The Nigeria Revenue Service (NRS) has clarified that Value-Added Tax (VAT) on banking services, including electronic transfers, fees, and commissions, is not a new levy, contrary to circulating reports.
In a statement on Thursday, Dare Adekanmbi, Special Adviser on Media to the NRS Chairman Zacch Adedeji, emphasized that VAT has always applied to charges for services rendered by banks and other financial institutions under Nigeria’s existing tax regime.
“The Nigeria Tax Act did not introduce VAT on banking charges, nor did it impose any new tax obligation on customers,” the statement said, urging the public to disregard misinformation and rely on official communications for accurate guidance.
The NRS also released a Frequently Asked Questions (FAQ) document to clear misconceptions, noting that VAT applies only to service-related charges such as bank transfer fees, USSD codes, card issuance, and account maintenance—not the principal amounts transferred or interest earned on deposits.
Essential items including basic food, medical and pharmaceutical products, and core educational services remain exempt, ensuring no added burden on everyday Nigerians.
Adekanmbi stressed, “What changed is compliance and enforcement, not the law. Banks are now required to remit VAT already collected, reinforcing accountability without introducing new taxes.”
The clarification comes amid widespread confusion that had raised fears among consumers over hidden bank levies, a concern NRS says is entirely unfounded.
The Olubadan of Ibadanland, Oba Rashidi Adewolu Ladoja (Arusa I), has been inaugurated as Chairman of the Oyo State Traditional Council by Governor Seyi Makinde, amid the notable absence of the Alaafin of Oyo, Oba Akeem Owoade.
The inauguration took place on Thursday at a brief but significant ceremony held at the House of Chiefs, Agodi, Ibadan, marking a new phase in the leadership of the Oyo State Council of Obas.
It was gathered that the Oyo State House of Assembly recently amended the traditional council law to introduce a rotational chairmanship among the Olubadan of Ibadanland, the Alaafin of Oyo and the Soun of Ogbomosoland.
Speaking at the event, Governor Makinde explained that each of the three foremost traditional rulers would serve as chairman for a two-year term, a move aimed at promoting unity, fairness and cooperation among traditional institutions in the state.
According to the governor, the rotational arrangement will allow the revered monarchs to collectively contribute their wealth of experience to governance and development in Oyo State.
While the event drew several traditional rulers and top government officials, the absence of the Alaafin of Oyo drew attention and sparked quiet discussions among attendees.
Many stakeholders, however, welcomed the appointment of Oba Ladoja as a positive step towards strengthening traditional institutions in the state, expressing confidence in his leadership capacity and experience.
Dignitaries at the ceremony included the Deputy Governor of Oyo State, Barrister Adebayo Lawal; the Chief of Staff to the Governor, Hon. Segun Ogunwuyi; and the Secretary to the State Government, Professor Musibau Babatunde.
Also in attendance were the Soun of Ogbomosoland, Oba Ghandi Olaoye; the Okere of Saki; the Olugbon of Ile-Igbon; the Eleruwa of Eruwa, Oba Adebayo Akande; the Ekerin Olubadan of Ibadan; and other prominent traditional rulers from across the state.
The development is being closely watched as stakeholders await further details and assess how the new leadership will shape the future of the Oyo State Traditional Council.
The African Democratic Congress (ADC) has criticised President Bola Tinubu’s absence from the 2026 Armed Forces Remembrance Day, describing it as a troubling signal of leadership vacuum at a time of deepening national security challenges.
In a statement issued on Thursday in Abuja by its National Publicity Secretary, Mallam Bolaji Abdullahi, the opposition party said the solemn national occasion demanded the physical and moral presence of the Commander-in-Chief, stressing that remembrance without visible leadership undermines its significance.
The ADC noted that Armed Forces Remembrance Day is not a routine ceremony but a defining national moment that calls for empathy, accountability and solidarity from the highest office in the land, especially as Nigerian troops remain stretched across multiple theatres of conflict, including insurgency, banditry and violent crime.
