The best VP ever

OSINBAJO-LED PRIVATISATION COUNCIL APPROVES RELEASE OF N1.3B FOR PAYMENT OF SAHCO’s EX-WORKERS' OUTSTANDING SINCE 2009

*Banks get guidelines to sell their 60% shares in DisCos to new investors

*VP receives RMAFC delegation, speaks at public presentation of “Musings of a Precant” in Lagos


In a bid to provide succour and ensure the payment of the entitlements of ex-workers of aviation ground handling service provider - Skyway Aviation Handling Company Plc (SAHCO), the National Council on Privatization (NCP), presided over by Vice President Yemi Osinbajo, SAN has approved the sum of N1.371 billion for the settlement of outstanding redundancy benefits owed the workers.

This was one of the highlights of the 6th meeting of the Council last Friday at the Presidential Villa, Abuja.

The Director-General of the Bureau of Public Enterprises (BPE), Mr. Alex Okoh, had presented a memo to Council seeking its approval for the payment of the sum due to ex-SAHCO workers

The DG also informed the Council of the notice of “peaceful protest” received from ex-workers of SAHCO, who are also members of the National Union of Air Transport Employees (NUATE) and Air Transport Services Senior Staff Association of Nigeria (ATSSAN), on account of the non-payment of their outstanding severance entitlements after the disengagement of the workers from the company following its privatization in 2009.

After deliberation on the matter, the Council gave the approval for the outstanding severance entitlements of the ex-workers to be paid.

The Council also received an update on the development of a 1,650 Mega Watts Hydro Power Plant in Makurdi, Benue State, particularly the inauguration of the Project Steering Committee and the proposed publication on the Expression of Interest for the engagement of a Transaction Adviser for the project.

Regarding the update on the concession of the Zungeru Hydroelectric Power Plant, the Council was informed that Requests for Qualification (RfQs) were received from 11 Consortiums, out of which 3 (NSP Consortium, Mainstream Energy and Africa Plus Partners) were shortlisted to present proposals for the concession.

On the restructuring of the Kano, Benin, Kaduna, Ibadan, and Port Harcourt DisCos, Council was informed that the notifications of change of Directors for all the DisCos had been filed at the Corporate Affairs Commission, while the BPE has issued guidelines to the banks/lenders for the sale of their 60% shares in the assets.

Further updates were received on the sale of five (5) NIPP Power Plants, particularly the engagements with the Nigerian Governors Forum on the NIPP transaction, and the resolution by the governors to constitute a committee to review the transaction and revert to the Bureau.

The Council expressed satisfaction with the BPE’s handling of the engagements with the governors on the sale of the NIPP and the Federal Government’s 40% interest in the Aba Ring-Fenced area.

In attendance at the meeting were council members including Ministers of Power, Alhaji Abubakar Aliyu; Finance, Budget and National Planning, Hajiya Zainab Ahmed; the Director-General of the BPE, Mr. Alex Okoh; representatives of Federal Ministry of Justice, heads of relevant MDAs and other senior government officials.

Also on Friday, the VP received on a courtesy visit to the Presidential Villa, the management of the Revenue Mobilization Allocation and Fiscal Commission (RMAFC) led by its Chairman, Mohammed Bello Shehu.

In his remarks, Shehu appealed to the VP to support the commission’s drive to digitize its operations, particularly the efficient allocation and disbursement of revenues to the 3 tiers of government in accordance with the Act setting up the commission.

The Chairman noted that paucity of funds was affecting the commission’s oversight on revenue generating government agencies and general migration from manual to digital operations, while he also outlined the implications of the development on the revenues of the federation and the economy.

In another development, the Vice President yesterday delivered remarks at the public presentation of the book, “Musings of A Precant”, by Revd. Prof. Konyin Ajayi, SAN, in Lagos.

Speaking at the book launch, which held at Terra Culture, Prof. Osinbajo highlighted the significance of applying one’s knowledge, skills and intellect for the benefit of the larger society, as well as the power of prayer.

Drawing parallels between the author - a legal luminary- and Paul the Apostle, the VP noted that, “Like Paul, God knew all along, that with all his (the author’s) great legal knowledge, writing skills and power of expression, and the deployment of faultless logic, he was preparing him to propagate the gospel by the writing of important theological works.”

Highlighting the author’s stellar academic and career accomplishments, the Vice President also pointed out that while “the apostle Paul was studying law and jurisprudence under Gamaliel, (one of the best-known teachers of his generation), and later became one of the best-known expositors of Jewish doctrine and laws, and later its most famous enforcer, little did he know then that he was being prepared not just to be a great scholar of Judaism, but he was to become the most prolific purveyor of the gospel of Jesus Christ, writer of 13 of the 27 books of the New Testament.”

“So it was that when Konyin was going through the elite education he had first at Ife, top of his class in the Faculty of Law, then Harvard-LLM and a PhD from Cambridge studying law, then partner in one of the foremost legal practices in Nigeria, becoming a Senior Advocate of Nigeria and then a Professor of Law, writing several learned articles and books. In fact, he started writing law books early, he was probably under 25 when he wrote his first legal text, and he and I collaborated on a number of legal academic works years ago.”

