Category: The Nation – Nigeria

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 N50m 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 N5b 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 done much 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 $7b 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 per cent in two years. Tax-to-GDP ratio was 10% when we took over, now it is 13.5%. 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 $41b from $4b.

The Nigeria Education Loan Fund (NELFUND) created by the President Tinubu has seen almost N90bn 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% 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.

Director General, Nigerian Copyright Commission (NCC) Dr. John Asein, has reiterated the commission’s commitment to providing an enabling environment for right owners to maximise the return on their creative endeavour, while users are allowed legitimate access in return for their user licence.

This, he said, is provided for in the Commission’s Collective Management Regulations 2025, which seek to entrench accountability and transparency in the collective management system, ensuring that right owners are fairly remunerated and users have a seamless and trustworthy means of clearing rights.

He stated that licensing of public performance rights should be straightforward and driven by good-faith negotiations.

He noted that where disagreements arise, the Act and the Regulations provide for prompt recourse to the Commission’s Dispute Resolution Panel. This mechanism, he said, is available to ensure that disputes are resolved efficiently, without acrimony, and in a way that sustains mutual respect and good business practice.

Dr. Asein spoke at the colloquium on Copyright Licensing of Public Performance Rights to mark African Copyright and Collective Management Day 2025 held in Abuja last Wednesday. The gathering was attended by key stakeholders in the creative sector, including collaborating partners such as the WIPO Nigeria Office, Audiovisual Rights Society of Nigeria, and Musical Copyright Society Nigeria (MCSN), which partnered with the Commission to make the programme possible.

Also at the colloquium were the keynote speaker, the Director-General National Council for Arts and Culture, Mr. Obi Asika, and the guest speaker, Chief Samuel Alabi, a leading voice in hospitality, among others.

Setting the tone for the session, Dr. Asein said the major focus of the colloquium was the licensing of public performance rights through the collective management system. He stressed that while copyright law grants authors a wide bundle of rights, the right of public performance is among the most intricate, because of its diverse application in user environments.

‘It is also one of the most contested, often prone to misunderstanding and distortion. Our expectation is that the expert presentations and practical perspectives shared here will help us achieve greater cohesion and mutual respect in the licensing of public performance rights,’ he added.

On the Ecosystem and the obligation to comply, he said, ‘There is no doubting the fact that several businesses rely heavily on creative content to enhance their competitiveness and add value-whether in broadcasting, telecommunications, hospitality and tourism, advertising, or even aviation. It is only fair that while they benefit from the creativity of others, they also support the sustainability of creativity by obtaining proper licences.

‘The Copyright Act 2022 makes this obligation clear. Hotels and hospitality businesses must secure licences before publicly performing music, films, or broadcasts. While some may be tempted to cut corners, they must recognise that musicians, recording companies, actors, and film producers deserve to recoup from the secondary use of their works.

When their creations are woven into the ambience of a hotel lobby, a guest room, or a restaurant, they are no less part of the hotel’s commercial attraction than the décor or the service. It is, therefore, a matter of equity that they are fairly compensated.

Cable and broadcasting organisations also carry distinct responsibilities. By transmitting content into homes, hotels, and public venues, and by providing decoders or other devices, they sit at a crucial point in the value chain. The scope of the licence they offer to subscribers must be unambiguous.

A subscription licence does not automatically confer rights of public performance in commercial spaces. Hotels and similar establishments must still obtain performance licences for such uses. This clarity is vital to avoid misuse, ensure compliance, and safeguard the legitimate interests of content creators.’

While identifying lessons from the Courts and global best practice as references, Dr. Asein cited the Federal High Court (Hon Justice Obiora Egwuatu) judgment in the recent case of Reiz Continental Hotel Ltd Vs. Audiovisual Rights Society of Nigeria Ltd/Gte (on 24th July, 2025), which reaffirmed the position of the law when it declared that:

‘The defendant (i.e, AVRS) is entitled to enforce the rights assigned to it against third parties, including the plaintiff herein (i.e, Reiz Continental Hotel). As a lawful assignee and holder of copyright in various audiovisual works, the Defendant is also entitled in law to grant a copyright licence to the Plaintiff, in respect of use of audiovisual works by the Plaintiff, which would, without such a licence, amount to an infringement of the copyright of the Defendant.

‘That decision has unequivocally affirmed that public performance rights are enforceable and that compliance is not optional. These pronouncements align with jurisprudence in other jurisdictions. Incidentally, the plaintiff in that case, Reiz Continental Hotel Ltd., had approached the court asking, among other things, for a declaration that the AVRS could not demand copyright fees for audiovisual works enjoyed by the hotel as AVRS is not the owner of the works; and that the hotel was only a recipient of the broadcasts by television and radio stations.’

