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Pharaohs from Egypt arrived in Cameroon today

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Coach Carlos Queiroz of Egypt’s national team canceled yesterday’s training session with the national team of the Democratic Republic of Congo (DRC) and postponed the Pharaoh’s flight to Cameroon until tomorrow.

On Thursday, Egypt’s national team was set to train with the DRC’s team in preparation for the 2021 African Cup of Nations (AFCON), which will begin on January 9 in Cameroon.

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The national team was also scheduled to fly to Cameroon today, but Queiroz canceled the trip.

as a precaution against any possible coronavirus infections

The Pharaohs had PCR tests yesterday morning in preparation for their flight to Cameroon, which has been rescheduled for Saturday morning to give the players more time to rest.

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The seven-time African champions will compete in Group D alongside Nigeria, Sudan, and Guinea Bissau, and will kick off their AFCON campaign on January 11 against the Nigerian Super Eagles.

AFCON 2021: Prophet: ‘I see terrorists bombing stadiums in Cameroon.’

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True Word Fire Prophetic Ministries’ Prophet Nigel Gaisie has warned of a terrorist attack during the upcoming Africa Cup of Nations in Cameroon.

Terrorists could detonate explosives in a stadium during the AFCON tournament, according to Gaisie.

The Ghanaian-based prophet, speaking to his congregation, urged participating countries to be prayerful in order to avoid disaster during the Cameroon tournament.

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“This is an international prophecy,” says Prophet Gaisie. My spirit was carried into Cameroon for the 2021 Africa Cup of Nations by the Lord.

“I saw something that looked like players on a stretcher, in pain, and some of them were crying.”

“Let the entire country of Cameroon pray, as well as any other qualified team, because I’m seeing signs of a terrorist attack and explosive attacks.”

“I see something happened at the stadium, and the entire place was in chaos, and people died.”

The Ghanaian government had warned pastors not to issue prophecies that would cause panic and fear, according to reports.

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The 2021 AFCON, which will be held in Cameroon, will begin on January 9, 2022.

The Nigerian Super Eagles, meanwhile, had arrived in Cameroon ahead of the tournament’s start.

Nigeria’s Super Eagles arrived in Garoua, Cameroon, on Thursday.

Investors to pay 10% tax on sale of their shares – Finance Act

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According to the provisions of the signed Finance Act 2021, investors on the Nigerian Stock Exchange will pay a 10% capital gains tax on the sale of shares. The tax is imposed on the sale of shares valued at N100 million or more.

The tax also applies to anyone selling shares in any company, even if the company is not publicly traded, which inadvertently includes private equity firms, startups, venture capitalists, and any shareholder looking to sell shares in Nigeria.

However, anyone who sells shares and reinvests the proceeds in another company’s shares or the same company’s shares within the same year is exempt from the law. This is only true if you invest all of the proceeds within a year. Any proceeds that are not reinvested will be taxed, while the remainder will be tax-free.

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This was enshrined in the Act’s Part 1 Section 1, which reads as follows:

“Without prejudice to any other applicable law, gains accruing to a person on the disposition of its shares in any Nigerian company registered under the Companies and Allied Matters Act shall be chargeable gains under this Act unless —

(a) the proceeds from such a disposition are re-invested in the same or other Nigerian companies within the same year of assessment:

Provided, however, that tax will be levied proportionately on the portion of the proceeds not reinvested in the manner specified in this subsection;

(b) the aggregate proceeds of the disposals are less than N100,000,000 in any 12 consecutive months, provided that the person making the disposals submits annual returns to the Service; or

(c) the shares are transferred in a regulated Securities Lending Transaction between an approved Borrower and Lender.”

The act also specifies a ten percent capital gains tax on the sale of the shares.

“Without prejudice to the provisions of section 2 of this Act, the capital gains tax rate on share dispositions under this section shall be 10%.”

If you are an investor looking to sell shares, you must pay a 10% tax on the capital gains you make if you do not reinvest the proceeds into shares.