According to the party, the President’s absence on such a symbolic day sends the wrong message to serving personnel and the families of fallen heroes who continue to bear the heavy cost of Nigeria’s security failures.
While honouring fallen officers and acknowledging the resilience of military families, the ADC argued that true remembrance must go beyond wreath-laying and official speeches, insisting that leadership in moments of national sacrifice cannot be delegated, postponed or reduced to symbolism.
The party further maintained that remembrance should compel leaders to confront hard questions about governance, national priorities and the persistent gap between the sacrifices of the armed forces and the quality of leadership they receive.
“The physical and moral presence of the Commander-in-Chief on this day is not optional; it is a statement of respect, responsibility and shared sacrifice,” the ADC said.
The party concluded by urging Nigerians to reflect not only on the bravery and patriotism of the armed forces, but also on the kind of leadership required to justify such sacrifice, warning that without accountability and presence at the top, Armed Forces Remembrance Day risks becoming an empty ritual rather than a call to national duty.
Nigeria’s inflationary pressure showed further signs of easing in December 2025, as headline inflation moderated to 15.15 per cent, driven largely by a slowdown in food prices, the National Bureau of Statistics (NBS) has reported.
The Statistician-General of the Federation and Chief Executive Officer of the NBS, Prince Adeyemi Adeniran, disclosed this in Abuja while presenting the Consumer Price Index (CPI) report for December 2025.
According to the report, the CPI rose to 131.2 points in December, a marginal 0.7-point increase from November, based on the newly rebased CPI with 2024 as the base year and 2023 as the reference period for weights.
On a month-on-month basis, headline inflation dropped sharply to 0.54 per cent in December, compared with 1.22 per cent recorded in November, indicating a slower pace of price increases.
Food inflation recorded a notable decline. Year-on-year food inflation stood at 10.84 per cent, while month-on-month food inflation fell by 0.36 per cent, reversing the 1.13 per cent increase recorded in November. The NBS attributed the improvement to lower average prices of key food items, including tomatoes, garri, eggs, potatoes, carrots, millet, vegetables, plantain, beans, wheat grain, pepper and fresh onions.
Core inflation, which excludes farm produce and energy, stood at 18.63 per cent year-on-year. On a month-on-month basis, it eased to 0.58 per cent from 1.28 per cent in the previous month.
Among the newly introduced indices, energy inflation rose by 2.74 per cent, while farm produce declined by 0.41 per cent. Services and goods inflation recorded moderate increases of 0.15 per cent and 0.64 per cent respectively.
Urban inflation stood at 14.85 per cent year-on-year, with month-on-month inflation rising slightly to 0.99 per cent. Rural inflation was recorded at 14.56 per cent year-on-year, while month-on-month inflation fell sharply by 0.55 per cent, compared to a 1.88 per cent increase in November.
At the state level, Abia (19.03%), Ogun (18.80%) and Katsina (18.66%) recorded the highest headline inflation rates year-on-year, while Sokoto (8.61%), Plateau (9.05%) and Kaduna (10.38%) posted the lowest.
On a month-on-month basis, Cross River (3.11%), Abia (2.63%) and Delta (2.53%) recorded the sharpest increases, while Ondo (-3.74%), Gombe (-3.02%) and Jigawa (-1.96%) experienced declines.
For food inflation, Yobe (15.25%), Ogun (14.12%) and Abuja (13.24%) recorded the highest year-on-year increases, while Akwa Ibom (4.34%), Sokoto (4.62%) and Plateau (6.19%) recorded the slowest rises.
The NBS advised that state-level inflation figures should be interpreted with caution, noting that CPI weights differ across states due to variations in consumption patterns.
Nigeria’s public debt has climbed to ₦152 trillion, but the surge is not the result of fresh borrowing, Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun, has clarified.
Speaking at the launch of the Nigerian Economic Summit Group (NESG) 2026 Macroeconomic Outlook Report in Lagos, Edun said the headline figure largely reflects transparency reforms and exchange rate adjustments rather than fiscal recklessness.
