Category: Nigerian Tribune

The Edo State Police Command, on Wednesday said its operatives neutralised two suspected kidnappers in a gun duel in Ubiaja, Esan South East Local Government Area on September 30.

Spokesperson of the Command, Moses Yamu who stated this in a statement, noted that other suspects escaped with varying degrees of injury, while guns and mobile phones were recovered from the scene.

He said, ‘On 30th September, 2025 at about 09:50hrs, acting on credible intelligence, operatives of the Amedokhian Tactical Division,

‘In synergy with local Hunters and the Vigilante group, led by SP Peter Ogah, embarked on a bush combing operation along the railway track leading to Ubiaja in Esan South East Local Government Area.

‘During the operation, the team encountered a gang of suspected kidnappers who opened fire on the operatives.

‘In the ensuing gun duel, two of the suspects were neutralised, while others escaped with varying degrees of injuries.

‘One AK-47 rifle with breech number 4148, 33 rounds of live ammunition, and two mobile phones were recovered at the scene.

‘The neutralised suspects were immediately taken to the hospital where they were confirmed dead.’

Yamu also said that on the same date, operatives of the same Tactical Division recovered an English-made double-barreled shotgun with breech number 03273286 and two live cartridges in the forest around Idumogun Community in Ukoni area of Esan South East LGA during a bush combing operation.

He said the Commissioner of Police, Monday Agbonika, commended the gallantry of the operatives, hunters, and vigilante groups for their swift response and synergy in combating crime.

Agbonika assured members of the public that the Command remains resolute in its commitment to rid the State of criminal elements.

He urged members of the public to support the command’s Community Safety Partnership initiative and informal policing efforts in ensuring a safer Edo State.

He added, ‘For emergencies, the public can contact the Command through the following lines: 08037646272/08077773721.’

The Oyo State House of Assembly has called on the Executive Arm of Government to take deliberate and urgent steps to expand computer knowledge among students in public schools across the state.

This followed the adoption of a motion sponsored by the Minority Leader, Hon. W.A. Salami, during plenary.

The motion noted that computer literacy has become a fundamental requirement in modern education, enhancing interactive learning and better academic outcomes.

However, many public school students, especially in underserved areas like Oke-Ogun, Ibarapa, and parts of Oyo still lack access to digital education, putting them at a disadvantage in computer-based tests (CBT) such as the Unified Tertiary Matriculation Examination (UTME) conducted by JAMB.

Despite being academically sound, a significant number of students have failed to secure university admission due to poor CBT performance, often caused by unfamiliarity with basic computer operations.

In response, the House urged the government to intensify efforts to improve digital education in public schools, including establishing computer rooms, equipping them with necessary accessories, and integrating computer training from the primary school level.

It also called for collaboration with JAMB to set up CBT centres in all 14 federal constituencies of the state and encouraged partnerships with education-focused philanthropists, NGOs, and foreign donors.

The Speaker, Oyo State House of Assembly, Rt. Hon. Adebo Ogundoyin stressed the urgency of bridging the digital divide, noting that in today’s world, digital literacy is no longer optional.

He emphasized that students must be equipped with the skills required to compete and succeed in a technology-driven society.

The Speaker added that it was inclusive for the State Government to prioritise inclusive computer education as a tool for academic success and long-term development.

The Lawmaker representing the Akinyele/Lagelu federal constituency, Hon. Akinmoyede Olafisoye Wasiu, on Tuesday, 30th September 2025, facilitated a 150-million-naira training/empowerment programme on fish farming for no fewer than 600 fish farmers in his constituency.

The lawmaker facilitated the empowerment programme through the Cocoa Research Institute of Nigeria (CRIN) in conjunction with Holatekun International Services Limited for selected youths and women who specialized in fish farming in Akinyele/Lagelu federal constituency.

At the end of the one-day training held at the Faith Joe Event Centre, Alegongo, Ibadan, each of the beneficiaries was given artificial fish ponds, fingerlings, fish feeds, and N200,000 each as start-up capital.

Similarly, the lawmaker also facilitated another 3-day training on entrepreneurship basics and empowerment skills under the 2025 capital project support for vulnerable persons in Akinyele/Lagelu federal constituency.

At the end of the training attended by 100 youths within the Akinyele/Lagelu federal constituency, each participant also received #200,000 financial support for their businesses and certificates of participation.

Speaking on the two programmes, Hon. Akinmoyede Wasiu stressed that the motive behind the gesture was to teach the beneficiaries drawn from 26 wards in the Akinyele/Lagelu constituency to acquire necessary skills to be self-reliant and further reduce the level of poverty among the people in his constituency.

Hon. Lafi, who enjoined the beneficiaries to utilize the knowledge they acquired at the training and the money judiciously, disclosed that more empowerment programmes are underway for those who did not benefit from this one before the end of the last quarter of the year 2025.

The Oyo Central senatorial Chairman of the APC, Hon. Joshua Oyebamiji, who spoke on behalf of the party, stated that from what happened at the programme, coupled with Hon. Lafi’s impressive performance, who has been serving his constituents conscientiously, the party may have no choice than to stand by him for re-election because the APC today stands on justice and fair play.

