SEB BLOG NOTES | 310525

Here’s a look into each of the major headlines in Nigeria and globally at this time:

Nigeria News

Tax Reform Bills Ready for Tinubu’s Assent

The Senate and House of Representatives have adopted the harmonized conference committee report on four tax reform bills, which are now awaiting President Tinubu’s assent. These bills aim to modernize Nigeria’s tax system and improve revenue generation. The reforms include a four percent development levy on company profits, with allocations to education, technology, and security sectors.

Abuja Ground Rent Increase

Federal Capital Territory Minister Nyesom Wike has hinted at increasing ground rent in Abuja due to widespread non-payment. Many property owners owe 20 to 30 years’ worth of ground rent, and the government is now enforcing payments by sealing properties of defaulters, including the PDP Secretariat and several businesses.

Lagos Building Collapse

A two-story building under construction collapsed in Ikorodu, Lagos, killing three people, including two siblings and their uncle. Eleven people were rescued, and authorities suspect the use of substandard materials contributed to the disaster. The Lagos State Emergency Management Agency (LASEMA) has urged developers to adhere to safety standards.

Naira Exchange Rate Fluctuations

The naira appreciated to ₦1,610 per dollar in the parallel market but depreciated to ₦1,592 per dollar in the Nigerian Foreign Exchange Market. The fluctuations reflect ongoing economic challenges, despite government efforts to stabilize the currency.

Tinubu’s Second Anniversary

President Tinubu marks his second anniversary in office, with experts urging him to adopt state policing and restore public trust. His administration has implemented economic reforms, including fuel subsidy removal and foreign exchange unification, but critics argue that inflation and insecurity remain major concerns.

Global News

Trump’s Tariffs Blocked

A US trade court has blocked Trump’s sweeping tariffs, ruling that he overstepped his authority. The decision nullifies billions in duties and could lead to $10 billion in refunds. Trump is expected to appeal, but legal experts warn that defying the ruling could trigger a constitutional crisis.

Israeli Forces in Gaza

Israeli forces have killed at least 63 Palestinians in Gaza in the past 24 hours, including civilians seeking aid. The UN has urged Israel to halt its strikes, warning of a humanitarian crisis. Meanwhile, Hamas is reviewing a new US ceasefire proposal.

International Doctors Barred from Gaza

Israel is blocking international doctors from entering Gaza, worsening the medical crisis. A US trauma surgeon testified to the UN that child protections in Gaza are gone, with hospitals overwhelmed and civilians dying from malnutrition and lack of medical care.

Canadian Doctors Challenge Transgender Law

The Canadian Medical Association is challenging Alberta’s new law restricting gender-affirming care for minors, arguing it violates doctors’ freedom of conscience. The law bans hormone therapy for those under 16 and gender-affirming surgeries for those under.

Harvard Foreign Students Case

The US government has signaled it may back off immediate revocation of Harvard’s ability to enroll international students, opting for a longer administrative process. Harvard argues the move is politically motivated and could affect 27% of its student body.

Musk-Trump Relationship Strains

Elon Musk has quit his White House role after criticizing Trump’s budget bill. Musk had been leading a government efficiency initiative but voiced disappointment over excessive spending. His departure marks a shift in their previously close relationship.