The House of Representatives has called on the Federal Government to reverse the recently increased prices of premium motor spirit (PMS), otherwise known as petrol and cooking gas.

The News Agency of Nigeria (NAN) reports that the call was a sequel to a resolution to a motion by the Minority Leader, Rep. Kingsley Chinda (PDP-Rivers) at plenary in Abuja on Wednesday.

Chinda, while moving the motion, stressed the need for interventions targeted at price relief, tax reductions, or subsidies on cooking gas, also called liquefied petroleum gas (LPG) for low-income households.

He noted that Nigeria, as an oil-producing nation, had historically relied on petroleum products and cooking gas (LPG) as essential sources of energy for both domestic and industrial purposes.

The lawmaker stated that in recent months, the prices of petrol and cooking gas had skyrocketed and continued to do so, thus creating an unsustainable financial burden on ordinary Nigerians and exacerbating the cost of living.

According to him, the removal of fuel subsidies, coupled with global oil price volatility and the depreciation of the naira, had contributed significantly to the rising cost of petrol and cooking gas for households.

“Nigerians are worried that the escalating fuel and gas prices are impacting on the transportation, food, essential goods and healthcare as well as increasing inflation.

“Further push on the prices of these two items had exposed many families to deeper financial hardship.

“Businesses, particularly small and medium enterprises (SMEs), are struggling to manage their operational costs due to increased fuel prices, threatening economic stability and job security.

“The Federal Government has the refining capacity to address some of these issues but has yet to deliver significant results in this regard.

“The rising cost of petrol and cooking gas poses a significant threat to the livelihood of millions of Nigerians and unchecked inflationary pressure caused by the increased prices can lead to social unrest, increased poverty rates, and negative long-term economic effects,” he said.

Chinda said that unless urgent and pragmatic steps were taken to control the rising cost of petrol and cooking gas, the nation would go into economic crisis, leading to negative outcomes like increased crime and mortality rates.

Consequently, the house called on Nigerian National Petroleum Corporation Limited (NNPCL), Ministry of Petroleum Resources and other relevant agencies to expedite the repair/maintenance of domestic refineries.

According to the lawmakers, an increase in local refining capacity will serve as a stop-gap measure to reduce the dependence on imported refined petroleum products.

The Green Chambers also urged the Central Bank of Nigeria (CBN) to implement monetary policies that would mitigate the adverse effects of petrol price hikes on inflation, particularly with regard to essential goods and services.

The house urged the federal government to explore alternative energy sources and diversify the country’s energy mix to reduce reliance on petrol and gas by promoting renewable energy solutions that were more sustainable and affordable.

The lawmakers urged state governments to adopt policies that could alleviate the financial burden on the citizens, such as waiving taxes or levies on transportation and goods affected by high petrol costs.

In his ruling, Speaker Tajudeen Abbas mandated the Committees on Petroleum Downstream and Legislative Compliance to ensure compliance and report back to the house within two weeks for further legislative actions.

Africa-focused e-commerce retailer Jumia Technologies will shut down its South African online fashion retailer Zando and its Tunisian operations by the end of the year.

CEO Francis Dufay revealed that the move is part of a strategic refocus on more profitable markets such as Nigeria.

To achieve profitability, Jumia is implementing aggressive cost-cutting measures, which include reducing its workforce, exiting the everyday grocery and food delivery sectors, and scaling back delivery services unrelated to its core e-commerce business.

“The trajectory of the countries did not align with the strategy of the group,” Dufay explained, citing complex macroeconomic conditions, a competitive landscape, and limited medium-term growth potential in these regions. He added, “We believe it’s the right decision,” emphasizing that the move will allow the company to concentrate its resources on the other nine markets where growth prospects are more promising.

Jumia’s remaining markets include Egypt, Kenya, Morocco, and Nigeria. Dufay expressed confidence that success in these regions could help recover volumes lost from the closures in South Africa and Tunisia. He noted that Zando and the Tunisian operations contributed only 2.7% of total orders and 3% of Gross Merchandise Value during the first half of the year.

Zando.co.za, founded in 2012, has established itself as a prominent online fashion platform in South Africa. Meanwhile, Jumia’s Tunisian operations have been running under the Jumia brand for a decade, offering general merchandise.