Also speaking, a former Vice-chairman of APC in Oyo State, Alhaji Isiaka Alimi, also attested to Hon. Lafi’s outstanding performance, which, according to him, is quite different from his predecessors in the said federal constituency.

The coordinators of one of the training sessions, Mr Okunubi Goriola and some of the beneficiaries, Jimoh Ridwan Oladayo, Dr. Akintunde Isiaka, youth leader of Lagelu local government; Hon. Teslim Olomopupo, youth leader of Akinyele local government; Mrs Abosede Abodunrin, Women Leader of Lagelu local government; and Mrs Felicia Osunbunmi, Women Leader of Akinyele local government, appreciated Hon. Lafi for always accommodating the youth and women whenever he organises empowerment programmes for his constituents.

Some of the APC leaders who attended the programme include Alhaji Fatai Awoyoola, Engr. Akinniyi Emmanuel Akinbode, Arch. Hassan Giwa, Hon. Biodun Oladeji, Hon. D.A. Lawal, Hon. Mukaila Ambali, Hon. M.L. Lawal, Hon. Debo Arowomole, among others.

A lot has changed since our 64th Independence Day anniversary, a year ago-and positively so. Nigeria today is better positioned for enduring economic growth and prosperity than it has been in a long time.

In this piece, I would like to highlight the progress we have made as a nation over the past year.

External reserves have grown from $37 billion to $42 billion. The Naira has gained about 6 percent against the US dollar since a year ago. Headline inflation, which stood at 32.7 percent a year ago, has fallen to 20 percent and is still declining. The Central Bank has just cut interest rates for the first time in five years, reflecting rising confidence in macroeconomic stability. In June 2025, the International Air Transport Association (IATA) affirmed that ‘Nigeria [is] no longer on the list’ of countries where airline funds are blocked from repatriation.

Four landmark tax bills have been passed-the single largest fiscal reform in our recent history. On the strength of reforms that have grown revenues and blocked leakages, we have achieved the unprecedented feat of hitting the federal revenue target for the 12 months of 2025 in August-five months ahead of schedule.

In infrastructure, the presidential legacy projects have moved from fledgling ideas to visible, tangible wonders-mile after mile of imposing concrete roads stretching through communities from Lekki to Calabar to Enugu to Akwanga to Sokoto, and more. Across the country, state-of-the-art cancer centers, electricity substations, MSME hubs, student loans, cash transfers, and new Regional Development Commissions are impacting the lives of the Nigerian people.

In oil and gas, we have seen the conclusion of the historic IOC divestments, ushering in a new chapter of indigenous strength and capacity in our energy industry. We have also welcomed a $5 billion FID from Shell-in the Bonga North deepwater project-alongside several new gas supply agreements that will transform the LNG market both domestically and for export.

Many notorious terrorist and bandit leaders who were actively unleashing violence a year ago have been neutralised or are now in captivity, while our security agencies continue to score improvements in both capacity and synergy.

In sports, our women’s national teams made history: the Super Falcons with their Mission X triumph, and the D’Tigress with their Mission V success-five consecutive AfroBasket titles.

The past year has also brought Grammys, Guinness World Records, and our first official selection ever for the Cannes Film Festival-a testament to Nigerian grit and cultural genius.

The period has also seen several Nigerians elected or appointed into key international organisations, including the Vice Presidency of the International Association for Ports and Harbours; Vice Chairmanship of the International Telecommunication Union Council; Chairmanship of the World Customs Organisation Council; and the Executive Directorship of the WHO’s Health Emergencies Programme, among others.

Nigeria is now the AU’s Digital Trade Champion, and the designated provider of strategic sea support services to the Union, through the Nigerian Navy. And in January 2025, we attained the status of a BRICS partner country.

In the first half of 2025, Nigeria-China trade surged to $15.48 billion, a 34.7 percent increase compared to the same period in 2024. This comes almost exactly a year after our bilateral relations with China were upgraded to a comprehensive strategic partnership at the 2024 Forum on China-Africa Cooperation (FOCAC).

There is indeed much to celebrate, affirming President Tinubu’s uplifting charge to the nation on October 1, 2024: ‘While it is tempting to focus on what has been left undone and where we have stumbled as a nation, we must never lose sight of how far we have come in forging and holding our country together.’

Today, as we turn 65 and begin our 66th year as an independent nation, every word of that charge rings true. The road has been challenging, but the rewards have been real, and we have forged a bold path toward the light, just as the President promised.

At 65, a person is considered a senior citizen-typically retired from active service. But for a nation, 65 years of independence is not a long time; it is correct to say this is’morning yet on creation day’ for us. That said, we are no longer the traumatised 39-year-old that took tentative steps into democracy in 1999.

We have grown wiser, made mistakes, and learned from many of them. We have come to understand, by experience, what Winston Churchill meant when he said that ‘democracy is the worst form of government except for all those other forms that have been tried.’ We will never allow this democratic journey to be undermined.

Twenty-five years into this historic Fourth Republic, Nigeria has at its helm a bold and experienced reformer-one unafraid to take hard but necessary decisions for the country’s future; and with a vision to deliver a trillion dollar economy by 2030.

