News
Revenue crisis: Nigeria is faced with massive public debt, says Adedeji
The new chairman of the Federal Inland Revenue Service, FIRS, Dr Zacch Adedeji, said yesterday the nation is in a revenue crisis and requires urgent steps to change the narrative.
Adedeji, who stated this while taking over the mantle of leadership of the agency from his predecessor, Muhammad Nami, noted that about 96 per cent of Federal Government revenue was spent on debt servicing last year, stressing that the situation is not sustainable.
This is even as the former chairman of the revenue agency, Nami, said the FIRS generated N8.5 trillion in revenue into the federation account as of mid-September.
Recall that one of the main reasons the government removed subsidy from petrol is inadequate revenue to run the affairs of the country.
Adedeji said: “We are in a revenue crisis, government revenue is low amid a huge public debt.
Last year, 96 per cent of government revenue went into debt servicing.
“Where debt has grown bigger than the Gross Domestic Product, GDP, and debt servicing faster than revenue, immediate actions have to be taken to remedy the situation.”
On his agenda to optimise revenue generation, he said: “In this direction, therefore, we will key into the reforms being made by President Bola Tinubu who has since inaugurated a Presidential Fiscal Policy and Tax Reforms Committee.
“The mandate of the committee is to, among other things, evolve an effective design and implementation of fiscal policy and tax reforms for economic prosperity.
‘Need for tidy fiscal landscape’
“At FIRS, we will embrace efforts being made to design a tidy fiscal landscape for the country and in the process, address some of the obstacles impeding effective operations of the service as the primary agency of government responsible for administration, assessment, collection, accounting as well as enforcement of taxes and levies.
“We need to innovate and build our operations on foolproof technology, while also evolving a hub of fresh ideas and creativity. “
The new tax-master pledged to eliminate leakages in the system, with a view to raking in all tax revenues into government coffers.
“We must definitely plug leakages. We need to strengthen our internal processes and control mechanisms. We must put a high premium on effective coordination of assigned tasks and delegated responsibilities,’’ he added.
Adedeji said he will stimulate voluntary compliance among taxpayers to fulfil their obligations as, according to him, his team will engage stakeholders and sensitise them on the need for voluntary compliance.
‘No forcing things down the throats of stakeholders’
His words: “Under me, we will not force things down the throats of our stakeholders. I will always be ready to engage with them, work with and through them, to jointly build a tax administration that we will all be proud of and one that enjoys the trust and confidence of all.
“Broadly, we intend to come up with a menu of strategies that will stimulate voluntary payment of taxes and levies.
“Yes, this is achievable because Nigerians acknowledge the need for the government to increase its revenue to be able to meet its obligations to them.
“In doing this, we will build a tax system that is smart and modern, one with unquestionable integrity and will earn the trust as well as admiration of stakeholders.”
Dr. Adedeji charged management and staff to “work with uncompromising integrity, uphold taxpayers’ confidentiality, and demonstrate a high level of professionalism, fairness and show exemplary public service.”
N8.5 trn already collected this year — Nami
In his remarks, the outgone chairman of FIRS, Muhammad Nami, disclosed, however, that the agency was on its way to setting a new revenue record in 2023, having collected N8.5 as at September 14.
He added that within the period under review, his administration assessed, and recovered another N4 trillion from the Nigeriian National Petroleum Company Limited, NNPCL.
Nami said he had surpassed his 10 per cent Tax-to-GDP target of four years, having achieved 10.86 per cent in two years.
He said the 18 per cent target in four years, set by the current administration was not only achievable but could be surpassed.
In 2022, the FIRS set a revenue target of N10 trillion and collected N10.1 trillion within the period. Similarly, in 2023, it set a target of N12 trillion in revenue and has collected N8.5 trillion, with about four months to the end of the year.
The likelihood of former President Goodluck Ebele Jonathan entering the presidential race in 2027 is becoming increasingly apparent, particularly given the recent developments surrounding his potential candidacy.
Reports suggest that Jonathan is discreetly meeting with key political figures across the country, which adds to the anticipation surrounding his possible return to politics. Click link to continue reading.
News
2025: Nigeria Missed Out As Ghana Other Meet Top 10 African Countries With Stable Power Supply Emerge
More questions have been raised over the incompetence of the power sector in the country as Nigeria as many African countries making significant strides in enhancing their power supply stability by investing in modern electricity transmission networks, advanced grid infrastructures, renewable energy sources, and natural gas.
Their diversification prevents disruption in their electricity distribution. Foreign collaboration and smart technology are also some of the positive factors that support these countries’ power sector. …click link for full list here
The Dollar to Naira exchange rate in the black market continues to highlight Nigeria’s forex supply challenges, with many individuals and businesses relying on the parallel market for transactions.
CBN maintains tighter controls and a lower rate at official windows, limited access and allocation restrictions force most importers, businesses, and students abroad to turn to the parallel market, where prices reflect actual demand and supply pressures. Click link to continue reading.
