There's light at the end of the tunnel
President Tinubu is proposing some reforms you might like
Good morning, Big Brains. Wish I could tell you that I enjoyed my public holiday but I’d be lying. I did enjoy a nice plate of homemade jollof rice to celebrate Nigeria’s Independence Day though (this is also another lie but the jollof bit is true).
- Margaret
Word count: ~ 1,000
Reading time ~3 mins
Let’s get into today’s edition:
FG wants to reduce the cost of running a business and working in Nigeria
Tinubu wants to put young Nigerians in one room and give them jobs
EFCC is looking for the former Taraba governor and the ₦27 billion he stole
The Big Deal
FG wants to reduce the cost of running a business and working in Nigeria
We’re not saying President Tinubu is entirely bad at his job but he certainly hasn’t been hitting those KPIs. After one year in office, it seems the President is now doing a complete 180° turn by freeing himself from the chokehold of mediocrity and doing work that benefits the country.
He’s introducing a new bill to reduce the tax burden on Nigerian business owners, workers, and entrepreneurs. Tinubu believes that the bill which is called the Economic Stabilisation Bill “will stimulate our productive capacity and create more jobs and prosperity.”
The Minister of Finance and Coordinating Minister of the Economy, Wale Edun, is also confident that this bill will help the Central Bank of Nigeria make some serious bag. It’ll make it easier for international money transfer services and others to do foreign exchange business and send money to Nigeria. In short, it’s a way to bring more cash into the country.
At first glance, the bill seems super boring but there are parts that you’ll find interesting as a young Nigerian.
Why is this a big deal?
If you’ve ever had to turn down foreign business opportunities because the foreign company involved was not registered in Nigeria, you’d be happy to know that FG is also amending the Companies Income Tax Act. After the bill is passed, skilled Nigerians will be able to work for foreign companies without the need for those companies to register in Nigeria.
Call us “Captain Obvious” but this change will increase the earning potential of young Nigerians, create new international job opportunities, and encourage entrepreneurship. Who knows? It might even give you better luck the next time you apply for that remote job you typically wouldn’t qualify for.
Another thing this bill will do is reduce your obsession with cash. The plan is to make Nigeria unbelievably liquid by increasing online transactions. If everything works well, the whole country will start eating good. Foreign investors will be more confident in investing in Nigeria and the economy will stop begging for her life.
So is it too soon to say “Up Tinubu”?
Tinubu wants to put young Nigerians in one room and give them jobs
Nigerian youths, assemble! Your president wants to have a word or two with you.
As part of his new KPIs, the President announced on Tuesday that his administration will host a National Youth Conference to tackle the challenges and opportunities open to young Nigerians.
The gathering is supposed to last for 30 days and will be attended by young Nigerians from all corners of the country who will put their heads together to propose solutions to social issues like education, employment, innovation, security, and social justice.
Think of it as a big brainstorming session, where the only thing that will be shared is great ideas and loads of food.
Who’s invited to the conference?
The President said that everything is in the hands of young Nigerians – from planning the conference to the choice of delegates. So be on the lookout, you just might get an invitation.
What exactly are we supposed to talk about?
Every young Nigerian has something to say and that’s why the president is extending this invitation. He wants you to join other delegates to determine how he can serve you better. We’d argue that a simple Twitter sweep would tell the president all he needs to know about the demands of young people but a physical gathering isn’t a bad idea either.
For a president who allegedly ordered the arrest and killing of young Nigerians who dared to ask for good governance, it’s a little bit ironic but we won’t write the conference off, maybe the president is finally ready to listen.
In 2015, former president Goodluck Jonathan also pulled off a national conference but it didn’t turn out so well. In 2022, he admitted that he got a bit too cocky and thought he would be able to pull it off effectively when reelected. Maybe this is Tinubu’s moment to create positive change.
EFCC is looking for the former Taraba governor and the ₦27 billion he stole
There must be something in the Nigerian governors’ Whatsapp group that makes them want to look for the EFCC’s trouble. Last week, it was Yahaya Bello, former Kogi State governor. This week, it’s former Taraba State governor, Darius Dickson Ishaku, and the former Permanent Secretary of the Bureau for Local Government and Chieftaincy Affairs, Bello Yero, who have been arraigned over an alleged ₦27 billion fraud.
They are facing 15 charges, including breaking trust, conspiracy, and misusing public funds. One charge claims that the former governor and the permanent secretary stole over ₦1.1 billion from the 2.5% emergency fund for the Bureau of Local Government and Chieftaincy Affairs between 2015 and 2019.
When Darius Dickson Ishaku was serving as the governor of Taraba State, and Bello Yero, the Permanent Secretary of the Bureau for Local Government and Chieftaincy Affairs from July 2015 to May 2019, they both allegedly stole another ₦1.14 billion.
According to EFCC, these two are partners in theft but both men have pleaded not guilty, and the case has been postponed until Thursday, October 3
We can’t say we’re optimistic that this case will be handled properly. When it comes to funds mismanagement by governors, EFCC has proven to be unreliable in delivering justice. Almost feels like a waste of time to talk about these things because nobody goes to jail for it. Maybe this case will be the exception but it’s very heavy on “maybe”.
This Week’s Big Question
“How are/did you celebrate the National Independence Day?”
Temi’s response - “Spent the entire day in darkness. NEPA decided to remind me of the reason why I need to leave the country”
You can also share your response here and if it’s as interesting as Temi’s response, we’ll feature it in the next edition.
The Big Picks
#NigeriaAt64: Protesters Gather In Lagos, Abuja Over High Living Costs: As Nigeria marks 64 years of independence from British colonial rule on Tuesday, thousands of citizens gathered in Lagos, the economic capital, and Abuja, the political capital, to protest against the rising cost of living and energy prices in Africa’s most populous country.
Police Fire Teargas At Protesters In Abuja: During the "Fearless In October" protest in Abuja, Nigerian police fired teargas to disperse demonstrators who were protesting against bad governance, high living costs, and the removal of petrol subsidies. The protesters had gathered in the Utako area, waving flags and holding banners with messages like "EndBadGovernance" and "EndHighLivingCosts."
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