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Personal Income Tax by wealthy Nigerians to hit 25%, says Edun
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• Rise in govt revenue, creative policies will fast track infrastructure devt.
Personal Income Tax (PIT) payments by wealthy Nigerians will go up from 18.6 per cent to 25 per cent when the Tax Reform Bills become law, according to a projection by the Federal Government.
Minister of Finance and Coordinating Minister of the Economy, Mr Wale Edun, said the upward trajectory in revenue will complement the 20 per cent increase recorded last year.
He said Nigeria’s economy has achieved relative stability over the past 18 to 20 months.
He spoke in Abuja during a Zoom dialogue meeting, according to the News Agency of Nigeria (NAN).
The Tax Reform will also tighten government expenditure, he added.
Edun said economic growth this year, would be driven by agriculture, housing and infrastructure.
On agriculture, he said the government would continue to ensure good harvests through improved dry and wet season farming techniques.
According to him, the introduction of a 25-year low-interest mortgage with single or low double-digit interest rates to address the housing deficit.
“The Highways Management and Development Initiative (HMDI) would facilitate the concessioning of major highways to improve road infrastructure,” he said.
An example of this is the 125-kilometre Benin-Asaba Highway being funded solely by a private organisation.
Edun said the government was transitioning from concessional and bilateral financing to cheaper sources of funding, including a domestic bond issue.
He also reiterated the government’s commitment to resolving pensioners’ legacy debt, adding that over N700 billion in bonds had been issued for pension payments.
Acknowledging that Nigeria remains an oil-dependent economy, Edun stressed that the government was making efforts to create a safe and investor-friendly environment for oil operations.
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“Maximise revenue from fossil fuels while it remains viable, encourage public-private partnerships, joint ventures, and privatisation to boost investment.
“Now is the time for equity, revenue generation and private sector participation, both domestically and internationally,” he said.
Reflecting on the situation at the outset of the President Bola Ahmed Tinubu Administration, Edun explained that the economy narrowly avoided collapse, having survived on illegally borrowed central bank funds far beyond regulatory limits.
“In the last quarter of 2024, the economy grew at roughly 3.84 per cent, which is close to the annual target of 3.4 per cent.
“Looking at the metrics, inflation has started to slow down.
“It dropped by 1.3 percentage points between January and February, and food inflation is also declining.
“Additionally, the cost of petroleum and energy is down due to sectoral dynamics,” he said.
Edun noted that stabilising the exchange rate had positively impacted imported goods and services, such as healthcare and education.
He said the balance of trade was positive, with government revenues increasing by 20 per cent in 2024.
Edun said the economy was stabilising, the budget deficit was reducing, and debt servicing as a percentage of revenue had dropped.
“All economic indicators are moving in the right direction, and most importantly, the cost of living is gradually improving.
“With this progress, the government is now focusing on further stabilisation and creating an environment that encourages private sector investment.
“We are also leveraging technology to enhance revenue generation from government-owned enterprises,” the minister said.
News
Angry protesters lockdown Ibadan, want immediate rescue of abducted Oyo teachers, pupils
Angry protesters lockdown Ibadan, demand urgent rescue of abducted Oyo teachers, pupils
Hundreds of teachers and civil society activists marched through Ibadan on Friday, demanding immediate action to free colleagues and pupils kidnapped in Oriire Local Government Area.
The protest, led by the Oyo State Teachers Action Group and the Nigeria Teachers Congress, NTC, followed the May 15 abduction of victims in Esiele and Yawota communities near Ogbomoso.
—“Do more to rescue them”—
NTC National President Rev. Bunmi Thomas told protesters the rally was lawful and necessary. “We are demanding pragmatic action from government to secure the release of the abducted teachers and students,” he said.
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While acknowledging ongoing rescue efforts, Thomas insisted more must be done: “If the government is trying and the result is not there, then efforts must be intensified.”
He raised alarm over the children’s condition: “We have kids as young as two and three years old in the bush, exposed to rain and harsh weather.”
Thomas also called for security in all public schools: “We cannot continue to work while living in danger. Government must attach security personnel to every government school.”
He stressed the protest was not against Governor Seyi Makinde: “No reasonable teacher in Oyo State is against Governor Makinde because he has performed excellently well.”
—Government responds–,
Executive Assistant on Security Matters, retired CP Sunday Odukoya, addressed protesters on behalf of the state government. “It is your constitutional right to protest and let government know your concerns,” he said, assuring that rescue operations were ongoing.
Odukoya also promised no teacher would be victimized for joining the protest.
Protesters said their only demand is the safe and swift return of the kidnapped teachers and pupils.
[ Channels TV]
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How NDC Senatorial primary was conducted in closed room-Aisha Yesufu
A Federal Capital Territory, FCT, senatorial aspirant under the platform of the Nigerian Democratic Congress, NDC, has revealed how the primary election was allegedly manipulated by some party leaders.
Recall that the activist-turned politician contested for the FCT Senate but pulled out over alleged misconduct by officials.
In a lengthy statement detailing how the primary election was conducted, Aisha alleged that the exercise was conducted in a closed room with “predetermined outcome dressed in procedural formalities”.
She said after the exercise was “repeatedly postponed”, the venue was also “changed at the last minute”.
Aisha alleged that the “guidelines of the party were not followed. Delegate based process was introduced to be conducted at a central location instead of the direct primaries to be conducted at Local Government headquarters.
“When the moment came, the contest was not decided by delegates in the open; it was affirmed in a closed room, away from the people whose voices it was supposed to reflect.
“The party will indeed go on to release statements upon statements about the free and fair nature of the Abuja FCT primaries.
“They are entitled to their voice, but the facts that transpired when litigated by conscience and the guidelines of the electoral act do not reflect justice and fairness”.
News
CJ Reassigns Nafiu-Bala’s Case Against ADC Leadership To Justice Lifu
The Chief Judge of the Federal High Court, Justice John Tshoho, has transferred the suit challenging the leadership of the African Democratic Congress (ADC) to a new judge for an accelerated hearing.
The lawsuit, which was filed by Nafiu-Bala Gombe, a former National Deputy Chairman of the party, was moved from Justice Emeka Nwite to Justice Peter Lifu following Justice Nwite’s recent promotion to the Court of Appeal.
In the lawsuit, marked FHC/ABJ/CS/1819/2025, Gombe is seeking an order to stop the embattled National Chairman, Senator David Mark, National Secretary Ogbeni Rauf Aregbesola, and other members of the interim National Working Committee (NWC) from parading themselves as leaders of the ADC.
Gombe contends that the current leadership setup violates both the party’s internal constitution and the Electoral Act. The case names the ADC, Mark, Aregbesola, the Independent National Electoral Commission (INEC), and former party chairman Ralph Nwosu as defendants.
The reassignment follows a directives from the Supreme Court, which intervened in the internal party dispute on April 30. The apex court set aside an earlier Court of Appeal order that had caused INEC to derecognize the David Mark-led faction, and instead ordered all parties back to the Federal High Court for a swift and conclusive trial.
Before the case was transferred, it had faced a series of delays. Justice Nwite had previously halted the matter indefinitely while waiting for the Supreme Court’s decision.
When the case resumed on May 8, Gombe’s legal team, led by Luka Haruna (SAN), requested that the Chief Judge reassign the case to another courtroom.
Defense lawyers representing the ADC, Mark, Aregbesola, and Nwosu strongly opposed changing judges at the time. They argued that the court should instead wait for a certified true copy of the Supreme Court judgment to guide the lower court’s proceedings.
Consequently, the case was briefly paused again before the Chief Judge eventually made the decision to reassign the file to Justice Lifu.
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