Connect with us


BIG STORY

Federal Government To Earn $200bn Revenue From Lekki Port — Minister Oyetola

Published

on

The Minister of Marine and Blue Economy, Adegboyega Oyetola, has revealed that the Lekki Port is expected to provide $200bn in revenue for the government across its 45-year concession period. He gave the projection on Wednesday in Lagos at a breakfast meeting organised by the Nigerian Chamber of Shipping in partnership with Lekki Port.

He explained that since the port began commercial operations, it has helped reduce congestion issues in Lagos and other ports, while also boosting Nigeria’s standing as a competitive logistics hub.

Oyetola pointed out that the world-class infrastructure at the facility highlights major untapped opportunities for investors, service providers, and operators.

The former governor of Osun State noted that the Federal Government has been key in preventing logistic challenges at the port by ensuring the completion of vital access roads linking it directly to major highways.

He added that with the collaboration of the Federal Government, Lagos State, and private partners on road infrastructure, cargo movement has improved, investor confidence has been strengthened, and trade has been running without unnecessary delays.

“Lekki is already easing congestion in Lagos and other ports, while enhancing Nigeria’s competitiveness as a logistics hub. It is projected to contribute over $200bn to government revenue over its concession period, with a reach extending beyond our borders to serve neighboring states. Yet it currently operates at only 20 per cent of its capacity, signaling vast untapped opportunities for investors, operators, and service providers,” Oyetola said.

He highlighted that the achievements of the port represent a model that can be replicated to drive trade and shipping development across the country. He further explained that the project is built on five pillars: a strategic location with access to regional markets; a strong public–private partnership framework; integrated transport through road, rail, and waterways; supportive policies and investment incentives; and technology-driven operations that deliver transparency, speed, and efficiency.

While praising the Nigerian Chamber of Shipping for its contributions to the maritime sector, the minister said the Federal Government is determined to extend the lessons from Lekki Port nationwide to upgrade the entire port network into modern, efficient gateways.

He also mentioned that the government is modernising the Western Port in Apapa, working on the Eastern Ports in Onne, Calabar, and Rivers to encourage balanced growth, and finalising the Port Community System.

Speaking on the theme “Unlocking opportunities: The Lekki DeepSea Port Playbook for Transforming Trade and Shipping in Nigeria,” the Managing Director of Lekki Port, Wang Qiang, described the project as proof of how bold policies, advanced infrastructure, and strong partnerships can change trade, stimulate industries, and promote the blue economy in Nigeria.

Qiang added that the success of the Lekki Port partnership shows how the model can maximise Nigeria’s maritime potential.

He also pointed out that the port features advanced infrastructure and modern technology, including “Post Panamax Ship-to-Shore Cranes that can unload ships twice as fast, thus reducing waiting times, lowering logistics costs, and boosting trade efficiency.”

According to him, the port is expected to contribute about $361bn to the economy within 45 years, a multiplier effect of 230 times the cost of its construction. He further projected that it would generate up to $201bn in taxes, royalties, and duties for both state and federal agencies.

“Besides, Lekki Port is already positioned as a regional trade hub, having commenced transshipment operations in 2023. With this development, Nigeria will regain maritime business lost to West African countries and create the right platform to support the import and export needs of the landlocked countries bordering the country,” he added.

The Managing Director of the Nigerian Ports Authority, Abubakar Dantsoho, also spoke on the need to gather substantial resources to execute large-scale projects like the Lekki Deep Sea Port.

In his welcome remarks, the President of the Nigerian Chamber of Shipping, Aminu Umar, described the establishment of the Federal Ministry of Marine and Blue Economy as a visionary move by the present administration to harness the huge potential of import and export trade. He said shipping and maritime logistics are not just facilitators of commerce but essential to national prosperity.

Umar added that the chamber is pleased to work with Lekki Port, stressing that the facility has already proven its capacity as a regional hub by supporting international trade and contributing to economic growth.

BIG STORY

Zacch Adedeji: Two Years Of Tax Reforms At FIRS – The Winning Formula — By Seun Oloketuyi

Published

on

When Zacch Adedeji assumed office as Executive Chairman of the Federal Inland Revenue Service (FIRS) in September 2023, he was stepping into one of the toughest economic assignments in Nigeria. The country’s revenue base was narrow, its tax-to-GDP ratio stood among the lowest in Africa, and an entrenched culture of inefficiency had left the tax system weak and underperforming. For many, it was uncertain whether he could deliver. Two years later, the results are telling a different story — one of vision, reform, and measurable progress.

From the outset, Adedeji made it clear that his ambition went beyond hitting yearly revenue targets. His vision was to build a tax system that Nigerians could trust, one that was transparent, fair, and modern enough to support national development. Early in his tenure, he set an audacious target: to raise Nigeria’s tax-to-GDP ratio to 18 percent within three years. Critics called it optimistic. Supporters saw it as the bold move Nigeria had long needed.

The first wave of reforms came through technology. The FIRS under Adedeji expanded its digital platforms, introducing new modules on the TaxPro Max system and streamlining over 80 percent of processes that once relied heavily on manual intervention. For the average taxpayer, this meant quicker access to services, fewer trips to FIRS offices, and a sharp reduction in opportunities for corruption. For the Service itself, it meant more efficiency, fewer leakages, and an improved ability to monitor compliance across the economy. Complementing this was the National Single Window Project, a platform that links tax, customs, and trade regulations, making life easier for businesses involved in imports and exports.