According to him, the Commission had earlier issued a Copyright Advisory warning users of copyright works, especially hotels and other businesses in the hospitality business, to regularize their operations by obtaining appropriate licences for the use of copyright works from copyright owners or the collective management organizations representing them. ‘The judgment in the Reiz Continental Case has reaffirmed the position of the Commission.’

He stressed that for the avoidance of doubt, the licence granted to Multichoice Nigeria Ltd, the paid satellite television service that provided the contrivances through which the hotel accessed the audiovisual works in question, did not avail the hotel.

‘We therefore call on Multichoice and all other cable stations to make full disclosure to their commercial subscribers on the limits of the licence granted at the point of subscription. International licensing systems have shown the importance of transparency and business certainty while ensuring creators are paid. Collective management succeeds where users are provided clarity and the right owners are treated fairly. Nigeria subscribes to this ideal,’ he noted.

Here’s to every Nigerian we have been a Padi of Life to, who has had the will to Fire On,

the joy to Taste The Ahmazing and the motivation to stay Thirsty For More.

HAPPY INDEPENDENCE DAY

SEVEN-UP BOTTLING COMPANY (SBC)

The Nigeria Immigration Service (NIS) announced on Wednesday that it would begin nationwide enforcement against persons who overstayed in the country in violations of visa amnesty granted by the government.

The expiration of the Federal Government’s three-month visa amnesty programme begins on October 1, 2025.

The crackdown targets foreign nationals who failed to regularise their immigration status during the grace period.

A statement by the spokesman of the NIS, Akinsola Akinlabi, warned that offenders would face fines, deportation, or lifetime entry bans.

‘With the expiration of the amnesty period, effective October 1, 2025, enforcement actions will commence nationwide against foreign nationals who have overstayed their visa or violated their entry conditions,’ Akinlabi said.

The enforcement covers a wide category of foreigners, including those with expired Visa on Arrival (VoA), expired single- and multiple-entry short visit or business visas, as well as holders of expired Comprehensive Expatriate Residence Permit and Automated Cards (CERPAC).

According to the NIS, foreigners who have overstayed by less than three months risk removal, a $15 daily fine, or a two-year entry ban.

Those who have overstayed between three months and one year face removal, a $15 daily fine, or a five-year entry ban. Overstayers of one year and above face removal, a 10-year entry ban, or a permanent ban from Nigeria.

The Service said the measures are aimed at safeguarding national security and ensuring lawful migration.

‘The Nigeria Immigration Service remains committed to enforcing the law, protecting national interests, and promoting transparency and efficiency across all immigration processes,’ Akinlabi said.

The Federal Government has reaffirmed its commitment to improving the welfare and recognition of teachers in the country.

The government gave the assurance ahead of this year’s World Teachers’ Day, with the theme: Recasting Teaching as a Collaborative Profession. The event is celebrated globally on October 5 to honour teachers and recognise their contributions to education and society.

The day was first proclaimed in 1994 by the United Nations Educational, Scientific and Cultural Organisation (UNESCO), in collaboration with the International Labour Organisation (ILO), Education International (EI), and UNICEF, following the 1966 ILO/UNESCO recommendation concerning the status of Teachers.

The Minister of Education, Dr. Olatunji Alausa, alongside the Minister of State for Education, Dr. Suwaiba Said Ahmad, spoke at a symposium in Abuja.

Alausa described teachers as the custodians of knowledge, the builders of character, and the architects of the nation’s future.

The minister applauded teachers for being the foundation of every profession, stressing that their sacrifices keep the country alive.

He said: ‘Honestly, you have the most important and the best profession in the country. Who makes a doctor? Who makes an engineer? Who makes a professor? It is the teacher. That is why the government is working assiduously to come up with better packages for you. Light is at the end of the tunnel.

‘For too long, teaching has often been practiced in isolation. But when teachers collaborate, students are the ultimate beneficiaries. They receive richer, more engaging instruction and witness firsthand the power of teamwork and shared responsibility.’

Alausa also assured teachers that the Bola Ahmed Tinubu administration was determined to provide the recognition, training, and support they needed to thrive.

‘When you want the highest quality of education, what do you need? A high-quality teacher. And when you want a high-quality teacher, what should you do? Give them the recognition, the support, the training, and the cooperation that they need,’ he added.