We are able to look ahead to the coming year with great hope and confidence that we are on the right path, moving in the right direction. In the next few weeks, preparations for the 2026 budget will gain momentum, with all hands on deck to deliver a budget that truly works for the people. And in January, the new tax laws will take effect, opening a new chapter of economic dynamism.

In his 2024 Independence Day address, President Tinubu urged: ‘I urge you to believe in our nation’s promise. The road ahead may be challenging, but we will forge a path toward a brighter future with your support.’

Looking at how the past 12 months have validated these powerful words-a challenging road that nonetheless opens up endless possibilities for growth, prosperity, and progress-I have no doubt whatsoever about the greatness that lies ahead as we begin the count down to our 66th Independence anniversary.

HOW will a transformed Africa look? I often find myself pondering the potential of this great continent-envisioning a redefined narrative, shifting from underdevelopment and dependency to one of innovation, integration, and global influence. Perhaps it will be economically integrated and self-reliant, trading more with itself and then the outside world. An energy powerhouse, with Pan-African renewable energy corridors powering industries, hospitals, homes, and schools. A fully digital Africa, with youth-driven innovation hubs rivaling Silicon Valley, solving African problems with African solutions. In this Africa, poverty will have drastically declined and inequality narrowed. Women and youth (who form the backbone of Africa’s labour force) will be central to economic growth. Our SMEs, which account for more than 80% of employment, will thrive alongside multinational corporations. Education systems will produce not just job-seekers but innovators, creators, and global leaders.

I am convinced that central to Africa’s transformation is unlocking cross-continental opportunities beyond trade alone. A key tool in realising this ambition is the African Continental Free Trade Area (AfCFTA)-a platform to reimagine Africa’s place in global markets. By number of participating countries, AfCFTA is the largest free trade area in the world, bringing together 54 of the 55 African Union (AU) member states. By landmass and participation, no other agreement is as extensive. Collectively, AfCFTA covers a market of about 1.4 billion people with a combined GDP of over $3.4 trillion. Its ambition is to eliminate tariffs on up to 90% of goods, reduce trade barriers, and open a truly continental market. The question is: how do we unlock this potential? Beyond trading goods, unlocking cross-continental business opportunities requires more than treaties and ambition. African governments must harmonise regulations, improve infrastructure, support the building of skills and create enabling environments for businesses to thrive. Currently, operating across Africa means navigating a patchwork of regulatory regimes, tax systems, and compliance requirements. Building resilient governance frameworks, standardising internal controls, and ensuring compliance with IFRS and country-specific tax codes are essential to avoid penalties, reputational risks, and operational disruptions.

Yet harmonisation under AfCFTA will not eliminate complexity overnight. Finance leaders must anticipate regulatory lag and proactively engage with policymakers to shape investor-friendly environments. Ensuring governance and regulatory certainty is therefore critical. Implementing predictable, transparent rules that reduce entry and operating costs, adopting rules of origin, mutual recognition of standards, and digital customs (such as e-certificates and risk-based inspections) are urgent, practical actions that we can apply to reimagine Africa’s global trade position. Africa’s digital economy, projected to reach $712 billion by 2050, is also reshaping how people connect, work, and do business. Pan-African fintechs, e-commerce platforms, and digital service providers already demonstrate how cross-border collaboration can leapfrog traditional development hurdles. The rise of digital payments, fintech platforms, and blockchain-enabled trade creates enormous opportunity-but only if backed by robust governance, sound risk management, strong cybersecurity, and ethical standards. This ensures businesses can scale with integrity.

At the heart of this transformation are accountants and finance leaders. Their roles extend far beyond number-crunching: they are the architects of trust, the stewards of capital, and the strategic partners who can unlock the opportunities of cross-continental business integration. By mobilising capital, strengthening financial reporting, improving transparency, and aligning business strategies with international standards such as ESG (Environmental, Social, and Governance) frameworks, finance professionals foster investor trust and make Africa an attractive destination for global capital.

With AfCFTA opening access to a $3.4 trillion market, accountants and CFOs are uniquely positioned to translate opportunity into tangible growth. By ensuring compliance with evolving regulations, navigating complex tax regimes, and designing financial systems that support cross-border transactions, they reduce risks of expansion and give businesses the confidence to operate seamlessly across Africa. For decades, Africa’s transformation has relied heavily on bold visions and political will. Now is the time to translate these ambitions into sustainable financial outcomes-shifting from fragmented markets to an integrated economic powerhouse that competes globally and delivers shared prosperity. In one of our reports – Journey to AU2063 : professional accountants empowering the AfCFTA agreement, we analyse the critical role of professional accountants in the operationalisation of the AfCFTA agreement. A deep dive into the current state of trade in Africa highlights the critical barriers to intra-continental trade and realising the objectives of the AfCFTA. The findings in this report cut across financial and non-financial barriers and the critical steps and competencies that finance professionals need to overcome them.

