Category: General News

Flowerbud News/ The Tinubu Media Support Group (TMSG) has welcomed the revised economic growth projection by the International Monetary Fund (IMF) but faulted it for underestimating Nigeria’s economy and its potential under the President Bola Tinubu administration.

This was after the IMF once again reviewed upward its projection for Nigeria’s economic growth in 2025 to 3.4% from its earlier 3.2% projection of October 2024, which was later reduced to 3% in April this year.

In a statement signed by its Chairman, Emeka Nwankpa, and Secretary, Dapo Okubanjo, TMSG expressed deep worry over the IMF’s penchant for underestimating Nigeria’s growth potential.

The statement read in part, “We are not totally surprised that the International Monetary Fund (IMF) has had to improve its projection for Nigeria’s economic growth in 2025 to 3.4% from its earlier projection of 3%.

“The global body, in its Article IV consultation report with Nigeria, projected a 3.4 % economic growth for the country, a few months after it had projected 3.2 %, which it later reduced to 3%.

“It didn’t come to us as a surprise that the IMF upgraded its forecast. This is because we were convinced that the economic reform policies of President Bola Tinubu’s administration are gradually bearing fruit as reflected in the manner the economy grew in the last quarter of 2024.

“We recall that Nigeria recorded a Gross Domestic Product GDP growth of 3.84% in the fourth quarter of that year in what was clearly the fastest pace since 2021 to prove the IMF’s 2024 3.2% projection wrong.

“In fact, its initial 3% projection for 2025 was, in May, challenged by a Nigerian policy think tank’s, the Independent Media and Policy Initiative (IMPI) in May which wondered whether IMF understood the structure of the Nigerian economy when it used global oil slump as the basis for its projection.

“IMPI had said at the time that a single factor could not be used to forecast a massive decline in the size of an economy like Nigeria, more so, when the country was moving away from its dependency on crude oil earnings.

“We are also aware that the lead economist at ECOWAS, Professor Ken Ife, had also questioned the rationale for the IMF’s earlier 3% projection because, according to him, the global organisation does not understand our economy well.

“So by revising its forecast for Nigeria for two years running in two years of the Tinubu administration, the IMF has proved IMPI right and tacitly admitted that it was wrong.

“We hope that the global body would make haste to adjust its 3% growth forecast for 2026, especially as it recently commended the Tinubu administration on the new Tax reforms, which go into effect in January 2026.”

The group added that it aligned with IMPI’s projection of a 5% annual economic growth against the backdrop of improving macroeconomic stability.

Flowerbud News/ The Independent Media and Policy Initiative (IMPI) has said that the new tax reforms will go down in the country’s history as President Bola Tinubu’s major legacy to Nigerians.

This according to the group is because of the potentials of the new laws to transform the Nigerian economic space more than any policy deployment in a generation, if well implemented.

In a statement signed by its Chairman, Dr Omoniyi Akinsiju, IMPI noted that it came to that conclusion after a cursory look at the Nigeria Tax Act (NTA) 2025.

It said: “In the tradition of objective analysts, we have reviewed the new tax laws within the framework of policy contextuality, realism, and pertinence. Our verdict is that Nigeria’s federal administration, led by President Tinubu, has gifted the country a body of legacy fiscal policies with the potential to transform the Nigerian economic space more than any policy deployment in a generation.

“Based on our evaluation, the four tax acts — the Nigeria Tax (Fair Taxation) Act, the Nigeria Tax Administration Act, the Nigeria Revenue Service (Establishment) Act, and the Joint Revenue Board (Establishment) Act — meet all the fiscal conditions required for accelerated and inclusive economic growth.

“By our reckoning, these tax reforms, as reflected in the substance of the four tax acts, alongside the removal of fuel subsidies and the harmonisation of foreign exchange transactions windows, are at the heart of the coordinated effort to reset the Nigerian economy on a sustainable and inclusive growth path.

“The ideal tax system raises essential revenue without excessive government borrowing. It should also do so without discouraging economic activities or deviating too much from tax systems in other countries.

“On this count, we submit that President Tinubu has accomplished multiple fiscal objectives in a single strategic manoeuvre, consolidating and reshaping Nigeria’s fragmented and complex tax architecture and emphasising rebuilding trust in the system.