The minister praised teachers for producing world-class graduates who continue to excel globally.

‘Anywhere in the world, when they say a Nigerian student becomes a professional, they do so well. That’s the output of your work. We know we can’t pay you enough, but be proud of yourselves. On behalf of the President, I commend you for your sacrifices, your diligence, and your commitment to building our nation,’ Alausa added.

Rite Foods Limited has reaffirmed its commitment to reducing greenhouse gas emissions through sustainable innovations in its manufacturing processes.

The spoke while hosting reporters on a tour of its Energy Centre in Ososa, Ogun State, as part of activities that marked this year’s World Ozone Day. The day highlighted the importance of collective global action in protecting the ozone layer-earth’s natural shield against harmful ultraviolet radiation-and reinforces the need for continued efforts to tackle broader environmental challenges such as climate change and pollution.

Speaking during the tour, General Manager, Operations, Olufemi Ajileye, said the company is determined to set the pace in sustainable manufacturing with world-class processes that conserve energy, protect the environment, and cut carbon emissions.

At its factory, the company deployed fully automated systems, energy-efficient technologies, renewable energy, and advanced carbon-free infrastructure-all designed to safeguard the ozone layer and minimize its ecological footprint.

Head of Corporate Affairs and Sustainability, Ekuma Eze, explained that sustainability was embedded in the facility’s design. According to him, the company’s unique energy mix-92per cent gas, 6.5per cent diesel, and 1.5per cent solar-alongside low-emission technologies has kept its carbon intensity below 800gCO2/lpb, far lower than the industry average of 1,300-2,500gCO2/lpb.

‘This demonstrates our commitment to cleaner energy sources, cutting greenhouse gas emissions, and protecting the ozone layer,’ Eze said.

Ajileye added that the factory’s cooling plant is equipped with advanced safety systems that ensure zero ammonia leaks and eliminate harmful emissions. This, he said, not only protects the environment but also guarantees the highest standards of product quality and safety.

Beyond factory operations, the company extends its environmental stewardship through its CSR pillars-Education, Youth Empowerment, Environmental Stewardship, and Community Development (EYEC). Its flagship programme, RiteOnTheBeach, has championed ecological conservation along Lagos’ coastlines by promoting plastic waste recovery, recycling, and community-led clean-ups that generate jobs and fund school supplies for children in underserved communities.

These initiatives, the company noted, reflect its commitment to circular economy practices that reduce waste, empower communities, and protect future generations.

Rite Foods’ efforts have not gone unnoticed. The company was recently named Food Company of the Year 2024 at the Independent Media Awards. Its portfolio-which includes 13 Bigi Carbonated Soft Drink variants, Bigi Premium Drinking Water, Sosa Fruit Drink in five flavours, Nigeria’s No. 1 Fearless Energy Drink, and Rite Spicy Beef and Bigi Beef Sausage Rolls-continues to refresh millions of consumers nationwide, proudly produced to world-class standards.

Activist lawyer , Femi Falana (SAN), yesterday urged the judiciary to urgently determine the constitutional validity of the emergency rule recently lifted in Rivers State.

Falana warned that leaving the matter unresolved would set a dangerous precedent for Nigeria’s democracy.

Falana, in a statement issued yesterday, warned that without a judicial pronouncement, Section 305 of the Constitution-which empowers the President to declare a state of emergency-could be abused to settle political scores.

President Bola Tinubu had on September 17, 2025, announced the cessation of emergency rule in Rivers State and reinstated Governor Siminalayi Fubara and other elected officials. President Tinubu in his broadcast acknowledged the controversy generated by his proclamation.

The President, however, noted that over 40 cases were instituted in Abuja, Port Harcourt, and Yenagoa to challenge the declaration.

‘That is the way it should be in a democratic setting,’ Tinubu said, adding that some of the suits remain pending in court.

Falana, however, insisted that the judiciary cannot sidestep its responsibility as it did in earlier cases involving emergency rule.

He cited that in Attorney-General of Plateau State v Attorney-General of the Federation (2006), the Supreme Court struck out a suit challenging the suspension of state officials on the grounds that the emergency rule had expired, rendering the case academic. Similarly, he said that in Attorney-General of Ekiti State v Attorney-General of the Federation, the apex court declined jurisdiction.

Falana, however, contended that the Rivers’ cases are different because they raise ‘live constitutional issues’ that go beyond the restoration of Governor Fubara and other officials.

He said: ‘the pending suits question the President’s powers to suspend elected state officials, appoint a sole administrator, dissolve state executive bodies, and even conduct local government elections without due process.

