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Tinubu orders FIRS, Customs to review revenue deductions

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President Bola Tinubu on Wednesday directed a review of deductions and revenue retention practices by Nigeria’s major revenue-generating agencies, in a bid to boost public savings, improve spending efficiency, and unlock resources for growth.

The agencies include the Federal Inland Revenue Service, the Nigeria Customs Service, the Nigerian Upstream Petroleum Regulatory Commission, the Nigerian Maritime Administration and Safety Agency, and the Nigerian National Petroleum Company Limited.

Tinubu gave the directive during the Federal Executive Council meeting on Wednesday in Abuja. The President’s directive was disclosed to journalists by the Minister of Finance and Coordinating Minister of the Economy, Wale Edun.

According to Edun, President Tinubu specifically called for a reassessment of NNPC’s 30 per cent management fee and 30 per cent frontier exploration deduction under the Petroleum Industry Act. He tasked the Economic Management Team, chaired by Edun, to present actionable recommendations to FEC on the optimal way forward.

The President said the directive was part of efforts to sustain reforms that have dismantled economic distortions, restored policy credibility, enhanced resilience, and bolstered investor confidence.

According to him, these reforms have created a transparent, competitive business environment attractive to local and foreign investors in critical sectors such as infrastructure, oil and gas, health, and manufacturing.

Reaffirming the Renewed Hope Agenda, Tinubu said Nigeria’s goal of a $1tn economy by 2030 requires growth of at least seven per cent annually from 2027 — a target he described as “not just economic, but a moral imperative,” as higher growth is the surest path to tackling poverty.

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He cited the July 2025 International Monetary Fund Article IV report, which he said endorsed Nigeria’s economic trajectory and the need for investment-led growth.

On grassroots empowerment, the President pointed to the Renewed Hope Ward Development Programme — a ward-based initiative covering all 8,809 wards across the country — designed to lift economically active citizens through micro-level poverty reduction strategies in collaboration with states, local governments, and private partners.

Tinubu noted that public investment accounts for just five per cent of Gross Domestic Product due to low savings, stressing that optimising “every available naira” is vital, especially under current global liquidity constraints.

Edun said macroeconomic indicators were improving, with a more stable exchange rate, easing inflation, rising revenues, and debt-to-GDP ratios now within range. He described savings as the foundation of investment and said the President’s directive aims to quickly raise public sector savings by reviewing deductions and retention practices.

Meanwhile, Edun said he presented two memoranda to Council — a $125m Islamic Development Bank financing for infrastructure in Abia State, covering 35 kilometres of roads in Umuahia and 126 kilometres in Aba; and a plan to refinance N4tn in outstanding electricity sector obligations.

The electricity debt resolution will be executed in phases, with the first phase expected within three to four weeks under the coordination of the Debt Management Office and other agencies.

According to the talking points by President Bola Tinubu obtained by our correspondent, he commended members of the Federal Executive Council for implementing bold reforms “that have dismantled longstanding distortions in our economy and restored policy credibility.”

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Tinubu said the reforms have enhanced economic resilience, restored macroeconomic stability, created a transparent and competitive business environment, and bolstered investor confidence.

“As a result, our economy is now better positioned to attract both domestic and foreign private investment-investment that is critical to stimulating sustained growth, creating decent jobs, and lifting millions of Nigerians out of poverty.

“Our Renewed Hope Agenda remains focused on achieving a $1tn economy by the year 2030. To realise this vision, we must now accelerate our efforts to achieve a minimum growth rate of 7.0 per cent by 2027,” Tinubu said.

According to him, stimulating higher growth is the only sustainable path to solving the poverty challenge in Nigeria. “The recent IMF Article IV Report, published in July 2025, also affirms this trajectory and underscores the importance of investment-led growth.

“In line with our commitment to inclusive development, I recently launched the Renewed Hope Ward Development Programme-a ward-based initiative covering all 8,809 wards across the 774 Local Government Areas in Nigeria.