The VP then presented the book at an event also marked by the singing of Carols by the Choir of Emmanuel Chapel of the Methodist Church where Revd. Ajayi ministers.

'Laolu Akande
Senior Special Assistant to the President on Media & Publicity
Office of the Vice President
19th December, 2022

God bless the couple

Congratulations to them

Happy Birthday Mr P

Nice one

OSINBAJO INAUGURATES NIPSS ENDOWMENT FUND TRUSTEES, SAYS IT NEEDS RESOURCES TO DEAL WITH HYDRA-HEADED FUTURE CHALLENGES


*BOT led by Sultan of Sokoto, with Olu of Warri, Gbong Gwon of Jos, others as members

*VP leads from front, never shies away from dealing with national issues--Sultan

Hydra-headed challenges at national and global levels, such as poverty, inequality, and global warming alongside a world that is increasingly defined by technology, would require profound thinking and planning, according to Vice President Yemi Osinbajo, SAN.

He spoke at the Presidential Villa during the inauguration of the Board of Trustees for the National Institute for Policy and Strategic Studies' Endowment Fund and the institution’s Academic Advisory Committee.

"In the coming years, NIPSS will be called upon to interpret, predict and plan for a world literarily on technology steroids, challenged by poverty and inequality and in a mortal battle with disastrous warming. This is the hydra nature of the challenge," the VP declared at the event submitting that NIPSS therefore should not be constrained by resources.

Prof. Osinbajo continued “…in the coming years, it (NIPSS) will become perhaps even more challenged to do much more. The coming years for many of us who are watching and studying, I think it is very evident that what we see and the challenges (not just local but global) that we will face will be of the order that will require great introspection and thinking and a lot of planning.

“So, I believe that NIPSS and what we are trying to constitute today is one that will have to plan, predict and interpret the trends of the coming years. And those trends will be many. One will be the various challenges that the world will face aside from food security, is the huge problems of poverty on a scale that appears to be increasing all across the world and I speak not just in our own region but globally."


“And at the same time this is a world that is moving very quickly on technology, as a matter of fact, the world is moving literarily on technology steroids, it is moving so quickly that it is possible, if we are not at the cutting edge, to be left behind. And also, there will be problems (as we are seeing already) of Climate Change and all the implications for the future of our planet and the socio-economic circumstances of the world, and in particular, developing countries and of course, Nigeria,” the VP added.

Emphasizing the need for the adoption of new ways of funding research and related activities at the institution, the VP noted that “all the Think-Tanks in the world are reviewing their approaches to research and they are all thinking, what are we going to be required to do in the next few years.”

Tasking the new board of trustees and the institution to take up the challenge of finding solutions to contemporary issues, Prof. Osinbajo said, “NIPSS has before it an opportunity to become one of the leading and foremost thought leaders in the world in the next few years, I think that there is a real opportunity now to do so.

“I think this is the opportunity for NIPSS to really take on the mandate and use that mandate creatively to prepare Nigeria for the future and to prepare our region and the world for the future. And this is why the constitution of the board of trustees is important.”

Speaking further about the institution’s reliance on government’s budgetary allocations alone to fund research, Prof. Osinbajo noted that “we cannot have an institution of the importance of NIPSS that rely solely on government funding. It is almost absurd that the foremost Think-Tank in Nigeria will be run like a civil service institution, and it will depend, almost on a daily basis, on government budget, that is not how think-tanks are run.”

“There is no major Think-Tank that is run like that. The simple reason is that the independence of the Think-Tank is also important, and I speak now of academic independence, and academic independence is not only about freedom of speech, that is not what is even more important.

“It is more the ability to do unrestrained research, unrestrained meaning, without the constraints of resources. You should not be constrained by resources, given the enormity of the task that the institution has, which is why I think that the role of this board of trustees is very well cut out,” the Vice President added.

About expectations from the board, the Vice President expressed confidence in the ability of the chairman and members to take on the task ahead, noting that “we expect that the Board of Trustees will, aside from everything else, lead in looking for the resources that will put NIPSS in the position to be able to face the challenges of the future.”

For the Academic Advisory Committee, which was also inaugurated at the event, the Vice President noted that “…your role is strategic and important in the development of the work of NIPSS going forward. As an academic myself, I think what goes into the content of teaching, research and instruction are what will define the sorts of results we will get.”

“I would like to urge you to think outside the box as we face the challenges of the future. I would want you to look at what other Think-Tanks are doing, if one just researches what is going on all over the world, it is incredible how much is happening. It is also important for us as Nigerian academics and professionals to define what we need in our own country as well.

“I would like to urge you to look at what we are doing locally and how that can be enhanced and how NIPSS can be a champion of local ideas and research as well as paying attention to what is happening globally in research and ideas,” the VP added.

Responding on behalf of members of the two bodies inaugurated, the Sultan of Sokoto, His Eminence, Muhammad Sa’ad Abubakar, lauded the commitment of the Vice President, particularly in handling national assignments, noting that “I must commend the openness of the VP with me on national issues, he (the VP) never shies away to lead from the front when dealing with issues of national importance.”