The accountancy and finance profession, acting as a super-connector is poised to play a critical role in building resilient and sustainable businesses and economies, developing future talent, advancing standards and regulations, transforming the public sector and supporting entrepreneurial growth while strengthening ethical rules. As we gear up for the Africa ACCA Members Convention in December 2025, to be held in Kenya, one of the key agendas is to lead conversations that define and demonstrate the key role of the profession in bringing the aspirations of AU2063 to life. We will explore and evaluate the challenges and impact of operationalising the AfCFTA, in view of the critical role accounting and finance professionals play in enabling its full implementation. Under AfCFTA, Africa’s economic integration represents both an immense opportunity and a formidable challenge. For CFOs and finance professionals, the task ahead is clear: design and execute financial strategies that enable scale across borders, de-risk investments, enhance transparency, and attract capital at the level Africa’s ambitions demand.

The Labour Party (LP) has extended warm congratulations to Nigerians on the occasion of the country’s 65th Independence anniversary, describing it as a moment for reflection, recommitment, and collective resolve.

In a statement released from the Labour Party Secretariat in Abuja and signed by its national secretary, Hon. Umar Farouk Ibrahim Mairakumi, hailed the resilience of the Nigerian people and emphasised the urgent need to deepen democratic values, promote social justice, and build a nation that works for all.

‘October 1st is not just a date-it is a symbol of our shared struggle, our triumph over colonialism, and our enduring hope for a better Nigeria. At 65, we must ask ourselves: are we living up to the promise of independence?’ he said.

The statement reiterated the Labour Party’s commitment to the principles of equity, transparency, and people-centred governance. He called on leaders across political divides to prioritize the welfare of citizens and uphold the dignity of every Nigerian, regardless of ethnicity, religion, or social status.

‘True independence is not merely political-it is economic, social, and moral. It means ensuring that every Nigerian has access to quality education, healthcare, security, and opportunity. It means lifting millions out of poverty and restoring faith in our institutions,’ he added.

He also praised the growing political consciousness among Nigerian youth and urged them to remain engaged in shaping the future of the country through active participation and civic responsibility.

‘The youth are not just the future-they are the present. Their voices, their energy, and their vision are essential to building the Nigeria we all dream of.’

As Nigeria marks this milestone, Hon. Farouk called for unity and peaceful coexistence, stressing that the country’s diversity should be a source of strength, not division.

‘Let us rise above the politics of hate and embrace the politics of progress. Let us build bridges, not walls. Nigeria belongs to all of us, and together, we can make it thrive.’

He concluded by wishing all Nigerians a joyful Independence Day celebration and reaffirmed the Labour Party’s unwavering dedication to the ideals of social democracy and national renewal.

Adamawa State governor, Ahmadu Umaru Fintiri, has inaugurated a new Pension Committee tasked with ensuring fairness, transparency, and timely settlement of arrears owed to retired civil servants in the state.

The Secretary to the State Government (SSG), Auwal Tukur, performed the inauguration on Monday at the State Secretariat Complex in Yola on behalf of the governor.

Tukur said the administration remains committed to easing the financial burden of retirees who have faced delays in receiving their entitlements.

As part of the renewed effort, Fintiri approved ?8 billion for the payment of pension liabilities. Of this, ?5 billion is allocated to state pensioners and ?3 billion to local government retirees across the 21 LGAs. He noted that payments would follow a ‘first retired, first served’ system to prevent favoritism.

The SSG commended the work of the previous committee and expressed confidence in the new team chaired by Engineer Benson Jelani.

‘The selection of the committee members was based on their competence and proven track records,’ Tukur said. ‘We trust that under Engr. Jelani’s leadership, this committee will perform with diligence and integrity.’

In his remarks, Jelani thanked the governor for the trust placed in the committee and pledged to carry out its duties with fairness and accountability.

‘We assure His Excellency and the good people of Adamawa that we will execute our duties without fear or favour,’ he said.

The committee’s reconstitution comes as calls for pension reform grow nationwide, with many states still burdened by large outstanding pension liabilities.

In a decisive and unprecedented crackdown that caught all actors unaware, the Director General of the National Agency for the Prohibition of Trafficking in Persons (NAPTIP), Binta Adamu Bello, today led a high-powered special operation at the Nnamdi Azikiwe International Airport, Abuja, resulting in the dramatic rescue of 24 victims of human trafficking and the arrest of five suspected trafficking agents.

Among the suspected human traffickers arrested at the airport was a retired Senior uniform Officer with one of the foremost Law Enforcement Agency in Nigeria who is alleged to be a prominent member of the trafficking syndicate operating within the South West region of Nigeria.

The well-planned action, which was hailed by other travelers at the airport, was a continuation of the newly unveiled anti-human trafficking efforts and onslaught against human trafficking by the Director General, targeting recruitment hubs, trafficking spots, and routes within Nigeria.

It would be recalled that following reported increased cases of recruitment and trafficking of Nigerians for various forms of exploitation both within and outside the Country, the Director General of NAPTIP, Binta Adamu Bello, had, few months ago, ordered a step up surveillance and monitoring of all parts of the Country with greater attention on motor parks, water ways in the coaster States as well as International airports.

The latest raid followed a tip-off from concerned stakeholders and partners who alerted to an influx of suspected human trafficking victims at the Nnamdi Azikwe International Airport, Abuja, and the unwholesome activities of some suspected traffickers.