Dufay confirmed that there are no plans to sell either operation, which will hold clearance sales before their shutdown. The closures will result in approximately 110 job losses, although some employees may be relocated within the company’s other divisions.

This decision comes shortly after South Africa’s largest online retail group, Takealot, announced the sale of its fashion subsidiary, Superbalist, amid rising competition from fast-fashion e-commerce giants like Shein and Temu. Dufay acknowledged that the growth potential in South Africa is increasingly challenging due to the highly competitive environment.

Human rights activist and lawyer, Femi Falana, and his son, Folarin, popularly known as Falz, have demanded a public apology and retraction of defamatory statements made by the popular crossdresser Idris Okuneye, also known as Bobrisky, in audio recordings circulating online.

In one of the audios shared by controversial media critic Martin Otse, also known as VeryDarkMan, Bobrisky claimed that he had spoken with Falz, requesting his assistance in persuading his father (Falana) to help secure a presidential pardon, which allegedly cost N10 million.

The crossdresser also alleged that he asked Falz for N3 million to secure special treatment at Kirikiri Correctional Centre.

In another audio shared by VeryDarkMan, Bobrisky claimed to have paid N5 million upfront to a Senior Advocate of Nigeria in an attempt to secure a Federal Government pardon over charges filed against him by the Economic and Financial Crimes Commission.

However, in a letter dated 14 October 2024, issued by Falana’s legal representatives, Olorunfemi Akinyemi and Taiwo E. Olawanle, and seen by our correspondent on Wednesday, Bobrisky was accused of making false and defamatory statements about Falana and his son’s involvement in the alleged bribery and pardon.

The legal team described Bobrisky’s claims as entirely unfounded and damaging to Falana’s reputation. They demanded a full retraction and apology, to be published on all platforms where the statements were shared.

The letter read, “We are Counsel to Mr. Femi Falana SAN and Mr. Folarin Falana aka Falz (hereinafter referred to as ‘our clients’), on whose behalf we write this letter regarding your slanderous statements against them.

“We have confirmed that you took advantage of your recent imprisonment to extort money from a group of artists and other members of the public.

You will recall that on 4 May 2024, you called Mr. Folarin Falana, popularly known as Falz, and requested N3,000,000 (Three Million Naira) to secure special treatment at Kirikiri Correctional Centre.

“Although Falz refused your request, you falsely claimed in a video that he told you his father, our client, had agreed to write a letter of pardon for you. You also stated that our client had spoken with you and that N10,000,000 (Ten Million Naira) was required to bribe officials to process your pardon.”

The letter continued, “In another video, you claimed to have paid N5,000,000 (Five Million Naira) upfront to a Senior Advocate of Nigeria to secure a Federal Government pardon over charges filed against you by the EFCC. You further alleged that the Senior Advocate initially requested N10,000,000 (Ten Million Naira) for his legal services but, due to your frozen account, you could not raise the full amount.”

Falana’s legal team clarified that no such conversation had ever taken place and that Bobrisky’s allegations were aimed at extorting money from the public while tarnishing Falana’s professional reputation.

“In fact, you have published a list of individuals who believed your fabricated story and contributed millions of naira, supposedly to pay our client to write a letter of pardon and bribe public officers on your behalf.
“Your decision to involve our client in your criminal activities was purely a figment of your imagination.

“Contrary to your baseless claims, you never instructed our client to write a letter of pardon for you,” the letter further stated.

Additionally, the legal team emphasised that Bobrisky had never spoken with Falana nor instructed him to write a letter of pardon. The claim of a N5 million payment was also dismissed as groundless.

“It is clear that you made these defamatory statements recklessly, knowing full well that you did not call our client to request a letter of pardon. Our client has NEVER spoken to you regarding your pardon or any other matter,” the lawyers asserted.

“Given that our client has secured pardons for over 300 Nigerians convicted by military and civilian courts in Nigeria, Libya, Thailand, and The Gambia on a pro bono basis, your defamatory statements have severely damaged his reputation, both locally and internationally.

“We, therefore, demand an immediate retraction of your defamatory and derogatory statements, along with a prominently aired or published apology on all platforms where your false statements have been shared.