The Sultan commended the VP and the NIPSS management for finding them worthy to serve, assuring that “we will not fail this nation in this assignment given to us, I can attest to the capability of every member of the board and I know we will put in our best.”

The Sultan pledged to support the present management of the institution to uplift its standards to the highest level comparable to the Council for Foreign Relations in the US, the UK’s Chattam House, reassuring that “we will work very hard and hit the ground running.”

He however urged authorities to put in place a framework that will guarantee continuity beyond the present management of the institution, noting that efforts of the board must be sustained for the goal of reforming the institution to be achieved.

While Sultan Sa’ad Abubakar chairs the board of the Endowment Fund, other members present at the inauguration were the Gbom Gwom Jos, Chief Jacob Buba Gyang; the Olu of Warri, Ogiame Atuwatse III; Chairman of Nigeria Communication Commission, Prof. Adeolu Akande; legal luminary, Yusuf Alli, SAN; Chairman of Overt Energy, Chief Marc Wabara; UNESCO Ambassador, Prof. Hilary Inyang and Mrs Sarah Jibril.

The other members of the board, Oba of Lagos, Oba Rilwan Akiola; Prince Julius Adelusi Adeluyi, and Dr Kalu Idika Kalu, were absent at the inauguration.

The Academic Advisory Committee is chaired by Ambassador (Dr.) Martin Uhomoibhi and the members all of whom attended the inauguration are Prof. John Laah; Prof. Yemisi Fawole; Dr. Fatima Akilu; Prof. Abiodun Alao; Maj Gen I. M Idris (rtd) and Prof. Ike Nwachukwu.

The Director-General of the NIPSS, Prof. Ayo Omotayo, introduced members of the Board, and Academic Advisory Committee before the VP formally inaugurated them one after the other.

According to the DG, the VP had suggested the formation of the Endowment Fund for a while but the realization of the idea had been constrained up until now partly by COVID-19 pandemic.



Laolu Akande
Senior Special Assistant to the President on Media & Publicity
Office of the Vice President
15th December 2022


To read more about the Vice President's activities, please visit https://www.yemiosinbajo.ng/

Merry xmas

Merry Christmas

They're doing a good job but they should improve their work

Man of the people

OSINBAJO SPEAKS ON POLICE FORCE THAT REPRESENTS PEOPLE, ADMIRED BY ALL, RECEIVES SERVICE COMMISSION’S ANNUAL REPORT

*We ensure erring police officers are sanctioned – PSC

“Everywhere in the world, a police force is a representative of the people and the government such that there is a need to give it an ethos that will be admired by all,” according to Vice President Yemi Osinbajo, SAN.

Prof. Osinbajo said this when he received, on behalf of the President, the Annual Report of the Police Service Commission, PSC, from the Acting Chairman, Rtd. Justice Clara Ogunbiyi who led a delegation of the Commission’s Management Team to the Presidential Villa earlier today.

The Police Service Commission presents an Annual Report in accordance with Section 17 of the Police Service Commission (Establishment) Act 2001.

The VP stated that the Police Force is “in many ways, the first line of civil authority and in any country, it is a representative of the people.

“For many reasons, people regard the performance of the police as the performance of the government,” therefore “the force must be diligent in how it carries out its function.”

While commending the commission for their clarity of vision, hard work and having the difficult task of managing a huge police force with several challenges, the VP emphasized that the “ethos of the police force is something we have to take seriously.”

Referencing some parts of the report, Prof Osinbajo noted the issue of the internal investigation of the police when things go wrong.

“I think that it is very crucial because we mustn’t give the impression to the Nigerian public that the police will get away with anything and that whatever happens, there is no accountability.

In addition, he pointed out the matter of legal services provided within the police force and stated that there’s no reason why there shouldn’t be robust legal services for the police, not just to prevent random claims that people make, but also to be ready to compensate when there are legitimate cases against the police that the courts find.

He observed that “it just adds to the confidence that people have in our police force and our government that we are responsible and accountable when we are wrong and we make payments where it is necessary.”

In her remarks, the Acting Chairman of the Commission noted that “it is a well-known fact that one of the bastions of your administration is upholding the rule of law. As members of the Management team of the Commission, we have no other alternative than to guard this mandate jealously as expressed by the framers of the Constitution.

“Thus, the Commission has been consistent in ensuring that disciplinary sanctions are meted out to erring police officers, making sure officers are promoted as at when due taking into consideration available vacancies and seniority, ensuring that proper and fit persons are recruited into the Nigeria Police Force.”

Other members of the Management team of the Commission include Hon. Lawal Bawa AIG (Rtd), CON, MNI - Commissioner II; Hon. Hajiya Hadiza N. Muhammad – Commissioner III, Hon. Austin A. Braimoh – Commissioner IV and others.