At the end of nearly 6 hours of operation, the human trafficking activities were completely disrupted, leading to the arrest of five suspected traffickers and the rescue of 24 suspected victims.

The victims whose ages range between 15 years to 26 years were recruited from Kano, Kastina, Oyo, Ondo and Rivers States, and were heading to Iraq, Sudan, Egypt, Saudi Arabia, Bahrain, and Afghanistan.

While a good number of the victims could not communicate in any other language apart from their dialect, others do not even know the location of their intended Country of destination.

‘They told my mother that they are taking me to Europe, where I will work and earn dollars. My parent were happy and they allowed me to follow them’, one of them said.

It was another mild drama at the Headquarters of NAPTIP as one of the victims vowed to ensure the prosecution of her father for deceiving her into embarking on the journey.

This was after the Director General had personally counselled the victims and enlightened them with a series of video clips of some stranded Nigerians and those on life support after being exploited at the destination Countries.

The victim said, ‘I struggled to hold my emotions while watching the video of those girls who were being maltreated and beaten by the traffickers. If that is what awaits me there, I will not go. I am seriously annoyed with my father because he deceived me. My father told me that his friend has a job for me at a supermarket in Baghdad.

He did not tell me that it is in Iraq. I know that Iraq is not a good place to work for now to work due to the crisis there, but I did not know that Baghdad is in Iraq.

I thank DG and her Officers for rescuing me, pls, I just need my Passport, I want to go back to my town and settle. I will certainly make it here rather than suffer in another country’, the victim, whose father was among the traffickers arrested, yielded in her local dialect.

Speaking on the development, the Director General of NAPTIP, Binta Adamu Bello, expressed sadness over the activities of some suspected human traffickers and unregistered labour recruiters who have continued to deceive, recruit, and traffic Nigerians for various forms of exploitation.

‘I am impressed with the outcome of the operation today because we were able to arrest five suspected members of the trafficking gang that have been recruiting and trafficking our citizens to various tension-soaked countries, especially in the Middle East, for exploitation.

‘We observed that the Nnamdi Azikwe International Airport is becoming a comfort zone for these traffickers, and that is why we have decided to shift attention to this airport.

We will sustain this raid until they stop this unpatriotic and illicit trade in human beings.

‘I was amazed that a father, who is a retired Law Enforcement Officer of senior Cadre, deceived his daughter and packaged her to be trafficked to Iraq for exploitation.

This is incredibly unbelievable. Well, all of them will be thoroughly investigated, and they will face the law.

‘I sincerely thank and appreciate the Director General of the Federal Airport Authority of Nigeria (FAAN), the Nnamdi Azikwe International Airport Manager, and all the wonderful personnel of the authority for their support for us at NAPTIP.

I also appreciate the collaboration of the Department of State Service (DSS) operatives at the Airport, the Airport Security Personnel, Immigration Officers, and airline operators for their support.

‘Human trafficking is a visible national concern, and we all must be on the same page to turn the heat on the traffickers. Our resolve to ensure the protection of Nigerians from all forms of exploitation is firm and resolute’, the Director General of NAPTIP declared.

President Bola Tinubu says he is relieved, urging Nigerians to be understanding amid the difficult times as the nation marks its 65th independence anniversary.

He says the joy stems from the conviction that the country had seen its worst times and it’s now on the path of recovery, achieving milestones, especially in the last two years.

Tinubu did the assessment in an Independence Day speech he delivered on October 1, noting specifically that henceforth, Nigerians should celebrate and savour the better times, a marked departure from when in 2023, he inherited a ‘near-collapsed economy caused by decades of fiscal policy distortions and misalignment that had impaired real growth.’

A substantial portion of his 10-page independence address was devoted to the milestones his administration recorded and why the people must not lose hope now that the good days are returning.

Sounding elated, Tinubu noted, ‘I am pleased to report that we have finally turned the corner. The worst is over, I say. Yesterday’s pains are giving way to relief. I salute your endurance, support, and understanding. I will continue to work for you and justify the confidence you reposed in me to steer the ship of our nation to a safe harbour.’

Talking about the economy, where he said much of the turnaround was achieved, the president reported, ‘Under our leadership, our economy is recovering fast, and the reforms we started over two years ago are delivering tangible results.

‘The second quarter 2025 Gross Domestic Product grew by 4.23%-Nigeria’s fastest pace in four years-and outpaced the 3.4 percent projected by the International Monetary Fund. Inflation declined to 20.12% in August 2025, the lowest level in three years. The administration is working diligently to boost agricultural production and ensure food security, reducing food costs.

‘In the last two years of our administration, we have achieved 12 remarkable economic milestones as a result of the implementation of our sound fiscal and monetary policies:

‘We have attained a record-breaking increase in non-oil revenue, achieving the 2025 target by August with over N20 trillion. In September 2025 alone, we raised N3.65 trillion, 411% higher than the amount raised in May 2023.’

He spoke of the scores recorded in debt-to-revenue performance and the foreign reserves standing.

