₦airaland Forum

The Executive Chairman of the Federal Inland Revenue Service, Zacch Adedeji, on Tuesday said the Federal Government will continue to borrow despite its significant revenue inflows in recent months. He argued that borrowing is not a sign of weakness but part of the country’s broader economic strategy.
Adedeji also revealed that federal revenue collection surged to N3.64tn in September 2025, a 411 per cent jump from N711bn in May 2023.

“Borrowing is not a problem…is borrowing not part of the budget we submitted to the National Assembly. Was it not approved? Are we borrowing aside what was approved?” Adedeji told State House Correspondents during the latest session of the Meet-the-Press series organised by the Presidential Communications Team at the Aso Villa, Abuja.

His comments come barely two months after President Bola Tinubu in July requested a $21.5bn external loan, including a $2bn foreign currency bond and a N757.98bn bond to settle pension liabilities under the Contributory Pension Scheme.

Three weeks earlier, on September 2, Tinubu declared that Nigeria had met its revenue target for 2025 ahead of schedule and would no longer rely on borrowing to fund its budget. However, the administration has been heavily criticised for excessive borrowing.

In his reaction, Adedeji described the move as an integral component of Nigeria’s financial ecosystem and overall economic plan, stressing that the government’s approach is designed to balance revenue performance with long-term development objectives.

He explained, “What is the component of a country’s budget? You have your expenditure, revenue, and loan in all budgets. So, if my expenditure for this year is N100,000 and my plan is that N80,000 will be from my revenue, I will borrow N20,000. If I’ve done revenue of N90,000 and I’m borrowing N10,000 according to what I have in my budget, what is the problem with that?

“Borrowing is not a problem. Don’t forget that banks are part of our economic ecosystem. There is no country or individual in the world that survives based on its own income. Don’t forget that when the government borrows from banks, it will pay interest. It’s from that interest that they pay their salary. It is from the salary that the banks pay taxes to the state government; it is from this profit, the difference between deposit and lending, that gives them the profit that I collect taxes from.


Adedeji explained that government borrowing is not used to pay salaries but rather to secure long-term investments. He asked critics to imagine how much more expensive it would have been if the current fiscal structure had not been built at the time it was. He stressed that borrowing allows governments to avoid higher future costs.

The revenue chief further described borrowing as part of what he termed the “Matchy Concept” in business, which emphasises continuity. According to him, projects with benefits that outlive the present generation should not be shouldered entirely at once. For example, borrowing to build a road ensures that future users can contribute through taxes, thereby paying their fair share over time.

According to him, borrowing is a critical element of any sound economic plan, and no company or country can grow sustainably without it, since it is integral to a viable nation’s ecosystem.

Addressing critics, whom he referred to as “container economists,” Adedeji suggested that many fail to ask the right questions or truly understand the issues. He noted that some rely only on surface-level narratives, drawing their arguments from social media chatter, without grasping the economic logic behind borrowing.

Meanwhile, in his presentation to journalists, Adedeji revealed that federal revenue collection surged to N3.64tn in September 2025, a 411 per cent jump from N711bn in May 2023.

The increase, he explained, was driven by higher non-oil receipts, with FIRS’ non-oil collections topping N1.06tn compared to N151bn two years earlier. Oil revenue from FIRS also grew to N644bn, while VAT jumped more than threefold to N723bn

Adedeji attributed the gains to reforms that streamlined taxes, cut burdens on small businesses, and rationalised incentives. He said ongoing measures, including a new fiscal policy framework, excise rules, and e-invoicing, are expected to deepen compliance and expand the tax net. He also noted that the government plans to harmonise subnational levies, introduce a presumptive regime for hardto-tax groups, and reduce corporate tax rates as part of broader spending and constitutional reforms.

strangest:
Jonathan wanted to stop it by stopping subsidy


But Tinubu and co protested against it



Even buhari said there was nothing like subsidy

Billionaire businessman Femi Otedola has alleged that more than N2 trillion was siphoned through questionable petrol subsidy claims during the administration of former President Goodluck Jonathan, with depot licences serving as the major channel of abuse.

