Economy
Saudi Arabia Pledges To Support CBN With Forex Deposit
Saudi Arabia Pledges To Support CBN With Forex Deposit
By Admin
The government of Saudi Arabia has pledged to invest in the revamp of Nigeria’s refineries, as well as provide financial support to sustain the government’s foreign exchange reforms.
The pledges were made by the Crown Prince of Saudi, Mohammed bin Salman, at a bilateral meeting with President Bola Tinubu on the sidelines of the Saudi-Africa Summit in Riyadh.
According to a statement signed by the Minister of Information and national orientation, Alhaji Mohammed Idris Malagi on Friday, Salman promised to support the CBN’s ongoing reforms of Nigeria’s foreign exchange regime.
The Saudi government said it would make available a substantial deposit of foreign exchange to boost Nigeria’s Forex liquidity.
The release said the Prince commended the economic reforms being implemented by President Tinubu, and expressed the commitment of the Saudi government to supporting these reforms, and enabling Nigeria to reap the full benefits.
Idris said: “Prince bin Salman commended the economic reforms being implemented by President Tinubu, and expressed the commitment of the Saudi Government to supporting these reforms, and enabling Nigeria to reap the full benefits.”
“According to him, Saudi Arabia is very eager to see Nigeria thrive under President Bola Tinubu, and realize its full potential as the economic giant of Africa.”
Idris said Salman hinted that the “refinery investments in Nigeria will be led by the Saudi state-owned oil company, Saudi Aramco, with the revamp to be completed within a two- to three-year timeframe”.
“The Crown Prince also expressed appreciation to Nigeria for its active participation in, and support for OPEC+,” he said.
He said Salman revealed that Saudi Arabia’s investment interests in Nigeria are agriculture and renewable energy, which will lead to the attainment of food and energy security.
Idris said Tinubu showed appreciation for the proposed investments, promising Nigeria would ensure judicious management and oversight.
“The two leaders vowed to work together over the next six months to develop a comprehensive road-map and blueprint to deliver on the agreed investments and outcomes,” Idris said.
“Also, President Tinubu and Crown Prince bin Salman spoke on the need to strengthen security cooperation to mitigate terrorism, illegal migration and other crises, not just in Nigeria, but across West Africa and the Sahel region.
“The two leaders further discussed existing economic and socio-cultural cooperation between Nigeria and Saudi Arabia, and agreed to open new vistas in bilateral relations.”
Others present at the bilateral meeting are; Idris; Yusuf Tuggar, minister of foreign affairs; Yahaya Lawal, Nigerian ambassador to Saudi Arabia; and Adekunle Adeleke, the state chief of protocol.
About The Author
Economy
Milo intervention empowers Kano tea sellers with business tools
The Nestlé Milo Mai Shayi empowerment programme has continued to receive commendation from stakeholders in Kano, with beneficiaries describing the initiative as a major boost to their small-scale businesses.
The programme, aimed at supporting tea sellers with business tools and resources, provided participants with items including gas cookers, cups and other materials to enhance their daily operations.
Speaking during the programme in Kano, Kannywood actor, Yusuf Sulaiman Bosho, said the initiative would contribute to the growth of tea-selling businesses and improve the livelihoods of operators.
Bosho noted that many small businesses require support to expand, adding that providing essential working tools would encourage beneficiaries to increase productivity.
“Supporting them with tools such as gas cookers, cups and ingredients is really a motivation in their day-to-day businesses,” he said.
He urged other corporate organisations to emulate Nestlé Milo by introducing similar interventions that would support small businesses across the country.
Also speaking, Milo Ambassador, Mansura Isa, said the programme demonstrated the company’s commitment to supporting its customers, particularly those engaged in small-scale enterprises.
Isa encouraged the beneficiaries to make effective use of the materials provided to improve their businesses and create more opportunities within their communities.
She added that more initiatives were being planned by the company to support customers across Nigeria and other parts of Africa.
The Category Manager of Nestlé Milo, Mr Gilbert Teenaboah Koduah, said the company would continue to invest in programmes that promote socio-economic development among its customers.
Koduah explained that the intervention was part of efforts by the company to strengthen businesses and contribute to economic growth at the community level.
Some of the beneficiaries who spoke to our Correspondent expressed appreciation to Nestlé Milo for the support, saying the items would help them improve their services and increase their earnings.
They pledged to continue patronising the company’s products while maximising the opportunity provided through the empowerment programme.
The event featured the presentation of tea-selling equipment and other gifts to participants.
About The Author
Economy
New Kano revenue boss pledges open drive
The newly appointed executive chairman, Kano State Internal Revenue Service (KIRS) Alhaji Bashir Maitama, has pledged to strengthen revenue generation through transparency, accountability, teamwork and innovation.
This is contained in a statement issued by the Head, Corporate Communications of KIRS, Aisha Maigiwa, on Tuesday in Kano.
The statement said the new chairman formally assumed office on Monday, July 20, 2026, following a handover ceremony from the Acting Executive Chairman, Mallam Muhammad Abba Aliyu.
Welcoming Maitama, Aliyu, who is also the Executive Director, Compliance and Enforcement Group, prayed for God’s guidance and wisdom for the new chairman.
