Nigerian cross-dresser Idris Okuneye, aka Bobrisky, has called for an open and independent investigation into the alleged N15 million bribe saga.
DAILY POST recalls that popular activist and social media influencer Martins Vincent Otse, aka VeryDarkMan, had released audio of Bobrisky claiming to have offered N15 million to the operatives of the Economic and Financial Crimes Commission, EFCC to drop the money laundering charges against him and help him evade jail term at the Kirikiri Correctional Centre in Lagos State.
Bobrisky denied the content of the audio, describing it as fake.
The crossdresser also made a cryptic post mulling on a suicide attempt. However, in another post via Instagram, Bobrisky dismissed talks of fear, calling for an open investigation.
He wrote: “Please, everyone calling to tell me the danger I am in and the plans against me should hold it now and fu*k it. I was being scared because of the story that EFCC will detain me again and I will be sentenced to prison a second time.
“I am ready for any investigation, but not in the same EFCC office where I was detained, and any investigation should be free, no intimidation and I demand for an independent and open investigation for the world to see.”
The socialite further reiterated that the audio was fake, adding that it could be altered and was ready to defend his case in court.
“Anybody can alter any audio, add or frame any audio and put it out. Best of luck. Anyone who published any audio should take responsibility for the audio. The fact remains that I am not the maker of the audio and didn’t publish any audio and nothing can change that.
“I will meet you guys in any court this time around if you have any case against me,” he said.
The Nigeria Football Federation, NFF, has confirmed Augustine Eguavoen will continue his role as Super Eagles interim head coach.
The executive committee of the NFF approved the recommendation of its
Technical and Development Sub-Committee to retain the services of the former international.
Eguavoen will now take charge of the team in next month’s 2025 Africa Cup of Nations qualifying matches against Libya.
The 58-year-old steered the three-time African champions to a 3-0 defeat of Benin Republic and scoreless draw with Rwanda in Matchdays 1 and 2 earlier this month.
The former defender will also continue working with Fidelis Ilechukwu, Daniel Ogunmodede, Olatunji Baruwa and Tomaz Zorec.
Eguavoen will also take charge of the Super Eagles B team for the qualifying campaign for next year’s African Nations Championship, otherwise known as CHAN.
The Nigerian Communications Commission, NCC, has called for immediate action to prevent further loss of skilled professionals.
NCC made this call worried by the alarming rate of talent migration from Nigeria’s telecommunications sector.
It disclosed that over 500 software engineers and more than 2,000 trained telecom professionals fled the country in 2022 alone, posing a significant threat to the industry’s future.
NCC Executive Vice Chairman Aminu Maida, while speaking at the fifth edition of the Telecom Sector Sustainability Forum, TSSF 5.0, themed “Mitigating the Effects of Talent Exodus and its Impact on the Growth of Nigeria’s Telecommunications Industry,” urged telecom companies to adopt flexible work policies, improve remuneration packages, and foster a culture of innovation.
Maida stressed the importance of creating an environment that values and nurtures talent, saying it is crucial to retaining skilled professionals and ensuring the sector’s continued growth.
Represented by NCC Lagos Zonal Controller Tunji Jimoh, the NCC boss warned that the global demand for tech talent has driven many of Nigeria’s brightest minds to seek more lucrative opportunities abroad.
This trend, if left unchecked, could create a skills gap that threatens the sustainability of the nation’s telecom sector.
Citing a report by the Association of Telecoms Companies of Nigeria, ATCON, Dr. Maida highlighted the exodus of telecom professionals as a major setback, adding that the loss of such talent directly impacts innovation and development in the industry.
To address this challenge, he called on telecom companies to offer more attractive working conditions.
“Remote work options, continuous learning opportunities, and collaborative spaces that encourage creativity will make the local telecom sector more appealing to professionals who might otherwise seek opportunities abroad,” he said.
He further urged telecom companies to partner with educational institutions to create programs tailored to industry needs, stressing that the partnership would help address the talent gap and build a pipeline of young professionals eager to contribute to the telecom sector.