“The new tax regime promotes tax compliance through fairness and positions the country as an attractive destination for domestic and foreign investments. In this light, Nigeria has just now commenced its long-held crystallisation of its economic renaissance.”

The group also pointed out that the new tax law has multiple provisions targeted at boosting domestic and foreign investment.

“With the implementation of the Nigerian tax laws starting in January 2026, foreign direct investment inflows into the country are expected to be reinvigorated. A major thrust in this regard is the adoption of the Minimum Effective Tax Rate (ETR) in the Nigerian Tax Act 2025 and other fiscal measures.

“Whereas the normal company income tax rate on a large company in Nigeria is 30 percent of the company’s profit, with the adoption of the ETR, Nigerian companies that are members of a multinational group with an aggregate group turnover of 750 million euros and above or have an annual turnover of 50 billion Naira and above will now be subject to a minimum effective tax rate (ETR) of 15% of their net Income.

“The goal is to avoid the double taxation of dividends and unrealised gains or losses. This reduction in tax rates and clarity around double taxation for multinational companies will undoubtedly influence the flow of global capital to Nigeria.

“This is in addition to introducing the Economic Development Incentive, which replaces the “pioneer” tax holiday incentive. This incentive introduces a 5% tax credit per annum for 5 years on qualifying capital expenditure purchased by eligible companies within 5 years, effective from the production date.

“The Act further provides that if a company has unused tax credits or qualifying capital expenses, it can carry them forward for 5 years. The EDI effectively reduces the company’s income tax obligation for a five-year consecutive period if it is part of a multinational group. Another attraction for global entrepreneurial capital is the prospect of establishing a residence in Nigeria.

“In addition, the tax exemption threshold for selling company shares in Nigerian companies has been increased to 150 million Naira (from 100 million Naira) in any 12 consecutive months, provided that the gains do not exceed 10 million Naira. This is another ease-of-doing-business policy.

“The overall tax structure, including the progressivity of income taxes, can influence income distribution and aggregate demand, affecting economic growth. This is substantially reflected in the NTA 2025. Section 56 of the Act stipulates that small companies with a gross turnover of 100 million Naira or less per annum and total fixed assets not exceeding 250 million Naira now enjoy zero per cent income tax.

“This is an extension of the threshold for benefiting companies from 25 million Naira in turnover under the 2020 Finance Act to 100 million Naira in the NTA 2025. This higher threshold captures more Nigerian companies, especially those considered to be medium-sized, in categorising companies that are no longer required to pay Company Income Tax (CIT).

“The most profound provision of the NTA 2025 is the zero tax charge on the personal income of Nigerians earning between 0 and 800,000 Naira annually. Nothing demonstrates the progressive nature of the new tax laws than this.

“We submit that this exposition of the progressivity of income taxes, as captured in the NTA 2025, will influence income distribution and aggregate demand, thereby driving economic growth. We can now envision the impact of the disposable income available to the approximately 5,800,000 wage workers in this category,” the policy statement added.

By Salisu Sani-Idris

Stakeholders in the Agricultural sector have pledged their commitment to ensure enhanced and sustainable investments in Nigeria’s agricultural sector in line with the Renewed Hope Agenda of Presidents Bola Tinubu’s administration.

They spoke on the sideline of the 2025 World Cassava Day declared open by the Vice-President Kashim Shettima, held at the Presidential Villa Abuja.

Shettima said Tinubu’s administration had repositioned cassava production to ensure that it becomes a key driver of industrial development and import substitution in Nigeria.

He stated that the government’s agenda for the sector was hinged on leveraging the crop as capital for reengineering the nation’s economy, strengthening rural livelihoods, and ensuring national food and energy security.

On his part, the Director of Strategy, Cavista Holdings, Mr Kabir Shagaya, spoke on ‘Unlocking Capital for Cassava: Scaling Financial Access for Inclusive Industrialisation.’

Shagaya said the company had made significant investments in driving economic inclusion, job creation and national development in the country.

He revealed that the company had invested over $200 million in investments locally in the last five years ” and it would invest more funds over the next few years.

” In Ekiti, we have actually committed 1$50 million to small holder farmers to help encourage the farming of cassava.

” Our approach is very simple, every investment we make is firmly anchored on this philosophy.

