Five things to know to start your Wednesday

Trump’s DEA pick backed out from consideration

Chad Chronister, the sheriff he chose to lead the Drug Enforcement Administration (DEA), has withdrawn his nomination just days after being announced.

In a post on X (formerly Twitter), Chronister explained his decision: “Over the past several days, as the gravity of this very important responsibility set in, I’ve concluded that I must respectfully withdraw from consideration.”

Trump nominated Chronister on Sunda while highlighting plans to focus on stopping fentanyl from entering the United States through the Mexican border.

China hit the US with a ban on critical minerals used in tech manufacturing

On Monday, the Biden administration imposed limits on Chinese businesses, preventing them from accessing foreign products that contain even a single US-made computer chip.

China responded swiftly when its Ministry of Commerce announced its countermeasure on Tuesday. What did they do? They declared an immediate ban on exporting what they term “dual-use items” to the United States.

These items include rare-earth metals such as gallium, germanium, antimony, and superhard materials. The “dual-use” refers to goods and technologies that can be used for both civilian and military purposes. Rare-earth metals play a crucial role in tech manufacturing.

Tinubu ordered a review of the tax reform bill

President Bola Tinubu is stepping in to calm tensions over controversial tax reform bills that have sparked heated debates across Nigeria. While in South Africa, Tinubu has ordered the Ministry of Justice to work closely with the National Assembly to address public concerns.

The proposed bills – including the Nigeria Tax Bill 2024, the Nigeria Tax Administration Bill, the Nigeria Revenue Service Bill, and the Joint Revenue Board Bill – have created significant controversy. Northern governors and lawmakers have been particularly vocal in their opposition.

Some critics argue that these reforms could upset the current balance of fiscal federalism, potentially giving the federal government too much control over tax collection and reducing the financial power of individual states.

So, in an attempt to ease tensions, Tinubu wants to address what he considers “genuine concerns” before the bills are finalized. This came on the same day that some northern youths demonstrated in support of the bills at the National Assembly.

Read Also: 10 changes to expect as FG’s tax reforms begin

Senate passed MTEF and probed NNPC over N8.4tn subsidy funds

President Bola Tinubu is getting ready to present the 2025 national budget to the National Assembly, and the Senate has already taken a significant step forward. On Tuesday, the Senate approved the 2025–2027 Medium Term Expenditure Framework and Fiscal Strategy Paper that Tinubu had previously submitted.

The approval came after the Senate’s joint Committees on Finance and National Planning & Economic Affairs, led by Senator Sani Musa, presented a detailed report during their plenary session.

However, the Senate didn’t stop at budget approval. They’ve also launched a major investigation into the Nigerian National Petroleum Company Limited (NNPCL). The Senate has directed several of its committees to look into serious allegations about the company’s financial practices.

Specifically, the Senate wants to investigate claims that NNPCL has withheld N8.48 trillion in claimed petrol subsidies and failed to pay $2 billion (approximately N3.6 trillion) in taxes to the Federal Government.

The Senate has mandated its Committees on Finance, Petroleum (Upstream and Downstream), and Gas to thoroughly examine these claims. They’ve also asked the committees to verify the total amount of unremitted revenue from petrol sales between 2020 and 2023.

South Korea’s surprise martial law decree was reversed

South Korean President Yoon Suk Yeol’s cabinet has reversed a martial law order in the country, just hours after he issued the surprise decree that plunged Seoul into political uncertainty and sparked fierce backlash from lawmakers across the political spectrum.

The cabinet decision came after Yoon backtracked on his shortlived decree in the early hours of Wednesday local time and withdrew the troops deployed to carry out the order.

South Korean lawmakers – who had scrambled earlier in the night to block the martial law order with a parliamentary vote – are now calling for resignations.