He also underscored NCC’s role in mitigating talent migration through initiatives aimed at promoting indigenous content and improving the infrastructure necessary for digital growth.
“The Commission is actively participating in the 3 Million Technical Talent, 3MTT, a programme initiated by the Ministry of Communications, Innovation, and Digital Economy, which aims to train three million Nigerians in digital and technical skills by 2027,” he said.
The Federal Government, on Thursday, suspended the officers in charge of the Maximum and Minimum Custodial Centres, Kirikiri, Lagos State.
The decision was taken after an audio leak indicating that cross dresser, Idris Okuneye, popularly known as Bobrisky who was convicted of a crime and sentenced to six months in jail was given an apartment outside the custodial centre.
Secretary of the Civil Defence, Correctional, Fire and Immigration Services Board, CDCFIB, Ja’afaru Ahmed disclosed this in a statement released in Abuja.1
Ahmed in the statement said the suspension of the officers is to allow for further investigation on the various allegations, assuring that the outcome would be made public when concluded.
He said, “Following the viral video trending on social media on alleged infractions by Officers of the Nigerian Correctional Service relating to Mr. Idris Okuneye, widely known as Bobrisky, the Civil Defence, Correctional, Fire and Immigration Services Board has suspended forthwith the following Senior Officers of the Service.
“Michael Anugwa, Deputy Controller of Corrections (DCC), In-Charge of Medium Security Custodial Centre (MSCC), Kiri-kiri, Lagos State; and Sikiru Adekunle, Deputy Controller of Corrections (DCC), In-Charge of Maximum-Security Custodial Centre (MSCC), Kiri-kiri, Lagos State.
“Also, the Board has suspended ASC II Ogbule Samuel Obinna, serving at the Medium Security Custodial Centre (MSCC), Afikpo, Ebonyi State, for allegedly accompanying a convicted inmate out of the Custodial Centre to a location outside the facility.
“In another related development, the Board has equally suspended another Senior Officer of the Service, Iloafonsi Kevin Ikechukwu, Deputy Controller of Corrections (DCC), In-Charge of Medium Security Custodial Centre (MSCC), Kuje- Abuja, for allegedly receiving monies on behalf of an inmate.”
President Bola Tinubu on Thursday, at the Aso Rock Villa, played host to a delegation led by the National Chairman of the All Progressives Congress (APC), Abdullahi Ganduje.
The purpose of the visit was to formally present Monday Okpebholo, the Governor-elect of Edo State, to the President.
The delegation also included the Deputy Governor-elect, Dennis Idahosa, the incumbent Deputy Governor, Philip Shaibu, Edo North Senator, Adams Oshiomhole and a host of other APC Governors and party stalwarts.
A mild drama, however, played out during the visit as some members of the delegation, including Okpebholo, Idahosa and Shaibu, were seen kneeling down as they greeted President Tinubu.
This also attracted reactions on social media.
See the video.
Media
The House of Representatives has told Aliko Dangote, the owner Dangote Refinery, to disclose the cost he is selling petroleum from his refinery to NNPC Limited and other major marketers.
The lawmakers also asked NNPC to disclose the amounts the refinery is paying for crude oil.
This resolution followed a motion moved by Oboku Oforji on Thursday during plenary.
There has been dispute between NNPC Limited and Dangote Refinery over the cost per litre of petrol from the refinery.
NNPC Limited has claimed to be buying petrol at N898/litre from Dangote, however, the refiner disputed the figure, stating that it is selling less than the amount.
To address challenges surrounding the distribution of its products, the lawmakers urged the management of Dangote Refinery to build, acquire or partner to get Tank Farms or depot across the geo-political zones in the country.
In the motion, Oforji commended the refinery for its impact on energy sovereignty of the country.
“Nigeria is driving towards energy self-sufficiency, cost and foreign exchange savings, meeting the increasing demand for fuels, attraction of foreign capital investment, generation of Forex through export of finished product,” he said.
To achieve sustainability, Oforji said Dangote Refinery should sell products directly to the independent marketers.