“If we do not receive your formal retraction and apology within 12 (twelve) hours of your receipt of this letter, we will proceed with our client’s instructions to pursue legal remedies, including seeking monetary damages, for your malicious defamatory statements.

“We hope you will urgently address the issues raised herein in your own best interest,” the legal team concluded.

The PUNCH reports that the Lagos State High Court has ordered VeryDarkMan to remove defamatory comments and videos concerning Falana and his son, Folarin, from his social media platforms.

Justice M.O. Dawodu issued the ruling in suit no: ID/8584/GCM/2024 on Monday.

He ruled that the publications made by VeryDarkMan on his social media platforms on 24 September 2024, linking Bobrisky to Falz and his father, were defamatory and harmful to their public image.

he death toll in the tanker explosion in Jigawa State has risen to 105.

The number of the injured has also risen to 70.

DAILY POST earlier reported that no fewer than 94 persons died while 50 others sustained various degrees of injuries in a tanker explosion at Taura LGA of Jigawa State on Wednesday.

A statement by the spokesman of the Jigawa State Command, DSP. Lawan Shiisu Adam, said findings revealed that the explosion was caused by petrol that leaked from the tanker into a gutter.

“Unfortunately, villagers attempted to scoop petrol from the drainage, resulting in a flame that engulfed the area and many people were reportedly perished.”

He noted that 105 corpses have been evacuated, while 70 injured persons were rushed to Ringim and Hadejia General Hospitals for medical attention.

The fire was successfully extinguished through the combined efforts of police officers, firefighters and members of the public.

A founding member of the Peoples Democratic Party (PDP), Bode George, has called on the Minister of the Federal Capital Territory (FCT), Nyesom Wike, and the party’s 2023 presidential candidate, Atiku Abubakar, to exercise restraint as tensions continue to escalate within the party.

Speaking during an appearance on Arise TV’s Morning Show on Wednesday, George emphasized the need for PDP elders to play a significant role in resolving the internal conflicts that have persisted since the build-up to the last presidential election.

He urged both Atiku and Wike to “calm down” and allow for a more collaborative approach to the party’s challenges.

According to George, “I want to appeal to the leaders of the various groups in the party that it is time to shield your personal ambition and let us rebuild the party.

“Let the Iroko tree get back because the tap roots are still there and our people outside the country are asking what is happening with the party.

“There is no organization in the world without crisis but it’s our ability to rebuild the crisis. This crisis didn’t stand now; it started from the Presidential convention and nobody was able to manage it.

“We were the founders of the PDP and I will never serve under Ikimi’s committee, it’s not about disrespect.

“Atiku and Wike should calm down and let us go to the elders meeting where we would start this discussion to trace this crisis back to that convention because that was where everything started going in the wrong direction.”

The Sokoto State Governor, Ahmed Aliyu, on Wednesday, launched the sale of subsidised food items, including a 50-kilogram bag of rice priced at ₦38,700.

Speaking at the launch, held at the Kware Local Government premises in Kware town, Aliyu stated that the initiative aims to ease the burden on the people, particularly those at the grassroots level. To achieve this, the state government approved a substantial 55% discount on each commodity.

The governor stressed that the sale should be open to all, without any conditions such as political affiliation or social status.

He explained, “A 50kg bag of rice will be sold for ₦38,700, while the 25kg bag will cost ₦19,350, and the 10kg bag will be available for ₦7,740.

“We have also instructed the committee overseeing the sales to accommodate those who cannot afford these larger quantities by allowing them to purchase smaller portions.”

Aliyu further noted that the government is not seeking to collect the proceeds from the sales. Instead, a special account will be opened to deposit the funds, which will be used to purchase more foodstuffs and continue the project. The state government has spent ₦14.488 billion on the initiative, procuring 280 trailers of rice, with each ward in the state entitled to one truck, equivalent to 600 bags of rice.

The governor commended the leader of the state’s ruling party and former governor, Aliyu Wamakko, for his guidance and support, which he said has been crucial to the success of his administration. 

He assured the public that adequate measures are in place to ensure the initiative achieves its intended purpose.

Earlier, the chairman of the committee, Chiso Dattijo, reassured the governor that due process would be followed in distributing the rice. He added that, with the launch, the rice is now available for purchase at designated locations across the 242 wards in the state.