But Adedeji knew that technology alone could not solve Nigeria’s revenue challenges. The second pillar of his reform was expanding the tax net. With a tax-to-GDP ratio of about 10 percent at the time of his appointment, Nigeria lagged behind even its African peers. The informal sector, estimated to account for more than half of Nigeria’s economy, contributed little to national revenue. Adedeji sought to change that by making tax administration more accessible. New channels such as USSD codes allowed even small traders and artisans to obtain tax identification numbers without internet access. Small businesses received incentives and streamlined procedures to ease compliance, while larger corporations and high-net-worth individuals faced closer monitoring to ensure fair contribution.

At the heart of his reforms, however, lay an emphasis on trust and transparency. “We tax prosperity, not poverty,” became a guiding principle under his leadership. To reinforce this, FIRS strengthened taxpayer education campaigns, held town hall meetings, and worked to simplify dispute resolution so that conflicts between taxpayers and the Service could be settled more fairly and speedily. Most significantly, the Service established an Anti-Corruption and Transparency Unit in collaboration with the ICPC, signalling a strong commitment to accountability within the system itself.

The results of these efforts are beginning to show in concrete terms. In 2023, the Service set a target of ₦11.55 trillion but closed the year with ₦12.36 trillion — surpassing expectations. In 2024, it aimed for ₦19.4 trillion and exceeded it again, generating ₦21.6 trillion. The first quarter of that year alone recorded ₦3.94 trillion, a 56 percent increase from the same period in 2023. More importantly, the tax-to-GDP ratio has begun to climb steadily, placing Nigeria closer to the 18 percent goal set for 2026.

Observers note that beyond the numbers, Adedeji has reshaped the culture of FIRS itself. Staff morale has improved, efficiency has risen, and the Service is increasingly seen not merely as a revenue-collecting body but as a partner in economic growth. For many taxpayers, the perception of FIRS has shifted from that of a rigid bureaucracy to a more responsive institution, intent on balancing the needs of government financing with fairness to citizens.

Of course, challenges remain. Expanding tax coverage in the vast informal sector will continue to test the system’s adaptability. Ensuring that compliance costs do not discourage small businesses is another hurdle. And with economic pressures such as inflation and currency volatility, there is always the risk that gains could stall. But for now, Adedeji’s reforms appear to be charting a new course.

Two years in, the “winning formula” is clear: bold use of technology, inclusivity in policy, and a consistent push for transparency and trust. These elements, woven together, are redefining how tax is administered in Africa’s largest economy. In a country long accustomed to dependency on oil, the quiet transformation at FIRS offers hope that Nigeria can finally secure a more sustainable fiscal future.

Continue Reading

BIG STORY

I’ve Fulfilled Tinubu’s Mandate, Says Ibas As Rivers Emergency Rule Nears Expiration

Published

on

Ibok-Ete Ibas, sole administrator of Rivers, says he has fulfilled President Bola Tinubu’s directive by restoring “full democratic governance” to the state ahead of the expiration of emergency rule.

Speaking at the government house in Port Harcourt on Friday during the presentation of the Rivers State Independent Electoral Commission (RSIEC) report on the recent local government elections, Ibas said the successful conduct of the polls marked the completion of his mandate.

“Mr. President’s mandate to me was clear: to stabilise the state, create an enabling environment for the re-establishment of its institutions, and return Rivers State back to full democratic governance,” Ibas said in a statement signed by Hector Igbikiowubo, his media aide.

“With the successful conduct and swearing-in of local government chairmen and their councils, I believe we have decisively achieved the mandate that we were given.”

On August 30, RSIEC conducted elections across the 23 LGAs of the state, with the All Progressives Congress (APC) winning 20 chairmanship seats, while the Peoples Democratic Party (PDP) secured three.

Mike Odey, RSIEC chairman, said the report presented to Ibas contained a full account of the exercise, including challenges faced and recommendations for future improvements. He commended Rivers residents for their peaceful participation.

President Tinubu had declared emergency rule in Rivers on March 18 following a political crisis that saw the suspension of Governor Siminalayi Fubara, his deputy, Ngozi Odu, and all members of the state assembly.

Ibas, a retired naval chief, was appointed sole administrator to steer the state during the interim period. The emergency rule is expected to lapse on Thursday, September 18.

Continue Reading

BIG STORY

Air Peace Crew Member Gives NSIB 72 Hours To Retract Drug Claim, Threatens Lawsuit

Published

on

An Air Peace cabin crew member has rejected the Nigerian Safety Investigation Bureau’s (NSIB) report alleging drug use among the airline’s staff, describing it as defamatory and giving the bureau 72 hours to retract its claim or face legal action.

On September 11, NSIB alleged that an Air Peace pilot and co-pilot tested positive for alcohol, while a cabin crew member tested positive for THC, the active ingredient in cannabis, following a runway excursion incident at Port Harcourt airport on July 13.

Victory Maduneme, an Air Peace crew member, said the allegations are false and damaging to her career. Speaking on Arise News Night, she recounted how NSIB officials collected her samples but delayed the release of results for 10 days.

“I sent a copy of my result to you; everything was clear,” Maduneme said. “If NSIB has a smearing campaign against the airline, they should keep the innocent people away from this. In the next 72 hours, if NSIB does not retract what they’ve said against me, I think we should sue. This is pure defamation of character.”

David Bernard, a co-pilot on the same flight, also dismissed the report, insisting he does not consume alcohol or drugs. He questioned the credibility of the process, arguing that NSIB used hospitals not recognised by aviation authorities and relied on delayed blood and urine tests instead of standard breathalyser checks.

Air Peace has also denied NSIB’s claims, noting that the bureau has yet to officially communicate its investigation findings.

Continue Reading


 

 


 

 

 

Join Us On Facebook

Most Popular