News
Federation revenue hits N3.6trn, says NRS chair
- /home/naijuinz/public_html/wp-content/plugins/mvp-social-buttons/mvp-social-buttons.php on line 27
https://naijablitznews.com/wp-content/uploads/2025/09/4f17b677-26b0-468a-91f6-033725cbae7d.jpeg&description=Federation revenue hits N3.6trn, says NRS chair', 'pinterestShare', 'width=750,height=350'); return false;" title="Pin This Post">
- Share
- Tweet /home/naijuinz/public_html/wp-content/plugins/mvp-social-buttons/mvp-social-buttons.php on line 72
https://naijablitznews.com/wp-content/uploads/2025/09/4f17b677-26b0-468a-91f6-033725cbae7d.jpeg&description=Federation revenue hits N3.6trn, says NRS chair', 'pinterestShare', 'width=750,height=350'); return false;" title="Pin This Post">
By Prosper Olayiwola
Nigeria’s monthly revenue collection surged from N711 billion in May 2023 to N3.64 trillion last month, Chairman of the Nigerian Revenue Service(NRS), Zacch Adedeji , has said.
Recall the Federal Inland Revenue Service (FIRS) has changed its name to NRS in line with the news Tax Law.
Adedeji, at the Meet-the-Press series organised by the Presidential Communications Team in Abuja on Tuesday, also said that non-oil tax collections experienced the sharpest rise, hitting over N1 trillion from N151 billion during the same period of 28 months.
Oil revenue, according to him, increased considerably, with receipts rising from N96 billion to N644 billion.
Value Added Tax (VAT) receipts more than tripled to N723 billion from N218 billion, while customs revenue surged to N322 billion from N106 billion.
The Nigerian Upstream Petroleum Regulatory Commission, he said, reported remittances jumping to N745 billion from N125 billion. The Nigerian National Petroleum Company Limited(NNPC Ltd) contributed N111 billion in September 2025.
President Bola Ahmed Tinubu said last week that the country’s revenue projection for the year was surpassed at the end of August. But he did not provide the figures.
Adedeji attributed the revenue surge to the tax reforms initiated under President Tinubu’s administration.
He said: “If you look at a NUPRC, which is royalty collection, you will see that it was N125 billion. In September, it is N745 billion. The increase is roughly 500, and that is the oil production increase that I mentioned…. I’m putting figures and why this one is important, most especially for us here, is for you to understand…. I will not say people should not be involved in politics or be political. For you (reporters), it is your duty to actually educate people to know that we are here, just a little bit more than two years, and the decision that we’ve taken is right, this is the result.
If you look at oil, which is taxed, you see the increase. But when you look at the total accruals to Federation as of May 2023, it’s N711 billion. That is what we met. As of August, you will see that the total accrual is N3.6 trillion. That is an increase of 411 per cent, which is just a result of the economic reform decisions that Mr President has taken.”
Borrowing integral to a viable economy
He described critics of government borrowings as “container economists.”
He said it was essential for such individuals to understand that borrowing is an integral part of a viable economy.
Adedeji said that “container economists” often download unverified claims from social media and raise alarms about Nigeria’s debt profile.
“As much as they fight me, sometimes you ask if they even understand the right questions, or are just downloading WhatsApp messages,” the NRS boss added.
He explained that borrowing, when responsibly managed, sustains growth, boosts infrastructure financing and stabilises an economy.
“Borrowing is not a problem. There is no country or individual in the world that survives based only on income. Borrowing is part of the budget we submit and what is approved by the National Assembly. It is part of the ecosystem of a viable nation,” Adedeji said.
The NRS boss advised that borrowings by the government should not be misconstrued as a sign of fiscal weakness, but a deliberate strategy to match long-term investments with revenue flows.
He illustrated his suggestion with the example of road construction. “When you borrow to build roads, those who use them in future will pay their fair share through taxes. You don’t need to spend your entire lifetime’s resources on infrastructure that will outlive you. That is why borrowing exists.”
On the controversial Ways and Means advances from the Central Bank of Nigeria(CBN), Adedeji clarified that the Tinubu administration had taken steps to end the practice of printing money without backing.
He said: “We have stopped Ways and Means. The whole loan has been collateralised and recognised in the Federal Government’s books as debt.