Laolu Akande
Senior Special Assistant to the President on Media & Publicity
Office of the Vice President
12th December 2022

You're doing well sir

WITH POTENTIAL 30M JOBS NEXT DECADE, CARBON CREDIT MARKET CAN CREATE POSITIVE IMPACTS ON NIGERIA, AFRICA’S ECONOMIC GROWTH - OSINBAJO

*John Kerry, Rockefeller Foundation praise Osinbajo’s leadership on energy transition, & how he highlights Nigeria always

*Nigeria, other African countries ready to activate carbon plans

Participating in the carbon market would not only offer Nigeria and Africa the opportunity for growth, industrialization and job creation for its teeming population, it would also provide the right incentives for clean energy and climate action, according to Vice President Yemi Osinbajo, SAN.

According to him, the Carbon Market pipeline could create 30 million jobs in the next decade, with the potential to create more than 100 million jobs through climate aligned projects by 2050.

The Vice President stated this yesterday in his keynote address at a high-level international meeting on Africa Carbon Market Initiative (ACMI) hosted by the Rockefeller Foundation in New York City, USA., where he stressed the importance of building the carbon markets architecture in Africa.

Speaking to an audience, which includes the US Special Presidential Envoy for Climate, John Kerry, who joined the meeting virtually, Vice President Osinbajo stated that “participating in the carbon market offers Africa the opportunity to pursue growth, industrialization, economic value creation, with the right incentives for clean energy and climate action."

The meeting explored potential opportunities which carbon markets offer to generate resources for clean energy transitions while accelerating economic growth in Nigeria and other African countries.

It would be recalled that an International Steering Committee is driving the activation of African Carbon Markets in Africa, under the auspices of the African Carbon Market Initiative.

Members of the Committee include the Nigerian Vice President, former President of Colombia, Ivan Duque Marquez, officials of the United Nations, United States Agency for International Development, USAID; Gates Foundation among others.

Also, President Muhammadu Buhari had announced "Nigeria’s commitment to net-zero by 2060 on the basis of a detailed Energy Transition Plan (ETP)," in his COP26 statement, while at COP27, Nigeria’s Minister of Environment, Mohammed Hassan Abdullahi, delivered the President’s speech on the need for more funding for energy transitions and climate action, and why Nigeria is championing the development of the African carbon market initiative."

Against the backdrop of global rapid expansion of the carbon markets, the Vice President noted that “Africa currently only has a small share of this carbon market, but the current market can be scaled in a massive way – to reach FDI of $120 billion to $200 billion dollars annually. For a continent that needs $240 billion dollars annually in mitigation investment alone, this carbon finance stream could be the difference between transitioning and not (transitioning).”

Emphasizing the market's benefits for the African continent at the Rockefeller Foundation meeting, the VP said the "combination of capital flows, job creation, and avoidance of long-term climate destruction" are critical drivers of the interest of African leaders in supporting this effort.

“As all of us in this room understand well, the priorities of the African continent are not just to act decisively on the climate crisis, but to also create significant growth opportunities for our young and growing population.”

On the challenge of funding, Prof. Osinbajo noted that “the investment required to advance the energy transition in Africa is huge. World Bank estimates suggest that Africa needs $6.5 trillion US dollars between now and 2050 for mitigation action alone to keep temperatures below 2 degrees of warming.”

Lauding the positive Pan-African efforts at developing Carbon markets on the continent, the VP noted that the “rapid progress recorded in Africa benefitted from the support of a very engaged Steering Committee with President Duque, the UN, Global Energy Alliance for People and Planet (GEAPP), USAID, and a range of other public and private actors, which resulted in the successful launch in Sharm-el-Sheikh COP-27.

“The strong commitment and presence from fellow African leaders demonstrate the willingness and leadership of Africa. We already have 7 African countries (Burundi, Gabon, Kenya, Malawi, Mozambique, Nigeria and Togo) signed up to develop country carbon activation plans and over $200 million in Advanced Market Commitments – which we must continue to further advance as this is going to be the critical driver of action on the Continent.”

Prof. Osinbajo then commended the support and assistance on the progress recorded so far on the African Carbon Market Initiative, including from the US government, relevant UN bodies and other international organisations like the Rockefeller Foundation, and GEAPP.

He added, “I think it’s an auspicious moment for Africa to be participating more fully in the global carbon market conversation, especially in the light of the slowing pace of green investment flows into the continent.

“The work several of us have done together in the past few months, makes it clear that while other sources of flows are slowing down globally Carbon Markets are growing rapidly.”

The Vice President further observed that other initiatives demonstrate that there is growing acknowledgement of the role of carbon finance.

According to him, “One of the strong points of ACMI and the way we must structure it going forward, in terms of governance, is the flexibility to smoothly work with other initiatives, and there will be many others.

Referencing the Energy Transition Accelerator announced at COP27 by the US Special Presidential Envoy for Climate, the VP said, “two days to the opening of Cop 27, Sen. John Kerry and I had a conversation about the proposed Energy Transition Accelerator and we both agreed that once the details were worked out, we would work out a collaborative framework with ACMI.”

Continuing, he said, “the key really in the brave new world of energy transition initiatives is collaboration, and synergies. I look forward to speaking to Senator Kerry and aligning our efforts – especially on power sector credits, which will be central to keeping up and delivering on the momentum we’ve worked so hard on.

