibigbe, said it appreciated the governor for promoting, protecting and supporting their colleagues…
The sudden death of a senior journalist and compatriot, Albert Ojo, has brought emotional pains to his close allies, and a vacum to the media community in the Sunshine State. The news of his death was shocking. The Ondo State chapter of All Progressives Congress (APC) mourns the demise of such a highly principled, hardworking, and resourceful journalist at a time the State is preparing for governorship election. The party noted that the deceased plied the noble pen profession with passion and integrity for decades. He exhibited dedication and commitment to developmental journalism. Ondo APC urged his colleagues to take…
As friends, associates and mentees of Senator Bode Olajumoke converged in Akure on Thursday to celebrate his 80th birthday, the governor of Ondo state, Hon. Lucky Orimisan Aiyedatiwa has applauded the charitable virtues of the octogenarian and former senator, representing Ondo north senatorial district of Ondo state. Represented by his deputy, Olayide Adelami, the governor described Senator Olajumoke as a leader who has contributed immensely to the growth of Ondo state and the country as a whole. He said, “Senator Olabode Olajumoke is an exemplary leader, torchbearer and thoroughbred public servant, whose outstanding contributions to the growth of our darling…
Nigeria faces a significant economic challenge with a wage burden exceeding 3 trillion naira. This financial strain, coupled with persistent insecurity, particularly from herdsmen attacks on farmers, and detrimental government policies, underscores the urgent need to develop a robust macro economy and foster entrepreneurship. This strategic shift can mitigate the over-reliance on salaried jobs and stimulate sustainable economic growth. The Wage Burden ConundrumThe Nigerian government allocates a substantial portion of its budget to wages, which stifles its ability to invest in critical infrastructure and public services. This wage burden, exceeding 3 trillion naira, is unsustainable in the long term. By…
Governor Lucky Aiyedatiwa of Ondo State has asked members of the National Union of Road Transport Workers (NURTW) and the residents of the state not to participate in the planned August 1st nationwide protest. Aiyedatiwa, speaking through his Special Adviser on Union Matters, Comrade Bola Taiwo, said the peaceful protest is not a bad action, but the latest planned protest was targeted at destroying lives and properties considering the recent Kenyan experience and EndSars protest. The governor said this at a peace meeting initiated by him and attended by three former chairmen of NURTW, namely Oba Solomon Adejayan, Chief Oladutele…
On Thursday, an employee of a microfinance bank, Emmanuel Awe, 33, appeared before the Grade ‘A’ Customary Court, Ibadan, over alleged N562,700 theft. Mr Awe, a staff of Seedly Prime Microfinance Bank, Ibadan, was charged with stealing, to which he pleaded not guilty. The prosecutor, Philip Amusan, told the court that the defendant committed the offence between April and July. Mr Amusan said the defendant failed to remit the sum of N562,700, which a bank’s client paid, to the bank. He said the offence contravened Section 390 (9) of the Criminal Laws of Oyo State, 2000. President of the court,…
The Grade ‘A’ Customary Court, Ibadan, on Thursday, sentenced 24-year-old Olamide Mudasiru to two weeks imprisonment for stealing a pot and a firewood stand worth N35,000. Mr Mudasiru was charged with stealing, to which he pleaded guilty. The court president, Mrs Mojisola Aworemi, sentenced Mr Mudasiru to two weeks’ imprisonment at the Agodi Correctional Centre, Ibadan, with a one-week community service as an option. Earlier, the prosecutor, Philip Amusan, told the court that the convict committed the offence on Sunday, at about 11:00 p.m., at Sango, Ibadan. Mr Amusan said the convict stole a pot and firewood stand belonging to…
The Adekunle Ajasin University, Akungba, Akoko (AAUA) in Ondo, has assured students of the institution and their parents of adequate security in the school environment and its host community. In a statement on Thursday, the university’s spokesman, Victor Akinpelumi, said that the school was committed to the well-being of students. In recent times, there has been apprehension among students of the institution living off campus due to violent attacks leading to deaths. “In light of the recent security concerns in the Akungba Akoko community, the management of Adekunle Ajasin University wishes to assure our students and parents that the institution…
The Iyaganku Magistrates’ Court, Ibadan, on Thursday, remanded three suspects, Sheu Babuga, 20, Bunbe Densi, and Sanda Ali, 19, in a correctional facility custody in Ibadan, over an alleged attempt to kidnap. The trio, whose addresses were not provided, were charged with conspiracy and attempt to kidnap. The magistrate, Olasinmibo Sanusi-Zubair, did not take the defendants’ plea for want of jurisdiction. She directed the police to return the case file to the Director of Public Prosecution (DPP) for legal advice. She adjourned the case until September 30 for mention. The prosecutor, Oladejo Balogun, told the court that the defendants committed…