‘’We are paying both principal and interest, and that is why there is stability in the system and no pressure on the exchange rate.”
On recent fiscal reforms, Adedeji reiterated that only two components of the newly enacted tax laws—specifically the Tax Act and Tax Administration Act—will commence on January 1, 2026, in line with the federal fiscal year cycle.
“Company Income Tax is assessed on a preceding year basis, meaning profits made this year are taxed next year. That is why it is logical and strategic to commence in January. The President is a planner, and that is why he insisted commencement should align with the fiscal year,” he said.
However, Adedeji said that administrative changes, including the renaming of the Federal Inland Revenue Service (FIRS) to the NRS, took immediate effect.
He restated that the ongoing reforms will harmonise subnational levies, reduce corporate tax rates, and expand the tax net as part of broader fiscal and constitutional reforms.
“Our aim is not just to raise revenue, but to build a fair, efficient, and sustainable system that supports growth and gives confidence to investors,” Adedeji explained.
Cardoso also announced that 14 banks have fully met the new capital requirement in the ongoing recapitalisation exercise.
The apex bank introduced a new minimum capital base requirement for banks, with tiers depending on licence type.
Before then, the last major bank recapitalisation was in 2004, when the CBN raised the minimum capital requirement for all banks from N2 billion to N25 billion.
The significant increase led to a major consolidation in the banking sector, as it reduced the number of banks from 89 to 25 through a series of mergers and acquisitions.
In the current recapitalisation exercise, commercial banks with international authorisation now have a new capital requirement of N500 billion.
Commercial banks with national authorisation have N200 billion as capital requirement, and commercial banks with regional authorisation have N50 billion.
Merchant banks have a requirementof N50 billion, non-interest banks (national) N20 billion and non-interest banks (regional), N10 billion.
According to Cardoso, members of the MPC acknowledged the significant progress in the bank recapitalisation exercise, as 14 banks have fully met the new capital requirement.
They, therefore, urged the CBN to continue the implementation of policies and initiatives that would ensure the successful completion of the ongoing recapitalisation,” the CBN chief said.
News
Ajayi, Adeshina win Commonwealth Games bronze
Nigeria’s Kayinsola Ajayi and Temitope Adeshina claimed bronze medals in the men’s 100m and women’s high jump respectively at the 2026 Commonwealth Games in Glasgow on Tuesday, PUNCH Sports Extra reports.
Both national record holders delivered podium finishes for Team Nigeria, with Ajayi clocking 9.90 seconds in the men’s 100m final, while Adeshina cleared 1.90m to finish third in the women’s high jump.
Ajayi, 21, had entered the final as one of the favourites after winning his semi-final in an impressive 9.94 seconds and was aiming to hand Nigeria its first athletics gold of the Games.
However, African champion Emmanuel Eseme of Cameroon powered to victory in a Games record of 9.83 seconds, while Australia’s Lachlan Kennedy claimed silver in a personal best and Oceanian record of 9.85 seconds.
The bronze medal capped another outstanding performance in what has been a breakthrough season for the World Championships finalist.
The Auburn University sprinter won the NCAA title earlier this year before breaking Olusoji Fasuba’s 20-year-old Nigerian record with a blistering 9.84 seconds. He has since equalled that mark twice, running 9.84 seconds on three occasions this season, while also winning two Diamond League races before arriving in Glasgow.
Ajayi was Nigeria’s only representative in the men’s 100m final after Favour Ashe and Fakorede Adekalu failed to progress from the semi-finals. Ashe finished fifth in his race in 10.07 seconds, while Adekalu placed fourth in 10.06 seconds.
Adeshina also lived up to expectations in the women’s high jump, producing a best clearance of 1.90m to secure the bronze medal in a highly competitive field.
The Nigerian record holder, who enjoyed an outstanding collegiate season in the United States, added a Commonwealth medal to her growing list of achievements after qualifying comfortably for the final.
In the women’s 100m, African U-20 champion Miracle Ezechukwu narrowly missed out on a place in the final after finishing fourth in her semi-final in 11.23 seconds.
Rosemary Chukwuma finished eighth in her semi-final in 11.82 seconds after appearing to sustain an injury midway through the race, while national champion Blessing Ogundiran was unable to start her heat due to illness.
