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President Bola Ahmed Tinubu yesterday listed 12 remarkable economic milestones recorded by his administration as a result of the implementation of sound fiscal and monetary policies.

Exuding confidence about the workability and potency of his bold socio-economic reforms, he reiterated that Nigeria had finally turned the corner, adding ‘the worst is over.’

‘In the last 28 months of my administration, like our founding fathers and leaders, who came before me, I have committed myself irrevocably to the unfinished nation-building business,’ he said in his Independence Anniversary broadcast to the nation this morning.

President Tinubu, who urged Nigerians to team up with his government in accomplishing the unfinished task, assured Nigerians of great relief after the transient pains of reforms.

He hailed the endurance, support and understanding of Nigerians as his administration redirected the economy towards a more visible path, noting that their patience was not in vain.

The 12 milestones highlighted by the President are:

Record-breaking increase in non-oil revenue;

Restoration of fiscal health as manifested in reduced debt service-to-revenue ratio;

Stronger Foreign Reserve, increased tax-to-Gross Domestic Product (GDP) ratio;

Increased export drive leading to the strengthening of the currency and job creation;

Increased oil production up to I.6 million barrels per day, and domestic refining; and

N330 billion social investment programme for poor households.

Others are:

Rise in coal mining activities;

Expansion of rail, road, air and sea transport infrastructure;

Improved sovereign credit rating through boom in oil stock market; and

Slash in interest rate for the first time in five years by the Central Bank of Nigeria (CBN).

President Tinubu, who reflected on the journey to nationhood from October 1, 1960, when the country achieved Independence, paid tribute to the sacrifice, devotion and vision of the founding fathers who fought for self-rule.

He noted that progress has not been static since, judging by the growth in the sectors, including education, health, infrastructure, financial services, telecommunications, information technology, aviation and defence.

Tinubu said life has been full of ups-and-downs for Nigeria in its 65 years of nationhood, as shown by its experience of a bitter and avoidable civil war, military dictatorships and major political crises.

He lamented that the country suffered ‘because we failed to make the necessary investments decades ago.’

President Tinubu said under his leadership, the economy is recovering fast because the reforms are delivering results.

He added: ‘In the second quarter of 2025, Gross Domestic Product grew by 4.23 per cent- Nigeria’s fastest pace in four years – and outpaced the 3.4 per cent projected by the International Monetary Fund.

‘Inflation declined to 20.12 per cent in August 2025, the lowest in three years. The administration is working diligently to boost agricultural production and ensure food security, reducing food costs.’

The President solicited patriotic spirit from Nigerians and canvassed civil engagements.

The President drew a relationship between security and economic growth, assuring that the anti-terror war would be fought with vigour.

He said: ‘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 Northeast, IPOB/ESN terror in Southeast 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 Northwest and Northeast, and thousands of our people have returned safely to their homes.’

To the youth, the President said: ‘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 in 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.’

President Tinubu said under the Renewed Hope Agenda, equitable access to a better future has been guaranteed to Nigerians.

Acknowledging that the reforms are accompanied by temporary pains, he said ‘the alternative of allowing our country to descend into economic chaos or bankruptcy was not an option.’

He assured that the resources saved and the stability built would be channelled into proper development.

President Tinubu said ‘we must all turn on the taps of productivity, innovation, and enterprise, just like the Ministry of Interior has done with our travel passports, by quickening the processing.’

He added: ‘In this regard, I urge the sub-national entities to join us in nation-building. Let us be a nation of producers, not just consumers. Let us farm our land and build factories to process our produce. Let us patronise ‘Made-in-Nigeria’ goods. I say Nigeria first. Let us pay our taxes.

‘Let all hands be on deck. Let us believe, once more, in the boundless potential of our great nation.’

Five time FIFA U-17 World Cup record winners, the Golden Eaglets of Nigeria, have yet again missed the chance to qualify from the next continental cadet showpiece (CAF U-17 AFCON) after they were upended 2-0 by Ghana’s Black Starlets in the decisive semi-final match at the ongoing WAFU B U-17 Cup of Nations in Cote d’Ivoire.

