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Tinubu Vows To End Nigeria’s Over-Reliance On Loans, Says “Our Economy Is Trapped”

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Nigeria’s President, Asiwaju Bola Ahmed Tinubu, has vowed to end Nigeria’s over-reliance on borrowing to finance public spending.

He spoke on Tuesday at the inauguration of the presidential committee on fiscal policy and tax reforms.

The committee, set up on July 7, 2023, is chaired by Taiwo Oyedele, a tax and fiscal policy expert.

The committee, which comprises experts from both the private and public sectors, is responsible for the various aspects of tax law reform, fiscal policy design and coordination, harmonisation of taxes, and revenue administration.

Speaking at the event, the president said the committee is in line with his promise to remove all barriers impeding business growth in Nigeria.

“The consequences of the ongoing failure of our tax regime are real and significant. The inability of the government to efficiently raise revenue has led directly to an overreliance on borrowing to finance public spending,” Tinubu said.

“A government that cannot properly fund itself will also lack the flexibility or fiscal scope to sensibly manage the economy or respond to external shocks.

“Instead, debt service begins to consume an ever greater portion of the government’s already meagre revenues.

“This traps the economy in a vicious cycle of borrowing simply to service previous debt and leaves almost no scope for socio-economic development.

“As President, I am determined to end this cycle. On the day of my inauguration, I promised that my administration would address all of the issues impeding investment and economic growth in Nigeria. This promise is why I saw an end to the fuel subsidy. It is the reason the Central Bank has called an end to its multiple exchange rate system under my watch.

“It is for the same reason we gather here today to inaugurate the Presidential Committee on Fiscal Policy and Tax Reforms.”

On his part, Zacchaeus Adedeji, special adviser to the president on revenue, said the inauguration of the committee would give it the opportunity to further engage with various stakeholders to identify their pains and critical concerns bordering on tax and fiscal policies, as well as collectively develop the solutions necessary to address the challenges in a holistic manner.

Also speaking at the event, Oyedele said those who evade tax get away with little or no consequences, adding that there needs to be a change.

He said Nigerians are willing to pay tax if they see what it translates to.

BIG STORY

BREAKING: Tinubu Suspends Emergency Rule In Rivers, Asks Fubara To Resume Tomorrow

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President Bola Tinubu has lifted the emergency rule imposed in Rivers State.

In a statement released on Wednesday, the president directed Siminalayi Fubara, the suspended governor, to return to office on Thursday, September 18.

Tinubu also instructed Ngozi Nma Odu, the deputy governor, along with members of the Rivers State House of Assembly, to resume their official responsibilities.

The state had been under emergency rule for the past six months.

More to come…

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BIG STORY

Elumelu Mourns Colleagues Who Died In Afriland Fire Incident, Cuts Short US Trip

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Chairman’s Speech

I am shattered by yesterday’s devastating incident at Afriland Towers that took the lives of our dear colleagues.

No words can capture the magnitude of this loss — not for their families who loved them, not for the friends who valued them, and not for those of us who worked beside them.

Yesterday was a stark reminder of what truly matters: our irreplaceable people, those who walk through our doors each day and share our mission.

I learnt of this on my way to the US, enroute to New York for UNGA. I have cut short my trip to return to Lagos as a mark of respect to our lost colleagues.

As we navigate this grief, I urge you all to reach out to those who are receiving care.

In the coming days, we will convene colleagues in a memorial to honour the memories of the departed, as we provide support to their families.

I also want to thank all those who supported in one way or the other, from emergency responders and first aid workers to members of the public who showed courage and compassion.

A minute’s silence will be observed today at12:00 noon, WAT, across all our group companies.

May this never happen again in our Group. May the souls of the departed rest in perfect peace.

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Saudi Arabia Frees Three Nigerian Pilgrims Detained For Alleged Drug Trafficking After FG Intervention

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Three Nigerian pilgrims arrested in Saudi Arabia over alleged drug trafficking have been released following high-level intervention by Nigerian authorities.

The National Drug Law Enforcement Agency (NDLEA) confirmed their release at a press briefing on Wednesday.

Femi Babafemi, NDLEA’s Director of Media and Advocacy, said the freedom of the detainees came after engagements between the agency and Saudi authorities. He disclosed that the pilgrims — Mrs Maryam Hussain Abdullahi, Mrs Abdullahi Bahijja Aminu, and Mr Abdulhamid Saddieq — were held in Jeddah for four weeks before being cleared.

Babafemi advised passengers to ensure proper luggage tagging to avoid falling victim to drug trafficking syndicates that manipulate baggage handling systems.

In August, the NDLEA had arrested a suspected drug kingpin, Mohammed Abubakar, also known as Bello Karama, and five members of his syndicate, accused of planting narcotics in the luggage of unsuspecting pilgrims at the Malam Aminu Kano International Airport (MAKIA).

According to investigations, the syndicate — in collusion with staff of the Skyway Aviation Handling Company (SAHCOL) — secretly tagged six additional bags to the names of the pilgrims, three of which contained illicit substances.

While the suspects checked in the drug-laden luggage on Ethiopian Airlines flight ET940 from Kano to Jeddah via Addis Ababa, Karama himself travelled separately on Egypt Air. Other accomplices identified include Abdulbasit Adamu, Murtala Olalekan, Celestina Yayock, and Jazuli Kabir. NDLEA said evidence of payments linked to the scheme had been traced to them.

Babafemi noted that NDLEA Chairman, Brig Gen. Buba Marwa (rtd.), personally engaged officials of Saudi Arabia’s General Directorate of Narcotics Control (GDNC), armed with Nigeria’s investigation report and charges filed against the syndicate. The discussions, he said, were held at multiple levels, both in Nigeria and Saudi Arabia, in line with President Bola Tinubu’s directive that no Nigerian should suffer unjustly abroad.

“One of the pilgrims was freed on September 14, and the remaining two were released on September 15, 2025,” Babafemi said.

Marwa expressed gratitude to Saudi authorities for their cooperation, stressing that the release reflected the spirit of the Memorandum of Understanding (MoU) between NDLEA and the GDNC. He also commended President Tinubu for backing the efforts, alongside Attorney General Lateef Fagbemi, Foreign Affairs Minister Yusuf Tuggar, Aviation Minister Festus Keyamo, and National Security Adviser Nuhu Ribadu.

He said: “The biggest support came from President Tinubu, who is committed to ensuring that every Nigerian receives fair treatment globally. This case demonstrates that no Nigerian will be unjustly punished for crimes they know nothing about.”

The incident, however, reignited concerns about airport security in Nigeria, with authorities pledging stricter checks at Kano airport to curb similar criminal practices.

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