Nigeria's economic reforms prevented 120% inflation surge, says Revenue Service Chairman
via Punch Nigeria5 min read
Zacch Adedeji, the Executive Chairman of the Nigeria Revenue Service, stated that without the Federal Government's economic reforms, inflation in Nigeria could have reached between 75% and 120%, compared to the current rate of approximately 15%. Speaking at the commissioning of the NRS headquarters in Abuja, Adedeji highlighted that these reforms stabilized prices and restored macroeconomic balance. He identified the removal of fuel subsidies, exchange rate unification, and the naira-for-crude initiative as crucial to reversing the country's economic trajectory. Adedeji warned that retaining the fuel subsidy would have led to payments of N38tn to N52tn annually, consuming up to 76% of the N68tn federal budget. He also noted that exchange rate unification eliminated distortions that fueled inflationary pressures and arbitrage, with the official rate previously ranging from N460 to N700 to the dollar, while the parallel market traded between N3,500 and N4,500. The reforms have strengthened Nigeria鈥檚 external position, with net reserves rising to about $34bn from below $2bn. Domestic revenue collections increased from N6.8tn five years ago to N28.7tn in 2025 due to tax reforms and improved compliance. President Bola Tinubu, in his keynote address, emphasized that these reforms were deliberate steps to restore stability, strengthen institutions, and rebuild public confidence, moving Nigeria towards discipline, transparency, and sustainable growth. Dr. Taiwo Oyedele, Minister of S
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Nyesom Wike, the Minister of the Federal Capital Territory, stated that he relies on his wife's prayers for continued support from President Bola Tinubu, highlighting its importance for ministers to fulfill their mandates. Speaking at the inauguration of the Water Supply Network to Bwari Satellite Town, Wike mentioned that his administration has officially commissioned 50 projects and plans to commission 10 more before January. He stressed that presidential backing is crucial for performance, drawing from his experience as a former governor and minister. Wike revealed he asks his wife to pray for the President's continued support for the FCT Administration, acknowledging the support received has enabled positive changes. He added that governance aims to improve citizens' lives, a goal he believes the Tinubu administration is working towards.
Must ReadThe National Drug Law Enforcement Agency NDLEA of Nigeria and its Egyptian counterpart are preparing to sign a Memorandum of Understanding MoU to enhance cooperation in fighting substance abuse and illicit drug trafficking. This agreement aims to strengthen intelligence sharing, joint operations, and training between the two nations. NDLEA Chairman/Chief Executive Officer, Brig. Gen. Mohamed Buba Marwa retd., announced this during a visit from the Egyptian Ambassador to Nigeria, Mohammed Fouad, at the agency's headquarters in Abuja. Marwa emphasized the global nature of the drug problem and the need for international collaboration, citing existing partnerships with various international law enforcement agencies. He noted that drug cartels are seeking alternative routes in Africa due to pressure elsewhere and highlighted NDLEA's success in dismantling drug manufacturing operations, including methamphetamine labs run by Mexican cartels in Nigeria. Ambassador Fouad underscored the importance of stronger bilateral cooperation between Egypt and Nigeria, as prominent African countries, to address narcotics trafficking from a continental perspective. The proposed MoU is expected to bolster intelligence gathering, capacity building, and coordinated enforcement actions to curb the illicit drug trade across Africa.
A coroner's court in the United Kingdom has ruled that Beatrice Solomon, a 27-year-old Nigerian woman, died by suicide. Ms. Solomon, who moved to the UK in November 2023 on a skilled worker visa, was found unresponsive in her Stanfield home. Her husband, Damian Butler, discovered her upon returning home from work. Emergency responders pronounced her dead at the scene. Police investigators ruled out any third-party involvement. During the inquest, Mr. Butler stated that his wife had struggled with her mental health for the past year, attributing it to issues with Stoke-on-Trent City Council. He also revealed that Ms. Solomon had made two previous attempts to take her own life. A post-mortem examination determined the cause of death as oxygen deprivation. Coroner Li Hammond-Naylor concluded that Ms. Solomon died by suicide, noting that she had researched and planned the act. Ms. Solomon, a caregiver, is survived by her husband, a son, and her siblings.