“This programme is close to my heart. It is designed to empower active grassroots economic players, using a micro-level approach to tackle poverty. We aim to bring sub-national governments and private sector partners on board to ensure efficient and impactful implementation,” he stated.

He urged governors to accelerate growth by prioritising productivity-enhancing investments, strengthening food security, and deepening collaboration with local governments to address the poverty challenge and ensuring that no Nigerian is left behind.

Speaking on savings and investment as catalysts for growth, the President emphasized the critical role of savings in catalyzing investment and growth. “Currently, public investment as a share of GDP stands at a low 5.0 per cent, largely due to insufficient public savings.

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“We must urgently review and optimize our savings. This includes enhancing spending efficiency and reviewing deductions from the Federation Account, such as the cost of collection by revenue agencies, such as FIRS, Customs, NUPRC, and NIMASA, etc.

“There is also the need to reassess the 30 per cent management fee and the 30 per cent frontier exploration deduction by NNPC based on the Petroleum Industry Act. We must optimise every available Naira to sustain our momentum and finance our growth trajectory-especially in a time of global liquidity constraints.

“Accordingly, I am directing the Economic Management Team, chaired by the Minister of Finance and Coordinating Minister of the Economy, to conduct a comprehensive review of all deductions and revenue retention practices, and present actionable recommendations to this Council for an optimal way forward.”

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My customers taught me Yoruba – London trader, ‘Olakunle Oshodi’

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You are an Iraqi based in London, United Kingdom, how did you learn to speak Yoruba?

I trade at Woolwich Market. That is where I work and where I started meeting many Nigerian customers, especially Yoruba people.

Many of the Nigerians I met at the market spoke Yoruba when they came to buy things from me. At first, I did not understand what they were saying, so I became curious and started asking them to interpret the words they used. That was how I gradually started learning Yoruba from my customers.

What do you sell?

I used to sell pepper and fruit, but now I sell cosmetics and hair. My business has changed over time, but I have continued interacting with many Yoruba customers at the market. Through those interactions, I have also continued learning the language.

How did you first become interested in the Yoruba language?

About 95 per cent of my customers are Yoruba. Whenever they came to buy things, they would speak Yoruba to me. Instead of just listening to them, I started asking questions whenever I heard words I did not understand. I would ask them what the words meant, and that was how I learnt little by little.

The more I listened to them, the more interested I became. I started enjoying the language because I think Yoruba is a sweet language. That was what encouraged me to keep learning it.

What do you like about the Yoruba language?

I like the way the language sounds. For me, it is an interesting language, and because I hear my customers speak it regularly, it became easier for me to pick it up. I also like the way Yoruba people communicate with me when they come to the market.

How did you get the name “Olakunle Oshodi”?

Oh, one of my customers gave me the name. She is a lovely person, and she is Yoruba. She said the name was good for me, and that was how I got the name “Olakunle Oshodi.”

Do you have any family connection to Nigeria?

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No, I don’t have any family connection to Nigeria. I have never even been there. My connection with Yoruba came through my customers and the people I have met at the market.

How long have you been learning Yoruba?

It has been about three years. I can speak it because I really like the language, so it has not been that hard for me. I have been learning mainly through my customers and through everyday conversations at the market.

What made you decide to speak Yoruba with your customers?

Basically, I just wanted to learn. You know, Yoruba people joke with you and laugh with you. They want happiness, and they are not fake. That is why I love them.

When they come to the market, there is always a lot of interaction. They joke, laugh, and make you feel comfortable. So, for me, learning the language became a way of connecting with them better.

Yoruba people are lovely. Even when wahala comes sometimes, they are still just lovely. I enjoy the way they joke and laugh with you. They want happiness, and that is something I really like about them.

Being around them has also helped me learn more about the language because I speak Yoruba almost every day with my customers. The more I interact with them, the more I learn.

Has speaking Yoruba affected your business?