According to him, about ₦30 trillion of the debt represents previously unrecorded Ways and Means advances that have now been formally captured, while nearly ₦49 trillion resulted from the revaluation of Nigeria’s foreign-denominated obligations following naira devaluation under ongoing economic reforms.
Edun stressed that Nigeria’s debt profile remains sustainable, noting that the country’s debt-to-GDP ratio has improved to 36.1 per cent—one of the lowest in Africa and well below global averages.
“Our debt figures reflect transparency and exchange rate correction, not reckless borrowing,” he said, urging the media and the public to focus on debt sustainability ratios rather than absolute figures.
The minister said the clarification underscores Nigeria’s transition from economic stabilisation to consolidation under President Bola Tinubu’s Renewed Hope Agenda.
He highlighted key gains recorded in 2025, including a drop in inflation from 33.18 per cent in 2024 to 14.45 per cent by November 2025, GDP growth of 3.78 per cent by the third quarter, external reserves of $45.5 billion, naira stability below ₦1,500 to the dollar and a ₦19.33 trillion trade surplus in the first nine months of the year.
Edun also noted improved fiscal discipline, with the budget deficit contained at 3.4 per cent of GDP, stronger non-oil revenue performance and 84 per cent implementation of the 2024 capital budget despite oil revenue shortfalls. He added that states benefited from increased federal allocations.
Looking ahead to 2026, the minister projected GDP growth of 4.68 per cent, inflation averaging 16.5 per cent and naira stability around ₦1,400 per dollar.
He said the proposed ₦58.18 trillion 2026 budget, tagged “Budget of Consolidation, Renewed Resilience, and Shared Prosperity,” will devote ₦26 trillion—44 per cent of total spending—to capital projects, financed through a carefully managed 4 per cent deficit.
Edun disclosed that structural reforms, including full digitalisation of revenue collection, improved treasury transparency, elimination of leakages and a pro-poor tax regime, would strengthen debt management and drive inclusive growth.
“Nigeria cannot afford to pause or retreat. The task now is to turn stability into sustained, inclusive and job-rich growth,” he said, adding that the reforms are expected to translate into lower food prices, better infrastructure, more jobs and stronger social protection.
Prominent Nigerian leaders, including Lt. Gen. Theophilus Danjuma (rtd), Prof. Jerry Gana, Senator David Mark, Governor Caleb Mutfwang of Plateau State and former SGF, Mahmud Yayale Ahmed, on Thursday converged in Abuja to honour late renowned educationist and former vice-chancellor, Prof. David Adamu Baikie, describing him as a towering source of inspiration to generations of Nigerians.
Prof. Baikie, who died at the age of 94, was celebrated for his rare integrity, selfless service and enduring contributions to education in Nigeria and across Africa.
Chairman of the occasion, Lt. Gen. Danjuma, described the late academic as a man of exceptional character and leadership, urging Nigerian youths to emulate his life of honesty, discipline and dedication to service.
Danjuma said Prof. Baikie’s record as Vice-Chancellor of three universities—the University of Benin, the University of Lesotho and Nasarawa State University—remains unmatched, noting that his legacy would continue to shape the nation’s educational system.
“We are here to celebrate a life richly lived and generously given in service to Nigeria and Africa. His legacy of excellence, humility and integrity must inspire our youths,” Danjuma said.
Also speaking, former Secretary to the Government of the Federation, Mahmud Yayale Ahmed, called on Northern leaders and the Arewa Consultative Forum (ACF) to immortalise Baikie through a special scholarship scheme dedicated to training teachers.
According to Yayale, Prof. Baikie was a pillar of Nigeria’s education sector, spending over 60 years shaping academic development, particularly at Ahmadu Bello University, Zaria.
“Professor Baikie was a professional teacher who produced professional teachers. His impact on education in Northern Nigeria is immeasurable,” he said.