Also speaking, the coordinator of the project in Kware Local Government, Professor Malami Maishanu of Usman Danfodiyo University, urged residents to take advantage of the opportunity provided by the state government. He praised the government for implementing a policy aimed at benefiting those at the grassroots.

Star Nollywood actress Bimbo Akintola is speaking about the heavily talked about topic of celebrity earnings vs the lifestyles they portray on social media. This is a discourse that has been happening for years now, and during a new interview, Bimbo Akintola also raised her own questions about the lifestyle after exposing the realities of what major names like IrokoTV and Africa Magic pay for their movies. Here's everything Bimbo Akintola said.

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Speaking about how the lifestyle that actresses portray on social media don't match up with the realistic realities of being an actress in Nollywood, Bimbo Akintola said:

BIMBO AKINTOLA: For a lot of actresses, people can't understand where the money is coming from. Cuz we all know what the industry is about. We all know what people earn. We all know what you can earn. Except you have money from home, maybe you're from a rich family, then some of the lifestyle we see especially on social media can be real. And if it's real, where is it from?

Being truthful, people come up to me and they say "look at actresses, they're very rich" and I say I don't know about that because me, I'm not rich. I say "when you see them, ask them what they do." I say it all the time. I say "ask them what they do." Because we all know how much them dey sell film na. Iroko, has Iroko passed 4 million? Is it not 4 million naira, or 5 max? That's how much a whole film is na. No be so? We all know how much e dey sell for Africa Magic, Africa Magic just went back to N4 million. They went down to 1.2, a whole film! All of us inside plus crew plus everybody, we know how much it is. And then yes, there is also Netflix and Netflix is international so obviously, the money is also bigger. But we also know what people earn for cinema films. We started with cinema before Netflix and that boosted people, but we also know how much we make for those films.

So, for a lot of actresses that I see, I don't know if the money is from home, maybe they're from very rich homes. Or there's other businesses that they're doing. Because there has to be with the amount of wealth that some of our colleagues show.

And then of course we've also heard stories of actresses being wanted by politicians, actresses dating politicians, actresses doing stuff with politicians and getting paid for it. So we've all heard that, and we all know that things like that do happen. But it's not just actresses that do that, women in Nigeria do that, because the poverty level is pretty high, isn't it? So a lot of women are on the level of whatever I can do to sustain myself and my family, I'm gonna do it.

The Minister of Sports Development, John Enoh, has accused the Libyan Football Federation of deliberately mistreating the Super Eagles during their recent stay in Libya.

The Nigerian players and officials faced a distressing ordeal on Sunday when they were stranded for several hours at a Libyan airport, denied access to food and the internet as they prepared to honor their 2025 Africa Cup of Nations (AFCON) qualifier against the Mediterranean Knights.

The situation raised serious concerns about the treatment of the national team in a foreign country.

Enoh’s comments came two days after the incident during an interview on Channels Television’s Politics Today.

He expressed outrage over the conditions faced by the Super Eagles, stating that the conduct of the Libyan Football Federation was unacceptable.

It took considerable diplomatic efforts and social media outcry for the Super Eagles to finally be cleared to leave Libya.

He said, while dismissing allegations by the Libyan side that their players were badly treated during their first encounter in Nigeria, “The Port Harcourt Airport where they arrived is one of our best airports. That Port Harcourt Airport, there is no circumstance that will lead to a team having the footballers lie on the floor.

“All these things were created deliberately to create some make belief. If this was an issue, it should have been made an issue there and then.”

When asked if the Confederation of African Football (CAF) was explicit in the whole saga, the minister did not categorically answer the question.

Rather he said the CAF Secretary General did not allow the NFF President an opportunity for communication.

He decried a situation whereby the CAF did not comment for about 13 hours after the Nigerian players were subjected to that harsh treatment in Libya.

The minister said, “I called the attention of CAF yesterday morning to the fact that when that happened and the NFF was on the ground trying to sort out whatever logistics, the CAF Secretary General didn’t allow the President one minute of continuous contact and pressure.

“Yesterday morning, it was about 12, 13 hours. How come 13 hours after our team is so subjected, there is no indication that CAF is in direct communication with the Libyan Football Federation?

“If there are such two authorities in Libya, does Libya offer a good environment for international matches of this nature to be hosted in the country?”