Yes, it has made the business grow. Speaking Yoruba has helped me connect with my customers better, and I believe that has been good for my business.

When customers realise that I can speak their language, it creates a different kind of relationship. We can joke together, laugh together, and communicate more easily.

How do customers react when they realise that you can speak Yoruba?

They are shocked, and they laugh. I see them happy, and I laugh with them. Sometimes, you can see that they did not expect a white man to speak Yoruba, so their reaction is usually one of surprise. Most of the time, they are not expecting it at all, especially when they first hear me respond to them in Yoruba.

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I enjoy seeing their reaction because you can immediately see the happiness on their faces. Sometimes, they will look at me again as if they are trying to confirm whether I really understand what they are saying. It is always a funny and enjoyable moment for me.

Speaking Yoruba also makes the interaction more relaxed. Instead of just being a customer-and-trader relationship, we can joke together, laugh together, and have a better conversation. I enjoy that connection with them. I laugh with them because it makes the interaction more enjoyable, and I am happy when I see that they appreciate my effort to speak their language.

What goes through your mind when customers are surprised by your Yoruba?

I just enjoy the moment. They are shocked and laughing, and I see that they are happy. So, I laugh with them. For me, it is a nice experience because it shows that they appreciate the fact that I am trying to speak their language.

Has speaking Yoruba helped you gain your customers’ trust?

Yes, 100 per cent. I’m always with them. I spend a lot of time interacting with my customers at the market, so speaking Yoruba has helped me become closer to them. When I speak their language, they know that I am making an effort to understand them and communicate with them in a way that makes them comfortable.

I am not just there to sell something to them; I enjoy being around them and having conversations with them. That connection is important to me.

Have you ever had a funny experience while speaking Yoruba?

Yes, I have. They say, “Ah-ah!” when I speak. They are usually surprised when they hear me speaking Yoruba, and that reaction can be funny.

Sometimes, they cannot believe what they hear. They will react with “Ah-ah!” because they did not expect me to speak the language.

Even though sometimes wahala can come, it is still just lovely being around them. My experience with them has been positive, and they have also played an important role in helping me learn the language.

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Do you think your customers have also enjoyed teaching you Yoruba?

Yes, because most of what I know came from interacting with them. When they speak Yoruba and I do not understand a word, I ask them what it means. That is how I learn.

It has been a gradual process. I listen, ask questions, and then try to use the words when I speak to them. I enjoy the learning process.

What are you looking forward to about visiting Nigeria?

As I said earlier, I have never been to Nigeria, but I have plans to go. I have not had the opportunity to visit yet, even though I have developed such a strong interest in the Yoruba language and culture.

I have a plan to go. I have never been there before, so I would like to experience the country and meet more people. I have learnt Yoruba mainly from people in London, so visiting Nigeria would allow me to experience the language and culture differently.

What does Yoruba culture mean to you?

I love the culture. I love Yoruba natives. My connection with Yoruba has grown through the people I meet and the language I have learnt from them. Even though I have never been to Nigeria, I have developed a love for the culture through my customers and the people around me.

What would you like Yoruba people to know about your connection with their language?

I want them to know that I love all of them, and I want to learn more of the language if I can. I speak well, but I only need time. One day, they will see. I want them to know that my interest in Yoruba is genuine. I did not learn it because somebody forced me to; I learnt it because I met Yoruba people, I enjoyed being around them, and I fell in love with the language.

Source: punchng.com

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Tax reform has reduced burden on low-income earners — Revenue board

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The Joint Revenue Board has said Nigeria’s tax reform has reduced the burden on low-income earners and eliminated multiple nuisance taxes.

The Executive Secretary of the JRB, Olusegun Adesokan, stated this while giving an overview of the progress recorded one year into the implementation of the tax reform.

In a post obtained from the board’s X handle on Friday, Adesokan spoke at the 160th meeting of the JRB in Kaduna State, with the theme, “One Year of Reform: Assessing Progress and Addressing Challenges.”

