Business and Economy
Ajaokuta Steel: Process of Re-directing the Activities of the Steel Plant Kick-starts as FG Inaugurate APPIT
The Federal Government has kick-start process of redirecting the activities of the Ajaokuta Steel Plant Limited.
This is revealed in a statement by the Secretary to the Government of the Federation, Boss Mustapha during the inauguration of the Ajaokuta Presidential Project Implementation Team (APPIT). adsbygoogle || []).push({});
Boss Mustapha said, “I am delighted to address you all at this unique and historical event that is expected to culminate in pushing forward the economic diversification agenda of this government. As you are all aware, Mr. President’s quest to create opportunities for the development of our national local capacity, especially in the area of industrialization within a diversified economy remains a major cardinal point in his administration.
- The Ajaokuta Steel plant have languished in economic unproductivity for about four decades and previous efforts at reviving it had proved abortive. This has resulted in avoidable massive foreign exchange losses at intolerable opportunity cost to the country. The pressing need to redress these avoidable challenges has necessitated this Presidential intervention at this time. This is further underscored by difficulties being witnessed with present challenges in the global oil industry.
- Revamping the Ajaokuta Steel Plant, therefore clearly presents a unique opportunity to make us West Africa’s largest fully integrated steel producer and most importantly accelerate our industrialization especially in steel related industries.
- Honourable Minister and distinguished Members of the Committee, this government places a lot of value on the diversification of the economy, hence, Mr. President’s participation at the Russia-Africa Summit last year in Sochi, to discuss the resuscitation of the Ajaokuta Steel Plant with his Russian counterpart, President Vladimir Putin.
- Following the bilateral discussions in Sochi, Russia, the Ajaokuta Steel Project is to be resuscitated on the basis of a Government-to-Government agreement with funding from the Afreximbank and the Russian Export Centre. However, one of the key issues discussed by the parties was the Technical Audit, Upgrade, Completion and Operation of the Ajaokuta Steel Company.
- Today’s inauguration of the “Ajaokuta Presidential Project and Implementation Team” (APPIT) is therefore meant to kick start the process of re-directing the activities of the Steel Plant with the aim of bringing the Steel Project back to life for the growth and economic development of our dear nation.
- I am happy to note that preliminary works have commenced to determine parameters for effective and coordinated take-off of rehabilitation works on the Steel plant. It is on this note that Mr. President graciously approved the composition of this Implementation Team that is being inaugurated today, with the under listed terms of reference (TOR):
i. Engage in all bilateral negotiations as shall be necessary on behalf of the Federal Government of Nigeria leading to the execution of the Government-to-Government Agreement with the Russian Federation and the Afreximbank;
ii. Provide all relevant technical and other inputs necessary to close the Government-to-Government negotiations;
iii. Ensure that the best extreme possible, all relevant raw materials are sourced locally, bearing in mind the local content provisions and the Presidential Executive Order 005;
iv. Scrutinize and assemble Nigerian Content Engineering, Procurement and Construction (EPC), Special Purpose Vehicle Contractors which will embody the Co-Concessionaire representing Nigeria’s interest in the Build-Operate-Transfer (BOT) Concession;
v. Ensure the resuscitation of Ajaokuta Steel Plant (ASP) based on the original design; and
vi. Ensure timely commissioning of the Ajaokuta Steel Plant (ASP) within a reasonable period to be agreed upon by the parties to the agreement and recommend primary tenure of a Build-Operate-Transfer (BOT) Concession.
- The membership of the Ajaokuta Presidential Project Implementation Team (APPIT) include:
i. Secretary to the Government of the Federation: Chairman
ii. Hon. Minister of Mines and Steel Development: Alt Chairman
iii. Permanent Secretary, Mines and Steel Development Member
iv. Permanent Secretary, Ministry of Finance Member
v. Solicitor-General of the Federation/
Permanent Secretary Ministry of Justice Member
vi. Mr. Gabriel Aduda Member
vii. Sole Administrator, Ajaokuta Steel Company Ltd Member
viii. Sole Administrator, National Iron Ore Mining Co. Member
ix. Engr. Vincent Dogo (Industry Expert) Member
x. Prof. Elegba S.B. (Industry Expert) Member
xi. Dr. Godwin Adeogba (Industry Expert) Member
xii. Director-General, ICRC Member
xiii. Director, Steel; MMSD Member.
- The Committee is expected to prepare and submit a periodic work plan along with quarterly progress reports on assignment activities, end-of-assignment report and develop concession contract terms.
- I am happy to note that the Honourable Minister of Mines and Steel Development has prepared a detailed Scope of Work which takes cognizance of technical due diligence, costing of investment required, forecast and financial analysis amongst others. It would, therefore be necessary that you focus your minds on the following deliverables, as a minimum:
• periodic work plan and quarterly progress reports and an end-of-assignment report.
• Briefing Materials for participating in road infrastructure development and Roundtables and Road-Show events;
• Technical reports on key aspects of the project preparation work and concession contract terms.
