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Personal Income Tax by wealthy Nigerians to hit 25%, says Edun

• 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
Pope Francis finally laid to rest

Pope Francis was buried inside his favourite Rome church after a funeral mass in St Peter’s Square, the Vatican said on Saturday.
Francis who died on Monday aged 88, was laid to rest during a 30-minute ceremony which started at 1:00 pm (1100 GMT) at the Santa Maria Maggiore basilica in the Italian capital.
Footage shared by the Holy See showed cardinals marking his wooden and zinc coffin with red wax seals.
Cardinal Kevin Farrell, who as camerlengo is running the Vatican’s day-to-day affairs until a new pope is elected, sprinkled it with holy water after it was lowered into a tomb set inside an alcove.
A reproduction of the pectoral cross worn by Francis during his lifetime hung above it.
Francis had asked that the tomb, located near the altar of Saint Francis, be simple and unadorned, reflecting the humble spirit of his papacy.
The tombstone bears only the inscription “Franciscus” — the pope’s name in Latin.
Its marble is sourced from Liguria, the northwestern Italian region once home to the Argentine pontiff’s Italian ancestors.
Francis, born Jorge Bergoglio, had specified in his will the exact spot he wanted to be buried, in the side nave of the beloved fifth-century AD church.
The pontiff was devoted to the worship of the Virgin Mary and made a point of praying in Santa Maria Maggiore before leaving on trips abroad and upon his return to Rome.
He declared his desire to be entombed there in 2023.
Located in the heart of Rome, the basilica already holds the tombs of seven popes.
But the last one to be buried there was Clement IX in 1669. More recently, popes have usually been buried in St Peter’s Basilica.
One of four papal basilicas in Rome, Santa Maria Maggiore also holds the remains of several other renowned figures, such as the architect and sculptor Gian Lorenzo Bernini, who designed St Peter’s Square and its surrounding columns.
News
Just in: Gunmen invade pro-Wike group in Bayelsa

Gunmen suspected to be hired political thugs disrupted a rally organised in support of Minister of the Federal Capital Territory, Nyesom Wike, on Saturday in Yenagoa, Bayelsa State.
The event, which also marked the inauguration of the NEW Associates group, was meant to thank President Bola Tinubu for appointing sons and daughters of Bayelsa into positions in his administration, while also showing support for Wike, who serves as the group’s grand patron.
Originally scheduled for April 12, the rally had been postponed to April 26 after another group, supporters of Governor Douye Diri, booked the same venue and date for their own rally.
Although both groups eventually rescheduled, tensions remained high.
Supporters of NEW Associates had gathered early at the Church of God Mission Camp, ready for the event, when armed men suddenly emerged from nearby creeks and bushes, firing gunshots into the air.
The crowd quickly scattered in fear, while security forces including the Nigeria Police, the Nigeria Security and Civil Defence Corps (NSCDC), and the Department of State Services (DSS) responded by pushing back the attackers and searching the surrounding area to prevent further violence.
After the incident, Comrade Ebilade Ekerefe, Secretary of NEW Associates and former spokesperson of the Ijaw Youths Council, accused the state government of trying to disrupt their peaceful gathering.
He insisted the rally would go on, stating that their intention was simply to express gratitude to the President and show solidarity, and questioned why anyone would feel threatened by such an event.
Similarly, Dr Pabara Igwele, the immediate past Commissioner of Health in Bayelsa, described the rally as peaceful and blamed the disruption on political motives.
He also vowed that the rally would continue despite the attack.
After the initial chaos, supporters regrouped to carry on with the event.
News
Senator Manu Haruna Launches Quick Wins Training for Women and Youths in Taraba Central Senatorial District+Photos

Senator Manu Haruna of the Taraba Central Senatorial District on Saturday concluded a three-day Quick Wins Training program dedicated to empowering women and youths in the District .
The event took place in Jalingo, the capital city of Taraba State, in collaboration with the Maryam Babangida National Centre for Women Development.
The training initiative is aimed to equip participants with practical skills and knowledge that can foster economic independence and stimulate community development. This program is a reflection of Senator Haruna’s commitment to improving the socio-economic status of underrepresented groups within his constituency.
The event was attended by prominent leaders, including Hon. Veronica Alhassan, Member of the House of Assembly for Bali I Constituency, and Hon. Alhassan Hamman, who presented certificates to participants on behalf of Senator Manu Haruna.
The involvement of critical stakeholders underscored the importance of collaboration between government officials and community leaders in driving sustained progress in Taraba Central.
Among the distinguished attendees were Hon. Ubale Gambo, Hon. Bala Baba, Alhaji Muhammad Nagaggo, Alhaji Raubilu Umar, among others, all of whom are dedicated to fostering development within the region.
Senator Manu Haruna expressed his gratitude to the National Centre for Women Development and all partners involved in the initiative.
He stressed the transformative potential of empowering women and youths, noting the necessity for continued support and resources to ensure sustainable growth in Taraba State.
This Quick Wins Training is poised to have a long-lasting impact on participants, equipping them with essential skills to make valuable contributions to their communities and the broader economy of Taraba State. By investing in the future of these underprivileged groups, the program seeks to inspire change and promote self-sufficiency among the local populace.
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