He said the reform had also provided relief for low-income earners and micro-scale businesses, contrary to concerns that it had increased the tax burden.

“Addressing the misconception that the tax reform has increased taxes, the reform has rather reduced the tax burden on low-income earners, eliminated multiple nuisance taxes while providing reliefs for low-income earners and micro-scale businesses,” he said.

Adesokan said 18 state Houses of Assembly had domesticated the model harmonised taxes and levies law, which was designed to address overlapping and multiple taxation across the country.

According to him, the legislation had reduced more than 50 collection items previously administered by states and local government areas to nine sub-heads.

He added that the law had also abolished cash collection and the mounting of roadblocks for revenue collection.

The Executive Secretary said the measures had recorded significant progress in harmonising taxes and levies across the subnational governments.

The JRB, Nigeria’s apex body for revenue administration, convened the meeting to assess progress under the new revenue regime, identify gaps, and address emerging challenges.

The meeting was declared open by the Kaduna State Governor, Senator Uba Sani, who said the reform had expanded opportunities for domestic resource mobilisation and strengthened the country’s capacity to finance development.

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Sani urged the JRB to identify bottlenecks affecting revenue collection, institutional weaknesses creating friction between revenue authorities and taxpayers, and opportunities for technology to improve efficiency in revenue administration.

He said, “The objective of the reform should not be simply to collect revenue; it should be to build a tax system in which compliance becomes easier, enforcement becomes more intelligent and voluntary compliance becomes a norm.”

The Executive Secretary appreciated Governor Uba Sani for hosting the 160th JRB meeting and for his consistent support of the tax reform initiative. He particularly commended the governor for nominating a member of the Board and outgoing Executive Chairman of Kaduna State Internal Revenue Service, Mr Jerry Adams, as his running mate for the 2027 gubernatorial election.

Sani expressed his delight with the tax reform, stressing that apart from eliminating duplication of taxation, it has enhanced revenue generation.

He observed that the national tax revenue has so far risen to N21.6 trillion since President Bola Tinubu introduced tax reform in 2026.

According to him, the nation’s revenue was  approximately ₦10.1 trillion in 2023,  ₦21.6 trillion in 2024, and about ₦36.8 trillion in 2025.

In his opening remarks, JRB Chairman, Dr Zacch Adedeji, represented by the Executive Director, Finance and Corporate Services, Nigeria Revenue Service, Muhammad Abubakar, said the meeting was a call for revenue authorities to take stock of the progress made, address identified gaps and confront emerging challenges.

He said the ultimate measure of the reform’s success must be improved revenue mobilisation, greater compliance, a better taxpayer experience, and stronger contributions to national development.

See also  Tinubu sends state police amendment bill to Senate

Source: punchng.com

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Rivers oil tragedy: 37 die from toxic fumes

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About 37 persons have reportedly died after inhaling fumes from a petroleum product at a jetty in Okrika Local Government Area of Rivers State.

The incident occurred on Thursday at the Okari Jetty in the Okrika Mainland area, where youths from Okrika and neighbouring communities had reportedly gathered to load a petroleum product from an illegal tapping point.

Many others were said to be missing following the incident, which occurred in the mainly coastal community.

A source in the community told our reporter that more than 100 persons had stormed the jetty with locally made boats while a vessel was anchored at the riverside to load petroleum products.

The source said trouble started while the youths were loading the product, as a strong smell suddenly saturated the air, causing several of them to collapse.

“Many of them collapsed into the river, while others who managed to escape the scene had serious respiratory disorders and were being treated at the hospital.

“As I speak to you, over 37 bodies were identified as Okrika people, while six others were yet to be identified and many are still missing,” the source, who pleaded anonymity, said.

The Youths and Environmental Advocacy Centre also confirmed the incident, saying its network of youth volunteers and human rights defenders in the Niger Delta had reported that no fewer than 37 persons suspected of involvement in illegal oil activities died after inhaling what was locally referred to as “Indorama fuel.”