Nigeria’s external debt is the largest amongst all sub-Saharan African nations, despite the fact that it received debt waivers from the Paris Club, London Club or from Independent Creditors.

The arrears of this debt have accumulated inexorably, putting Nigeria in the bad books of international financial communities. Also, Nigeria’s huge debt profile has negatively affected its economy, hence, a big reason to worry.

Nigeria’s Vivid Debt History

The Pre-independence Debts

Nigeria’s public debt dates back to its colonial rule. The first recorded public borrowing was in 1923-24 when a loan of £5.7 million was taken by the Nigerian Protectorate at an annual interest rate of 2.5 percent and with a structured repayment time of 20 years. In 1927, another £1 million loan was taken from the Bank of England to finance the construction of the Lago-Port Harcourt Railway. This loan was guaranteed by the British Government and was repaid in 1938. In 1936, the Nigerian Protectorate took another loan of £4.89 million. From 1946 to 1948, it took additional loan of £5.74 million. In 1958, the Nigerian Protectorate took a loan of £28 million from the International Bank for Reconstruction and Development, IBRD, which is also known as the World Bank to finance the expansion of the Kainji Dam and the Ugheli Power Station. This was repaid in 1978.

By the end of the Colonial rule, Nigeria had a national debt of $31 million at an interest rate of 3.5 percent per annum and a repayment period spanning two decades.

Post Independence Debts

Following its independence in 1960, Nigeria continued incurring both domestic and external debt to finance its development needs. It borrowed from the World Bank, the International Development Association, the International Monetary Fund, the African Development Bank, the European Economic Community and bilateral creditors such as the United States, Britain, France, Germany, Japan and China.

The main sources of domestic loans are the Central Bank of Nigeria, the Nigerian Industrial Development Bank, the Nigerian Agricultural and Cooperative Bank, and the Nigerian Bank of Commerce and Industry.

1. Debts under the First Republic
   It is noteworthy that Nigeria took no external loan from 1963 to 1966 when Dr. Nnamdi Azikiwe was president.
2. Debts under the Military Rule from 1966 till 1979
   Post independent. It was under the military that Nigeria started taking foreign loans.
   a. Under the rule of General Yakubu Gowon from 1966 to 1975, Nigeria’s debt profile rose by $1.687 billion.
   b. From 1975 to 1976 under the rule of General Murtala Mohammed, Nigeria’s debt dropped from $1.69 billion to $1.33 billion.
   c. Under the rule of General Olusegun Obasanjo from 1976 to 1979, Nigeria’s debt increased by $4.90 billion.
3. Debts under the Second Republic: Nigeria’s debt increased by $11.33 billion from 1979 to 1983 under the democratic leadership of Alhaji Shehu Shagari
4. Debts under the Military Rule from 1983 to 1993
   a. Under the rule of General Muhammadu Buhari from 1983-1953, Nigeria’s debt increased by $1.078 billion.
   b. Under the rule of General Ibrahim Babangida from 1985 to 1993, Nigeria’s debt increased by $12.04 billion.
5. There was no recorded debt under the Third Republic
6. Debts under the military rule from 1993 to 1999
   a. Under the rule of General Sani Abacha from 1993 to 1998 Nigeria’s external debt dropped from $30.7 billion to $30.31 billion.

b. Under the rule of General Abdulsalami Abubakar from 1998 to 1999, Nigeria’s debt dropped from $30.32 billion to $29.1 billion

7. Debts under the Fourth Republic
   a. Chief Olusegun Obasanjo met a foreign debt of $28.04 billion and domestic debt of N798 billion in 1999. Chief Obasanjo was worried about the foreign debts, hence he embarked on a world tour meeting with the Paris Club and other creditors of Nigeria and he pleaded for the forgiveness or reduction of Nigeria’s debts.

