Nigeria shifts from oil dependency, focusing on tax revenue for economic recalibration
via Punch Nigeria6 min read
Nigeria is moving away from its long-standing reliance on crude oil, with tax revenue now accounting for approximately 87 percent of federation revenues, according to a new report by Quartus Economics. This marks a significant shift from the 2010-2013 period when oil contributed about three-quarters of government income. Tax receipts nearly tripled from N10.18 trillion in 2022 to N28.29 trillion in 2025, driven largely by non-oil sectors. This transition is seen as a crucial economic recalibration, moving from a rent-dependent fiscal model to a more diversified, tax-driven state. The country's historical overreliance on oil led to weak industrialization, high unemployment, and fiscal instability, as exposed by the 2014 oil price crash and the 2020 COVID-19 pandemic. Policy reforms, including improvements in tax administration and stricter enforcement of remittances, have contributed to rising revenues. Under President Bola Tinubu, the administration aims to boost the tax-to-GDP ratio to 18 percent by 2027. Despite rising revenues, public debt has expanded significantly, reaching 40 percent of GDP by 2025, with debt service consuming about half of revenues. Sustaining this transition requires broadening the tax base, particularly by integrating the informal sector, which accounts for half of Nigeria鈥檚 GDP. Addressing tax evasion, improving tax administration efficiency, and developing alternative revenue sources like strategic asset sales and the agricultural and solid mineral
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The Federal Government has initiated a nationwide vocational and skills acquisition program for over 18,000 artisans and unemployed Nigerians. Training is scheduled to commence on Tuesday at 229 accredited centers across all 36 states and the Federal Capital Territory. This initiative, implemented by the National Social Investment Programme Agency NSIPA, aims to provide participants with vocational skills, entrepreneurship training, and trade-specific starter packs to foster self-employment and reduce poverty. Dr. Bernard Doro, the Minister of Humanitarian Affairs and Poverty Reduction, stated that the program aligns with President Bola Tinubu鈥檚 Renewed Hope Agenda, moving vulnerable Nigerians towards economic self-reliance. The two-week training targets individuals with existing basic vocational knowledge, offering additional technical skills to enhance productivity. The ministry has established a robust monitoring and evaluation framework, including a digital tracking system for beneficiaries and distributed starter packs. Badamasi Lawal, the National Coordinator and Chief Executive Officer of NSIPA, confirmed that the program will be delivered through accredited government technical colleges, vocational institutions, and approved training centers. Participants will receive training in 14 vocational trades, such as automobile technology, agriculture, baking, carpentry, electrical installation, and fashion design. Beneficiaries will also undergo entrepreneurship training cov
Nigeria's National Security Adviser, Nuhu Ribadu, met with the newly confirmed United States Assistant Secretary of State for African Affairs, Frank Garcia, in Abuja. This meeting aimed to strengthen security cooperation between the two nations. Garcia's visit to Nigeria is his first since assuming office on June 1, 2026, and is part of a West African tour that includes C么te d'Ivoire and Mali. Ribadu stated on X that the discussion reviewed progress by the Nigeria-US Joint Working Group and reaffirmed their commitment to dialogue and cooperation on shared security priorities. Garcia, a 28-year US Navy veteran, previously served as a senior adviser to the chairman of the House Permanent Select Committee on Intelligence. His appointment filled a vacancy in the Africa post that had lasted over a year.
The president of the Senegalese football federation, Abdoulaye Fall, stated on Monday that coach Pape Thiaw's salary demands created a toxic environment for the team at the World Cup. Thiaw, 45, was sacked on Sunday after Senegal's elimination in the last 32 by Belgium on July 1. Fall explained that a breakdown in trust occurred due to Thiaw's initial refusal to sign a new contract, as he had requested a salary increase from 20 million CFA to 30,000 CFA before the World Cup. Fall also mentioned that Thiaw threatened not to travel to the World Cup if his demands were not met, and it was Senegalese President Bassirou Diomaye Faye who convinced him to change his mind. The contract was eventually signed on the eve of their second game against Norway, after Thiaw reportedly refused to sit in the dugout until it was finalized. Fall indicated that Thiaw believed federation officials were his enemies, which affected the national team's operations. During the World Cup, the Lions of Teranga experienced two group stage defeats against France and Norway before a 5-0 victory over Iraq secured their place in the knockout rounds. Under Thiaw, Senegal had won the Africa Cup of Nations in January but were later stripped of the title for walking off the pitch during the final against Morocco.