The two bronze medals boosted Nigeria’s athletics medal haul as Team Nigeria continued its quest for more podium finishes in Glasgow.
News
FG launches single gateway portal for government services
The Federal Government on Tuesday unveiled the Government Service Portal, a digital platform designed to provide Nigerians and businesses with a single gateway to access government services, in a move aimed at improving service delivery, reducing bureaucracy and advancing the country’s digital transformation agenda.
The platform was unveiled at a soft launch in Abuja by Galaxy Backbone in partnership with the Federal Ministry of Communications, Innovation and Digital Economy and the Korea International Cooperation Agency.
Speaking at the event, the Managing Director and Chief Executive Officer of Galaxy Backbone, Prof. Ibrahim Adeyanju, said the portal would address the long-standing challenge of citizens having to navigate multiple websites and government offices to access public services.
He described the platform as “the beginning of a unified digital gateway through which citizens and businesses can easily discover, access and consume services offered by Government institutions from a single location.”
According to him, “Government should be organised around the needs of the people, not around institutional boundaries.”
Adeyanju said while many Ministries, Departments and Agencies had digitised their services individually, the overall experience for users remained fragmented.
“The Government Service Portal seeks to change that. By bringing Government services together under one trusted digital gateway, we are simplifying access, improving visibility, promoting consistency and creating a more seamless experience for everyone who interacts with Government,” he said.
He noted that the initiative aligns with President Bola Tinubu’s Renewed Hope Agenda by improving public service delivery, deepening digital innovation and supporting economic growth through technology.
The Galaxy Backbone boss added that the portal was a key component of Nigeria’s Digital Public Infrastructure initiative, complementing existing national digital identity, payment and data exchange systems to create a more integrated digital government ecosystem.
He explained that the platform was being introduced through a soft launch to enable government agencies to onboard their services, strengthen system integration and gather user feedback before a wider rollout.
“The success of this Portal will not ultimately be measured by the sophistication of its technology. It will be measured by the ease with which a citizen can access a government service, by the confidence businesses have when engaging with public institutions, by the time saved, by the transparency achieved and by the trust that is built between Government and the people it serves,” Adeyanju said.
The Permanent Secretary of the Federal Ministry of Communications, Innovation and Digital Economy, Nadungu Gagare, who was represented by the Director of E-Government, Mr Johnson Bareyei, described the platform as one of the flagship projects under Nigeria’s e-Government Master Plan 2.0.
He said the portal would provide a secure single sign-on system through which citizens could access government services without repeatedly submitting the same information to different agencies.
“Today’s event is not simply about providing a digital platform. It’s about demonstrating what can be achieved when government agencies work together with a shared purpose, making public services easier, faster and more accessible for every Nigerian,” he said.
Gagare added that the platform supports the National Digital Economy Policy and Strategy, the Federal Civil Service Strategy and Implementation Plan and Nigeria’s Digital Public Infrastructure framework.
He said the portal would improve transparency, strengthen accountability, enhance ease of doing business and make government services more responsive to citizens.
The Country Director of KOICA Nigeria, Mr Eunsub Kim, who was represented by the Senior Deputy Country Director of KOICA Nigeria, Ki-Hyun Baik, described the launch as the culmination of years of collaboration between Nigeria and South Korea.
According to him, the portal is the flagship achievement of the “Building a Foundation Towards Digital Governance in Nigeria” project.
“For KOICA, today’s event is more than the launch of a digital platform. It is the culmination of years of partnership,” he said.
Kim added that the platform would enable citizens to access government services “more conveniently through one point of entry,” describing it as the vision of “a true one-stop service.”
He reaffirmed KOICA’s commitment to supporting the project beyond the pilot phase, noting that digital governance requires continuous improvement and collaboration among stakeholders.
Also speaking, the Director of International Cooperation at the Federal Ministry of Budget and Economic Planning, Dr Sampson Ebimaro, described digital transformation as a strategic enabler of national development.
He urged stakeholders to prioritise inter-agency collaboration and continuous evaluation to ensure the project’s success.
“We need to get feedback. We need to assess what we are doing so that when we get to the end, we won’t say we have left so many things behind,” he said.
The Executive Director, Digital Exploration and Technical Services at Galaxy Backbone, Olumbe Akinkugbe, said user acceptance testing for the portal was conducted across the six geopolitical zones and the Federal Capital Territory before the launch.