The motion was adopted unanimously by the lawmakers
The Economic and Financial Crimes Commission (EFCC) has disclosed that former Kogi State governor Yahaya Adoza Bello allegedly used state funds to purchase prime properties in both the United Arab Emirates (Dubai) and Abuja, Nigeria.
In a fresh 16-count charge filed against him, Yahaya Bello was said to have used over five million Dirhams to acquire a property in Khalifa, Municipality, Dubai.
In count two, Bello, Umar Shuaibu Oricha and Abdulsalami Hudu were alleged to have sometime in 2023, in Abuja, whilst having dominion over the state’s treasury, dishonestly used the total sum of N950,000,000.00 (Nine Hundred and Fifty Million Naira) for the acquisition of a property known as No: 35 Danube Street, Maitama District, Abuja.
The EFCC slammed fresh 16-count charge against the former Kogi state governor at the High Court of the Federal Capital Territory in Abuja along with two others.
In the charge marked: CR/7781/2024, Bello, Umar Shuaibu Oricha and Abdulsalami Hudu, are accused of spending over N110 billion of public funds to acquire several properties in Abuja and in Dubai.
The charge dated September 24 but filed on September 25, by the anti-graft agency’s lawyer, Mr kemi Pinheiro, SAN, accused Bello and co- defendants of criminal breach of trust, an offence punishable under Section 312 of the Penal Code Laws of Northern Nigeria, 1963.
Count one of the charge reads: That you, Yahaya Adoza Bello, Umar Shuaibu Oricha and Abdulsalami Hudu sometimes in 2016 in Abuja, within the Jurisdiction of this Honourble Court agreed amongst yourselves to cause to be done an illegal act to wit: criminal breach of trust in respect of the total sum of N110, 446, 470, 089.00 (One Hundred and Ten Billion, Four Hundred and Forty six Million, Four Hundred and Seventy Thousand, Eighty Nine Naira) entrusted to you”.
In count two they were alleged to have sometime in 2023, in Abuja, whilst having dominion over the state’s treasury, dishonestly used the total sum of N950,000,000.00 (Nine Hundred and Fifty Million Naira) for the acquisition of a property known as No: 35 Danube Street, Maitama District, Abuja.
In count 11, the defendants were alleged to have used over Five million Dirhams to acquire a property in Khalifa, Municipality, Dubai.
Count 14 reads: “That you Yahaya Adoza Bello, Umar Shuaibu Oricha and Abdulsalami Hudu sometime in 2021, in Abuja, within the jurisdiction of this Honorable Court, whilst having dominion over the state’s treasury, dishonestly sent the total sum of $570,330.00 (Five Hundred and Seventy Thousand, Three Hundred and Thirty United State Dollars) to account No. 4266644272 Domiciled with TD Bank, United State of America.”
Count 15 claimed that the defendants sometime in 2021, in Abuja, whilst having dominion over the state’s treasury, dishonestly sent the total sum of $556,265.00 (Five Hundred and Fifty Six Thousand, Two Hundred and Sixty Five United State Dollars) to account No. 4266644272 Domiciled with TD Bank, United State of America.
Meanwhile, the former governor in count 16 was alleged to have sometime between 2017 and 2018, in Abuja, had under his control the total sum of N677, 848,000 (Six Hundred and Seventy Seven Million, Eight Hundred and Forty Eight Thousand Naira) unlawfully obtained from Bespoque Business Solution Limited.
However, no date has been fixed for arraignment of the former governor in the fresh charges.
It will be recalled that the EFCC had in the last five months, attempted four times to put Bello in the dock to answer the N80.2bn alleged fraud charges against him but to no avail following his persistent refusal to appear before the federal high court in Abuja.
An 88-year-old Japanese man, Iwao Hakamada, has been found not guilty of multiple murders after spending almost five decades on death row.
The case that has sparked intense scrutiny of Japan’s death penalty practices sees Hakamada sentenced to death by hanging in 1968 for the murders of his boss, his boss’s wife, and their two teenage children, as well as for setting their home ablaze two years earlier.
His time on death row, lasting 46 years, is believed to be the longest for any prisoner worldwide, ending in 2014 when new evidence led to a retrial, The Guardian UK reports.