“Agbeyewa Farms as we are seeing today, the 10,000 hectares farms that we acquired in Ekiti, the 5, 000 hectares currently under cultivation, using 30 tonnes per hectares.

” We also have another investment in the Financial Technology Company, we have three licenses with the Central Bank of Nigeria (CBN),”Shagaya said

He thanked Shettima for his continued support for the company and its projects in Nigeria and abroad.

Also, Olumide Olayomi, Executive Director/ Vice President, Government and External Affairs, Cavista Holdings, said the organisation believed in possibilities in its bold investment on Cassava through Agbeyewa Farms.

” What began as an ambitious vision has now taken root as a driving enterprise in Ekiti with about 5000 hectares currently under cultivation.

” Thousands of jobs created, a vibrant partnership with the Ekiti Government with whom we signed an agreement in 2024 in Dallas to cultivate 100,000 hectares of cassava over the next 10 years,”he added.

Similarly, Mr Seyi Aiyeleso, Managing Director, Agbeyewa Farms, who spoke on ‘Cassava Value Chain in Focus: Strengthening Linkages from Farms to Global Markets’, said the farm focused on cultivation, processing, trading of cassava and its byproducts.

He said the farm was tackling food insecurity, driving economic development and modernising farming in Ekiti and setting a scalable template for Africa.

” In Agbeyewa Farms, we are proud to be at the forefront of Nigeria’s ongoing agricultural transformation.

“Just over four years ago, Agbeyewa farms began operation in the quiet town of Ekiti, with 102 hectares, a handful of Staff and a dream to prove that agriculture in Nigeria can be industrious, investment ready and globally competitive.

” This year, we have over 5000 hectares under cultivation, 10,000 hectares next year and have signed a landmark 10-year agreement with the Ekiti Government to cultivate 100,000 hectares,”the managing director added. (NAN)(www.nannews.ng)

Flowerbud News/ The Democratic Front (TDF) has described as embarrassing former Vice President Atiku Abubakar’s criticism of President Bola Tinubu over the invitation by the US President Donald Trump to leaders of 5 African countries for a summit.

The invited countries are Guinea Bissau, Liberia, Mauritania, Senegal and Gabon, but the former Vice President, out of ignorance, argued that it was a shame that Nigeria was excluded because of the country’s waning influence under Tinubu.

But in a statement signed by its Chairman, Mallam Danjuma Muhammad, and Secretary, Chief Wale Adedayo, TDF said that Atiku’s position showed a poor understanding of global political and economic affairs.

“We are even more disappointed at the failure of the former Vice President’s handlers and retinue of advisers to properly enlighten him on the reasons for US President Donald Trump’s invitation to the five African countries before he made a spectacle of his ignorance in the public space.

“For us, the US President reserves the right to foster economic ties with any country of his choice. Therefore, if he decides to promote his country’s socio-economic and political interests, with a specific target of smaller African countries, it can not include Nigeria.

“This is because, by demography, size, and economy, Nigeria does not belong in the category of African nations invited to a meeting with President Donald Trump.

“It is, however, regrettable that a former Vice President could descend to the level of making a mockery of the Bola Tinubu administration over the country’s absence from the list that does not include any African economic giant, even in West Africa.

“This is a reflection of his ignorance of the volume of trade between the US and Nigeria, which has been impressive in recent years.

“As a matter of fact, Nigeria and South Africa currently lead the African continent in trade partnership with the United States, and as such cannot be on the list of smaller African countries, the transactional US President is seeking fresh commercial opportunities with,” the statement added.

The group also used the opportunity to provide an insight into the high volume of bilateral trade between the US and Nigeria on President Tinubu’s watch.

It said: “We believe it is ideal to educate the former Vice President and his indolent handlers that, twice in recent days, the US Ambassador to Nigeria Richard Mills disclosed that bilateral trade between the two countries has soared to $13 billion, far beyond what was obtainable before the coming of the Tinubu administration to office.

“And this he attributed to the successes of the ongoing economic reengineering and fiscal transformation by President Tinubu, which has also seen US investments in Nigeria grow by 5.5% to $6.5 billion in the last two years.