This led to a huge reduction of Nigeria’s external debt from $28.04 billion to $2.11 billion. Consequent upon his efforts and prudent management, he left the presidential office in 2007 with an external debt of $2.11 billion and domestic debt of N2.17 trillion. This was a total of 31.8% decrease in the Federal Government’s debt from N3.55 trillion to N2.42 trillion.

b. President Umaru Musa Yar’Adua ruled from 2007 to 2011. Within this time, domestic debt increased from N2.17 trillion to N5.62 trillion. Foreign debt increased from $2.11 billion to $3.5 billion. That is an increased debt from N2.4 trillion to N5.62 trillion in four years. Dr. Goodluck Ebele Jonathan completed President Yar’Adua’s tenure. In that one year, the Federal Government debt increased from N4.94 trillion to N6.17 trillion.

c. Dr. Goodluck Jonathan commenced his tenure in office in 2011 with a foreign debt of $3.5 billion and left with a debt of $7.3 billion. Domestic debt increased to N8.4 trillion by 2015. This translates to an increase in national debt from N6.17 trillion to N9.8 trillion.

d. President Muhammadu Buhari increased the domestic debt from to N8.4 trillion to N19.24 trillion and external debt from $7.3 billion to $33.62 billion.

e. On assumption of office, Asiwaju Bola Tinubu inherited a domestic debt of N19.24 trillion and external debt of $33.62 billion. By the end of the first quarter of 2024, Nigeria has domestic debt of N65.65 trillion and external debt of $42.12 billion, totalling N121.67 trillion. In addition to this, the states owe a total of N4.07 trillion.

IN 2020, DEBT SERVICE COSTS ACCOUNTED FOR A STAGGERING 83 PERCENT OF REVENUE. BY JANUARY 1, 2024, THE FEDERAL GOVERNMENT’S REVENUE WAS N449.7 BILLION WHILE IT SPENT N755.9 BILLION ON DEBT REPAYMENT. NIGERIA’S DEBT IS NOW 168% OF ITS REVENUE.

THE SAD REALITY IS THAT NIGERIA IS NOW REPAYING DEBTS WITH DEBTS, SINCE ITS REVENUE CAN NO LONGER PAY ITS DEBT.

It is therefore worrisome that Nigeria is reported to be taking more debts. In September 2024, the world bank approved a $1.57 billion loan for Nigeria to support its health and education sectors and help provide sustainable power. In June 2024, the World Bank approved $2.25 to be disbursed to Nigeria for Economic Stabilization. In the same year, Nigeria took $8.8 billion debt to be repaid with unexplored oil. This is a total of $12.62 billion in addition to already existing debt.

The questions are:

1. What have we done with all these loans and what are we proposing to do with these additional loans?
2. Where will the Federal Government draw the line on financing the Nigerian economy with debt?
3. When are we repaying the loans?
4. Where are we going to get the money to repay the loans?

The several trillions of Naira taken as loan has not reflected positively on the economy. Where are the projects on which we spent all these monies? Regrettably at 64 years post-independence, Nigeria still suffers from infrastructural decay, declining foreign investments, declining educational standards from infrastructural deficits, increase in the rate of poverty, unrivaled rates of inflation and an astronomical fall of the value of the Naira in international market.

NEWSPAPER REPORTS ABOUT EMBEZZLEMENT OF PUBLIC FUNDS, EXTRAVAGANT SPENDING, POOR INFRASTRUCTURES, NON-PAYMENT OF SALARIES AND PENSIONS, INFLATION, HUNGER AND POVERTY HAVE RESULTED IN LARGE “JAPA” SYNDROME.
A passionate plea to rescue Nigeria

The Nigerian debt burden has retarded internal development and hindered economic growth in Nigeria. Most government funds are diverted towards debt servicing rather than essential public services. Governments have also taken to financing their debts through other debts. All these have exacerbated the poverty rate in Nigeria leading to the conclusion that Nigeria urgently needs an economic rescue.
Recommendations

In view of the dire state of the economy of Nigeria, the Federal Government should:

1. Adopt Chief Obasanjo’s laid down example by approaching the lenders for total forgiveness of the debts or reduction, and in any event the waiver of the payment of the interests on the debts.
2. Set up committees to investigate and ascertain the actual amounts borrowed, the purposes for which they were borrowed, the accounts into which the monies were paid into and the projects for which the debts were utilised.
3. Enquire into whether it is true or not that Nigeria’s unexplored crude oil was sold in advance. If so, what the money was spent on.
4. Urgently revive national oil refineries to reduce the importation of refined oil in Nigeria. This will leave more monies in government coffers which can then be utilised in the repayment of our debts.
5. Reduce the cost of governance by adopting the practice in the First Republic where law makers regarded their positions as opportunities to serve and only took sitting allowances.
6. Place premium on infrastructural development and reduce recurrent expenditures on politics or governance.
7. Use all recovered proceeds of corruption to service national and international debts.
8. Encourage, promote and finance the development of the agricultural sector and discourage the mindset of Nigerians that politics is the only lucrative business in Nigeria.