• Stakeholder engagement
- It is my utmost believe that the APPIT will carry out this assignment with the highest degree of professionalism and integrity. It is equally expected of members to conduct assigned duties in an open and transparent manner at all times.
- I am confident that with the calibre of members of this team and their associated high degree of professionalism and integrity, Nigeria would witness a revamped steel industry that will propel further industrialisation.
- Hon. Minister, distinguished guests, it is therefore my singular honour and privilege to formally inaugurate the ‘’Ajaokuta Presidential Project and Implementation Team’’ (APPIT) to the good of our dear country, Nigeria.
- I thank you all for listening and may God bless the Federal Republic of Nigeria.
Author Profile
- Prince Abdulrahman Obaje is a Media, Information and Computer Technology Consultant. A quintessential Journalist, online marketer, social media strategist, Mathematician and Computer Scientist is based in Abuja, Nigeria. He is the Founder and the Publisher of The Informavores!. You can reach me on +234 805 939 5252 or send i-witness report directly to me on news@informavores.com.ng.
Latest entries
OpinionDecember 10, 2025LIES VS FACTS: Revisiting The Aregbesola Years In Osun
Business and EconomyDecember 9, 2025KGIRS Sensitizes Stakeholders On Implementation Of New Nigeria Tax Act, 2025
NewsDecember 9, 2025Insecurity: Ododo Briefs President Tinubu On Proactive Measures Put In Place
NewsDecember 9, 2025Kogi State Intercept Child Trafficking
Business and Economy
KGIRS Sensitizes Stakeholders On Implementation Of New Nigeria Tax Act, 2025
From Joseph Amedu, Lokoja
As the new Nigeria’s Tax Act 2025, becomes operational come January, 2026, the Kogi State Internal Revenue Service (KGIRS) on Tuesday, commenced Stakeholders’ Engagement towards full implementation of the law.
adsbygoogle || []).push({});
js">
Speaking at the one day Sensitization Programme held at the Lugard House, Lokoja, the Executive Chairman of the KGIRS, Alhaji Sule Salihu Enehe, said that the commencement of the Nigeria’s Tax Act, January next year, is in line with the Federal Government’s tax reform policy aimed at boosting tax administration.
“The Stakeholders’ Engagement is targeted at ensuring better understanding of the Nigeria Tax Act ahead of its full implementation January next year”
He explained that the operation of multiple tax administration law was condensed into one now called “Nigeria Tax Act 2025” to enhance transparency and efficiency in the system.
He also explained that the new law was put in place to avoid the problem of double taxation and duplication in the system.
Alhaji Enehe therefore, urged taxable citizens and critical stakeholders in tax administration sector to embrace the new law in support of President Bola Ahmed Tinubu’s tax reform policy which he said would go a long way in stabilising the nation’s dwindling economy.
The Special Adviser to Governor Ahmed Usman Ododo on revenue generation, Dr. Nasir Rahman Ichanyi, in his speech, commended KGIRS for organising the Stakeholders’ Engagement Forum which has provided avenue for robust dialogue and collaboration for comprehensive understanding of the Nigeria Tax Act 2025.
He described the Stakeholders’ Engagement as timely and proactive measures put in place by KGIRS to achieve the desired success in the implementation of the new law.
Dr. Ichanyi promised that Kogi State Government would not relent in support of President Tinubu’s tax reform policy which he said would enhance the nation’s economy.
Author Profile
Latest entries
OpinionDecember 10, 2025LIES VS FACTS: Revisiting The Aregbesola Years In OsunBusiness and EconomyDecember 9, 2025KGIRS Sensitizes Stakeholders On Implementation Of New Nigeria Tax Act, 2025NewsDecember 9, 2025Insecurity: Ododo Briefs President Tinubu On Proactive Measures Put In PlaceNewsDecember 9, 2025Kogi State Intercept Child Trafficking
Business and Economy
Revenue Service Tasks Kogi Assembly On Domestication Of Nigeria Tax Act
From Joseph Amedu, Lokoja
Kogi State Internal Revenue Service (KGIRS) has asked the State House of Assembly to domesticate the Nigeria Tax Act and Nigeria Tax Administration Act, for easy implementation in the state.
adsbygoogle || []).push({});
The Executive Chairman of the Service, Dr Salihu Enehe who led his team to the Assembly Complex in Lokoja said the awareness meeting with the Assembly has become imperative.
He described the Nigeria Tax Act as a compressed compendium of various tax laws hitherto operating in the country into a single document with a view to addressing issues of multiple taxation and promotion of transparency in tax administration in the country.
He commended President Bola Ahmed Tinubu for taking the bold step on embarking on the tax reforms to enable harmony in the tax ecosystem.
Enehe said that implementation of the new tax laws, scheduled to take effect from January, 2026, would enhance transparency in administration and transactions, investments and proffer measures against tax evasions.
“On 26th of June this year, the President of the Republic of Nigeria signed four laws, and these four laws have caused disruptions going forward into the future, in terms of tax and Administration”, he said.