The Black Starlets cored twice in the opening half of the game at the Charles Konan Banny Stadium to advance to the final stage of the tournament at the expense of their Golden Eaglets counterparts.

Michael Awuli opened the scoring for Prosper Ogum’s side after just 21 minutes played, finishing off a nice move from the Starlets.

Ten minutes later, Robinho Yao Gavi doubled the lead for the team with a brilliant strike from the 18-yard box to put Ghana in a comfortable situation.

The Black Starlets goalkeeper Solomon Kwame Kesse rescued his team on ew occasions that the Nigerians threatened.

With victory over Nigeria, the Black Starlets will now face Cote d’Ivoire in the final scheduled for Friday, October 3.

Incidentally, both teams had previously met in the group stage, with Ghana losing 0-3-0 to the Baby Elephants.

Ghana’s appearance in the final also means they seal a slot at the next edition of the U-17 Africa Cup of Nations, returning to the continental tournament for the first time since 2017.

The Golden Eaglets missed the 2025 U-17 AFCON which serves as the qualifying tournament for the FIFA U17 World Cup and Tuesday’s loss to Ghana means Nigeria will miss out of the next African Championship as such no Mundial appearance .

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.

Skin care brand, NIVEA, has given N46 million to BRICON Foundation to help cancer survivors.

This was announced at its R.I.S.E. Conference in Lagos.

Raised through NIVEA’s ‘You Buy | You Save | We Donate’ campaign, the funds will be channelled into microloans, training, and emotional care to help survivors live again.

Beiersdorf Nigeria’s Country Manager, Dele Adeyole, said ‘At Beiersdorf, care is more than a brand promise; it is our corporate DNA. By channelling everyday consumer choices into over N46 million lifeline for cancer survivors, we are affirming that care must touch both skin and soul,’ he said.

Marketing Director for Central, East and West Africa at Beiersdorf, Fiyin Toyo, emphasised that cancer support is a cause close to the company’s mission.

‘Most people know NIVEA for skin care, but our mission goes deeper; we care beyond skin. BRICON Foundation is doing good work to help survivors get back on their feet, and this partnership allows us to give survivors dignity.

Nigeria’s leading neobank, PalmPay, has shared N2million to the first set of winners in its Hustle Grant campaign. The campaign is a bold initiative designed to fuel the ambitions of small business owners and entrepreneurs across the country.

Launched on August 28, and running until September 29th, the Hustle Grant is more than just funding; it is PalmPay’s promise to stand beside everyday Nigerians as they transform their hustle into thriving enterprises that create real impact in their communities.

In this first round, four outstanding entrepreneurs emerged from thousands of entries, each receiving N500,000 to scale their dreams. The winners, a prolific community builder in Kebbi State, two budding fashion designers in Lagos and Jos, and a farmer, embody the spirit of resilience and innovation that drives Nigeria’s economy. With this support, they can now take their ideas from the ground up, creating impact that ripples beyond their personal success.

Entrepreneurs across the country continue to submit their entries on social media with the hashtag #PalmPayHustleGrant. From these, the top entries will be shortlisted, with four more winners set to be announced in the final round.

For PalmPay, this initiative is a reflection of its core mission: building tools that don’t just make financial services smarter but make ambitions possible. The Hustle Grant is a platform for turning bold ideas into impact stories, ensuring that Nigerians chasing their dreams have the resources to reach the next level.

As the company celebrates its 6th anniversary, the Hustle Grant reinforces PalmPay’s role as a brand that doesn’t just process transactions but empowers transformation.

For every Nigerian who chooses PalmPay, the brand proves it is more than a digital banking platform, it’s a trusted financial partner committed to their growth.

Sterling Financial Holdings Company Plc. (‘Sterling Holdco’), the parent company of The Alternative Bank, Sterling Bank, SterlingFI, and a number of other novel business solutions, has witnessed a very positive response to its public offer, as investors rally for a stake in the company’s future. The public offer, launched on September 17, 2025, has quickly become one of the most talked-about opportunities in the Nigerian financial market, with analysts predicting that the offer will prove to be amongst the most lucrative in the sector’s investment landscape.