In a statement, Otedola threw his weight behind the Dangote Petroleum Refinery in its ongoing dispute with the Depot and Petroleum Products Marketers Association of Nigeria.

The association had on September 16 accused the refinery of engaging in market disruptive practices, claiming that its recent price cuts were aimed at weakening competition rather than serving national interest.

Responding, the refinery said the association allegedly demanded an annual subsidy of N1.5 trillion to enable members match its gantry prices at their depots.

Otedola maintained that the petrol subsidy system was deliberately structured to favour depot owners who became the primary beneficiaries of the scheme.

“On subsidy, I personally warned President Goodluck Jonathan that he was being misled. The system was built to benefit depot owners, and members of the association became the primary beneficiaries.

“Over N2 trillion was siphoned through questionable claims all tied to depot licences. The policy rewarded neither transparency nor innovation, it encouraged rent seeking and corruption,” he said.

He dismissed the “myth” that depots create jobs, stressing that a typical depot employs not more than five people, including the gatekeeper.

This, he noted, is compared to filling stations that provide jobs for dozens of Nigerians ranging from attendants to cashiers, security guards and cleaners.

Otedola advised members of the association to stop clinging to what he called obsolete facilities that no longer serve the country’s current economic reality.

He cited the cement industry as an example, where bulk carriers became redundant after Nigeria began producing cement locally.

“The same outcome awaits fuel depots. If the members do not adapt, they risk becoming irrelevant and possibly bankrupt. Instead of resisting progress, they should consider selling, restructuring, or investing in new value chains,” Otedola said.

He challenged them to demonstrate their belief in competition by pooling resources to acquire the Port Harcourt refinery and attempt to succeed where the Nigerian National Petroleum Company Limited had failed.

The security situation in Kwara State escalated over the weekend with the twin announcements of the closure of cattle markets in Kwara South and the relocation of the National Youth Service Corps (NYSC) orientation camp from Yikpata in Edu Local Government Area to Ilorin.

These two senatorial districts, along with the northern parts of the state, have been hotbeds of insecurity despite efforts by the state government and various security agencies to tackle the issue.

The security situation in Kwara State escalated over the weekend with the twin announcements of the closure of cattle markets in Kwara South and the relocation of the National Youth Service Corps (NYSC) orientation camp from Yikpata in Edu Local Government Area to Ilorin.

These two senatorial districts, along with the northern parts of the state, have been hotbeds of insecurity despite efforts by the state government and various security agencies to tackle the issue.

The first announcement came from the Forum of Seven Local Government Chairmen in Kwara South, who ordered the immediate shutdown of all Kara cattle markets in their districts. The chairmen—Abdulrasheed Yusuf (Ifelodun), Benjamin Jolayemi (Isin), Azeez Yakub (Irepodun), Awelewa Gabriel (Ekiti), James Fadipe (Oke-Ero), Sulyman Olatunji (Offa), and Akanbi Olarewaju (Oyun)—cited the prevailing security realities and the need to prevent further infiltration of criminal networks as their justification.

They explained that while security agencies had made progress in decimating armed groups, clean-up and mop-up operations were still ongoing. As a precautionary step, they said all Kara (cattle) markets must remain closed indefinitely, while other produce markets would be restricted to a 6:00 p.m. closure on market days.

“This decision, taken collectively by the Executive Chairmen, is part of ongoing efforts to strengthen the security architecture of the Senatorial District and protect lives and property,” the chairmen stated. They admitted the measure was painful and disruptive to economic activities but argued that saving lives must take precedence over short-term inconveniences.