He noted that the single biggest thing standing in the way of making rapid progress on emission reductions is the absence of money dedicated to the cause.

“And we surely can find that money – which is why today’s meeting is both extremely valuable and timely. We all know that the hard part comes next. We have created energy and excitement, and our collective reputations are on the line,” Prof. Osinbajo stated, while calling on African leaders to “take responsibility to ensure this exciting momentum is maintained, and scaled up.

“Carbon markets will play a critical role in the implementation of this (Energy Transition) Plan – in mobilizing the capital required to move to our net-zero economy-wide trajectory. I want Nigeria to have the first Carbon Markets Activation Plan,” he noted.

Vice President Osinbajo reiterated Federal Government’s continuing efforts on the climate change issue.

“We passed our Climate Change Act, earlier this year, and together with Sustainable Energy for All (SEforALL) and GEAPP have also developed our own net-zero energy transition plan."

Stating his desired expectation for climate goals to be attained before the next UN Climate Change Conference, he said, “by COP28, we need to be able to show real results. I would propose that by COP28, we should be able to deliver the following five things:

"• At least 5 countries should have developed country activation plans. Nigeria will be one of them;

• We should have Advanced Market Commitments of over USD 1billion,

• We should be developing new projects based on new methodologies and realities of Africa like diesel replacement credits,

• We should be scaling up more than a dozen project developers or carbon credit suppliers as they would be known then,

• And most importantly, by COP28, we should have retired more than 40 million of credits on the continent."

The Vice President also lauded the commitment of the continent’s partners, including GEAPP, the Rockefeller Foundation and SEforALL.

Expressing his optimism for the future, Prof. Osinbajo said “hopefully we will make more progress in the effort to significantly scale up over the next 24 months. Given the positive benefits of the ACMI, this feels like it should be an easy conversation."

In his contribution, the US Presidential Envoy on Climate Change, Senator John Kerry, commended the VP for his leadership of the issue of energy transition while recalling his visit with him in Abuja before COP27.

"We are grateful for the leadership of the VP, grateful for the reception you gave me on my visit to Nigeria. I am honoured to share the platform with you on how to move this forward," Kerry said, referring to the African Carbon Market Initiative and the US' Energy Transition Accelerator.

He noted that "it is possible to create a high integrity carbon market in a way to address Climate Change and African Development aspirations."

Senator Kerry observed that the developed world must be able to step up the support on climate crisis and expressed delight that "we are all joined together looking forward to developing the financing."

In his welcome remarks, President of Rockefeller Foundation, Dr Rajiv Shah, welcomed the Vice President to the meeting and lauded his commitment to the African carbon markets.

Aside from Secretary US Special Envoy on Climate Change, Sec. John Kerry; and President, Rockefeller Foundation, Dr Rajiv Shah; other participants at the one-day meeting included the CEO of SEforALL, Ms. Damilola Ogunbiyi; CEO, GEAPP, Simon Harford; and Senior Executives at Rockefeller Foundation; US Government and United Nations officials, amongst other industry experts and potential financial partners.

'Laolu Akande
Senior Special Assistant to the President on Media & Publicity
Office of the Vice President
10th December, 2022

Osinbajo is making us proud

Hyb

OSINBAJO TO ATTEND HIGH-LEVEL MEETING IN NEW YORK ON AFRICAN CARBON MARKET

In a major push for funding and technical support for the Nigerian Energy Transition Plan, Vice President Yemi Osinbajo, SAN, will be delivering the keynote address at a high-level meeting hosted by The Rockefeller Foundation in New York, with global agencies and potential financial partners in attendance to facilitate the activation of the Voluntary Carbon Market in Nigeria and on the African continent.

Participants at the meeting include the Global Energy Alliance for People and Planet, GEAPP; UN-Sustainable Energy for All, SEforALL; the UN’s Economic Commission for Africa and the U.N. Climate Change High-Level Champions, all of whom have been advocating and actively planning for the African Carbon Market Initiative.

The high-level meeting which holds on Friday will also be attended by officials from the US government and will explore potential opportunities which carbon markets offer to generate resources for clean energy transitions while accelerating economic growth in Nigeria and other African countries.

Ahead of the high-level meeting on Friday, Prof. Osinbajo will interact tomorrow with some of the agencies with whom the Federal Government has been engaging on the Energy Transition Plan and the activation of the Voluntary Carbon Market including GEAPP and Bloomberg Philanthropies.

An International Steering Committee is driving the activation of African Carbon Markets in Africa, under the auspices of the African Carbon Market Initiative. Members of the Committee include the Nigerian Vice President, former President of Colombia, Ivan Duque Marquez, officials of the United Nations, United States Agency for International Development, USAID; Gates Foundation among others.

It would be recalled that President Muhammadu Buhari had announced "Nigeria’s commitment to net-zero by 2060 on the basis of a detailed Energy Transition Plan (ETP)," in his COP26 statement. At COP27 in a speech delivered on the President's behalf by Nigeria’s Minister of Environment, Mohammed Hassan Abdullahi, he indicated that "the public finance urgently needed to fund energy transitions and climate action is lacking – a situation compounded by debt distress affecting many low and middle-income countries. We are therefore taking bold steps to pioneer innovative climate finance instruments such as debt for climate swaps; and championing the development of the African carbon market initiative."