Hakamada has consistently maintained his innocence, claiming that investigators coerced him into confessing, while his lawyers argued that evidence was fabricated by the police.
Following the verdict, there was no immediate announcement regarding a potential appeal by prosecutors, according to Kyodo news agency and other media outlets. Hakamada’s defence team has urged prosecutors not to challenge the ruling, citing his age.
Koshi Kunii, the presiding judge at Shizuoka district court, confirmed that three pieces of evidence were fabricated, including Hakamada’s “confession” and clothing that prosecutors claimed he wore during the murders.
His sister, 91-year-old Hideko Hakamada, who has tirelessly advocated for her brother, expressed hope before the ruling: “For so long we have fought a battle that has felt endless. But this time, I believe it will be settled.”
While prosecutors sought the death penalty once more, legal experts suggested that Hakamada was likely to be acquitted, referencing four other postwar retrials in Japan that resulted in overturned convictions for death row inmates.
Hakamada, who experienced significant physical and mental decline during his incarceration, was absent from the courtroom during the ruling and was represented by his sister.
The case’s outcome depended heavily on the credibility of bloodstained clothes that prosecutors claimed Hakamada wore at a miso factory where he worked as a live-in employee.
In March 2023, after prolonged legal battles, the Tokyo high court ordered a retrial, indicating the strong likelihood that the clothing had been planted by investigators. Defence lawyers contended that DNA tests on the clothing confirmed the blood did not belong to Hakamada.
Initially, the high court chose not to reopen Hakamada’s case, a focal point for opponents of the death penalty, but reversed this decision following a Supreme Court order to reconsider it in 2020.
On the day of the ruling, hundreds lined up outside the district court in hopes of securing a seat, with supporters holding banners demanding Hakamada's acquittal.
Initially denying involvement in the crimes, Hakamada later confessed after what he described as a brutal police interrogation involving physical abuse. His case has been highlighted as an example of the flaws within Japan’s criminal justice system and the cruelty inherent in capital punishment.
In Japan, one of only two G7 countries that retains the death penalty alongside the US, inmates are notified of their execution just hours in advance and are denied the opportunity to consult with their lawyers or families. Their final discussions typically occur with a Buddhist priest.
Boram Jang, an East Asia researcher at Amnesty International, expressed joy at the ruling: “We are overjoyed by the court’s decision to exonerate Iwao Hakamada.”
N15m bribery allegation: Suicide Is Coming To My Head, Haters You Won – Bobrisky writes on suicide
AFOLABI
Embattled Nigerian crossdresser, Idris Okuneye aka Bobrisky, has stated that he is nursing suicidal thoughts.
Naija News reports that the media personality is enmeshed in a bribery scandal involving the Economic and Financial Crimes Commission (EFCC).
Recall that social media activist and influencer, Martins Vincent Otse a.k.a VeryDarkMan, had accused Bobrisky of bribing some EFCC officials with the sum of ₦15,000,000 to drop the money laundering case against him and also keep him in a private apartment instead of a normal prison during his jail term for money laundering.
VeryDarkMan had made the allegations in a now-viral video trending on various social media platforms.
He released an audio to back his claim.
In the audio, Bobrisky told an unidentified person in a phone conversation that he paid some unnamed officials of the commission the sum of ₦15,000,000( Fifteen Million Naira only) for them to drop money laundering charges against him.
In reaction, the EFCC chairman, in a statement released on Tuesday through the spokesperson of the anti-graft agency, Dele Oyewale, said a team of investigators have been put together to investigate the allegations.
Oyewale added that both Bobrisky and VeryDarkMan have been invited to appear before the commission for questioning at its Lagos office.
Taking to his Instagram page today, September 26, Bobrisky said the whole saga is making him think about suicide.
He lamented that people are trying to pull him down because of hatred.
Justice Haleemah Salman of the Kwara State High Court has declared the five accused individuals responsible for the Offa robbery cases guilty of unlawful firearm possession, robbery with a weapon, and negligent manslaughter.
Justice Salman gave the verdict on Thursday while presiding over the case.
She sentenced the accused persons to death.