The Sterling Public Offer has sparked widespread interest, with market experts noting that the price, which is about six per cent below its current trading price, presents an attractive entry point for both institutional and retail investors. The offer is set to close soon, but the rapid pace of interest has led many to speculate that the full subscription has already been reached or even exceeded much earlier than expected.

According to leading financial analysts, Sterling Holdco’s strategic expansion plans, solid market position, and innovative financial products have positioned it as a major contender in Nigeria’s banking sector.

The public offer is widely regarded as an exciting proposition for investors looking to capitalise on a company with strong fundamentals and an ambitious growth trajectory. With a price point set at a discount to current trading prices, the offer is seen as a compelling opportunity for both long-term and short-term investors.

Sterling Holdco has consistently demonstrated a commitment to innovation and sustainable growth. One of the most compelling indicators of the company’s underlying strength is the impressive growth of its share price. In the past year, the Holding company’s share price has grown steadily from N4.00 to nearly N8.00 per share. This increase in the company’s stock price speaks volumes about the underlying value and confidence in its business model, leadership, and growth trajectory.

Sterling Holdco, known for its strategic ownership of two banks, a wealth management company, and a number of innovative consumer businesses, is seeking to raise additional capital through the issuance of 12.58 billion ordinary shares at N7.00 per share. The proceeds from the public offer will be strategically deployed to further strengthen the Holdco’s capital base and fund its growth initiatives over the next 36 months.

About Sterling Financial Holdings Company Plc. Sterling Financial Holdings Company PLC (Sterling HoldCo) is a leading Nigerian financial services group committed to enriching lives through innovation and impact with a diversified portfolio that includes Sterling Bank Limited, The Alternative Bank Limited, SterlingFI Wealth Management among others. As a HoldCo, Sterling provides strategic direction, governance, and resources across its subsidiaries, enabling each to focus on its core mandate while benefiting from group-wide expertise, technology, and oversight.

With a heritage of trust built over six decades, Sterling HoldCo is committed to financial innovation, advancing inclusion, and shaping sustainable growth in Nigeria’s economy.

The group champions customer-focused solutions and socially responsible initiatives while creating value for shareholders, employees, and the communities it serves, and continues to pioneer offerings across its core businesses in banking, payments, and technology- driven financial services.

IHS Nigeria, part of the IHS Holding group, said it has invested over $750 million in solar and hybrid power solutions over the past decade reflecting its commitment to the sustainability of the environment.

Its CEO, Mohamad Darwish, said who spoke during the announcement of a strategic collaboration with the Health Services and Environment Secretariat (HSES) of the Federal Capital Territory (FCT), Abuja to promote clean energy use and improve environmental health standards in the FCT, said with over 16,000 sites across the country, the company is aware of its responsibility to reduce carbon emission.

He said: ‘Climate and environmental responsibility are central to our sustainability agenda. With over 16,000 sites nationwide, we are fully aware of our responsibility to reduce carbon emissions and advance clean energy solutions. Our investments in solar and hybrid power solutions, totaling over $750 million in the past decade, reflect our commitment. Partnering with HSES enables us to expand this impact by supporting healthier communities and contributing meaningfully to Nigeria’s energy transition and environmental goals.’

The partnership was formalized through the signing of a collaboration agreement at the IHS Nigeria head office in Lagos, marking a significant step in advancing joint efforts towards environmental sustainability, climate action, and improved public health across the FCT.

Also speaking on behalf of HSES, Mandate Secretary of HSES, Dr. Dolapo Fasawe, said: ‘There is no health without a clean environment. This partnership with IHS Nigeria is a demonstration of how the public and private sectors can come together to drive sustainability and safeguard the well-being of our people. Through this collaboration, we aim to showcase practical solutions that reduce carbon footprints, promote the adoption of clean cooking and energy alternatives, and inspire other states across the country to follow suit. The FCT is proud to lead by example in this regard.’