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If you sell shares you bought for N100 million for N150 million and decide not to reinvest the entire N150 million, you will owe tax on the N50 million gain. This translates to an N5 million tax.

If you reinvest only N130 million, you will be taxed on N20 million, resulting in a tax bill of N2 million.

You do not pay tax if you do not make a profit (or gain).

Individual Investor: Anyone selling shares in any company that is not a registered company. The personal income tax is used to pay taxes to the state’s inland revenue service. If you live in Lagos, for example, that tax is paid to the Lagos State Inland Revenue Service. Individuals with a high net worth will be the majority.

Taxes will be paid to the Federal Inland Revenue Service by foreign investors, pension funds, private equity firms, venture capitalists, and any corporate that invests in startups.

Consequences for investors

For the first time in decades, investors who sell shares in Nigerian companies without reinvesting the proceeds within a year will be taxed.

This will have a significant impact on Nigerian stock market investors, whose capital gains can be easily managed through stockbrokers or sny intermediaries.

At the moment, the only tax that applies to the stock market is a 10% withholding tax on dividend payments. The tax is deducted at the point of sale.

Investors will have to be more strategic in how they manage their portfolios, employing more tax avoidance strategies to reduce the amount of tax they pay when they take profits from their investments.

There will also be a need for corporate finance departments to acquire the software and human resources to assist in the documentation of these transactions and the analysis of tax implications.

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Individual investors (particularly HNIs) will almost certainly have to calculate their own taxes or hire consultants to do so for them.

Why does the government levy a tax on stock sales?

After decades of zero tax on stock sales, the Buhari administration has imposed taxes that many see as a deterrent to investing in the stock market.

Until now, one of the many benefits of investing in Nigerian stocks has been the absence of capital gains taxes, which are levied in most other countries.

However, the Nigerian government has been struggling to cope with ballooning multi-year budget deficits due to severe revenue constraints. This tax is being imposed in an attempt to boost revenue.

Supporters of the tax point to the need to strike a balance, particularly for institutional investors who hold dividends and avoid paying withholding tax. Rather, they sell the shares and pocket the capital gains to avoid paying taxes.

If they do not reinvest the capital gains within a year, the law now requires them to pay tax.

As a result, this tax is aimed at institutional investors and high-net-worth individuals (HNIs) who sell hundreds of millions of dollars worth of stock.

What is the maximum amount the government could earn?

Zainab Ahmed, the Minister of Finance, did not say how much money the government expects to make each year.

The total transaction value of foreign and domestic investors on the Nigerian Stock Exchange was N1.9 trillion in 2019 and N21 trillion in 2020, according to data from the Nigerian Stock Exchange. As of November 2021, the figure stands at N1.74 trillion.

In 2019 and 2020, total foreign portfolio outflows (amount taken out of the stock market by foreign investors) were N523 billion and N482 billion, respectively. As of November YTD 2021, it stands at N540 billion.

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Assuming a 10% profit for foreign investors who exited the stock market in 2021, the government could reap capital gains of N5.4 billion in stock market equities from just FPIs.

This assumes that the entire sum comes from investors with a net worth of more than N100 million, which is unlikely.

Nigeria attracted $1.73 billion in capital inflows in Q3 2021, up 98% from previous quarter

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Nigeria’s capital imports increased by 98 percent to $1.73 billion in the third quarter of 2021, compared to $875.6 million in the previous quarter (Q2 2021). The National Bureau of Statistics recently released a report on capital importation (NBS).

The rise was attributed to a 120.8 percent increase in the country’s portfolio investment. During the review period, foreign portfolio investments increased from $551.37 in Q2 2021 to $1.2 billion.

According to the statistical bureau’s report, FPI (foreign portfolio investments) accounted for 70% of total inflows during the period, FDI (foreign direct investments) accounted for only 6.2 percent ($107.8 million), and other investments accounted for 23.5 percent of total foreign investment ($406.4 million).

