By Kayode Sanni-Arewa

Executive Chairman of the Federal Inland Revenue Service, FIRS, Mr Zacch Adedeji, said that he was not part of those contesting the Oyo state governorship election in 2027.

Adedeji, who had previously held cabinet position in Oyo State (Commissioner for Finance 2011-2015), has been touted as one of the personalities likely to jostle for the position.

He, however, in a recent outing, dispelled the rumour doing this round, saying he only wanted to focus on the task before him at the moment.

“I want to use this to respond to a lot of requests, that I, Zacch Adedeji, will not contest for governorship election in 2027.

“I know a lot of people would not be happy about this, but everybody knows the responsibility and grace that God has given to us. I was a commissioner of finance 14 years ago. And by that time, with the grace of God, we’ve done all of what God wants us to do in the state.

“He has given us that platform. So the only thing I need from you is your prayers for strength to end well with what I’m doing now. So I would not want to be distracted,” he said in the clip

Adedeji was appointed by President Bola Tinubu in September 2023 to head the FIRS.

By Kayode Sanni-Arewa

What is the Dollar to Naira Exchange Rate in the Black Market (Parallel Market)?

Here’s the latest information on the Dollar to Naira black market exchange rate for January 4, 2025. Check below for the rates at which you can exchange your dollars for Naira.

How Much is a Dollar to Naira Today in the Black Market?

Here’s the latest information on the Dollar to Naira black market exchange rate for January 4, 2025. Check below for the rates at which you can exchange your dollars for Naira.

How Much is a Dollar to Naira Today in the Black Market?

According to sources at the Bureau De Change (BDC), the exchange rate for a dollar to Naira at the Lagos Parallel Market (Black Market) is as follows:

Buying Rate: ₦1,665
Selling Rate: ₦1,670
Please note that the Central Bank of Nigeria (CBN) does not recognize the black market and advises individuals to approach their banks for foreign exchange transactions.

Dollar to Naira Black Market Rate Today:

Buying Rate: ₦1,665

Selling Rate: ₦1,670

Dollar to Naira CBN

Rate Today:
Highest Rate: ₦1,540
Lowest Rate: ₦1,531

Note: Actual rates may vary depending on the transaction and location.

President Bola Tinubu has initiated extensive outreach to northern elites and the political class in a bid to garner support for the passage of contentious tax reform bills currently under consideration by the National Assembly.

Overview of the Bills
The tax reform bills,introduced in October 2024, include:

The Nigeria Tax Bill 2024
The Nigeria Tax Administration Bill
The Nigeria Revenue Service (Establishment) Bill

The Joint Revenue Board (Establishment) Bill
These proposals aim to reform Nigeria’s tax administration and enhance revenue collection systems. However, they have faced significant resistance, particularly from northern governors who argue that the reforms could disproportionately affect their regions and hinder economic development.

Tinubu’s Strategy
Presidency insiders revealed that President Tinubu has employed a multifaceted approach to address concerns raised by stakeholders, particularly from the northern political elite. This includes private consultations, strategic dialogue, and discreet “back channel” negotiations.

A senior official, speaking to The Punch anonymously, noted, “The President has been engaging with northern elites both individually and in groups, even prior to the holiday season.”

Another source disclosed that Tinubu is leveraging alternative methods to address objections to the bills, stating, “He is using every available channel to ensure that the contentious aspects of the bills are clarified and resolved.”

Northern Governors Remain Opposed
Despite Tinubu’s outreach efforts, northern governors have maintained their opposition. They insist that the bills should be withdrawn to allow for broader consultation and revisions. The governors argue that the proposed reforms could:

Increase the tax burden on their states,
Stifle economic growth, and
Exacerbate financial hardship for citizens.

The federal government, however, has defended the reforms as necessary steps to:

Boost Revenue Generation: Diversify income streams and reduce reliance on oil.
Modernize Tax Administration: Streamline revenue collection for efficiency and transparency.
Public Reactions
The proposed reforms have sparked heated debates nationwide. While proponents argue that they are essential for Nigeria’s fiscal sustainability, critics contend that they could lead to increased taxation and worsen the economic struggles of ordinary Nigerians.

As the debate intensifies, President Tinubu’s ability to navigate these challenges and secure buy-in from critical stakeholders will significantly influence the bills’ passage and their broader implications for Nigeria’s economy.