According to the ACMI, launched last month at COP27 in Egypt, there are clear indications "that Nigeria could mobilize $600 – 800 million per annum in capital by 2030 (assuming the current average price of $20 per ton of carbon) from Voluntary Carbon Markets and potentially support 3-5 million jobs over the energy transition period.

Vice President Osinbajo is the Chair of the FG's Energy Transition Plan Working Group, a multi-ministerial team set up by President Buhari to implement the ETP.

In its statement on the high-level meeting in New York, The Rockefeller Foundation noted "Nigeria's leadership on the African continent and the global stage," and praised the Vice President’s "bold voice advocating for carbon market as a solution to simultaneously accelerate economic development and address the effects of Climate Change in Africa."

The Vice President departs Hanoi, Vietnam today on his way to the New York meeting.

Laolu Akande
Senior Special Assistant to the President on Media & Publicity
Office of the Vice President
7th December 2022

OSINBAJO, VIETNAMESE VP, PRIME MINISTER ON HOW RELATIONSHIP BETWEEN NIGERIA, VIETNAM CAN YIELD BETTER BENEFITS

*VP attends State Banquet hosted by counterpart, holds bilateral talks with Vietnamese Prime Minister

*Both countries need more high-level engagements, leaders say

As Nigeria and Vietnam continue to deepen cooperation across different sectors, when properly nurtured, Vice President Yemi Osinbajo, SAN, says Nigeria's friendship with the Southeast Asian country can yield much more beneficial fruits for citizens of both nations.

Prof. Osinbajo was speaking on Monday evening during the State Banquet held in his honour by his Vietnamese counterpart, Madam Vo Thi Anh Xuan, at the International Convention Centre, Hanoi.

"Our friendship with Vietnam, which we cherish most dearly, is one that will develop, especially now that we have very anticipatory greater collaboration and; we are eager to nurture that relationship. We have so much in common that increased cooperation between Nigeria and Vietnam can only yield beneficial fruits for both of us," Prof. Osinbajo noted.

According to the VP "our tropical climate, relatively high population and developmental aspirations have dictated that we pay serious attention to agriculture and manufacturing."

He commended Vietnam's remarkable efforts in those sectors and the "consistently high GDP growth despite strong global headwinds," which he added "are worthy of emulation."

Continuing the VP observed that with the "youthful population of digital natives, both Nigeria and Vietnam are also drawn to innovation and technology, revealing yet another vista of potential cooperation."

He added that "trade between our two countries is growing steadily and I am happy also to note our very fruitful discussions. We discussed the potential to deepen corporation between our two countries."

While thanking the Vietnamese authorities for the kind donation of masks to Nigeria during the COVID-19 pandemic, the VP assured that relations between both countries in the coming years would be more fruitful.

On her part, the Vietnamese VP, Madam Vo Thi Anh Xuan agreed with Prof. Osinbajo and commended Nigeria's efforts in leading West Africa on the path of progress, citing the country's energy transition efforts as an example.

She acknowledged that both Nigeria and Vietnam shared common challenges and developmental aspirations, citing her country's economic development targets based on its Agenda 2045 as an example, assuring that Vietnam will continue to partner with Nigeria across different sectors, describing Nigeria a worthy partner.

Earlier, Prof. Osinbajo held bilateral talks with Vietnam's Prime Minister, Pham Minh Chinh, at his office in Hanoi, where both leaders agreed on the need for more high-level political engagements between the governments of the two republics.

The Vietnamese Prime Minister told the Nigerian VP, "we always seek stronger relationship with you to build substance in the relationship," and expressed hope that with the VP’s visit to Hanoi, both governments can "forge stronger relationships, especially political diplomatic relationships as a foundation into trade, development and security."

Responding, VP Osinbajo said Nigeria is proud of the relationship with Vietnam and happy that it is growing with even more potential.

"As Nigeria is the most popular black nation in the world and the largest economy on the African continent, we are strategic partners for countries seeking to expand economically," Prof. Osinbajo noted, adding that with the African Continental Free Trade Area (AfCFTA) now in force, Nigeria is at the center of the largest free trade zone of 1.4 billion people in Africa."

The VP and the PM also discussed how both countries can assist each other to get more economic leverage in Africa, ECOWAS and Association of Southeast Asian Nations, ASEAN. For instance, Prime Minister Pham Minh Chinh said Nigeria is "the gateway to the West Africa market," while also noting the need for greater collaboration between ECOWAS and ASEAN.

Both leaders also agreed that, put together Nigeria and Vietnam has over 300 million people, which is a formidable market to explore.