Despite the increase over the review period, Nigerian capital imports remain significantly lower than pre-pandemic levels, averaging $1.5 billion in 2021, compared to $5.99 billion in 2019 and $4.2 billion in 2018.

Capital imports increased by 97.7% and 18.5 percent, respectively, from $875.6 million and $1.46 million in Q2 2021 and Q3 2020.

Direct investments increased by 38.3% quarter on quarter to $107.81 million in Q3 2021 from $77.97 million in Q2 2021 but fell by 74% from $414.8 million in the same period of 2020.

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Similarly, other investments attracted $406.4 million in the review period, which is 65 percent higher and 36.5 percent lower than $246.3 million and $639.4 million in Q2 2021 and Q3 2020, respectively.

Nigeria imported $4.51 billion in total between January and September 2021, a 47.6 percent decrease from $8.6 billion in the same period of 2020.

Capital importation into the financing sector had the highest inflow of $469.17 million in the third quarter of 2021, accounting for 27.1 percent of total capital imported. The banking sector, which received $460.39 million (26.59 percent), and the manufacturing sector, which received $323.83 million, came in second and third, respectively (18.70 percent ).

Capital Importation by Country of Origin revealed that the United Kingdom was the most important source of capital imported into Nigeria in the third quarter of 2021, accounting for $709.8 million, or 40.99 percent of total capital imported during the period under consideration. Capital imports from South Africa and the United States of America came in second and third, with $389.54 million (22.50 percent) and $257.12 million (14.85 percent) respectively.

Lagos State remains the top destination of capital investment in Nigeria in Q3 2021, accounting for $1.48 billion, or 85.57 percent of total capital investment in the country during the period under review. This was followed by a $249.19 million investment in Abuja (FCT) (14.39 percent ).

With $537.92 million (31.07 percent) of total capital investment in Nigeria in Q3 2021, Stanbic IBTC Bank Plc ranked first by bank. Standard Chartered Bank (18.83 percent) and Citibank Nigeria Limited came in second and third, respectively (14.34 percent ).

Nigeria continues to face a lack of foreign investment, which can be attributed in part to the covid-19 outbreak, which impacted most economies around the world due to travel restrictions and a halt in business activities.

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As the CBN continues to intervene in the FOREX market, Nigeria’s low foreign inflow continues to affect the supply of forex in the country, putting more pressure on the exchange rate.

Nigeria will attempt to turn things around by increasing foreign inflows, particularly direct investments, in order to spur economic growth.

 FCT threatens to sanction monarchs for violating the peace

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During the upcoming 2022 FCT Area Councils elections, the administration of the Federal Capital Territory (FCT) has stated that it will not hesitate to hold traditional leaders of 17 Abuja graded chiefdoms responsible for the breakdown of peace in their domains.

Hon. Ibrahim Abubakar Dantshoho, Mandate Secretary, FCT Area Council Services Secretariat (ACSS), issued the warning yesterday during a meeting with the chiefs.

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He said that as the people closest to the ground, graded chiefs have a responsibility to protect lives by assuring their subjects that, regardless of political differences, they should embrace peace before, during, and after the elections.

“We will have the area council election in the next five weeks or so,” he said, “and the minister said we should convey this message to you why there must not be any loss of lives.” You must persuade your subjects that, regardless of political differences, there must be peace before, during, and after the elections.

“And if you (graded chiefs) allow anything to happen in your domain, the FCT Administration will not hesitate to hold you accountable for their actions or inactions, as well as why they were not curtailed.”

He claimed that normalcy has returned to the Gwagwalada/Abaji/Lokoja road as a result of the government’s proactive response to insecurity, which was abandoned by many commuters a few months ago due to fear of the unknown.

In response, Alhaji Abdulahi Adamu, Etsu of Yaba Chiefdom in Abaji Area Council, advised politicians to ensure that they follow established law and order in the pursuit of their goals.

The chiefs, according to Adamu, wanted peace to be maintained with or without elections because nothing can thrive in a crisis.