He urged members of staff to give the new leadership maximum support and cooperation towards sustaining the growth of internally generated revenue in the state.
In his inaugural remarks, Maitama expressed gratitude to Almighty God for the opportunity to lead the agency, describing his assumption of office as a historic moment.
He appreciated Gov. Abba Kabir Yusuf for finding him worthy of the appointment, assuring the governor and people of Kano State of his commitment to delivering on the mandate entrusted to him.
The chairman said he was delighted to join a team of professionals who had contributed immensely to the progress of the Service.
He commended his predecessor for his efforts in strengthening KIRS, saying history would recognise his contributions to the development of the agency.
Maitama also appreciated the Service’s technical partner, Manam Professional Services, for its support towards the transformation of KIRS.
He described his appointment as a collective responsibility and called on management and staff to work together to achieve the objectives of the Service.
The new chairman assured workers of an open, transparent and inclusive leadership style anchored on accountability, teamwork and innovation.
He identified achieving revenue targets, expanding the tax net and deepening the state’s tax base as key priorities of his administration.
Maitama expressed confidence that the targets set for KIRS were achievable, urging staff to embrace creative ideas and innovative solutions in carrying out their responsibilities.
He added that his office would remain open to constructive suggestions and meaningful contributions from staff.
Also speaking, the Executive Director, Revenue Operations Group, Mallam Kassim Ismail, expressed confidence in Maitama’s ability to lead the Service to greater heights.
He pledged the support of his directorate towards achieving the mandate of KIRS.
The event ended with the formal handover of leadership from the Acting Executive Chairman to the newly appointed Executive Chairman.
About The Author
Economy
KIRS Commissions Compliance Office, Sets N68 Billion Revenue Target
The Kano State Internal Revenue Service (KIRS) on Tuesday commissioned a new Compliance and Enforcement Office as part of efforts to strengthen tax administration and boost internally generated revenue across the state.
Speaking at the inauguration ceremony in Kano, KIRS Executive Chairman, Dr. Zaid Abubakar, said the office marked a major milestone in the ongoing reforms within the agency.
Dr. Abubakar disclosed that the service initially set a revenue target of N35 billion for the year but has now raised expectations for the compliance and enforcement department to deliver as much as N68 billion.
He said the newly commissioned office would provide staff with a conducive working environment to enhance efficiency and productivity.
“This office is a key component of our service. Previously, the compliance and enforcement team operated from a container facility, but today they now have a befitting environment to work effectively,” he said.
The chairman commended Kano State Governor, Abba Kabir Yusuf, for supporting the agency’s reforms and modernization efforts.
“We thank Governor Yusuf for all the political support given to the service. We are also grateful to our technical partners whose contributions have been commendable,” he added.
Dr. Abubakar highlighted a series of infrastructural and technological upgrades by the agency, including the commissioning of the Gyadi-Gyadi Tax Centre and a new call centre to improve taxpayer engagement and service delivery.
He further announced that another tax office in Nassarawa would be commissioned within two weeks to oversee municipal tax operations in the area.
The chairman also noted improvements in operational equipment and digital infrastructure.
He revealed that before the current administration, the agency had only 60 computers, but this number has now increased to over 300.
“We are providing all the necessary equipment for effective service delivery. I urge every staff member to take their responsibilities seriously,” he said.
Dr. Abubakar added that the state government was considering improved welfare packages for revenue service staff, including plans to remove staff remuneration from the mainstream civil service structure and align it with better-performing agencies in states such as Lagos.
“The state governor is committed to improving the welfare package of workers so it can match what is obtainable in states like Lagos,” he said.
Also speaking at the event, Director of Revenue Compliance, Muhammad Abba Aliyu, described the commissioning as a major opportunity for staff. He urged workers to adopt a renewed attitude toward their duties and maximise the benefits of the improved working environment.
“This is a golden opportunity for the compliance and enforcement staff. I urge all members to change their attitude from today and double their efforts,” he said.
A representative of Mannan Professional Services, the agency’s technical partners, expressed appreciation for being part of the initiative and voiced confidence that the compliance team would utilise the facility effectively.
In his remarks, Kano State Commissioner of Finance, Dr. Aliyu Danmaraya, represented by Permanent Secretary Amina Yusuf Yargaya, commended the revenue service for its efforts to improve tax compliance and promote state development.
He noted that effective revenue generation remains a key strategy for sustainable economic growth and infrastructure development in Kano State.
About The Author
-
General2 years agoJUST IN: FG Declares Sallah Public Holiday
-
General1 year agoRahma Saidu Apologizes to Kano Government, Lauds PCACC’s Work
-
Economy2 years agoRefinery: NNPC Ltd Targets Sustained Production with New Maintenance & Compliance Measures
-
Agriculture1 year agoNew HJRBDA boss outlines ambitious agenda for agricultural growth, youth empowerment
-
News2 years agoChoose dialogue over protest, Kano groups urge youths
-
Agriculture2 years agoFG trains laboratory technicians , technologists on soil health card scheme
-
General2 years agoActionAid urges youths to harness digital technologies for development
-
Entertainment3 years agoPopular actor, Ali Nuhu appointed as MD Film Corporation