Tinubu explained, ‘We have restored Fiscal Health: Our debt service-to-revenue ratio has been significantly reduced from 97% to below 50%. We have paid down the infamous ‘Ways and Means’ advances that threatened our economic stability and triggered inflation. Following the removal of the corrupt petroleum subsidy, we have freed up trillions of Naira for targeted investment in the real economy and social programmes for the most vulnerable, as well as all tiers of government.

‘We have a stronger foreign Reserve position than three years ago. Our external reserves increased to $42.03 billion this September-the highest since 2019.’

On the tax-to-GDP performance, and exports, the President also said his administration deserved a pat on the back.

According to him, ‘Our tax-to-GDP ratio has risen to 13.5 per cent from less than 10 per cent. The ratio is expected to increase further when the new tax law takes effect in January. The tax law is not about increasing the burden on existing taxpayers but about expanding the base to build the Nigeria we deserve and providing tax relief to low-income earners.

‘We are now a Net Exporter: Nigeria has recorded a trade surplus for five consecutive quarters. We are now selling more to the world than we are buying, a fundamental shift that strengthens our currency and creates jobs at home.

‘Nigeria’s trade surplus increased by 44.3% in Q2 2025 to N7.46 trillion ($4.74 billion), the largest in about three years. Goods manufactured in Nigeria and exported jumped by 173%. Non-oil exports, as a component of our export trade, now represent 48 per cent, compared to oil exports, which account for 52 per cent. This signals that we are diversifying our economy and foreign exchange sources outside oil and gas.’

On crude oil production, he gave the update thus, ‘Oil production rebounded to 1.68 million barrels per day from barely one million in May 2023. The increase occurred due to improved security, new investments, and better stakeholder management in the Niger Delta. Furthermore, the country has made notable advancements by refining PMS domestically for the first time in four decades. It has also established itself as the continent’s leading exporter of aviation fuel.’

Other areas worthy of celebrating, according to Tinubu, are the state of the Naira, the success of the Social Investment Programme and the expansion of infrastructure, including roads and rail lines.

He went on, ‘The Naira has stabilised from the turbulence and volatility witnessed in 2023 and 2024. The gap between the official rate and the unofficial market has reduced substantially, following FX reforms and fresh capital and remittance inflows. The multiple exchange rates, which fostered corruption and arbitrage, are now part of history. Additionally, our currency rate against the dollar is no longer determined by fluctuations in crude oil prices.

‘Under the social investment programme to support poor households and vulnerable Nigerians, N330 billion has been disbursed to eight million households, many of whom have received either one or two out of the three tranches of the N25,000 each.

‘Coal mining recovered dramatically from a 22% decline in Q1 to 57.5% growth in Q2, becoming one of Nigeria’s fastest-growing sectors. The solid mineral sector is now pivotal in our economy, encouraging value-added production of minerals extracted from our soil.

‘The administration is expanding transport infrastructure across the country, covering rail, roads, airports, and seaports. Rail and water transport grew by over 40% and 27%, respectively. The 284-kilometre Kano-Kastina-Maradi Standard Gauge rail project and the Kaduna-Kano rail line are nearing completion.

‘Work is progressing well on the legacy Lagos-Calabar Coastal Highway and Sokoto-Badagry Highway. The Federal Executive Council recently approved $3 billion to complete the Eastern Rail Project.

‘The world is taking notice of our efforts. Sovereign credit rating agencies have upgraded their outlook for Nigeria, recognising our improved economic fundamentals. Our stock market is experiencing an unprecedented boom, rising from an all-share index of 55,000 points in May 2003 to 142,000 points as of September 26, 2025. At its last MPC meeting, the Central Bank slashed interest rates for the first time in five years, expressing confidence in our country’s macroeconomic stability.’

Tinubu didn’t forget to touch on insecurity, a major concern of the country in recent decades, with some analysts insisting that the situation has continued to worsen.

But Tinubu, disagreeing with the position, argued that security agencies had taken the fight to the doorsteps of insurgents, kidnappers, and bandits under his watch.

‘We are working diligently to enhance national security, ensuring our economy experiences improved growth and performance. The officers and men of our armed forces and other security agencies are working tirelessly and making significant sacrifices to keep us safe. They are winning the war against terrorism, banditry and other violent crimes. We see their victories in their blood and sweat to stamp out Boko Haram Terror in North-East, IPOB/ESN terror in South East and banditry and kidnapping. We must continue to celebrate their gallantry and salute their courage on behalf of a grateful nation.

‘Peace has returned to hundreds of our liberated communities in North-West and North-East, and thousands of our people have returned safely to their homes,’ he concluded.

Through the instrumentality of Nigerian Education Loan Fund (NELFUND), Tinubu said the country’s youth could now hope to get the education they would need without financial uncertainty.

‘You are the future and the greatest assets of this blessed country. You must continue to dream big, innovate, and conquer more territories in your various fields of science, technology, sports, and the art and creative sector. Our administration, through policies and funding, will continue to give you wings to fly sky-high. We created NELFUND to support students with loans for their educational pursuits.

‘Approximately 510,000 students across 36 states and the FCT have benefited from this initiative, covering 228 higher institutions. As of September 10, the total loan disbursed was N99.5 billion, while the upkeep allowance stood at N44.7 billion,’ he disclosed.