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He did, however, call for the status of graded chiefs in the FCT to be continuously upgraded in order to ensure the traditional institutions’ strategic progression.

Abdulaziz Usman Ibrahim, the Etsu Wako Chiefdom in Kwali, also bemoaned the absence of a police station and school perimeter fencing.

FG releases N31.97 billion for the payment of accrued rights liabilities

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The Federal Government has released an additional N31.97 billion for the payment of accrued pension rights to 2021 retirees, according to the National Pension Commission (PenCom).

This follows the release of N16.67 billion on December 29, 2020, bringing the total amount released for payment of accrued pension rights for the year 2021 to N48.64 billion.

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Retirees from Treasury-funded Ministries, Departments, and Agencies will receive the payment (MDAs).
Up until December 2020, payments will be made to verified and enrolled retirees.

According to the newspaper’s findings, the commission has begun processing payments, which will begin to hit retirees’ Retirement Savings Accounts (RSAs) domiciled with Pension Fund Administrators (PFAs) by the end of the month.

The Federal Government’s total pension liability to retirees was over N100 billion before the payment of N16.67 billion in December last year.

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Mrs Aisha Dahir-Umar, the Director-General, is optimistic that the settlement of outstanding accrued pension rights will be a significant development, noting that the Commission will secure all outstanding payments from the Federal Government.

Troops killed 1,910 terrorists, bandits, others in seven months

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In seven months, the Armed Forces troops killed 1,910 criminal elements across the country, including terrorists, bandits, robbers, and kidnappers, according to the Defence Headquarters.

Maj.-Gen. Bernard Onyeuko, the Acting Director, Defence Media Operations, told reporters yesterday in Abuja about the armed forces’ operations.

According to Onyeuko, the figure is in addition to the scores of other terrorists and bandits killed in airstrikes between May 20, 2021, and January 6, 2022.
He added that the troops rescued 729 kidnap victims across the country.

According to him, 912 criminals were apprehended during the period, and the troops recovered a large cache of arms and ammunition, as well as livestock and other items of economic and security concern.
Troops also recovered 13.2 million litres of illegally refined Automotive Gas Oil (AGO) and 3.9 million litres of Dual Purpose Kerosene, according to Onyeuko (DPK).

He claimed that 38,582 barrels of stolen crude oil and 6.49 million litres of illegally refined PMS were recovered and handed over to the appropriate authorities.

In addition, between May 2021 and January, a total of 24,059 terrorists and their families surrendered to troops in the Northeast, including 5,326 adult males, 7,550 adult females, and 11,183 children, according to the Defence Headquarters.

All surrendered elements have been properly profiled and handed over to the appropriate authorities for further action, according to the statement.

A total of 1, 910 suspected terrorists, bandits, and other criminal elements were also killed during the time period under consideration.

Maj-Gen. Benard Onyeuko, Director of Defence Media Operations (DMO), stated at the bi-weekly operational briefing in Abuja that fighting forces across theatres had demonstrated resilience and doggedness in the Armed Forces of Nigeria’s determination to reassert the state’s authority.

The DMO called for renewed collaboration between security agencies and the public in order to restore peace across the state while warning state enemies against continuing on their criminal path.

Buhari Warns APC of Disunity’s Consequences

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President Muhammadu Buhari has warned his party’s leadership, the All Progressives Congress (APC), of the consequences if they do not work together to project the party ahead of the 2023 general elections. Buhari stated that if the leaders and other party members do not work together, the APC will lose to the opposition.

The president spoke during a Nigerian Television Authority interview on Thursday (NTA).

Buhari also promised that those defecting from the opposition parties to the APC, who are facing corruption charges, would have their day in court.
He ruled out the possibility of a member of the party being forced into leadership.

The president issued the warning to his party’s leaders in response to a question about a leadership feud within the APC that was thought to be jeopardizing the party’s upcoming national convention, which had been scheduled for February.

Buhari said the APC should be structured bottom-up and linked his refusal to sign the recently passed Electoral Act Amendment Bill to the need to give people and political parties the power to choose the system that suits them.