The Executive Director of YEAC-Nigeria, Dr Fyneface Dumnamene, said in a statement that the incident occurred at about midnight on Thursday at the Okari Jetty.

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“According to the report, no fewer than 37 persons suspected to be oil thieves died after inhaling what is locally called ‘Indorama Fuel.’

“Many others are still missing. The incident occurred during the illegal loading of the product into a ship at a tapping point,” he said.

Dumnamene said the victims had connected a pipe to a tapping point on a pipeline that transported petroleum products from the Indorama Eleme Petrochemical through the Port Harcourt Refinery to vessels that reportedly came every two weeks to load products for export.

He added that the youths inhaled the product while a vessel was loading and they were simultaneously loading it into their waiting boats from the illegal tapping point.

“This led to the death of not fewer than 37 persons. Many are still missing, and some corpses have been seen floating on the river but have not yet been recovered,” he stated.

Dumnamene called on the National Oil Spill Detection and Response Agency to immediately conduct a joint investigation visit to the site of the incident.

He also urged the company that owned the vandalised facilities to provide adequate security for its pipelines to prevent a recurrence.

The YEAC-Nigeria boss condemned the alleged sabotage, warning youths to stay away from oil and gas infrastructure because of the dangers associated with high-pressure pipelines.

He also called for alternative livelihood opportunities for youths in the Niger Delta, including the establishment of modular refineries and the legalisation of artisanal refining.

When contacted, the spokesperson for the Rivers State Police Command, Blessing Agabe, confirmed the incident and said the victims were reportedly attempting to steal crude oil.

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Agabe, an Assistant Superintendent of Police, said no official complaint had been lodged with the command but added that an investigation had commenced.

“The suspects reportedly died in the process of attempting to steal crude oil. However, no official complaint has been received in connection with the incident at this time.

“Investigation is ongoing to establish the circumstances surrounding the incident and ascertain the facts,” the police spokesperson stated.

However, the Commander of the Civilian JTF in Okrika LGA, Igwe Godswill, gave a different account of the incident, saying the victims had gone to scoop petroleum products that had spilled into the river when they were allegedly overwhelmed by fumes from a vessel loading products at the jetty.

Godswill described the incident as tragic, saying most of the victims were youths searching for means of livelihood amid a lack of employment opportunities.

“It is so pathetic that this incident is happening in our community. These are young guys who have gone to search for their daily bread, only for the fumes from the fuel that was pumped to kill so many of our youths under the bridge.

“Many of them were choked to death. These are not criminals or anything, but they went out in search of their daily meal. I am advising the community, the leaders and every other person that we need legitimate jobs in the community.

“These things are risky, but when you cannot feed your children, most times, those risky jobs become the only option,” Godswill stated.

He explained that the victims had gone to scoop petroleum products floating on the water when they were overcome by fumes from a vessel loading petroleum products at the jetty.

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Godswill, however, said about 10 bodies had been recovered, adding that only some of the victims could be identified because of the condition of their remains.

He said, “We saw about 10 of them. Four were still unrecognisable, while four persons were identified. The rest could not be identified because their bodies were badly damaged and their faces were severely affected.”

The Civilian JTF commander called on the Rivers State Government, community leaders and other relevant authorities to create employment opportunities for youths in the area to discourage them from engaging in dangerous activities.

“I am calling on the relevant authorities, community leaders, the chairman and every other person to look into this. It is not enough to stop them because, yes, it is a risky job, but they should create jobs for the youths so that everybody will have something to eat.

“Something that can put food on the tables of these young men, the youths and every other person. I can tell you for free that it will not just stop because when that source is the only livelihood, people will still go there.

“Even as of yesterday, people still went there, despite the fact that we had confirmed that people had died from the same activity. So, we are calling on the leaders to look into it and see how they can create job opportunities, especially for the youths,” Godswill added.

Source: punchng.com

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