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’s 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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WBO heavyweight champion Fabio Wardley has reiterated his stance against fighting stablemate Moses Itauma, citing their shared trainer and gym as reasons for the impossibility of such a bout at this stage of their careers. Wardley, who is set to defend his WBO title against Daniel Dubois this summer, stated that his position remains unchanged despite indications from the WBO's Gustavo Olivieri that Itauma could be designated as the mandatory challenger. Wardley emphasized that a fight with Itauma is "much further down the road" due to their current training arrangements. Both fighters are trained by Ben Davison and regularly spar together. Wardley's ambitions are currently focused on facing top names in the division like Oleksandr Usyk, Tyson Fury, and Anthony Joshua. Olivieri had previously mentioned that if the WBO committee votes, Itauma would be designated as the mandatory challenger, with the enforcement timeline yet to be determined, potentially immediately after the Wardley-Dubois fight or later. Itauma acknowledged the complications but left the door open for a potential fight, especially if Dubois wins. Itauma is preparing for a headline appearance at the O2 Arena on July 25, with his promoter Frank Warren promising a significant test. Itauma's recent victory over Jermaine Franklin, whom neither Anthony Joshua nor Dillian Whyte had stopped, drew considerable attention.
The Athletics Federation of Nigeria aims for overall victory at the CAA Senior African Athletics Championships in Accra, Ghana, which starts on Monday. Technical director Gabriel Okon stated that the federation's goals extend beyond just providing competitive exposure for young athletes. Nigeria is sending a 45-athlete squad, comprising 25 women and 20 men, to the University of Ghana Sports Complex for the five-day championships from May 12 to 17. The team combines experienced performers with emerging talents. Okon emphasized the goal is to dominate the continent and secure remaining qualification spots for the 2026 World Athletics Championships. World record holder Tobi Amusan headlines the women’s squad, seeking a fourth African title in the 100m hurdles. She will be joined by Adaobi Tabugbo and Janet Sunday in that event. Sprint contender Rosemary Chukwuma will compete in the 100m and the 4x100m relay. Patience Okon-George will anchor the women’s 400m and relay squads. Long jumper Ruth Usoro and hammer specialist Oyesade Olatoye are also featured. The women’s squad does not include Ese Brume and Chioma Onyekwere. In the men’s category, sprint star Favour Ashe and Africa’s leading shot put athlete Chukwuebuka Enekwechi, who is also pursuing a fourth continental title, will lead Nigeria’s challenge. The men’s relay squads will be anchored by Samson Nathaniel, Emmanuel Ojeli, and Chidi Okezie. The 100m team includes Enoch Adegoke and Chidera Ezeakor. Decathlon national record
Onyema Ekpenyong, a Lagos-based businessman, is appealing for the return of his elder brother, Andrew Ekpenyong's, body from South Africa. Andrew, a mechanic, relocated to South Africa in 2007 and was found dead in a mortuary after police reportedly searched his home. According to Onyema, Andrew received a phone call on a Sunday evening, went out, and never returned. Later that night, policemen searched his house, but his girlfriend and apprentice, who were present, stated nothing incriminating was found. The next morning, Andrew's associates were directed to a government mortuary where his body was found. The police claimed he died after falling while jogging, but witnesses reported seeing traces of handcuffs and wounds on his body, suggesting he was beaten to death. Onyema spoke with Andrew's girlfriend and apprentice, noting their answers were suspicious. Andrew's wife and children were not living with him at the time. The Nigerian community in South Africa has issued a press statement demanding a comprehensive investigation and an autopsy, but no arrests have been made. Onyema's mother, who last spoke with Andrew in March when he promised to visit Nigeria in December, is distraught. The family is seeking assistance from both the Nigerian and South African governments to bring Andrew's killers to justice and facilitate the return of his remains to Nigeria for burial.
With only two games left in the 2025/26 Nigeria Premier Football League season, the title race is intensely competitive, primarily between Enugu Rangers and Rivers United. Eight-time champions Rangers currently lead the table with 62 points from 36 matches, while Rivers United are close behind with 61 points. Rangers recently regained control with a 2-0 win over Bayelsa United. Rivers United, despite having previously held a seven-point lead, remain confident, with coach Finidi George stating the title is still within reach after their 3-0 victory against Abia Warriors. Rangers coach Fidelis Ikechukwu has also emphasized the importance of his team's mentality. The narrow point difference means any slip-up could be decisive. Beyond the top two, Ikorodu City, with 58 points, and Shooting Stars, with 57 points, are mathematically still in contention, making it a theoretical four-horse race, though their chances depend on the top teams faltering significantly. The final two rounds promise a dramatic conclusion to the season.