Naija News recalls that the Offa robbery incident happened in 2018.
Barely two years ago, a witness in the case, Shamsudeen Bada, accused men of the Intelligence Response Team (IRT) led by embattled DCP Abba Kyari of torturing him.
According to Baba, the police operatives tortured him to implicate former Senate President Bukola Saraki in the bank robbery.
The former Vice Chairman of Irepodun Local Government Area of Kwara State stated this at the Kwara State High Court.
He recounted his experience during the resumed trial of the suspects in the robbery case in Ilorin, the state capital.
Police had charged five suspects, Ayoade Akinnibosun, Ibikunle Ogunleye, Adeola Abraham and two others to court.
Naija News learnt that the suspects were charged with criminal conspiracy to rob the banks, murder of nine policemen and other citizens, and illegal possession of firearms.
Baba, during cross-examination in court, said while in detention, the Abba Kyari-led IRT operatives promised them they would be freed if they named Saraki as their sponsor.
More...
Despite suffering a knockout loss in the fifth round of the IBF heavyweight showdown at Wembley on Saturday, former two-time heavyweight champion Anthony Joshua is set to earn significantly more than Daniel Dubois for the fight.
Reports from Sporty Salaries via GB News indicate that Anthony Joshua was guaranteed £6 million just for showing up, with potential earnings rising to an impressive £25 million depending on pay-per-view sales.
On the other hand, Dubois, who caused an upset by knocking out Joshua, is reported to have a guaranteed purse of £3.5 million, which could rise to £10 million.
The 34-year-old Joshua’s higher earnings are attributed to the attention and fan base he commands in the boxing world, despite the loss to his fellow Brit.
The fight reportedly drew a record crowd for a British boxing match, with Turki Alalshikh claiming an attendance of “more than 98,128” fans.
Following his fourth career defeat, Anthony Joshua took to his Instagram account to address his fans. In a video posted on Monday, he expressed gratitude to his supporters and emphasized his determination to continue fighting despite calls for his retirement.
He said, “We came up short, but we have got to look at all the positives, and that’s the mindset that we have to have—a positive one, always. Look at what we’ve achieved in the space of 11 years, and I want to thank everyone who’s been riding with me. What a rollercoaster journey! But you know what the problem is, is that it’s far from over yet.”
Meanwhile, Dubois’ victory has propelled him to the top of the heavyweight division, potentially setting up future fights with renowned boxers such as Tyson Fury and Oleksandr Usyk. Additionally, a rematch with Joshua is also a possibility.
Cabinet Reshuffle: 11 Ministers May Lose Their Jobs, Gbajabiamila Could Be Replaced With Fashola – Source
AFOLABI
The Presidency has confirmed that a cabinet reshuffle is on the horizon, indicating that up to 11 ministers could soon be relieved of their positions.
This development was shared during a media briefing at the Presidential Villa in Abuja by the Special Adviser to the President on Information and Strategy, Bayo Onanuga.
Joining Onanuga at the briefing, O’tega Ogra, Senior Special Assistant to the President on Digital and New Media, did not provide a specific timeline for the reshuffle but hinted that an announcement could be made later this week.
Insiders who spoke with Guardian noted that the long-anticipated changes were postponed following the conclusion of the Federal Executive Council (FEC) meeting on Monday.
“It’s true President Bola Tinubu has plans to reshuffle his cabinet, but I can’t say specifically whether that will be done before the Independence celebration on October 1,” Onanuga stated, emphasizing that the President initially appointed his ministers in August of last year.
Reports suggest that Chief of Staff to the President, Femi Gbajabiamila, is among those potentially facing dismissal. While the exact details remain unclear, it has been made known that a comprehensive review of ministerial performance is underway as pressure mounts from various stakeholders for a more effective cabinet.
The platform disclosed that former minister of works and housing, Babatunde Fashola is noted to have been identified as a likely replacement for Gbajabiamila. If he declines the offer, the current principal secretary to the President, Hakeem Muri-Okunola has been identified to fill the void.
The Minister of Finance and Coordinating Minister of the Economy Wale Edun is expected to get a junior minister in the person of the Chairman, Presidential Fiscal
Policy and Tax Reforms Committee, Mr Taiwo Oyedele.