All imaginable economic woes have visited Nigeria. However, there is still hope for our beloved nation. A hope that needs political will to thrive.

*Please send your comment/ contribution to president@abuad.edu.ng

….reduce tax burden on Nigerians, CISLAC tells FG

As hardship grips Nigerians, Oxfam in Nigeria raised alarm on Tuesday over the alarming trend of over 99% of wealthy Nigerians evading taxes while millions suffer from hunger.

This assertion was made during the presentation of two comprehensive studies titled Income and Wealth Inequality in Nigeria: Trends and Drivers and Taxing the Rich: Fair Tax Monitor in Abuja.

According to Oxfam, the reports highlight a deepening inequality crisis across the country. Despite being the fourth-largest economy in Africa, the benefits of economic growth are disproportionately concentrated among a small elite, leaving millions of Nigerians trapped in poverty.

The studies were conducted by Oxfam in collaboration with the Tax Justice Network Africa and the Civil Society Legislative Advocacy Centre (CISLAC). They explore the structural causes of inequality in Nigeria, focusing on issues related to income, wealth, gender, and regional disparities. The findings are based on statistical data, expert analysis, and contributions from key policy stakeholders.

Oxfam’s analysis reveals a staggering wealth gap in Nigeria, calling for the adoption of progressive wealth taxation and increased social investment to bridge the growing economic and social divide before a potential social crisis erupts.

The reports indicate that only 40 of Nigeria’s wealthiest citizens are compliant taxpayers, according to the Federal Inland Revenue Service (FIRS) and John Bean Technologies Corporation (JBT). This represents a compliance rate of just 0.035%, implying that over 99% of the country’s wealthiest individuals evade or avoid paying taxes.

To address these issues, Oxfam urges the Nigerian government to implement several key measures:

Increase Social Spending: Currently, Nigeria allocates only 2-3.5% of its budget to education and 4-7% to healthcare, well below global standards. The government should raise social sector spending to at least 10% of the budget in health, education, and agriculture.

Implement Progressive Taxation: Establish a wealth tax targeting high-net-worth individuals. A 1% tax on net worth over $1 million could generate approximately $7.5 billion annually, which could fund critical social programs.

Invest in Human Capital Development: Enhance education, job creation, and healthcare, particularly in rural and underserved populations. Improving wages, reducing corruption, and expanding educational opportunities—especially for women and girls—will enhance Nigeria’s Human Development Index (HDI) by 2030.

Support Smallholder Farmers and Reform Agriculture: Strengthen policies that improve access to credit, land, and rural infrastructure for smallholder farmers. Prioritizing women’s land rights and promoting sustainable farming practices will help bridge the rural-urban divide.

Reform Land Policies: Establish a National Land Commission, conduct a National Land Audit, and ensure that land redistribution programs are transparent and inclusive, particularly regarding gender disparities.

Collaborate with Civil Society: Non-state actors, including civil society organizations, the private sector, and community groups, should advocate for pro-poor policies, hold the government accountable, and promote gender equality.

Develop a Comprehensive Wealth Registry and Strengthen Tax Enforcement: This will ensure that high-net-worth individuals contribute their fair share to the nation’s revenue.

In his address, Anwual Rafsanjani, Executive Director of CISLAC, urged the government to implement a Net Wealth Tax, raise the Capital Gains Tax to align with global best practices, and exempt basic goods from VAT while introducing luxury taxes on high-end items such as private jets, luxury cars, and yachts.

He further proposed that the government fully exempt Nigerians earning below the minimum wage or less than N840,000 annually from Personal Income Tax (PIT), while raising the top tax rate to at least 40% for the top 1%. Rafsanjani also advocated for the introduction of an Inheritance and Gift Tax targeting estates exceeding N50 million, along with renegotiating Double Taxation Agreements (DTAs) that disproportionately benefit multinational corporations to strengthen Nigeria’s tax sovereignty.