‘These matters involve the interpretation of sections 1(2), 5(2), 11, 176, 180, 188, and 305 of the Constitution, and they cannot be dismissed as speculative.’

Falana also cited the Attorney-General of the Federation, Lateef Fagbemi (SAN), who had earlier described the Rivers declaration as a ‘clear signal’ to other crisis-ridden states, and urged critics to allow the courts to make a final determination.

‘The Bola Tinubu administration has thrown a challenge to the judiciary,’ Falana said.

‘The courts must take it up without further delay. Otherwise, the sword of Damocles will continue to hang over the heads of elected governors’, he warned.

A Federal High Court in Abuja has issued an order restraining Prof. Pat Utomi and his associates from proceeding with their plan to establish a shadow government/cabinet in the country.

Justice James Omotosho issued the order yesterday in a judgment on a suit filed by the Department of State Services (DSS) with Utomi as the sole defendant.

Justice Omotosho declared the idea of a shadow government/cabinet is unconstitutional and a concept alien to the nation’s presidential system of government.

The judge held that Utomi and his associates cannot hide under the rights to freedom of association and expression to engage in unlawful activities.

He hailed the plaintiff for filing the suit and held, among others, that it was within the powers of the DSS, being a premier national security agency, to take steps to prevent acts capable of threatening the nation’s internal security.

Justice Omotosho upheld the argument by the lawyer to the DSS, Akinlolu Kehinde (SAN), that the move by Utomi and his associates to form a shadow government/cabinet was intended to create chaos and destabilise the country.

The judge also agreed with the plaintiff that not only was the planned shadow government an aberration but that it also constituted a grave attack on the Constitution and a threat to the democratically elected government currently in place.

He held that such a structure, styled as a shadow government/cabinet, if left unchecked, may incite political unrest, cause intergroup tensions, and embolden other unlawful actors or separatist entities to replicate similar parallel arrangements, all of which pose a grave threat to national security.

Justice Omotosho held that although the defendant is entitled to enjoy the rights to freedom of expression and to associate, such rights are not absolute.

He further held that the two rights being claimed by the defendant can legally be violated in some instances, particularly where there is a need to protect society from anarchy and the breakdown of law and order.

The judge held that, in the interest of the security of the country, such rights (freedom of expression and association) do not exist for the defendant, warning that the court would not sit idly by and allow the defendant to cause confusion in the country.

According to him, the planned shadow government/cabinet by Utomi and others portends a danger to the stability and safety of the country.

He said that although Utmi claimed to be running a civil society organisation, his decision to form a shadow government was a nullity.

The judge averred that there are existing avenues through which people could criticise the government, which the defendant could explore, but not to take unconstitutional steps, like forming a shadow government/cabinet.

Justice Omotosho also faulted the forum adopted by Utomi and his associates, noting that Big Tent Limited, a limited liability company under which the defendant claimed to be operating, cannot be used as a vehicle for political purposes, as was done in this case.

The judge said should Utomi and his associates wish to set up a platform to criticise and monitor the government, they should either form a political party or join an existing one, not use a limited liability company for political purposes.

He issued an order declaring the purported shadow government/cabinet being planned by Utomi and his associates as unconstitutional and amounting to an attempt to create a parallel authority not recognized by the Constitution of the Federal Republic of Nigeria, 1999 (as amended).

Justice Omotosho also declared that under Sections 1(1), 1(2) and 14(2)(a) of the Constitution, the establishment or operation of any governmental authority or structure outside the provisions of the Constitution of the Federal Republic of Nigeria, 1999 (as amended). is unconstitutional, null, and void.

The judge issued an order of perpetual injunction, restraining Utomi, his agents and associates ‘from further taking any steps towards the establishment or operation of a shadow government, shadow cabinet or any similar entity not recognized by the Constitution of the Federal Republic of Nigeria, 1999 (as amended).

It is not for nothing that Nigerians have generally welcomed the reduction of the Monetary Policy Rate (MPR) by the Monetary Policy Committee (MPC) from 27.5 per cent to 27 percent at the committee’s 302nd meeting last week. Although it was something that Nigerians had long hoped for in the last few years, the exigencies of the economy had made it practically unrealistic.

According to Central Bank of Nigeria (CBN) governor, Yemi Cardoso, the MPC decision was underpinned by ‘sustained disinflation recorded in the past five months, projections of declining inflation for the rest of 2025, and the need to support economic recovery efforts.’

In other words, the time was finally right.