This collaboration underscores the shared commitment of both organizations to address pressing environmental challenges, promote cleaner and more sustainable energy alternatives, and reduce carbon emissions in the country. The partnership also aligns with Nigeria’s Nationally Determined Contributions (NDCs) in tackling climate change and fostering a healthier, more sustainable environment for citizens.

Under the terms of the partnership, IHS Nigeria will work closely with HSES to implement community-based projects that promote the use of cleaner energy sources, reduce reliance on fossil fuels, and support initiatives designed to improve environmental health standards in the FCT.

This landmark agreement not only reinforces IHS Nigeria’s dedication to sustainability, one of its core values but also strengthens the FCT’s efforts to advance climate resilience, environmental protection, and public health.

The United States Consulate General in Lagos has partnered Ouida Books and the Book Buzz Foundation to launch Iseda, a cultural exchange initiative. The launch, which held at the Ouida Bookstore in Lagos was aimed at fostering collaboration between American and Nigerian creatives while boosting economic opportunities in the arts.

Public Affairs Officer at the U.S. Consulate, Julie McKay, explained that Iseda-which means ‘creation’-was inspired by Nigeria’s rich artistic heritage. ‘We kind of went back to the Mbari Club. We’re thinking about a rich Nigerian tradition in culture and the arts-from Fela Kuti to Chinua Achebe to Wole Soyinka-coming together, collaborating, learning from each other, and becoming even more creative,’ she said.

McKay disclosed that the programme will spotlight a different creative sector each month, with fashion set for October and film in November. She added that Iseda would also serve as the kickoff for the U.S. Consulate’s celebration of America’s 250th anniversary. Beyond Iseda, McKay also highlighted other U.S. exchange programmes that support the creative sector, including the American Music Mentorship Programme and the Africa Creative Television Initiative. According to her, six Nigerians participated in the music mentorship program last year, with three already inducted into the Recording Academy, granting them eligibility to vote in the Grammys.

Members of the Pipeline Vocal Project, Molly, Lisa, and Taylor, shared their experiences as cultural ambassadors.

They spoke about the power of music to build bridges across cultures.

‘What’s really cool is we’re able to connect and have a conversation through music. It doesn’t matter our background, but there’s a connectivity there,’ Taylor said.

The group also offered advice to aspiring musicians. Lisa emphasized discipline, Molly encouraged collaboration within communities, while Taylor urged persistence.

‘Never shut up and always keep going. No is not an answer I will take,’ she said.

Reflecting on their stay in Nigeria, the group expressed excitement about incorporating Afrobeats into their music. ‘We’re from Alaska. We would never meet Nigerian artists in Nigeria,’ Taylor noted, underscoring the value of the exchange.

The African Tax Administration Forum (ATAF) has declared support for Nigeria’s new tax laws, describing them as vital for economic growth and sustainable development across the continent.

In a statement issued by Dare Adekanmbi, Special Adviser on Media to the Chairman of the Federal Inland Revenue Service (FIRS), Dr. Zacch Adedeji, ATAF pledged technical assistance to ensure Nigeria reaps the benefits of its tax reforms.

The Executive Secretary of ATAF, Ms. Mary Baine, who assumed office recently, made this known during a courtesy visit to the FIRS chairman in Abuja on Tuesday.

Baine recalled ATAF’s intervention in Zambia’s mining sector, where the organisation helped the country improve its capacity to generate revenue. She assured that Nigeria could expect similar support in key sectors of its economy.

‘When you look at the strategic vision of FIRS, we see the things you are doing and the way you’re changing the tax system, the kind of reforms and the time that it has taken and of course the movement forward.

‘So, we applaud you, and I wanted to say that ATAF is here to say that we stand with you, we applaud you, and we’re ready to provide whatever support that could lead to its success.

‘In terms of your strategic vision-people, technology and data-we find that this is something that is really critical for the rest of the continent and that it is an area where ATAF will be happy to support as well,’ she said.

Baine also said ATAF would leverage Nigeria’s influence on the continent and beyond to mobilise other member countries towards strengthening the organisation’s work.