Prof. Jerry Gana, in his tribute, described the late scholar as a builder of men of character and distinction, whose tenure as Vice-Chancellor of the University of Benin helped entrench academic excellence and institutional growth.
He noted that Baikie’s contributions extended beyond Nigeria, adding that his leadership and ideas helped strengthen universities across Africa.
Other dignitaries at the event included former Senate President David Mark, Plateau State Governor Caleb Mutfwang, the Emir of Kano, Muhammadu Sanusi II (who joined virtually), and several political, traditional and academic leaders, all of whom paid glowing tributes to the late educationist’s life of service, faith and commitment to national development.
The National Emergency Medical Service and Ambulance System (NEMSAS) has moved to strengthen Nigeria’s emergency healthcare delivery, calling for closer collaboration among the FCT Emergency Medical Service and Ambulance System (FCT-EMSAS), the National Hospital Abuja and the Federal Road Safety Corps (FRSC).
At a high-level meeting in Abuja on Thursday, NEMSAS assured Nigerians of improved emergency response, faster claims reimbursement and free emergency treatment for vulnerable patients within the first 48 hours of care.
National Programme Manager of NEMSAS, Dr. Doubra Emuren, said emergency healthcare funding is provided through the Basic Healthcare Provision Fund (BHCPF) under the National Health Act, with special focus on the poor and vulnerable.
He explained that unconscious patients, unidentified victims and those brought in by good Samaritans are entitled to free emergency treatment for the first 48 hours at designated facilities, including the National Hospital Abuja and FMC Jabi. Ambulance services, he added, can also be accessed at no cost through the 112 emergency number.
To address long-standing delays in reimbursement, Emuren announced the rollout of a digital claims management system, developed with support from the Bill and Melinda Gates Foundation. He said the new system would replace manual processes, reduce errors and curb fraudulent claims.
Under the arrangement, claims will be submitted monthly, digitally verified and paid by the second week of the following month, boosting transparency and efficiency across participating hospitals and states.
Emuren also revealed plans to position the National Hospital Abuja as a major emergency response training hub for frontline responders, expressing confidence that the reforms would reduce preventable deaths from accidents, trauma and other life-threatening emergencies.
Responding, Chairman of the Medical Advisory Committee at the National Hospital Abuja, Dr. Isiaka Lawal, welcomed the initiative, describing it as a major step towards improved coordination among emergency service providers.
Lawal said quicker reimbursement of claims would ease pressure on the hospital’s limited resources and help sustain quality emergency care, assuring Nigerians that emergency victims would receive treatment within the first 48 hours, regardless of their ability to pay.
The meeting also reviewed ambulance tariffs, emergency treatment committees and national standards, as part of efforts to fully integrate the National Hospital into Nigeria’s emergency medical response system.
The Social Democratic Party (SDP) has paid glowing tributes to late Senator Godiya Akwashiki, describing his death as a painful loss to Nasarawa State, the party and Nigeria.
Akwashiki, who represented Nasarawa North Senatorial District in the 10th Senate, died penultimate week at an Indian hospital at the age of 52.
At a tribute night organised by the SDP National Working Committee in Lafia, party leaders and stakeholders hailed the late lawmaker as a man of integrity, courage and uncommon dedication to public service.
Born in Angba Iggah, Nasarawa Eggon Local Government Area, Akwashiki was first elected senator in 2019 and returned in 2023. He had earlier served in the Nasarawa State House of Assembly, where he rose to Majority Leader and later Deputy Speaker.
In the Senate, he chaired the Committee on Air Force and also served as Chairman, Committee on Inter-Parliamentary Affairs, and Vice Chairman, Committee on Media and Public Affairs.
SDP National Chairman, Prof. Sadiq Gombe, described Akwashiki as a “shining star” whose leadership style was anchored on accountability, compassion and service to the people.
Gombe revealed that shortly before his death, the senator had expressed worries over his failing health and even considered stepping aside to ensure effective representation for his constituents, a move he described as rare and patriotic.