He disclosed that 184 participants took part in the exercise, with more than 80 per cent rating the platform as user-friendly and easy to navigate.
According to him, 88 per cent of participants were able to locate government services on the platform, while 71 per cent rated it as fast or very fast.
He added that 91 per cent said they would use the portal again, while 99 per cent indicated they would recommend it to others.
Akinkugbe said feedback from the pilot phase had already informed improvements to address sign-up issues, image capture challenges and one-time password delivery delays.
He added that more Ministries, Departments and Agencies would be onboarded in the next phase to expand the range of services available through the platform.
News
FG lists 7 mistakes to avoid when applying for government jobs
The Federal Government has identified seven common mistakes that could reduce applicants’ chances of securing government jobs, warning Nigerians to avoid recruitment scams and follow official application procedures.
The guidance, issued through the Federal Character Commission (FCC), comes as thousands of Nigerians continue to seek employment in ministries, departments, agencies and other federal institutions.
According to the Commission, while many applicants focus on finding vacancies, simple errors such as applying through unofficial websites, submitting inaccurate information or ignoring application requirements can derail their chances of success.
The FCC advised applicants to verify every recruitment announcement through recognised government platforms before submitting applications.
1. Applying through unofficial sources
The Commission warned job seekers against relying on recruitment information circulated on social media without verification.
It noted that fake websites, unofficial application links and misleading vacancy announcements are often used by fraudsters to steal applicants’ personal information or extort money.
To address this, the FCC said it has created a dedicated recruitment platform on its official website where verified vacancies from federal institutions can be published.
2. Paying for government jobs
The Commission also cautioned Nigerians against individuals claiming they can secure government appointments in exchange for money.
While acknowledging public concerns about unfair recruitment practices, the FCC stressed that federal recruitment follows official procedures and that anyone collecting money or promising guaranteed employment is acting illegally.
It encouraged applicants to report suspected recruitment fraud and said it would publish a detailed guide on recruitment processes, job racketeering and whistleblowing.
3. Ignoring application requirements
The Commission said many applicants fail to carefully read recruitment guidelines before submitting applications.
Government vacancies often include specific eligibility requirements such as educational qualifications, age limits, professional certifications, work experience and supporting documents.
Applicants were advised to ensure they meet all stated conditions before applying.
4. Missing application deadlines
According to the FCC, waiting until the closing days of a recruitment exercise can lead to missed opportunities caused by technical problems or incomplete submissions.
It advised candidates to submit applications early to allow enough time for corrections if necessary.
5. Providing incorrect information
The Commission urged applicants to ensure that every detail provided during the application process is accurate.
Mistakes involving names, qualifications, contact details or supporting documents could create problems during verification and affect eligibility.
6. Failing to prepare for later stages
The FCC noted that submitting an application is only the beginning of the recruitment process.
Applicants may still be required to take aptitude tests, attend interviews or participate in screening exercises, depending on the institution and position.
Candidates were advised to prepare adequately for every stage of the recruitment process.
7. Assuming every vacancy is genuine
The Commission also warned that not every government job advertisement circulating online is legitimate.
It advised applicants to be cautious of opportunities that promise guaranteed employment, demand payment before application, originate from unofficial sources or create unnecessary urgency.
According to the FCC, genuine recruitment exercises are transparent and conducted through recognised government channels.
-
News17 hours agoJust in: Dangote gives ₦18.7 trn of his ₦56.2trn wealth to help the needy
-
News18 hours agoPanic over mass arrest of Onitsha market leaders as Intersociety raises alarm, petitions IGP
-
News22 hours agoAfter 12years abandonment: Tinubu begins work on Nnamdi Azikiwe road linking GEJ road in FCT(Video)
-
News18 hours ago2027 election must not go beyond the ballot, not in court — Atiku
-
Politics17 hours agoKaduna gov, Sani dumps Muslim -Muslim ticket nominates Jerry Adams as running mate
-
Metro8 hours agoGunmen Kill Serving Army Colonel In Abuja, Injure Wife, Two Others
-
News20 hours agoPhotos: Wike Promises To Deliver Abandoned Goodluck Jonathan Way, Other New Roads In December
-
Metro8 hours agoNavy Arrests Vessel With 650 Metric Tonnes Of Stolen Crude