Laolu Akande
Senior Special Assistant to the President on Media and Publicity
Office of the Vice President
6th December, 2022

Getting the job done

A worthy leader

I trust the VP to deliver

Nice

Safe journey sir

Safe trip

IN HIGH LEVEL VISIT TO VIETNAM, OSINBAJO TO MEET PRESIDENT, VP, PRIME MINISTER, OTHERS

*Leaves Abuja today

Vice President Yemi Osinbajo, SAN, departs Abuja today for the Socialist Republic of Vietnam for high-level bilateral engagements in the Southeast nation including meetings
with the President of Vietnam, President Nguyễn Xuân Phúc; Vice President Vo Thi Aah Xuan, Prime Minister Pham Minh Chinh, other government officials and the business community.

The VP’s reciprocal visit to Vietnam will further strengthen trade and bilateral relations between both countries.

Recall that in view of the trade and bilateral relations between both countries, then Deputy Prime Minister of Vietnam, Vuong Hue, had visited Nigeria in October 2019, and met with Prof. Osinbajo, other senior Nigerian government officials and also interacted with the Nigerian-Vietnam Business Association.

As the then Deputy Prime Minister, who was accompanied to Nigeria by senior Vietnamese Government officials and businessmen, noted Nigeria is Vietnam’s largest trading partner in Africa. Indeed trade between both countries stood at US$280 million in 2014 and increased to over US$500 million in 2019.

Although Nigeria and Vietnam have maintained long-standing diplomatic relations since 1976, Vice President Osinbajo will be the second Nigerian high ranking incumbent government official to visit the Southeast Asian country after President Olusegun Obasanjo who visited in 2005.

While in the Socialist Republic of Vietnam, the Vice President is expected to witness the signing of Memorandum of Understanding (MoU) and Agreements on investment between Nigeria and Vietnam. He will also hold high level diplomatic discussions with his Vietnamese counterpart, Vice President Vo Thi Aah Xuan and the Prime Minister on issues of trade, commerce, agriculture, technology and innovation among others.

Prof. Osinbajo will later participate in a Business Forum with the Vietnamese Chamber of Commerce with representatives from both countries.

With the opportunities existing in agriculture & technology in Nigeria and Vietnam, discussions would focus on mutual benefits from effective collaboration in particular economic sectors so as to deepen the friendly and trade relations of both countries.

The VP will conclude the visit to Vietnam on Wednesday.

Laolu Akande
Senior Special Assistant to the President on Media & Publicity
Office of the Vice President
3rd December, 2022

FG'S SUCCESSES IN MSMES SECTOR NOW TEMPLATE FOR OTHERS - OSINBAJO

*Minister says VP’s frequent personal interaction with MSMEs shows Buhari Administration’s commitment

In collaboration with States and other stakeholders, the Federal Government has been able to address key challenges faced by Micro Small and Medium Enterprises (MSMEs) in Nigeria and record significant gains for socioeconomic development, while also providing a template for support to the sector that could be used by governments and other stakeholders around the world.

Those were the views of Vice President Yemi Osinbajo, SAN, on Thursday evening at the launch of a Compendium of MSMEs interventions by the Buhari administration titled, "Buhari - Osinbajo: The MSME Story." The Compendium was compiled by Mr. Tola Johnson, the Special Presidential Assistant on MSMEs.

The Vice President, who was represented at the event by the Secretary to the Government of the Federation, Mr. Boss Mustapha, noted that the endeavour and desire to succeed shown by Nigerians in the MSMEs sector has also contributed greatly to the country’s socioeconomic development.

“Ultimately, it is the MSMEs that we must celebrate. It is their entrepreneurship, endeavour and desire to succeed that makes our small business sector so vibrant. It is indeed their passion and drive that made the MSME Clinics dynamic, vibrant and successful,” he said.

Prof. Osinbajo reiterated that the growth and development of MSMEs in the country remains a core objective of the Federal Government under President Muhammadu Buhari, evident from the successes recorded so far in the sector.

According to him, "this book goes to show us that with the right team, right attitude and commitment to achieving our objectives, it is possible to place the interests of MSMEs at the very heart of government policy at all levels.

"What seemed challenging seven years ago has turned into a positive story and provides a template for governments around the world to support small businesses."

Prof. Osinbajo recalled "with clarity and a sense of fulfilment" the various interventions that the present administration had undertaken in support of Nigerian MSMEs.

“We took a conscious decision in 2015 to embark on MSME related projects and programmes starting with the popular and impactful National MSME Clinics.

"The MSME Clinics in turn served as a launchpad for other successful schemes including one-stop shops, shared facilities, MSME week, MSME Awards, amongst others,” he said.

Since the scheme was launched to support and ensure the growth of MSMEs nationwide, the Federal Government has so far held MSMEs Clinics in 30 States. Also, in partnership with State Governments, 5 Shared Facility centers have been established in the country for small businesses.

The shared facilities are located in
*Benin, Edo State (focused on the furniture manufacturing sector);
*Zaki Biam, Benue State (200,000 capacity Yam Storage facility, Zaki Biam International Yam Market);
*Ikeja, Lagos State (Eko MSME Fashion Hub 1 (one) servicing about 300 tailors and fashion designers daily);
*Ogbunike, Anambra State (shoemaking facility with industrial equipment and machines);
and
*Imo State Shared Facility in Owerri, (dedicated to fashion and comprises 200 world class manual and fully automated fashion equipment).