Other speakers, including Senator Suleiman Adokwe and Nasarawa State Deputy Governor, Dr. Emmanuel Akabe, praised Akwashiki’s commitment to grassroots development and impactful constituency projects, noting that he would be remembered as one of the state’s most effective lawmakers.
The event ended with prayers for the repose of his soul and calls for leaders to emulate his values of integrity, selflessness and service.
The Nigeria Medical Association (NMA), Edo State Branch, has vowed to sustain its ongoing withdrawal of medical services over what it described as the worsening insecurity in the state, insisting that its abducted member must be rescued unhurt before doctors return to work.
The association said the strike action would continue indefinitely until the doctor, who was kidnapped in Auchi, Etsako West Local Government Area, is safely released.
In a joint statement issued on Wednesday, the Chairman of Edo NMA, Dr. Eustace Oseghale, and the State Secretary, Dr. Iluobe Inegbenosun, condemned the prevailing security situation and called on Governor Monday Okpebholo to urgently overhaul the state’s security architecture.
According to the association, the proposed restructuring should prioritise the integration of local vigilante groups into formal security arrangements, backed by strict monitoring and evaluation mechanisms to effectively tackle the rising wave of insecurity across the state.
Dr. Oseghale said the decision to extend the service withdrawal was taken after extensive consultations with key stakeholders, stressing that the safety of healthcare workers and the general public must not be compromised.
“We insist that the security of lives and property is paramount and should not be taken lightly. Our member who was abducted in Auchi must be released unhurt. Until then, we will continue the withdrawal of our services,” he said.
He added that the continued strike was necessary not only to secure the release of the kidnapped doctor but also to draw attention to the broader security challenges confronting Edo State.
The NMA chairman also expressed concern over what he described as the intimidation of doctors in the state, warning that such actions could further escalate the dispute.
The association urged the Edo State Government to demonstrate, as a matter of urgency, a clear commitment to safeguarding lives and property, noting that the crisis could deepen if decisive action is not taken.
It further warned that private medical practitioners in the state may join the strike if there is no speedy resolution to the matter, a development that could significantly worsen access to healthcare services in Edo State.
Support for President Bola Ahmed Tinubu’s re-election bid gathered momentum on Wednesday as the Tinubu Impact Movement (TIM) publicly endorsed his leadership ahead of the 2027 general elections, unveiling what it described as an evidence-based scorecard of the administration’s performance across key sectors.
At a well-attended press conference in Abuja, leaders of the movement presented a midterm assessment of the President’s Renewed Hope Agenda, arguing that the administration’s early and often difficult reforms are beginning to deliver measurable gains in governance, economic stability and social welfare.
Speaking at the event, TIM’s National Chairman, Chief Dr. Obinna Ebirim, said the group’s endorsement was anchored on verifiable data rather than partisan sentiment, stressing that the Tinubu administration had confronted deep-seated structural challenges inherited at inception.
According to him, reforms in public finance, energy pricing and foreign exchange management were deliberate corrective measures taken in the long-term national interest.
“Our assessment shows clearly that these were not arbitrary or reckless choices. They were necessary decisions whose positive cumulative effects are now evident across multiple sectors,” Ebirim said.
He added that TIM would continue to track policy outcomes, engage the administration constructively and bridge what he described as a “dangerous communication gap” that allows misinformation and negative narratives to dominate public discourse.
Highlighting achievements in the education sector, TIM National Secretary and educationist, Dr. Ajibola Meraiyebu, said President Tinubu inherited a system plagued by chronic underfunding, dilapidated infrastructure and a growing population of out-of-school children.
He noted that education funding has increased from about ₦1.54 trillion in 2023 to approximately ₦3.52 trillion by 2025, marking what he described as a significant policy shift.
Meraiyebu also cited the impact of the Nigerian Education Loan Fund (NELFUND), disclosing that ₦161.97 billion has been disbursed to 864,798 students across universities, polytechnics and colleges of education nationwide.