“With Nigeria standing tall in the league of African nations with a high volume of trade with the United States, it would be foolhardy and asinine for anyone, much less a former Vice President of Nigeria, to categorise us among smaller West African countries invited for discussions with the US President.

“We make bold to say that none of those countries is in the top 15 of Africa’s biggest economies, but we also believe that the invitation extended to those countries is consistent with Trump’s desire to explore new economic opportunities for his country in Africa.

“However, this cannot resonate with Nigeria, being America’s major trading partner since the 1960s. Therefore, former Vice President Atiku goofed in his attempt to use Nigeria’s exclusion from the list of Trump’s invitees to sneer at President Tinubu’s globally acclaimed economic performance in the last two years.

“We are elated that, as espoused by US Richard Mills, Tinubu’s economic reforms have not only fostered economic ties between both countries but have also created opportunities for Americans and Nigerians.

“We at TDF consider it a sad commentary, that at the age of 78 years, Atiku Abubakar Atiku, who was privileged to have served Nigeria as Vice President will resort to a Machiavellian pursuit of political power through cunny and deceitful manipulation of the psyche of gullible Nigerians”

TDF urged Nigerians to continue to ignore Atiku, his shallow-thinking handlers, and also reject Atiku’s inordinate ambition to bid for the presidency come 2027.

By Taiye Olayemi

The Lead Pastor of Hilltop City Christian Centre International, Pastor Victor Akintunde, has appealed to Nigerians to embrace probity, transparency, accountability, patriotism and altruism.

In an interview with the News Agency of Nigeria (NAN) on Thursday in Lagos, Akintunde said that commitment of the citizens to the ideals was essential to nation-building

He also urged global peace, appealing to warring nations to lay down arms in the interest of humanity.

“I encourage everyone to embrace the principles of probity, transparency, accountability, patriotism and altruism in our different spaces and little corners.

“The cumulative effect of good behaviours on the part of the majority will give us a better society.

“On the international scene, we pray for peace and urge parties at war to sheathe their swords and embrace peace for the sake of their peoples, nations of the world and posterity.

He urged public office holders to shun corruption and prioritise the well-being of the masses.

“We all have a responsibility to uphold integrity in our spheres of influence,” he said.

Akintunde commended Nigerians for resilience in the face of challenges.

According to him, divine intervention and the collective will of the people will continue to ensure national stability and progress.

“While we still grapple with insecurity and economic pressures, there are signs of progress arising from ongoing reforms.

“We must continue to pray for our leaders and play our part in driving the nation forward,” he said.

The cleric said that the church’s 2025 Spirit and Life Conference focused on spiritual growth to equip participants with the spiritual strength to live righteously.

He said the three-day conference with the theme, “Election of Grace”, began on Wednesday at the church’s headquarters at Ojodu, Lagos.

“We are taking participants back to foundational truths as taught by the apostles.

“The conference will feature prominent ministers of the gospel, including Pastor Kolade Fagade of Kingscrest Christian Centre, Lagos, and Pastor Taiwo Kolawole of Christ Intervention Christian Centre, Ogun, among others.

Flowerbud News/ The Tinubu Media Support Group (TMSG) has welcomed the newly introduced flood insurance policy, describing it as a progressive measure to mitigate loss from flood disasters in the country.

In a statement signed by its Chairman Emeka Nwankpa and Secretary Dapo Okubanjo, TMSG said the National Flood Insurance Policy is a proactive step capable of bringing quick relief to victims of natural disaster across the country.

The statement read in part, “For us, this initiative could not have come at a better time than now that the country is still reeling from the devastating effect of the recent flash flood in Mokwa, Niger State which claimed at least 200 lives and destroyed property worth millions of naira.

“It is also noteworthy that the Mokwa flood became a case study by stakeholders who recently converged on Abuja to deliberate on a framework for the implementation of the policy.

“While we understand that the flood policy is still at a stage where the implementation framework is being developed, we are elated that such an initiative is about to take root in a country where about 5 million individuals were affected by floods in 2024 alone, according to official statistics from the National Emergency Management Agency (NEMA).

“This is because flood insurance is a global practice in several countries of the world even though it is relatively new in Africa.

“It is on record that a similar policy came into operation in the US in the 1960s and has, since then, been instrumental to alleviating the pains of flood victims

“So by institutionalizing it in Nigeria, the President Bola Tinubu administration would be laying the ground work for a safety net for individuals and businesses who may be affected by flooding to enable them recover quickly.