While decisive action is likely to be taken on the Minister of Humanitarian Affairs and Poverty Alleviation, Betta Edu, insiders note that the ministry might be scrapped due to the level of malfeasance and corruption perpetrated under the guise of intervention programmes.
Also, the Minister of Communications, Innovation and Digital Economy, Bosun Tijani, Minister of State, Environment and Ecological Management, Ishak Salaco, Minister of Budget and Economic Planning, Atiku Bagudu, Minister of Industry, Trade and Investment, Doris Anite, Minister of Interior, Olubunmi Tunji-Ojo and a few others may not be lucky in the imminent cabinet reshuffle.
According to those familiar with the imminent changes, some ministers may be moved to other ministries, while those found to have performed below par will be removed.
The insiders also noted that a minister who served under the Buhari administration will likely be returned to serve under the present administration.
The official confirmation of a cabinet shake-up comes after months of speculation since Tinubu’s first anniversary in office, as Nigerians grumble about the need for better governance performance amid economic challenges.
This is also happening against the backdrop of some ministers falling below expectations regarding his Renewed Hope agenda.
A year after President Bola Tinubu inaugurated his 45-minister cabinet, many Nigerians expressed displeasure with the team’s performance.
The House of Representatives on Thursday adopted a motion to investigate the Economic and Financial Crimes Commission (EFCC) on the allegation of receiving ₦15 million from crossdresser, Idris Okuneye, popularly known as Bobrisky.
Social media influencer, Martins Otse, popularly known as VeryDarkMan, alleged that Bobrisky, when convicted by the court for abusing the naira, allegedly served his jail term in a private residency and not the correctional center.
Following a motion titled ‘Urgent Need to investigate the disturbing allegation of corruption against the Economic and Financial Crimes Commission (EFCC) and the Nigerian Correctional Service‘ by Hon Patrick Umoh, the House resolved to set up a committee to probe the allegation against EFCC.
The motion by the Ikot Ekpene/Essien Udim/Obot Akara federal constituency member read in part:
“The House notes the disturbing and widely circulated publication emanating from Martins Vincent Otse (also known as VeryDarkMan) against critical Nigerian law enforcement institutions; the Economic and Financial Crimes Commission (EFCC) and the Nigerian Correctional Service;
“Also notes the publication alleges that the Economic and Financial Crimes Commission (EFCC) dropped money laundry charges against Idris Okuneye (also known as Bobrisky) upon collection of the sum of Fifteen Million Naira (15, 000, 000):
“Further notes that the publication alleges that Idris Okuneye, upon conviction for abuse and defacing of the Naira, by the court did not serve his time at the Nigeria Correctional Service, but was lodged outside the confines of the Service.”
The motion further “Urge the House to set up an ad-hoc Committee comprising of persons of unquestionable integrity to immediately probe the allegation and report to the House within 3 legislative weeks.”
Source: Terry Ikumi
…Taps 30% of Tetfund income to fund NELFUND
…To deploy tax tools to drive jobs, exports
The federal government is making plans to bring more eligible individuals and entities into the tax net to increase its revenues and meet obligations to the citizens.
It aims to actualise this objective through a project named, “Tax Identification Consolidation and Collaboration (TICC).”
The project will widen the tax net and the tax base in line with the newly proposed Economic Stabilisation Bills (ESB) set to be sent to the National Assembly.
The initiative is part of the 15 bills set for amendment as approved by the Federal Executive Council (FEC) on Monday, Taiwo Oyedele, chairman of the Presidential Fiscal Policy and Tax Reforms Committee, said on his X handle.
“Part of the plan is the introduction of ‘Tax Identification Consolidation and Collaboration (TICC)’ initiative to expand the tax base, widen the tax net, and create a level playing field for businesses,” he noted.
Collaboration with states
The government is also planning to collaborate with state governments to suspend certain taxes on small businesses and vulnerable population to give them a breath of fresh air.