Continuing, the VP noted that "these programmes are anchored on a partnership model that recognises the fact that the activities of several MDAs impact on the business fortunes of MSMEs.

"The partnership structure that evolved involved the MSME regulating agencies in the Federal Ministry of Industry, Trade and Investment, Federal Ministry of Finance, Budget and National Planning and the Federal Ministry of Health complemented by various vibrant private sector and small business associations.

"Another key part of the partnership template was the active participation of the 36 State Governments and the FCT the base and home of our MSMEs."

The Vice President also commended the commitment of the beneficiaries of the Clinics and other interventions, noting their steadfastness.

He prayed for the success of their businesses and urged them to remain confident that they will attain even greater heights in the years to come.

Earlier in her review of the Compendium, the Minister of State- Industry, Trade and Investment, Ambassador Mariam Katagum, said the photographs showing the Vice President flagging off intervention schemes for MSMEs across the country, reflects the importance the government attached to the development of the sector.

She said the Vice President’s interaction with MSMEs during the nationwide Clinics and other programmes typified the commitment of the Buhari administration to MSME development over the years.

Other dignitaries present at the event were Governor Abdullahi Ganduje of Kano State, Minister of Industry, Trade and Investment, Otunba Niyi Adebayo; the representative of BUA Group Founder and Chairman, Alhaji Abdulsamad Rabiu; heads of partner agencies, representatives of development partners, the Diplomatic Corps, among others.

Laolu Akande
Senior Special Assistant to the President on Media & Publicity
Office of the Vice President
2nd December, 2022

Stop attaching Osinbajo’s name to Obi's name mbok

AT NEC MEETING, FG, GOVERNORS IN CONSULTATION ON PROPOSED 2022 FINANCE BILL

At an extraordinary virtual meeting today, the National Economic Council (NEC) received briefings on the proposed Finance Bill 2022 and resolved to update the draft with additional inputs from State Governors as the bill goes ahead to the Federal Executive Council.

The meeting which was presided over by Vice President Yemi Osinbajo, SAN, members of the Council were briefed on the main features of the bill by the Minister of Finance, Budget and National Planning, Hajia Zainab Shamsuna Ahmed.

According to the Minister, the proposed Finance Bill 2022 is anchored on five fundamental policy drivers:

 Tax Equity;
 Climate Change;
 Job Creation / Economic Growth;
 Tax Incentives’ Reform;
 Revenue Generation / Tax Administration

She added that the bill seeks to amend relevant taxes, excises and duty statutes in line with the macroeconomic policy reforms of the Federal Government and to amend and make further provisions in specific laws in connection with the public financial management of the Federation.

Other aspects of the Finance Bill include: Chargeable Assets; Exclusion of Losses and Replacement of Business Assets.

For instance under Tax Equity pillar, all sectors of the economy would be brought into the tax net including Capital Gains Tax from digital assets, Cable Undertakings, Lottery and Gaming Business.

Similarly under the Climate Change and Green Growth pillar of the bill, there would be incentives for the natural gas sector and discouragement of gas flaring.

Under the pillar of Tax Incentives’ Reforms, there would be new deductions for Research and Development, and Investment Tax Credits; Reconstruction Investment Allowance; Rural Investment Allowance; Incomes in Convertible Currencies to be exempt, among others.

Also the bill contains an amendment under Chargeable Assets stating that, “subject to any exceptions provided by this Act, all forms of property shall be assets for the purposes of this Act, whether situated in Nigeria or not, including Options, debts, digital assets and incorporeal property generally.”

According to the bill, these provisions clarify the basis for the taxation of Cryptocurrency and other Digital Assets in line with Government’s policy thrust of enhancing the cross-border and international taxation of growing e-commerce with emerging markets. By doing so, Nigeria will join the league of jurisdictions currently taxing digital assets, including the United Kingdom, United States of America, Australia, India, Kenya and South Africa.

The Minister further noted that extensive consultations have been done on aspects of the bill such as tax avoidance and tax evasion by introducing a general anti-avoidance route.

She disclosed that in coming up with the bill, the Ministry of Finance engaged a wide range of stakeholders and elicited enough feedback especially through the work of a technical committee co-chaired by Special Adviser on Economic Matters to the President, Dr. Adeyemi Dipeolu and Special Adviser on Finance, Mrs. Sarah Alade.

Several Governors commented on the presentation of the bill, including the Governors of Sokoto, Borno, Kaduna, Kebbi, Ogun among others. It was then resolved that State Governors should make additional inputs just as the proposed bill is being sent forward for consideration to the Federal Executive Council before the President sends it to the National Assembly.

At the meeting, the newly sworn-in Osun State Governor, Senator Ademola Adeleke, was also formally welcomed to the Council by the Vice President and other members.

NEC, which is chaired by the Vice President, comprises the 36 governors and the Central Bank Governor. The Council meetings are also attended by some members of the Federal Executive Council.


Laolu Akande
Senior Special Assistant to the President on Media & Publicity
Office of the Vice President
1st December, 2022

Most intelligent of them all