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We Can No Longer Afford Revenue System Built On Single Commodity — FIRS Boss
Nigeria must design a tax system that is broad-based, technology-enabled and trusted by citizens as the country’s revenue challenge is not merely about the numbers but structure, mindset and execution, Zacch Adedeji, chairman of the Federal Inland Revenue Service (FIRS), has said.
Adedeji, who spoke while delivering the maiden edition of Distinguished Lecture Series of the University of Ilesa, Osun State, on Friday, explained that revenue diversification is no longer a policy preference but a national imperative.
Speaking on the topic Economic Resilience in an Era of Dwindling Revenue, Adedeji said it was important to restructure the productive base of the economy from crude oil and embrace a system with multiple engines of growth in agro-processing, digital economy, creative industry and solid minerals, among others.
A statement by Dare Adekanmbi, Special Adviser (Media) to the FIRS chairman as saying “We have made some gains, but resilience demands more than marginal improvements. It requires structural change, bold reforms and unwavering commitment to fiscal sustainability.”
“The first pillar is the need to generate more revenue from within fairly, efficiently, and sustainably. Nigeria cannot continue to depend on volatile oil revenues or foreign loans to fund development.
“We must build a tax system that reflects the true size and structure of our economy. This requires moving beyond a narrow band of large, formal companies and capturing economic activities in the informal sector, the digital economy, and high-net-worth individuals who remain outside the tax net.
“It also involves closing compliance gaps through stronger enforcement, simplified procedures, and better taxpayer education. With digital innovations like TaxPro Max, e-Tax Clearance Certificate, and tax intelligence, FIRS is already leading the way in automating compliance and making tax administration smarter and more data-driven. Domestic revenue mobilisation is not just a fiscal task, it is a nation-building strategy,” Adedeji said.
He noted that FIRS as the nation’s central tax authority was already helping Nigeria transition from vulnerability to strength.
“FIRS is not just a tax collector. It is a strategic institution at the heart of Nigeria’s fiscal sustainability agenda, and it is undergoing one of the most profound transformations in its history.
“To rebuild public trust in the tax system, we are modernising not just our systems but also our mindset and culture towards greater professionalism, integrity and service orientation.
“FIRS is not waiting for resilience to be handed to it. We are building it from the ground up. Through automation, legal reforms, multi-level collaboration, and institutional renewal, we are laying the fiscal foundation for a Nigeria that can weather storms, adapt to change and grow sustainably,” he added.
Speaking earlier, the Vice-Chancellor of the institution, Professor Taiwo Asaolu, said the two years old institution aims to use the public lecture as a platform for discourse on pressing global and national issues, while seeking sustainable solutions to the nation’s economic challenges.

CAPTION L-R, The Orangun of Oke-Ila, Oba Adedokun Abolarinwa; the chairman of the Federal Inland Revenue Service (FIRS) and guest lecturer, Dr Zacch Adedeji; the Vice-Chancellor, University of Ilesha, Professor Taiwo Asaolu, during the maiden edition of the varsity’s distinguished lecture series delivered by Adedeji at the institution, on Friday. Photo credit: Victor Onarinde
News
Rivers Assembly Suspends Impeachment Move Against Fubara After Tinubu’s Intervention
The Rivers State House of Assembly has officially suspended impeachment proceedings against Governor Siminalayi Fubara and his deputy, Ngozi Odu, following President Bola Tinubu’s intervention.
The House moved the motion to halt the impeachment process on Thursday at its resumed sitting in Port Harcourt, the state capital.
JomogNews had reported that during its first sitting of 2026, the House had begun impeachment proceedings against the governor and his deputy over allegations of gross misconduct, including the demolition of the State Assembly complex and alleged spending without legislative approval, among other claims.
More details later….
News
Reserves Surge To $48.5bn As Nigeria Reclaims 2013 Peak Levels
Nigeria’s foreign exchange (FX) reserves have reached $48.5 billion, their highest level in nearly 13 years.
This milestone, confirmed by data from the Central Bank of Nigeria (CBN), surpasses previous multi-year peaks and represents the strongest balance since May 14, 2013, when reserves stood at approximately $48.51 billion.
However, the data showed that the foreign reserves increased steadily by 6.45 percent or $2.94 billion year-to-date, from $45.56 billion reported on January 1 to $48.5 billion.
Further checks showed that the FX reserves figure was $48.36 billion on Monday.
According to the CBN, FX reserves are assets held on reserve by a monetary authority in foreign currencies, which are used to back liabilities and influence monetary policy.
On December 22, 2025, the apex bank projected that the country’s external reserves would rise to $51.04 billion in 2026, saying the increase will be supported by FX reforms.
“Reforms in the foreign exchange market are expected to sustain exchange rate stability, while external reserves are projected to increase to US$51.04 billion,” CBN said.
On February 10, Olayemi Cardoso, governor of CBN, said the bank will do “whatever it takes” to safeguard the value of the naira, while strengthening the country’s external reserves.
Looking ahead to 2030, he said the CBN’s targets include achieving single-digit inflation and growing foreign exchange (FX) reserves driven by non-oil exports, foreign direct investment, and diaspora remittances.
News
Ogun Police Launch Investigation Into TikToker Mirabel’s Sexual Assault Claims
The Ogun State Police Command has launched an investigation into sexual assault allegations made by a TikToker known as Mirabel (@mirab351), who is currently receiving treatment in an Intensive Care Unit (ICU).
The case gained widespread attention after she posted emotional videos on Monday, February 16, detailing an attack she claimed occurred at her home the previous Sunday.
The command’s Public Relations Officer, Oluseyi Babaseyi, disclosed the development on Thursday while speaking on The Morning Brief.
Babaseyi confirmed that Mirabel voluntarily visited the Ibafo Police Division on Tuesday, February 17, to lodge a formal complaint and was subsequently admitted to the hospital for medical care due to her unstable condition.
“When the DPO in Ibafo met with her, she was taken to the hospital for medical analysis. She wasn’t as stable as necessary, but we ensured the investigation continued.
“As we speak, she is in the intensive care unit getting appropriate care. Her medical well-being is more important to us at this point. When she is stable, we can now continue investigations and get the necessary facts,” Babaseyi said.
According to Babaseyi, the incident reportedly occurred in Ogijo, a border community between Ogun and Lagos states.
The police have established that Mirabel was not arrested, but rather, she is being treated as a victim.
The command urges individuals with useful information to come forward and assist with the investigation.
“She was not arrested by the police. She reported a case, and we are investigating. Nothing like her arrest happened,” he said.
“If the allegation is established to be true, the perpetrator will be arrested and charged to court appropriately. Otherwise, the law also addresses giving false information,” the police stated.
The police said they will rely on evidence to reach a logical conclusion and take appropriate action.
“We advise people not to jump to conclusions based on emotions. We are investigating and will rely on evidence to reach a logical conclusion,” Babaseyi said.
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