Among other reasons, he noted that headline inflation had slowed to 20.12 per cent in August from 21.88 per cent in July. Food inflation, he also reported, fell to 21.87 per cent from 22.74 per cent, while core inflation eased to 20.33 per cent from 21.33 per cent.

On a month-to-month basis, inflation dropped sharply to 0.74 per cent in August compared with 1.99 per cent in July.

There were other notable decisions. The MPC also adjusted the Standing Facilities corridor around the MPR to +250/-250 basis points to improve the efficiency of the interbank market and strengthen monetary policy transmission. The committee further introduced a 75 per cent Cash Reserve Ratio (CRR) on non-TSA public sector deposits for enhanced liquidity management.

For commercial banks, this was adjusted to 45 per cent while retaining that of merchant banks at 16 per cent. The Liquidity Ratio was left unchanged at 30.00 per cent.

Said he of the cut in MPR: ‘This reduction is the first under my leadership and the first in five years’; noting that ‘the last time the MPC cut its policy rate was in September 2020 when it dropped from 12.5 per cent to 11.5 per cent.

As would be expected, members of the organised private sector see the reduction as not only ‘marginal but insufficient to ease the credit squeeze on their businesses’. For Nigerians as a whole, it seems unlikely that they would be particularly enthusiastic about any cut short of returning the reference rate to a single digit.

Here, Nigerians would recall occasions in the past where suggestions were actually made in some quarters that the rate be legislated by fiat!

While varied positions on the subject would seem understandable, they merely highlight the misconceptions about the CBN’s role, particularly its dilemma in its statutory role of keeping inflation under control while ensuring unimpeded growth on one hand, and the daily frustrations of economic actors who have businesses to run, and must do it competitively under a constantly looming shadow of foreclosure, on the other.

In all of these, we cannot but commend Cardoso and his team for keeping admirably calm, while keeping their eyes on the ball.

For us, however, good as the trend is, the work has only begun. In fact, there is still much to be done to get the economy back to full recovery. Liquidity management remains a huge challenge even more so now that state treasuries are literally awash with Federation Account Allocation Committee (FAAC) cash.

We expect the apex bank to continue to keep a keen eye on the monster of inflation to prevent a relapse to the immediate past. As for interest rates, we expect things to moderate a bit to reflect the trend.

On the whole, we urge the state governments in particular to focus on those expenditures that could engender real growth in the economy; surely the time for bogus expenditures should belong in the past.

If anything, the expectation is for both the fiscal and monetary authorities to continue to work together to deliver on growth that Nigerians can truly be proud.

Edo State Government said its deployment of technology and innovation would help it to meet targeted N100billion in Internally Generated Revenue (IGR) by December ending.

It said it had made gains in the area of increasing the state IGR and being able to manage some of the challenging issues with tax evasion and tax avoidance.

Executive Chairman of Edo Internal Revenue Services (EIRS), Otunba Bamidele Bankole-Balogun, in an interview, said the state was making steady progress through audit processes, assessments and good use of the courts.

He said the state’s IGR at the end of August was N74billion and had hit N79billion at press time.

Bankole-Balogun said the Governor Monday Okpebholo administration inherited a virtually non-existent digitalised system.

The EIRS boss said his team was working assiduously to digitalise revenue collections in Edo State such that in future, cash collections and manual collections would be reduced to the barest minimum.

He said: ‘At the moment, Edo State Internal Revenue Service is making tremendous gains in the area of increasing the state’s IGR. There are many components to our taxation and each and every part of this mix is seeing significant improvement as compared to last year in review.

‘There are other companies that are lined up and individuals lined up somewhere. It has been traditionally difficult, as you say, to come to grips with high net worth individuals. They have all the resources to evade and avoid tax, but we’re on top of it.’

He expressed the state’s preparedness for the new tax regime from January 1, 2026.

‘As you know, the new tax regime that will come in on the 1st of January 2026 places very little emphasis on the low income and places a lot of emphasis on the high income. Our objective is to tap into the high net worth individuals who are able to pay much more than the lower income, so as to harness that group and maximise the potential from the group.

‘Digitalisation is on top of it. Tax bodies are on top of it. The FIRS, which will now be the Federal Revenue Service, is also on top of it. Edo State Internal Revenue Service is also on top of it. Technology will help and as you know TINs, BDNs and NINs are going to be critical to doing any financial transaction in Nigeria from the 1st of January. So all of these mechanisms put together, hopefully, will help us to get more from these people who can pay more actually to give everybody a better life.’