Connect with us

Published

on

banner

Why Tinubu’s Govt keeps taking loans despite massive improvements in revenue generation

Dr Zacch Adedeji, Chairman of FIRS, has credited Nigeria’s record revenue growth to bold fiscal reforms introduced by President Bola Tinubu’s administration.

Advertisement

Adedeji revealed that federal revenue reached N3.64 trillion in September 2025, a 411 per cent increase from N711 billion recorded in May 2023.

Speaking with State House correspondents in Abuja, he outlined milestones reshaping Nigeria’s fiscal landscape, particularly the growth of non-oil revenue streams.

Advertisement

He noted that non-oil revenue grew sharply from N151 billion to N1.06 trillion in two years, marking a major shift in Nigeria’s earnings profile.

Oil revenue also rose to N644 billion, while VAT collections tripled to N723 billion, signalling stronger compliance and improved efficiency across sectors.

Advertisement

Adedeji attributed the performance to reforms that streamlined taxes, eased burdens on SMEs, and introduced compliance tools like e-invoicing and new excise regulations.

He added that a presumptive tax regime will soon capture hard-to-tax sectors, while state levies will be harmonised to expand the tax base.

Advertisement

“Our goal is to build a fair, efficient, and sustainable tax system that supports growth and boosts investor confidence,” Adedeji stressed.

He confirmed that unbacked Ways and Means advances from the Central Bank have been halted, with the loans reclassified and treated as federal debt.

Advertisement

“The debt is now collateralised. Both principal and interest are being repaid, ensuring exchange rate stability and system confidence,” he said.

Dismissing concerns about borrowing, he insisted it is a normal practice vital for economic sustainability when properly legislated and directed towards infrastructure.

Advertisement

“Borrowing funds infrastructure that generates future tax revenues from beneficiaries. This is a sustainable approach for long-term development,” he explained.

Adedeji announced that Personal and Company Income Tax reforms will begin in January 2026 to further widen Nigeria’s revenue base.

Advertisement

He reiterated that the reforms aim to cut borrowing reliance, strengthen fiscal resilience, and sustain Nigeria’s economic growth trajectory. (NAN)

Advertisement
banner
Continue Reading
Advertisement

News

Govt. introduces solar installation, garment making, GSM repairs in jss curriculum

Published

on

banner

Govt. introduces solar installation, garment making, GSM repairs in jss curriculum

 
 
 
 
 
 
The Anambra Government has introduced 15 entrepreneurial subjects into the Junior Secondary School (JSS) curriculum to enhance students’ practical skills and foster an entrepreneurial mindset.
The News Agency of Nigeria (NAN) reports that the new subjects include solar installation, garment making, GSM repairs, agriculture and processing, plumbing, tiling, POP installation and event management.

Advertisement

Others are bakery, hairstyling, make-up, interior design, CCTV/intercom installation, digital literacy, information technology and robotics.

Prof. Nkechi Ikediugwu, Chairperson ,Post Primary Schools Service Commission (PPSSC),  while speaking at  the occasion in Awka on Friday, said the initiative was aimed at repositioning education to meet contemporary needs.
Ikediugwu noted that in a rapidly changing world, education should go beyond theory and examinations to equip students with practical skills, creativity, innovation and an entrepreneurial mindset.

Advertisement

“The goal of the programme is to prepare learners, not only to seek jobs but to create value, generate employment and contribute meaningfully to the economic development of the state,”she said.

Mr Cyril Nwuche of Nnamdi Azikiwe University, Awka, delivered a paper titled “Building Entrepreneurial Secondary Schools: Why Every School Needs an Entrepreneurship Club”.
Nwuche said the introduction of entrepreneurial subjects showed that the government was on the path to transforming the state’s economy.
“Traditional academic instruction alone is no longer sufficient to prepare children for the future.

Advertisement

“There is the need for schools to embrace practical and skill-based learning to enable students to thrive in a dynamic global environment, ” he said. (NAN)

Advertisement
banner
Continue Reading

News

Two men docked for allegedly defiling underaged girl

Published

on

banner

Two men docked for allegedly defiling underaged girl

The police in Lagos on Friday, charged two men before an Ikeja Chief Magistrates’ Court for allegedly defiling an 11- year-old girl.

Advertisement

The defendants are: Prince Tomnyie, 40, a businessman, who resides at Agege, and Micheal Adenuga, 24, a furniture maker, who resides at Atere Street in Lekki.

They are standing trial on charges of defilement, and had each pleaded not guilty to the charges.

Advertisement

The prosecutor, ASP Adegoke Ademigbuji told the court that they committed the offence sometimes in December 2024, and September 2025, at Langbasa Ajah and Igbara Lekki, Lagos .

The prosecutor alleged that the victim’s father, had taken his daughter for medical check and it was discovered that the minor had been defiled.

Advertisement

The prosecution alleged that the victim had told her father that his friend, Tomnyie, defiled her sometimes ago.

Ademigbuji alleged that the victim also mentioned the second defendant’s name who lives in their neigbourhood.

Advertisement

The offence contravenes the provisons of section 137 of the Criminal Law of Lagos, 2015.

The Chief Magistrate, Mr L. A Owolabi, granted the defendants bail in the sum of of N600,000 each, with two sureties each in like sum.

Advertisement

He adjourned the case until March 5, for mention. (NAN)

Advertisement
banner
Continue Reading

News

Report any officer asking for money for release of suspect as Police insist bail is free

Published

on

banner

Report any officer asking for money for release of suspect as Police insist bail is free

The Police Command in the Federal Capital Territory (FCT) has insisted that bail is free, and called on the public to report any officer asking for money to release a suspect on bail.

Advertisement

The Police Public Relations Officer in the FCT, SP Josephine Adeh, said this in an interview with the News Agency of Nigeria (NAN) on Friday in Abuja.

Adeh spoke in reaction to public outcry that some police officers were demanding money to release suspects on bail in the territory.

Advertisement

She said the report of the erring officers would serve as a deterrent to others, adding that it was fraudulent to demand for money to release a suspect on bail.

Adeh blamed the yielding to such fraudulent demand on ignorance on the part of the victims who refused to stand on their rights.

Advertisement

“A similar case was reported where an officer demanded money to release a suspect on bail and when the matter was reported, we requested for evidence from the victim.

“The evidence was provided because the money was transferred to the officer’s account and actions are being taken on the issue.

Advertisement

“So, I encourage the public to take advantage of the FCT Police Complaint Response Unit (CRU) lines on 08107314192 to report such misconduct with evidence,” she said.

Adeh urged the public to always insist on their rights and refuse any form of payment to release a suspect on bail.(NAN)

Advertisement
banner
Continue Reading

Trending

© 2025, All Rights Reserved | Crime Channels