In his remarks, Adedeji praised Baine’s leadership qualities and expressed optimism that her tenure would advance the forum’s objectives. He urged African countries to devise their own solutions to pressing challenges rather than rely on external assistance.

‘My belief has always been that solutions to Africa’s challenges can only come from Africa. There is no free lunch anywhere. I have said that I don’t believe in aids; I believe in cooperation.

‘There is a saying that when you are not on the table, you are definitely on the menu. So, Africa must be on the table and that is it. We should stop being on the menu. That is my charge to you.

‘So, the expectation from us as a continent is also to bring what we can contribute to the work, most especially in tax matters. For us, we have to evolve our own fiscal policies which are what Nigeria has done with the new tax laws,’ he stated.

Adedeji noted that Nigeria’s new tax regime replaced colonial-era legislation that had long outlived its relevance.

‘Before now, we had tax laws that were colonial relics. We had the Stamp Duties Act of 1939 which was enacted when there was no internet,’ he added.

The new tax laws, he explained, were crafted to align with Nigeria’s current realities and position the economy for sustainable growth.

Victor Osimhen last night scored the winner as Liverpool slumped to a shock 1-0 Champions League defeat to Galatasaray as the Nigeria International’s 16th-minute penalty handed the Turkish giants victory.

The English champions were punished for the latest in a series of poor performances in Istanbul as they suffered back-to-back defeats for only the second time under Arne Slot.

Liverpool were beaten for the first time this season at Crystal Palace on Saturday, but a series of late winners have masked an unconvincing start since a summer transformation of the squad that strolled to the Premier League title last season.

Slot responded by leaving Mohamed Salah and £125 million ($168 million) signing Alexander Isak on the bench among four changes.

The Dutchman was scathing in his assessment of Liverpool’s first-half performance at Palace as only Alisson Becker prevented an embarrassing half-time score.

However, Slot got little in the way of a response in another disjointed display from his array of star names.

Galatasaray had been thrashed 5-1 at Eintracht Frankfurt to start their Champions League campaign.

The Turkish champions are a far more formidable force on home soil, though, and made the most of Liverpool’s defensive deficiencies.

Slot’s decision to play midfielder Dominik Szoboszlai at right-back backfired.

Baris Alper Yilmaz gave the visitors a warning of the threat down Galatasaray’s left when he failed to beat Alisson when one-on-one with the Brazilian.

Liverpool should have led just seconds before they fell behind.

Hugo Ekitike was denied by Ugurcan Cakir as he tried to round the goalkeeper and Ismail Jakobs cleared Cody Gakpo’s follow-up effort off the line.

Galatasaray swiftly broke upfield and Yilmaz was awarded a soft penalty for a stray Szoboszlai arm into the Turkish international’s face.

Osimhen had previously seen a Champions League penalty saved by Alisson, but this time converted the resulting spot-kick.

Florian Wirtz has struggled badly to deliver on his £100 million price tag and is still waiting for his first Liverpool goal after his effort was turned behind by Cakir, while Ibrahima Konate headed just off target from a corner before half-time.

Konate’s poor form has been a major factor in the Reds’ defensive issues at the start of the season and the Frenchman nearly cost his side a second goal early in the second half.

Alisson saved his teammate’s blushes with another save from Osimhen but at a cost as the Liverpool number one suffered an injury sprinting off his line and had to be replaced by Giorgi Mamardashvili.

Slot introduced Salah and Isak on the hour mark, but Liverpool were still an impotent attacking force.

Isak fired tamely into the arms of Cakir with his first touch.

The closest the visitors came to a response was when French referee Clement Turpin initially pointed to the spot by a foul on Konate, but overturned his decision after a VAR review.

UCL: Yesterday’s Results

Atalanta 2-1 Brugge

Kairat 0-5 Madrid

Atletico 5 -1 Frankfurt

Bodø / Glimt 2-2 Tottenham

Chelsea 1 -0 Benfica

Galatasaray 1-0 Liverpool

Inter 3-0 Slavia Prague

Marseille 4 -0 Ajax

Pafos 1-5 Bayern