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FIRS, The New Number One Cash Cow

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By Mahmud Jega

There has been a silent change of baton at the cash inflow pipeline into the Federation Account, the proverbial national cake. For decades the Nigeria National Petroleum Corporation [NNPC] held sway as the top national cash cow. Since last year, the oil giant’s contribution to the Federation Account has dwindled to zero, no thanks to the N4 trillion annual subsidy bill which it shoulders on behalf of government.

Non-oil sources have since become the Federation Account’s mainstay. Four sources, Federal Inland Revenue Service [FIRS], Nigeria Customs Service, Department of Petroleum Resources and Ministry of Solid Minerals now generate most of Federation Account’s revenue. Of these, FIRS generates 60%. In other words, if FIRS underperforms, most public servants at all levels will not get their salaries.

FIRS

The Federal Government deserves pity because 95% of its share of the Federation Account now goes to debt service. This amount, 4 trillion naira, is 60% of FIRS’ annual collection, and you begin to see the scope of the problem. Federal Government now commits 22% of its earnings to the security sector, the highest ever in Nigeria’s history.

Last year, there was uproar by some federal legislators and busybody NGOs that FIRS was going to spend N 1 billion to buy diesel for its generators. It was too much, they all said. Too much? FIRS has 367 operational offices across the country. Most of them are automated, hence the need for steady power supply, and we all know the power supply situation in the country, not to mention the cost of diesel, which tripled since early this year.

Any of the offices that is more than two storeys also has elevators, and many of the offices have one or two 200 KVA generators. FIRS’ huge building in Lagos consumes so much power that it exhausted this year’s diesel budget in the first quarter. But then, it generates N 4 trillion a year, or 60% of FIRS’ entire collection.

FIRS’ annual budget is N130 billion. Before you say “huge,” remember that it has 11,000 staffers, including 2,000 chartered accountants, 700 ANAN members, 500 lawyers and 500 PhDs. Before you say that is huge, the UK Tax Office has 57,000 staffers even though it is fully automated. UK citizens have a much better tax compliance culture than Nigerians have.

Payroll consumes 80% of FIRS’ budget. Every one of the 11,000 staffers has furniture and a laptop. It pays another N4 billion rent a year, for buildings that it does not own. The taxman buys 100 vehicles a year, to replace those that are worn out or accidented. It buys generators, fuels and repairs generators, fuels 2,000 vehicles, pays for labour service agreements including for security and cleaning. By the way, 380 Mobile Policemen are attached to FIRS’ Abuja office and another 100 Mopols are attached to its Lagos office.

Five days after its new Chairman Mohammed Nami reported for duty in December 2018, he was presented with a December salary bill and 13th month’s pay, bundled together, of N8.7 billion. He was off to a rough start because the service’s cash flow for that month was N7.4 billion. Plus, N28 billion in liabilities inherited from the Fowler years. The old tax accountant Nami however found his way through and today, all the liabilities have been cleared.

FIRS is now at the center of national revenue generation effort and the key message there, which its Chairman has been making, is that citizens should pay tax. No payment, no collection, no social amenities. Tax is a social contract between citizens and government; government in turn invests it in security and social amenities. There is talk about increasing the tax rates but if only more citizens and corporations will meet their tax obligations, there may be no need to increase the rates.

One of the biggest loopholes in the tax system right now is that multinational corporations doing business in Nigeria, especially in the oil and gas sector, make use of tax havens and engage in Base Erosion and Profit Shifted practices. This is a very sharp illegal business practice by which goods are imported indirectly from some countries through other countries with low or lax tax regimes, and they are able to short change Nigeria in the process. It is a major challenge that has to be defeated, with all hands on deck.

And then, all citizens should strive to meet their tax obligations. Not only is it high citizen responsibility and highly desirable for the society’s good. Not doing so could also land you in jail. All over the world, the Taxman is not known to wear kid gloves.


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Phyna Detained at Abuja Hotel Over ₦3.5 Million Damage After Fight

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Big Brother Naija Season 7 winner Josephine Otabor, popularly known as Phyna, has been detained at Dalchifit Hotel in Gwarinpa, Abuja, following a violent altercation that reportedly caused property damage estimated at ₦3.5 million.

The incident, which occurred on October 14, 2025, allegedly stemmed from a ₦200,000 debt dispute between Phyna and the hotel management. According to reports, the confrontation escalated when Phyna claimed that hotel staff allowed touts to enter her room, leading to a scuffle and significant property destruction.

Police officers attached to the Gwarinpa Division were called to the scene and have since begun investigating the matter. Sources confirmed that CCTV footage from the hotel is being reviewed to determine the sequence of events and establish accountability for the damages.

In a series of emotional social media posts, Phyna recounted her ordeal, alleging that her safety was compromised when the intruders broke into her room. She described the experience as “traumatic,” especially as it came barely weeks after the death of her sister, which she is still grieving.

FIRS

“They broke into my room and tried to attack me. I was terrified and confused. How can a hotel let that happen? I’m still in shock,” she reportedly said in one of her posts.

While the hotel management has yet to issue an official statement, insiders at Dalchifit Hotel confirmed that they are cooperating with authorities to resolve the issue. The management is said to be insisting on compensation for the damaged property before releasing the reality star.

Phyna’s legal team has reportedly engaged with the police to ensure a fair investigation, as fans on social media express concern and demand her immediate release.

The Federal Capital Territory (FCT) Police Command has not yet made a formal statement but confirmed that the case is under review.

Phyna, who rose to fame after winning Big Brother Naija: Level Up in 2022, has since built a strong brand presence in entertainment and influencer marketing. The current controversy marks one of her most serious public incidents since leaving the show.