Other initiatives the president said had yielded fruits included Credicorp, which granted 153,000 Nigerians N30 billion affordable loans for vehicles, solar energy, home upgrades and digital devices; and YouthCred, a consumer credit for resettlement, accessible to NYSC members.

Tinubu, while admitting that some of the reforms he introduced, especially the removal of fuel subsidies, must have come at huge pains to Nigerians, said the alternative would have been to allow the country to rot to a point it could no longer be salvaged.

To many, who hold the view that Nigeria at 65 remains a sleeping giant with little to celebrate, Tinubu advised them to embark on a journey back in time and do the comparison.

He observed, ‘Although, it is much easier for those whose vocation is to focus solely on what ought to be, we must recognise and celebrate our significant progress. Nigerians today have access to better education and healthcare than in 1960. At Independence, Nigeria had 120 secondary schools with a student population of about 130,000.

‘Available data indicate that, as of 2024, there were more than 23,000 secondary schools in our country. At Independence, we had only the University of Ibadan and Yaba College of Technology as the two tertiary institutions in Nigeria. By the end of last year, there were 274 universities, 183 Polytechnics, and 236 Colleges of Education in Nigeria, comprising Federal, State, and private institutions.

‘We have experienced a significant surge in growth across every sector of our national life since Independence-in healthcare, infrastructure, financial services, manufacturing, telecommunications, information technology, aviation and defence, among others. Our country has experienced both the good and the bad times in its 65 years of nationhood, as is normal for every nation and its people. We fought a bitter and avoidable civil war, experienced military dictatorships, and lived through major political crises.

‘In all these, we weathered every storm and overcame every challenge with courage, grit, and uncommon determination.’

Federal Inland Revenue Service (FIRS) chairman, Dr Zacch Adedeji, speaks on two years of his headship of the apex tax agency, the reforms of President Bola Tinubu and what the economy stands to gain from next year.

It is two years since you took over as chairman of the Federal Inland Revenue Service (FIRS). How has the journey been and what would you give as your achievements in the agency?

When we set out on this journey, our mind was set on reforming the fiscal landscape of Nigeria and consequently changing the revenue structure of the Federation. To the glory of God, two years on, the figures are justifying that the reforms we embarked upon were the right steps to take. Let me start from the latest evidence, for the first time the three tiers of government shared a record monthly allocation in excess of N2trillion. States and local government councils are now more empowered to carry out their responsibilities to Nigerians in their domains. Nearly 70 per cent of what the three tiers of government gather every month to share comes from tax revenue collected by FIRS. This is an eloquent testimony to the reforms spearheaded by President Bola Ahmed Tinubu. So, all credits must go to the president for the courage he has demonstrated in leadership by setting the economic fundamentals right in order for the reforms to bring plenty fruits and gains for the Federation. By removing subsidy on petrol and collapsing the hitherto dual exchange rate windows, floating the Naira consequently, the health of the Federation account has blossomed greatly, as there are no bogus subsidy claims that would naturally have depleted the accruals into the pool.

In addition to these, the President in his inaugural speech, promised to make his industrial and economic policy one that will remove hurdles in the way of businesses. As a follow up to that, he set up a committee which worked so hard with other stakeholders to bring about the new tax laws that will go into effect from January next year. This is the best thing that has happened to Nigeria’s fiscal ecosystem since Independence in 1960. The President has fulfilled his promise to make businesses flourish by removing all burdens and hurdles. This has been done with the new tax laws which will eliminate multiple taxes. The president said we should not have more than single digit tax types and that has been achieved now. The various tax laws which are scattered in several legislations have now been consolidated and streamlined into a single document. Tax is not easy to collect anywhere in the world and it will be made more difficult if taxpayers go through unnecessary hurdles before they can pay taxes. The fact that these laws were scattered in various legislations gives room for different applications and make compliance cumbersome. But all that is history now. Perhaps the biggest deal for Nigerians is that food, education, shared transportation, agriculture are going to be VAT-free. This will have positive effect on more than 80 per cent of Nigerians. This is in addition to the tax adjustment of personal income of those in the low-income brackets. Small businesses with turnover of N50 million will not pay tax. All these go to show that President Tinubu is a compassionate leader who knows there the shoes pinch for businesses. A more business-friendly environment has now been created with these new laws.

As an agency, FIRS has grown in leaps and bounds in the last two years. Carrying out the president’s mandate, we re-structured our internal operations from the functional tax typologies to a customer-centric approach. Now, all tax types are paid at a one-stop shop. How do I mean? We put the taxpayers into the emerging tax, medium and government tax as well as large tax buckets. The categorisation is done according to the turnover thresholds of the companies, with those having turnover of N5 billion and above in the large taxpayers’ bucket. What this means is that these companies pay all the tax types they need to pay at a single tax office which caters for their categories. We no longer have a situation where several offices or units are writing the same company and asking for different things about the VAT or CIT and so on. This has engendered a shift in the mental geography of our staff and has seen a transition to a Federal Inland Revenue Service that is customer-focused. We are service providers to the taxpayers rather than coming across to them as a tax law enforcement agency. Non-oil tax revenue has grown exponentially and for the first time in a long while, we met and surpassed our oil and gas tax revenue target for this year, thanks to the improved security situation in the country which has energised the oil companies to grow and make profits.