The directive, however, triggered an immediate backlash from stakeholders. The Miyetti Allah Cattle Breeders Association of Nigeria (MACBAN) described the closure as hasty and lacking proper consultation. Its state chairman, Alhaji Shehu Garba, said cattle traders were not consulted, stressing that many traveled long distances to supply the markets only to be met with uncertainty. According to him, such sudden action would cripple businesses and deepen economic hardship in a region already battling high inflation and limited opportunities. He urged the state government to intervene and prevail on the chairmen to reverse the decision in the interest of fairness and justice.

Traditional rulers in Kwara South also weighed in, convening a meeting at the palace of the Olupo of Ajase-Ipo, Oba Ismail Yahaya Alebiosu. After extensive deliberations, the council chairmen rescinded their earlier position. In a joint resolution signed by the Olupo and the chairman of Isin Local Government, Hon. Benjamin Jolayemi, they agreed that cattle markets could reopen but would operate between 6:00 a.m. and 6:00 p.m. on every market day. They also resolved to hold immediate consultations with the leadership of cattle merchants to ensure compliance and improve security surveillance.

A resident of Ajase, home to one of the most popular Kara markets in the state, Idrissu Musa, told Daily Trust on Sunday that the latest adjustment was not helpful. According to him, while other markets could survive, the cattle market would be seriously affected because most business starts around 5:00 p.m. and runs past 10:00 p.m.

“We are seriously appealing for the state government to extend the time because the cattle sellers will be greatly affected. Contrary to the position of the council chairmen, closure of the market would worsen the situation. Only God knows how many people depend on the market to survive, and if they can no longer get where to go, some might be lured or brainwashed into criminality and banditry. That is the truth,” he noted. He said the situation had already started affecting his colleagues who are cattle traders, as some people “had begun enforcing the directive as we speak.”

The Vice Chairman of Badagry West Local Council Development Area, Princess Oluremi Ajose, is dead.

Her death was confirmed on Sunday in a condolence statement released by the Executive Chairman of Olorunda LCDA, Ajose Kumayon.

Princess Ajose, the daughter of His Royal Majesty, Oba Oyekan Possi Ajose, the Alapa of Apa Egun-Awori Kingdom, died barely two months after she was sworn in alongside the Badagry West LCDA Chairman, Rauf Ibrahim Kayode Yemaren, popularly known as RIKAY.

PUNCH Online gathered that Ajose died on Saturday and her remains have since been deposited at a morgue.


He said, “Princess Oluremi was a true servant of the people, a leader with compassion, humility, and unwavering commitment to grassroots development.

“Her dedication to service and her warm spirit touched many lives across Badagry and beyond.”

He added that her purposeful life left behind “footprints of integrity, diligence, and love for humanity,” while praying for strength for her family and colleagues to bear the loss.

As of press time, the cause of her death had not been disclosed.

Former Nigerian President Olusegun Obasanjo has refuted long-standing claims that he attempted to extend his presidency beyond two terms, insisting he never sought such a move.

Obasanjo made the remarks on Wednesday during the democracy dialogue hosted by the Goodluck Jonathan Foundation in Accra. He stressed that no evidence exists to back the speculation.

“I’m not a fool. If I wanted a third term, I know how to go about it. And there is no Nigerian dead or alive that would say I called him and told him I wanted a third term,” Obasanjo said.

The former president argued that securing debt relief for Nigeria during his administration was a much tougher feat than pursuing a tenure extension.

“I keep telling them that, look, if I wanted to get debt relief, which is more difficult than getting a third term and I got it, if I wanted a third term, I would have got it too,” he added.

Obasanjo also cautioned against leaders clinging to power, stressing that such behaviour reflects a false sense of indispensability.

“I know that the best is done when you are young, ideal and vibrant and dynamic. When you are ‘kuje kuje’ you don’t have the best. But some people believe that unless they are there, nobody else,” he said.

“They will even tell you that they haven’t got anybody else. I believe that that is a sin against God, because if God takes you away, which God can do anytime, then somebody else will come, and that somebody else may do better or may do worse.”