According to him, the ruling party needs to implement a system that allows voters to choose their preferred candidate from polling units to wards, council areas, states, and finally national levels.

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“We have a timeframe within which we must work,” Buhari said, “because the four-year tenure is constitutional.” Nobody can get in the way of it. So, if the party is unable to reach an agreement, the opposition can take control. What was the PDP’s response? They claimed that the opposition could not unite, but when the ACN, ANPP, CPC, and APGA united, they were off; they are still off, as they can see.

“My position is simple, and I believe I succeeded in getting my point across in the sense that we start from the bottom up; from polling units to wards, local governments, states, and finally Abuja.” So, the party, because I’m concerned about my party, the party, will know their positions in all constituencies. As a result, when they arrive in Abuja, they are likely to collaborate.

“Abuja does not have a kingmaker, and no constituency is being dictated to.” In our party, all constituencies are expected to produce leadership. What other parties do is their business, but we want to make sure that our members know they are valued. It goes from the polling unit to the ward, to the local government, to the state, and finally to Abuja. So, those who want to be elected at any level should put in the effort. Nobody is going to make a decision.”

In response to allegations that opposition politicians facing corruption charges were defecting to the ruling party in the hope of receiving immunity from prosecution, Buhari stated that no corrupt politician would go free under his watch, even if they were members of his own party.

“I don’t like to accept that joining our party will weaken our commitment to accountability,” he said. We take people who aspire to lead at any level seriously, based on their performance and professional and personal integrity.

“However, the issue is that we must work within the system.” Even if you suspect individuals, there isn’t much we can do unless there is proof. So, in reality, it is the system that allows some people to become corrupt.

“They won’t be able to.” As far as I’m concerned, no one can get away with anything. Imagine what the opposition could do to me if there was something on my record; there could have been a lot of confusion, but fortunately, I believe we try to find officers with integrity, which is the best thing for Nigerian leadership at all levels.

“Have integrity in your actions. We will get better results if this is done. If that isn’t done, a lot of time will be spent talking, arguing, and making a lot of noise.”
Buhari also spoke about the country’s security challenges. He expressed optimism, however, that the situation could be resolved before he leaves office, stating that security forces are working hard on it and that more equipment and ammunition are being procured.

“Yes, the government is capable and will do it,” the president said, “because members of the security, armed forces, and others, their own security is dependent on one Nigeria.” So, regardless, when people are selfish, they put themselves first. So, even for their own sake, they must stabilize Nigeria, and I am confident that they will.

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“I understand we’re short on funds. For example, if people think about how we found the Northeast and South-South, and how far we’ve come, they’ll see how difficult it is to deal with militants.”

He claimed that the government had purchased helicopters, planes, and armored vehicles, as well as their ammunition, to improve security across the country.
When asked how his age had affected his capacity as president, he said the pressures of office had been immense, but he couldn’t complain because he had asked to be elected.

He observed that many of his coworkers were now enjoying retirement and hoped to follow in their footsteps in the next 17 months when his term would come to an end.

“I believe COVID-19 has come to my rescue in the sense that the number of people who need to see you can’t see you,” Buhari said. I see my coworkers, who are now resting, and I assure you that I am looking forward to the next 17 months when I will be less busy as well.

“Age is catching up with me; working in an office for 6,7,8 hours a day is no joke.” Executive council memos from as many states as possible will be considered on a weekly basis. So, yes, it’s a lot of work, but I asked for it, and I can’t say no.”

“Yes, because, look, as you know, I have been a governor,” Buhari said when asked if he was willing to hand overpower. I’ve served as a minister and am currently serving my second term as president. So, I’ve gone through the system, and there’s nothing else I can do with this country.” I have given my all, and I hope that when I leave, Nigerians will reflect and, at the very least, express gratitude. I’m not expecting anything in return. But I’m hoping that Nigerians will acknowledge that this man has done his best. This is the highest level of expectation I have for Nigerians.