Despite your praise for the President, there are those who say much has not really been done for the country and its citizens since he took over in 2023?

Even you journalists know that it will be inaccurate for anyone to come with such claims. Yes, the removal of subsidy on petrol created some disruptions in the living conditions of most Nigerians. Transportation costs went up, as did prices of goods and services. The disruptions can be likened to the pain of a woman in labour. After she is delivered of the baby, comfort and bliss will follow. To cushion the effect, President Tinubu came up with the compressed natural gas initiative which has seen millions of vehicles converted from petrol to CNG. CNG buses were also procured and distributed to states. From the height that it went earlier in the year, petrol price is coming down. Don’t forget that we also came up with the crude-for-naira initiative which is helping local refiners get access to crude oil in naira. The exchange rate that went up is also coming down. The FX market has navigated away from arbitrage which used to be the order of the day. Foreign airlines and others were owed $7 billion by Nigeria. President Tinubu came and cleared the debt. About 90 per cent of revenue was devoted to servicing debt, but the rate has gone down to about 50% in two years. Tax-to-GDP ratio was 10 per centwhen we took over, now it is 13.5 per cent. But that is not where we are going. We are aiming to beat Africa’s average of 15 per cent and achieve 18 per cent by 2027. External reserves have climbed up to $41 billion from $4 billion. The Nigeria Education Loan Fund (NELFUND) created by the President Tinubu has seen almost N90 billion disbursed to over 450, 000 students across the country.

There are many road projects going on and some completed across the country, covering all the six geo-political zones. These roads are opening up economic corridors across the country. Federal allocations to state have grown by almost 70%, enabling them to enjoy a great level of fiscal stability and debt management. According to the figures from DMO, about 30 states repaid N1.85trillion in debt over 18 months. We should keep these figures in perspective when X-raying this Administration.

What is the truth about this 5% surcharge on petrol?

The problem with the people bandying this about is either that they don’t read or they read but do not understand. In my earlier comments, I said there were many laws about taxes which were scattered in various legislations, making compliance difficult for taxpayers. To remove the burden, we harmonised these laws into a single document and one of such laws is the petrol tax. The law had existed under the FERMA Act 2007 and the purpose was to use the money therefrom for road maintenance. The new law lays down the procedure for this provision to come into effect. There must be a commencement order from the Minister of Finance which will be publicly announced and also gazetted. So, it does not automatically mean that this provision will go into effect from January next year. Remember, one of the first set of reliefs President Tinubu brought to Nigerians was to remove 7.5 per cent VAT on diesel. Is it that same president that will now impose additional cost on petrol for the citizens at this time?

Why was FIRS changed to Nigeria Revenue Service and what should taxpayers expect from the agency when it goes full throttle next year?

Let me start from what the taxpayers should expect from us. They should expect a fair tax administration that will also come without hassles. Our core mandate is simple: assess, collect and account for revenue accruing to the Federation. In doing this, we will be fairer as a tax authority and continue to provide quality service to our only customers, that is, the taxpayers. The president has done a lot in bringing reliefs to Nigerians and businesses with the new tax laws. Compliance should be easier now and of course our advocacy has been on voluntary compliance. Do the right thing at all times and don’t wait till our tax people visit your premises. If they have any issue, they should get in touch with us. With the new tax laws, evasion will be pretty difficult. Companies should be diligent in their tax planning. Those who still think they can find a way to game the system will find out that evasion or trying to cut corners will be costlier than being compliant and honest.

There is one proverb in my language, ‘If the main course is not satisfying, there is nothing anybody can give you as a gift that will be enough.’ So, if within, we cannot develop Nigeria, nobody will come and develop it for us. President Tinubu’s mantra has always been: ‘I’m not here to tax poverty; I’m here to tax prosperity. My government will tax the fruits of your investments and not the seeds.’ When companies are doing well and are making profits and are expanding their operations, we will benefit from their doing well. The tax rate is simple. If the base is 10, we will have three. If the base increases to 20, we will have six. If the base increases to 30, we will have nine. So, if I want to have more, it’s not by going on an aggressive revenue drive. It is to help the companies to do well and that is when I will do well too. So, that is why, for us at Nigeria Revenue Service, we are here to remove all the hurdles in the way of our taxpayers. This is what President Tinubu has done with the new tax laws. He has fulfilled his electoral promise and we should all commend him for being a promise keeper.

On why we are changing from Federal Inland Revenue Service to the Nigeria Revenue Service, the word federal in the name of the agency gives the erroneous impression that we are only collecting tax revenue for the federal government. When you say ‘Inland’, it wrongly means we are only collecting money from Nigeria, which is not what we are doing. I will give you examples. We collect VAT, 90% of which is for states. When you therefore say ‘federal’, it means we are not representing what we do. The new name, NRS, shows we are the sole tax authority for all revenue collection for the Nigerian federation according to our laws.