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Federation revenue hits N3.6trn, says NRS chair
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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
National tv signal fails in Niger after heavy gunfire
Niger’s national television was off air on Saturday after a night of heavy gunfire in parts of the capital, including around a military base near the city’s airport which has been attacked twice this year by jihadists.
Niger has been ruled for three years by a military junta that has struggled to contain jihadist violence, which has blighted the West African country for around a decade.
The origins of Saturday’s shooting were not immediately clear but the military said: “In light of current events, let us remain calm and avoid sharing unverified information.
“Our defence and security forces have been mobilised for the defence of the homeland,” it wrote on its official social media pages.
One local resident told AFP that there was “heavy gunfire and explosions” at Base 101 in Niamey, a report confirmed by several other witnesses.
At 9:00 am (0800 GMT), a black screen had replaced Tele Sahel’s programming both via satellite and online. Soldiers blocked access to the presidential palace and national television, residents added.
The first shots were heard at about 1:00 am local time (0000 GMT) and continued until daybreak, according to a video published by a local journalist filming the area around the airport.
Another local resident said he heard “bursts of gunfire” at about 7:00 am local time.
“I went to get credit for my phone. I saw a military vehicle heading towards the base that had to turn back,” he added.
“The weapons we’re hearing are not the kind that terrorists on motorbikes can carry. The fighting has been non-stop since last night.”
Another resident in the west of Niamey said he heard sporadic small arms fire at about 5:00 am.
Several social media posts also reported shooting and explosions in the city, particularly in the administrative area where the presidential palace and national television station are located.
Videos online showed armoured vehicles deployed to reinforce the neighbourhood near the airport.
– Rival jihadist groups –
Niamey airport has been targeted twice this year by jihadists, first by the Islamic State in the Sahel (EIS) in January, then in late June by their rivals the Group for the Support of Islam and Muslims (JNIM), the Sahel branch of Al-Qaeda.
The jihadist groups not only target civilians and the military but are also struggling for dominance over each other in the Sahel, and especially in Niger.
News
Obasanjo jokes at Olota’s 60th birthday, says I’ll attend your 70th, may miss 80th
Ex-President Olusegun Obasanjo brought humour to the 60th birthday celebration of the Olota of Ota, Oba Professor Abdulkabir Obalanlege, as he jokingly promised to attend the monarch’s 70th birthday while asking to be excused from the 80th.
Obasanjo, who is 89, made the remark while speaking in Yoruba at the anniversary celebration held in honour of the traditional ruler.
The former president recalled calling Obalanlege earlier in the morning to pray for him before turning his attention to the monarch’s future milestone birthdays.
“Kabiyesi, I called you this morning and prayed for you,” Obasanjo said.
He then calculated his own age in relation to the monarch’s next major birthday celebrations, telling the gathering that he would be 99 when Obalanlege clocks 70 in 10 years.
“I’m here celebrating your 60th birthday. I’ll join you for your 70th birthday in 10 years,” he said.
However, Obasanjo joked that attending the monarch’s 80th birthday celebration 20 years from now might be beyond his reach.
“But for your 80th birthday, which is 20 years from now, ẹ yonda mi (you’ll excuse me); you’ll celebrate that one the way it pleases you,” he added.
The comment drew laughter from dignitaries, traditional rulers and other guests who gathered to celebrate the Olota’s diamond jubilee.
The celebration also featured a notable display of Yoruba cultural respect when Fuji musician, King Wasiu Ayinde, popularly known as K1 De Ultimate, prostrated fully before Obasanjo after coming on stage.
The gesture further added to the cultural significance of the event held to mark Oba Obalanlege’s 60th birthday.
News
SAD! Former Supreme Court Judge, Kalgo is dead
The judiciary has been thrown into mourning following the death of Hon. Justice Umaru Atu Kalgo, JSC (Rtd.), CON, a former Justice of the Supreme Court of Nigeria and distinguished jurist whose judicial career spanned several decades.
Justice Kalgo reportedly died at about 3:00 a.m. on Tuesday after a prolonged illness.
A resident of Kalgo community, who requested anonymity, said the retired Supreme Court Justice was buried at about 2:30 p.m. in Sokoto in accordance with Islamic rites.
His death marks the end of a distinguished legal career spanning nearly five decades, during which he contributed to legal practice, judicial service, law reform and the development of Nigerian jurisprudence.
Born on May 12, 1937, in Kalgo, present-day Kebbi State, then part of the old North-Western State, Justice Kalgo began his education at Elementary School, Kalgo. He later attended Middle School Sokoto, Middle School Birnin-Kebbi and Government College, Zaria, between 1953 and 1958.
He subsequently pursued legal studies at the Institute of Administration, Ahmadu Bello University, Zaria; the Council of Legal Education, London; the College of Law, Holborn, London; and the Nigerian Law School, Lagos. He was called to the Nigerian Bar in 1965.
Justice Kalgo began his public service career as an Administrative Officer in Northern Nigeria before moving into legal practice in government service. Between 1965 and 1972, he served as State Counsel and later rose to become Deputy Solicitor-General of the North-Western State.
His judicial career began in 1974 when he was appointed a Judge of the High Court of Kano and North-Western State. He subsequently served on the Sokoto State High Court Bench.
On January 1, 1981, Justice Kalgo was elevated to the position of Chief Judge of Sokoto State, a position he held until 1988.
In February 1988, he was appointed a Justice of the Court of Appeal, where he continued to contribute to the development of Nigeria’s appellate jurisprudence.
A decade later, on November 25, 1998, Justice Kalgo reached the pinnacle of his judicial career when he was elevated to the Supreme Court of Nigeria.
He served on the apex court until his statutory retirement at the age of 70 in May 2007.
During his years on the Court of Appeal and Supreme Court benches, Justice Kalgo delivered and participated in numerous judgments covering constitutional, civil and criminal law. His contributions formed part of the body of judicial precedents that continue to influence Nigerian jurisprudence.
Beyond the courtroom, the late jurist played significant roles in national law reform and constitutional development. He served on the Constitution Review Committee between 1987 and 1988, participated in the Constituent Assembly between 1988 and 1989, and was a member of the Law Revision Committee for the Laws of the Federation in 1990.
His public service therefore extended beyond adjudication to the broader development of Nigeria’s constitutional and legal framework.
Justice Kalgo was also recognised for his contributions to national service and was conferred with the national honour of Commander of the Order of the Niger, CON.
His passing brings to a close the life and career of a jurist whose professional journey took him from public administration and government legal service through the High Court and Court of Appeal to Nigeria’s highest court, leaving behind a significant legacy in the country’s legal and judicial history.
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