What is the Dollar to Naira Exchange rate at the black market also known as the parallel market (Aboki fx)?
See the black market Dollar to Naira exchange rate for yesterday 10th September, below. You can swap your dollar for Naira at these rates.
The exchange rate for a dollar to naira at Lagos Parallel Market (Black Market) players buy a dollar for N1530 and sell at N1545 yesterday 10th September 2025, according to sources at Bureau De Change (BDC). …CLICK LINK TO CONTINUE READING
Please note that the Central Bank of Nigeria (CBN) does not recognize the parallel market (black market), as it has directed individuals who want to engage in Forex to approach their respective banks.
Dollar to Naira (USD to NGN) Black Market Exchange Rate Today
Buying Rate N1525
Selling Rate N1535
Dollar to Naira (USD to NGN) CBN Rate Today
Highest Rate N1510
Lowest Rate N1506
Please note that the rates you buy or sell forex may be different from what is captured in this article because prices vary.
Isaac Fayose, younger brother of former Ekiti State Governor Ayo Fayose, has sparked nationwide controversy after declaring that Nigeria belongs only to the Hausa and Yoruba ethnic groups.
In a viral video making the rounds on social media, Fayose dismissed the long-standing belief that Nigeria’s unity rests on a tripod of Hausa, Igbo, and Yoruba.
He claimed that the Igbos have been marginalized and not counted among the country’s dominant groups.
He stated: “They said Nigeria belongs to Hausa, Igbo, and Yoruba, but that’s a lie… take out that Igbo, stop including them because it’s a lie.”
The remarks have triggered widespread backlash, with many Nigerians accusing him of promoting ethnic hatred and fueling disunity.
Others, however, agreed with his statement, describing it as “an honest truth” about Nigeria’s politics.
Netizens Reactions…
@olaoluwasunnyman reacted: “Honest truth.”
@chefnoka said: “History will never forget you, brother. I’m not Igbo, but I love the way you speak and stand for the truth. We need it to move this nation forward.”
@newbilliy commented: “I’m Yoruba but an Igbo President will make Nigeria great. I love Igbo people and their business mindset.”
@beautyjunctiongh wrote: “God bless you, my brother, for saying the truth.”
@benedictoguama asked: “Where is Jonathan from?”
@daveiyke_donnegro stated: “@isaacfayoseoriginal_ God bless you Sir for speaking the truth. I wish other Nigerians can shun tribalism and unite for the progress of Nigeria. Tribalism us a tool against Nigerians and the unity of Nigeria. Politicians have weaponized tribalism which enables them thrive in continued political and socioeconomic incompetence.”
@realtundr4 added: “I agree with what you said, sir, but look at it, does igbo really have d right candidate? Obi is just chameleon to me he’s not real, neither do they have the leadership experience as our current president @officialasiwajubat, the one and only politician that have ever created more millionaires and successful individual in the whole nation. Make we leave hatred, JAGABAN na baba.”
@wellingtonisgreat commented: “@wellingtonisgreat said: “Nigeria belongs to everybody not hausa, yoruba, igbo, Benin have not been president before let us go? You dey talk anyhow.”
@richeart4u said: “Those that have been president, were they given free or charge? Was there a law that stopped Igbo man from being a president? How do people become a president? Or do you mean Igbo have never been allowed to contest for presidency? Same things goes to women too, why are women not hugely represented in all positions even presidency? No one is stopping anyone from becoming anything, you just have to change your strategy and alignment. You can’t be doing same thing over the years and not get the desired result and still want to stick to that failed pattern to achieve a new result. Igbo people and their candidate must be encompassing. Hausa has been aligning more to Igbo people to get whatever position they wanted and why are they not returning the favour hugely? Align to anyone that can boost your change of winning and be well accommodating and understanding the power of choices and politicking. I might be wrong 0000. Na ma small knowledge I take respond oooo.”
Health challenges affect everyone, regardless of their social status or position in society.
These issues can arise unexpectedly and often catch individuals off guard, emphasizing the importance of proactive health measures and proper care.
This reality serves as a crucial lesson for political stakeholders and those in public office.
Elisabet Lann, the new swedish health minister, made a dramatic debut as she collapsed on her first day on the job during a press conference.
As reported by The Straits Times, Lann had joined Prime Minister Ulf Kristersson and other political colleagues at the media briefing on Tuesday, September 9, the same day she was appointed to the role following the sudden resignation of her predecessor.
CNN also noted the scary moment.
Videos, which have gone viral on social media, show Lann swaying while officials are taking questions from reporters.
Following the collapse, Ebba Busch, the deputy prime minister of Sweden, was seen assisting Lann, who was later able to stand and address the media.
Lann told reporters, according to Swedish daily Aftonbladet.
“This wasn’t really a normal Tuesday, and this is what can happen when you have low blood sugar.”
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