“With these disruptions come a great opportunity and great threat. A great opportunity for those who are ready and prepared to abide and adhere to the laws but a great threat for those want to remain in the past and resistant to change.”
According to him, the four laws include the Nigeria Tax Act, the Nigeria Tax Administration Act, the Joint Revenue Board Establishment Act, and the Nigeria Revenue Service Establishment Act.
He noted that implementation of the Nigeria Tax Act and the Nigeria Tax Administration Act operational at states level would be fair to low income earners, reduction for middle level and tough on high income earners.
The Executive Chairman pointed out that under the new tax laws, which would be operational from January, 2026, people earning gross annual income of less than N1.3 million would be exempted from tax while middle level earners of between N1.3 million and N3 million would have their taxes reduced.
He further explained that higher gross annual income above N3 million, would attract higher taxes meaning that “Big men” and business organisations would pay more.
A Consultant with the KGIRS, Barrister Henry Ojuola in his remark, urged the House not bother with making new laws on the matter even though the Acts provides that they could enact or implement.
Barrister Ojuola, a former member of the Assembly however advised the Assembly and the Service to rely on the Acts in their implementation saying Chapter 5 of the Tax Administration Act has specified many offences as well as punishments for the Tax Tribunal to handle.
“Ensure your Tax Tribunal is effective by ensuring that “Unpurchaseable persons” are members. Ensure that the people you send to collect taxes are not dishonest Nigerians’, Legal Practitioner advised.
In his closing remarks, Chairman of the House standing Committee on Finance, Hon. Akus Lawal appreciate the KGIRS Chairman and his team for initiating the engagement.
The Lawmaker expressed optimism that in no time Kogi would be rated as the number three state among the 19 Northern states After Kano, Kaduna, Kogi State and number one in North-Central in terms of Internally Generated Revenue drive.
Hon. Lawal, representing Ankpa I Constituency, said the legislators were now better informed on the issue of revenue and tax administration in Nigeria and are looking forward to receiving the two tax laws to “do the needful”.
Author Profile
Latest entries
OpinionDecember 10, 2025LIES VS FACTS: Revisiting The Aregbesola Years In OsunBusiness and EconomyDecember 9, 2025KGIRS Sensitizes Stakeholders On Implementation Of New Nigeria Tax Act, 2025NewsDecember 9, 2025Insecurity: Ododo Briefs President Tinubu On Proactive Measures Put In PlaceNewsDecember 9, 2025Kogi State Intercept Child Trafficking
Business and Economy
Ododo Unveils N820.49 Billion 2026 Draft Budget
From Joseph Amedu, Lokoja
Governor Ahmed Usman Ododo of Kogi statte has unveiled the 2026 draft budget, titled “Budget of Shared Prosperity,” totaling N820.49 billion. The announcement was made following a meeting of the State Executive Council in Lokoja.
adsbygoogle || []).push({});
com/pagead/js/adsbygoogle.js">
The budget represents a 35.7% increase over the 2025 revised budget, signaling the state government’s focus on sustainable growth, inclusive development, and enhanced service delivery.
Commissioner for Finance, Budget, and Economic Planning, Asiwaju Asiru Idris, briefed journalists after the council meeting, highlighting that the 2026 budget is designed to strengthen internal revenue, improve debt recovery, foster a business-friendly environment, and deepen public-private partnerships.
“The 2026 budget proposals reflect a robust and balanced financial strategy emphasizing enhanced revenue generation, strategic expenditure control, and a strong commitment to capital investment,” Idris said.
He added that the significant rise in both recurrent and capital expenditure underscores the government’s determination to expand infrastructure and improve public service delivery. The total estimated revenue and expenditure for the 2026 draft budget is N820,490,585,443, reflecting a fully balanced fiscal plan.
The meeting also addressed other critical issues, including access to clean water, road safety, and land administration reforms. Commissioner for Information and Communication, Kingsley Fanwo, noted that Governor Ododo directed all commissioners to sink three boreholes each in their respective local government areas and tasked the council with taking over land consent authority to curb fraudulent transactions.
The inclusive meeting, which included former commissioners, reflected Governor Ododo’s commitment to unity and collective progress. Former Commissioner Hon. Salisu Sani Ogu praised the governor’s leadership style, saying, “He has shown a desire to carry everyone along and build on the foundation laid since 2016.”
The 2026 draft budget aligns with the state government’s long-term goals of infrastructure expansion, improved public services, and economic diversification, aiming to create a more prosperous environment for Kogi residents.
Author Profile
Latest entries
OpinionDecember 10, 2025LIES VS FACTS: Revisiting The Aregbesola Years In OsunBusiness and EconomyDecember 9, 2025KGIRS Sensitizes Stakeholders On Implementation Of New Nigeria Tax Act, 2025NewsDecember 9, 2025Insecurity: Ododo Briefs President Tinubu On Proactive Measures Put In PlaceNewsDecember 9, 2025Kogi State Intercept Child Trafficking