“Take a look at the current situation in the Southeast. How many police stations were robbed and weapons were taken away? We closed the border with Benin and the border with Niger as well. However, we had to accept the reality that the weapons came from our own arsenals, and that police stations had been attacked, among other things. So, the main issue is that I hope to leave a Nigeria that is more secure than it is now.”

In terms of fighting corruption, the president urged citizens to live within their means, stating that there would always be challenges if people tried to cut corners.

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He also stated that power generation is critical to his administration’s success, and that the federal government is figuring out how to better utilize solar panels as an alternative to conventional power, which is costly and vulnerable to sabotage.

Suspected ritualist murdered Female UNIJOS student

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Jennifer Antony, a 300-level student at the University of Jos, was killed by an unknown person suspected of being a ritualist in a hotel in Jos yesterday, according to the Plateau State Police Command.

Mr. Ubah Gabriel Ogaba, a Police Public Relations Officer (PPRO), told journalists that the Command received a distress call about the incident and is currently investigating the perpetrators.

Jennifer had been missing since December 30, 2021, and her body was discovered without eyes on January 1, 2022. She was allegedly murdered in a hotel on Zaria Road in Jos.

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According to information, the deceased was a university student studying Special Education and Rehabilitation Sciences at the 300 level.

The victim was allegedly drugged before her eyes were removed, and the killing is suspected to have been carried out by suspected ritualists.

According to Ogaba, the state’s police commissioner met with all hotel owners and introduced new techniques for detecting crimes in the area.

“We are aware of the student’s involvement in the incident, and an investigation has begun with the goal of identifying and apprehending the perpetrators.”

“The Commissioner of Police also held a meeting with all of the state’s hotel managers, where he introduced a new method of identifying and tracking new crime in the state.”

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“We urge the public to always provide the police with credible information about any crime that occurs in their community so that the perpetrators can be tracked down,” he said.

Attempts to contact the University administration and the Student Union Government (SUG) for comment on the crime were unsuccessful because they did not respond to phone calls at the time of this report.

NYSC staff congratulate Director General Major General Shuiabu Ibrahim on his recent promotion

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The promotion of the NYSC DG to Maj. – Gen excites the staff.
The staff of the National Youth Service Corps (NYSC) has congratulated Major General Shuiabu Ibrahim, the Director General, on his recent promotion by the Nigerian Army.

On Thursday, the NYSC headquarters in Abuja hosted a celebration.

Mrs Chris Ubah, Director of NYSC ICT and Information, welcomed dignitaries and stated that the DG has succeeded in reshaping the Scheme to an enviable height. She described him as a councillor, teacher, and father to the staff, emphasizing that prosperity will not forget the scheme’s reformation.

Ibrahim, she said, would not be easily forgotten in the scheme’s history.

The minister’s representative, Alhaji Ismael Abubakar, Permanent Secretary, Ministry of Youth and Sport Development, praised the DG for his development vision and ability to redirect the Scheme’s vision for effective empowerment of corps members through the NYSC’s entrepreneurship strive.

He promised that the ministry would continue to support any positive initiative that would help the scheme meet its goals.

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The Executive Governor of Nasarawa State, Engr. Abdullahi Sule, praised the Chief of Army Staff for promoting the DG, saying the DG is a true ambassador of the state because he has redefined the scheme, adding that the introduction of businesses into the scheme is worth commending because corps members can now leave the center and be independent.

He claimed that when the DG was brought into the scheme, he began to think outside the box because the corps members were not proud to be serving their country.

In response, the DG, Major General Shuiabu Ibrahim, praised President Muhammadu Buhari and the Chief of Defence Staff for their achievements and promotions, while emphasizing that everything he has accomplished on this planet has been thanks to the prayers of those he has touched.

He also used the opportunity to urge the Nigeria Governors Forum to support the creation of the NYSC Trust Fund, which will help to empower corps members and enable entrepreneur corps members to help millions of Nigerians escape poverty.