“This intervention alone has kept hundreds of thousands of Nigerian students in school who might otherwise have dropped out,” he said, describing the scheme as a landmark move toward equity and sustainability in tertiary education financing.
From a subnational perspective, TIM’s Borno State Coordinator, Muhammad Elzubairu, pointed to expanded TETFund interventions supporting the rehabilitation of lecture theatres, laboratories, hostels and research facilities, as well as improved UBEC matching grants, teacher training and curriculum reforms focused on digital literacy, technical skills and entrepreneurship.
On the economy, TIM Director of Finance, Mr. Omasirichi Nmecha, acknowledged the hardship associated with fuel subsidy removal and foreign exchange unification but argued that the reforms were unavoidable.
He said the elimination of unsustainable subsidy payments, combined with improved revenue mobilisation and forex reforms, has resulted in higher FAAC allocations to states, improved fiscal transparency, stronger external reserves and renewed investor confidence.
“These are the foundations for long-term economic stability, even as inflationary pressures from the transition are gradually easing,” Nmecha said.
Addressing security, Edward Ndahi, Director of TIM’s Security Committee, said Nigeria before May 29, 2023, was characterised by widespread abductions, terror attacks and unsafe highways. He attributed recent improvements to sustained security sector reforms, enhanced intelligence gathering, better inter-agency coordination and improved welfare for security personnel.
According to him, these efforts have led to reduced incidents of mass abductions, increased rescue operations, disruption of criminal networks and safer travel along major transport corridors.
On sports development, TIM Director of Social and Events, Okome Edrin, said the administration prioritised institutional stability over ad-hoc interventions, noting improved funding frameworks, better athlete welfare and stronger governance structures. He also commended the decision to place sports solely under the National Sports Commission, separate from youth development.
Presenting the youth development scorecard, Mr. Stanley Ochoma said the administration inherited weak coordination, skills mismatches and limited access to finance for young people. He highlighted expanded digital and vocational training programmes, youth-focused credit schemes and stronger public-private partnerships.
Similarly, a TIM member and former Anambra State governorship aspirant, High Chief Johnbosco Onunkwo, cited initiatives under the Federal Ministry of Youth Development, including the Nigeria Youth Academy (NiYA), Yo! Health, YouthCred and the Waste2Wealth circular economy programme. Both speakers praised President Tinubu’s decision to appoint a young minister, Comrade Ayodele Olawande, describing the ministry as one of the administration’s standout performers.
On reforms in the interior sector, Otunba Akinsanya Sunday, Director of Logistics and Transportation, said issues such as passport backlogs, overcrowded correctional facilities and weak emergency response systems were being addressed through automation, correctional decongestion, improved border management and faster fire service response times under the leadership of Dr. Olubunmi Tunji-Ojo.
Speaking on women, social protection and inclusion, TIM’s Jigawa-based Women Leader, Hajiya Amina Dogonyaro, said reforms have strengthened digital verification systems, improved cash transfer efficiency, expanded livelihood support and increased women’s participation in governance.
On healthcare, TIM member and APC chieftain in Enugu State, Basil Eze, noted expanded health insurance coverage, renewed investment in primary healthcare, incentives for local pharmaceutical production and a gradual reduction in medical tourism.
Addressing foreign affairs and investment, Arc. Stephen Otalike, Director of Recruitment and Mobilisation, said renewed diplomatic engagement, clearer policy direction and fiscal reforms have improved Nigeria’s global image and attracted fresh foreign direct investment commitments.
On ICT-driven governance, Hauwa Malami, Director of ICT and Public Communications, highlighted the rollout of the Enterprise Content Management System (ECMS), also known as the 1-Government (1-Gov) Cloud, noting its impact on passport processing, education financing, health insurance enrolment, social registers and revenue tracking.
In his closing remarks, Ebirim said the performance outlined by TIM reflects a coherent and long-term reform agenda, adding that significant progress had also been recorded in the solid minerals sector under the Minister of Solid Minerals Development, Dr. Dele Alake.