“We make bold to say that the flood policy is a proactive one that will help flood victims mitigate their losses especially as victims of floods in Nigeria have had to solely rely on government intervention.

“And like some of the stakeholders said at the recent imple. mentation framework meeting, the policy will also help alleviate government expenditure by reducing the fiscal burden on federal and state resources allocated for emergency relief and reconstruction.”

The group however expressed hope that the stake holders will expedite action om the policy and implementation framework in national interest.

By Taiye Olayemi

No fewer than 900 employees of AXA Mansard, have sensitised Nigerians against domestic and sexual violence across some cities within the nation.
According to a statement issued by the company on Wednesday, the initiative formed part of the company’s annual corporate social responsibility (CSR) drive, AXA Week for Good.
The programme had staff volunteers visit schools across Lagos, Abuja, and Port Harcourt, sensitising students and teachers on the dangers of abuse and the importance of early identification, prevention, and reporting.
The initiative, which is a key component of AXA Hearts In Action (AHIA), seeks to mobilise employee support for social and environmental causes through volunteering, financial assistance, and knowledge sharing.
Speaking on the initiative, Mrs Rashidat Adebisi, Chief Client Officer at AXA Mansard, said the theme for this year’s campaign, “Being a Girl Shouldn’t Be a Risk,” underscored the urgent need to protect children, especially girls from all forms of abuse.
“Our employees are not just giving time to causes they believe in they are building a better future.
“We are acting for human progress by protecting what matters most, especially vulnerable people in our communities,” he said.
She emphasised that Nigeria’s children and adolescents, who make up nearly half of the country’s population, must be protected if the nation hopes to realise the potential of its human capital.
“With 60 per cent of Nigerian children experiencing one or more forms of violence before the age of 18, the future of our society is at risk. This is a national emergency that demands collective action,” she said.
Adebisi said that the campaign also featured awareness walks aimed at drawing public attention to the impact of domestic and sexual violence on children and the wider society.
She noted that in 2024 alone, over half of AXA Mansard’s workforce participated in the AHIA programme, contributing more than 23,000 volunteering hours to various causes.
“This level of commitment speaks volumes about our values as a company. At AXA Mansard, we believe real impact begins with people, and we will continue to support initiatives that safeguard the most vulnerable among us,” she said.
Through this initiative, AXA Mansard reinforces its commitment to corporate responsibility, showing that its mission goes beyond providing insurance. It includes building a safer and more inclusive society for future generations.

OYSADA Boosts Agribusiness with N46.6bn Investments, Supports 46,000 Farmers

‎By Adewale Owoade

The Director-General of the Oyo State Agribusiness Development Agency (OYSADA), Dr. Debo Akande, has announced that the state government has attracted N46.6 billion investments into agribusiness, supporting 46,000 smallholder farmers.

Dr. Akande made this announcement at the Omituntun 2.0 Inter-Ministerial Briefing in Ibadan, highlighting the state’s achievements in the agriculture and agribusiness sector.

These include: accessing close to $170 million in agribusiness and international development funds, attracting 14 large processing companies to the state’s agribusiness space, developing agriculture enablers such as industrial hubs, roads, and rural security.

Also Creating a framework for Livestock Value Chain and constructing a Livestock Transformation Centre, training 5,020 youths in agribusiness, with 1,000 set to benefit from a N1.5 billion support initiative

Dr. Akande also highlighted the development of agribusiness hubs, including the Fasola Agribusiness Hub, which has attracted close to N17 billion investments from 14 new agribusiness companies. The hub has also integrated 8,200 smallholder farmers into its supply chain.

‎The OYSADA DG announced plans to construct another mega agribusiness hub in Ijaiye, which will feature over 40 industries. He also mentioned the construction of a produce wholesale market in Ijaiye, which will serve as a convergence point for agricultural produce from across the state.

‎Dr. Akande emphasised that the state’s focus on agribusiness will stimulate economic growth, stabilize food costs, and increase the state’s revenue.

He noted that the partnership with France-based Rungis-Semmaris will culminate in the construction of the wholesale market, which will benefit the state’s farmers and economy.