Nigeria's inflation could have reached 120% without reforms, says Revenue Service Chairman
via Punch Nigeria5 min read
Zacch Adedeji, the Executive Chairman of the Nigeria Revenue Service, stated that Nigeria's inflation could have surged to between 75% and 120% without the economic reforms implemented by the Federal Government. He made these remarks in Abuja during the commissioning of the NRS headquarters. Adedeji highlighted that the reforms, including fuel subsidy removal, exchange rate unification, and the naira-for-crude initiative, were crucial in stabilizing prices and restoring macroeconomic balance. He noted that the country was at a critical economic turning point with rising inflation and fiscal imbalances before these changes. The NRS chairman indicated that retaining the fuel subsidy could have led to payments of N38tn to N52tn annually, consuming up to 76% of the Federal Government's N68tn budget. He also mentioned that the unification of exchange rates eliminated distortions, and net reserves have risen significantly to about $34bn from below $2bn. Domestic revenue collections have increased from approximately N6.8 trillion five years ago to N28.7 trillion in 2025, and over 60 fragmented tax laws have been streamlined. President Bola Tinubu, in his address, affirmed that the reforms were deliberate steps to restore stability, strengthen institutions, and rebuild public confidence. He emphasized that strong institutions are vital for national development. Dr. Taiwo Oyedele, Minister of State for Finance, added that the fiscal reforms are repositioning Nigeria's revenue system f
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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.