The federal government intends to woo states to eliminate taxes such as road haulage levies and other charges on transportation of goods; business premises registration; animal trade and produce sales tax; bicycle, truck, canoe, wheelbarrow, and cart fees; shops, kiosks and market taxes and levies.
“The ESB seeks to amend about 15 different tax, fiscal, and establishment laws to facilitate economic stability and set the country on the path for sustained inclusive growth,” Oyedele said.
Other objectives contained in the proposed bills include changes designed to achieve inflation reduction and price stability.
The proposed bills are also expected to promote fiscal discipline and consolidation, enhance job creation and poverty alleviation, as well as serve as catalyst for export promotion and diversification.
The key changes to be made to the various laws include amendments to the income tax laws to facilitate employment opportunities for Nigerians in Nigeria within the global value chain, including the digital economy.
FG eyes TETFUND’s 30% revenue
On the amendment to the Tertiary Education Trust Fund Act, Bayo Onanuga, special adviser to President Bola Tinubu on information and strategy, told journalists in Abuja on Wednesday that the government has successfully pushed an amendment to the Tertiary Education Trust Fund (TETFUND) Act, which provides for the deduction of 30 percent of revenue accruable to the agency to fund the newly established National Education Loan Fund (NELFUND).
“There is an amendment to the TETFUND 2011 Act, which now says it shall fund the disbursement of NELFUND. This means that TETFUND, before it disburses the amount in its fund, shall set aside an initial one-third of the amount to be transferred to the Nigeria Education Loan Fund, This is 30 percent of whatever TETFUND gets from the federation account. The amount will now be passed on to a readymade source of fund to NELFUND,” he said.
Onanuga confirmed an amendment of the Nigerian Maritime Administration and Safety Agency (NIMASA) Act and that of the Nigeria Ports Authority (NPA) such that all their fees, charges, levies, fines and other monetary accruals will now be paid in naira at the applicable exchange rate.
“You will recall that, hitherto, those agencies were charging their fees in dollars. So, those agencies can now collect naira.
“This affirms that the government wants to place emphasis on our national currency instead of dollarising our economy.”
Nigeria’s poor fiscal position
Nigeria wants to generate more revenue not just by raising taxes but by bringing more persons and entities into the net.
The nation’s revenue to the gross domestic product (GDP) stood at 9.4 percent in 2023, but it was a decline from 10.9 percent in 2021, according to the International Monetary Fund (IMF).
South Africa’s revenue to GDP stood at 25.1 percent in 2023, according to South Africa Revenue Service (SARS).
Ghana’s tax to GDP is estimated at 14 percent. Rwanda is currently at 24 percent, while Kenya’s is 14.3 percent, says the World Bank.
Nigeria’s total public debt stood at N121. 67 trillion in the first quarter of 2024, from N97. 34 trillion in the fourth quarter (Q4) of 2023.
Bill Gates, co-chair of Bill and Melinda Gates Foundation, in his recent visit to Nigeria said, “Nigeria’s economy has stagnated. Earlier this year, your debt exceeded 50 percent of your GDP for the first time since 2001.”
“And while your revenue-to-GDP ratio has grown, it’s still lower than what it was 15 years ago. The result is that Nigeria spends less per-capita on its people than other African countries with a fraction of your wealth.”
He further said that the Nigerian government must demonstrate that it is properly utilising tax revenues before propping the citizens to pay.
“Taxes are never popular. That’s true in America too. But they’re part of a social compact. People are more likely to pay them when they see the government spending that money to give Nigerians a better life.”
The Nigerian Economic Society (NES) recently warned that Nigeria’s slowing revenue generation may pose significant challenges to its economic growth and social wellbeing of its citizens.
This is contained in a report presented by Adeola Adenikinju, president of NES, at the 65th annual conference of the economic group in Abuja.
Adenikinju noted that with the level of revenues generated in the country, Nigeria may find itself among countries with lowest revenue collection, raising concerns over its economic sustainability.
“Nigeria’s fiscal performance benefited from the foreign exchange liberalisation in 2023, but the country still suffers a revenue problem and could remain among the bottom 10 countries with the lowest revenue in the medium-term,” NES president warned.
[BusinessDay]