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Manchester United End Anfield Drought with 2–1 Win Over Liverpool

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Manchester United beat Liverpool 2-1 at Anfield as Ruben Amorim celebrates his biggest win as United boss, ending a decade-long wait for victory there.
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Manchester United claimed their first victory at Anfield in nearly a decade as Ruben Amorim’s men edged Liverpool 2–1 in Sunday’s Premier League clash, marking a landmark result in the Portuguese coach’s tenure.

Bryan Mbeumo opened the scoring early before Harry Maguire’s late header sealed the win after Cody Gakpo had levelled for Liverpool. The result handed United back-to-back league victories for the first time under Amorim and eased mounting pressure on the manager, who described it as “the biggest win” of his 11-month reign.

“I don’t have many wins with Manchester, so this is really important,” Amorim said. “It’s back-to-back, it’s at Anfield that is really important. Every detail of this game.”

Despite the significance of the triumph, the 40-year-old boss refused to get carried away.
“I want you guys (the media) to continue with the negative narrative that’s best for me,” he joked. “We need to try to win three games in a row and then forget about top-four talk. This doesn’t change anything; we are the same team we were 90 minutes ago.”

FIRS

Amorim praised his players’ response after conceding. “When we suffered the goal, we managed that moment well that’s a key point for our team,” he said. “It wasn’t a perfect performance, but the spirit was amazing.”

He also hailed the travelling supporters who backed the team throughout. “It was really important for our fans, because they are struggling. Today they saw a different team. To come here, to this stadium, and sing during the game that’s massive for us. This win is for them.”

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Ned Nwoko Gives Reason for Clash with Regina Daniels

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Senator Ned Nwoko breaks silence on his reported marital crisis with Nollywood actress Regina Daniels, denying domestic violence allegations and alleging that drug abuse caused their dispute.
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Nigerian lawmaker and businessman, Senator Ned Nwoko, has addressed reports of a marital dispute involving him and his wife, Nollywood actress Regina Daniels, which have dominated social media in recent days.

In a viral video, Regina Daniels accused her husband of domestic violence, claiming she had fled their home due to repeated abuse. The clip has since sparked widespread reactions online.

However, Senator Nwoko has now denied the allegations, alleging that Regina has been battling substance abuse, which he claims is the root cause of their problems.

In a lengthy statement posted on Sunday, titled “Regina’s Unprovoked Carnage and Rampage in My House and in My Absence,” the senator accused the actress of violent behavior, including damaging property and assaulting domestic staff.

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“Regina was not always like this. Her current battle with drugs and alcohol abuse is the root of our problem. She must continue her rehabilitation program, or I fear for her life and safety,” he stated.

Nwoko further alleged that Regina had attacked three members of staff and destroyed cars and windows in the house, insisting that none of his other wives had ever accused him of violence.

“Regina is the violent one here,” he said. “I have set a clear condition for her to accept rehab in Asokoro or outside Nigeria, especially Jordan, where she will not have access to drugs.”

He also claimed that while he took their son, Moon, to the hospital, chaos erupted at home, allegedly involving two of Regina’s “drug suppliers,” whom he identified as “Sammy” and “Ann.”

As of press time, Regina Daniels has not publicly responded to Nwoko’s statement.

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Defence HQ Denies Coup Attempt, Says Independence Anniversary Cancellation Not Linked to Any Plot

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Defence Headquarters denies coup attempt report
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The Defence Headquarters (DHQ) has dismissed as false and misleading reports suggesting that the cancellation of activities marking Nigeria’s 65th Independence Anniversary was connected to an alleged attempted military coup.

In a statement on Sunday, the DHQ clarified that there was no coup attempt or any plan to destabilize the country, describing the report as a fabrication aimed at causing unnecessary panic among citizens.

“The Defence Headquarters wishes to state categorically that the report linking the cancellation of activities marking Nigeria’s 65th Independence Anniversary to an alleged attempted military coup is false and misleading,” the statement read in part.

The military urged members of the public to disregard the rumor and cautioned media organizations and social media users against spreading unverified information capable of undermining national security.

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The Defence Headquarters has dismissed as false reports linking the cancellation of Nigeria’s 65th Independence Anniversary celebrations to an alleged coup attempt, reaffirming its loyalty to democratic governance.
The Defence Headquarters has dismissed as false reports linking the cancellation of Nigeria’s 65th Independence Anniversary celebrations to an alleged coup attempt, reaffirming its loyalty to democratic governance.

The statement reaffirmed the Armed Forces’ unwavering loyalty to the Constitution and commitment to democratic governance under President Bola Ahmed Tinubu.

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Unity Bank Corpreneurship Challenge Empowers 578 Young Entrepreneurs, Awards ₦16 Million to 30 New Winners

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- The three winners of the Corpreneurship Challenge in Lagos pose with their cheques
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No fewer than 578 young entrepreneurs across Nigeria have benefitted from Unity Bank’s Corpreneurship Challenge the Bank’s flagship entrepreneurial development initiative launched a few years ago.

Over this period, the Bank has invested in supporting budding entrepreneurs across multiple sectors to start businesses, create jobs, and contribute to Nigeria’s economic growth.

The ongoing initiative recently produced 30 new winners, who received a total grant of ₦16 million during the Batch B, Stream II edition of the National Youth Service Corps (NYSC) orientation course, held across 10 states of the federation.

The winners, innovative young entrepreneurs developing solutions across various value chains such as fashion design, bag making, pastry and beverage production, event management, and vegetable farming, emerged after pitching their business ideas during the challenge at NYSC Orientation Camps in Lagos, Delta, Kaduna, Jigawa, Kwara, Benue, Abia, Kogi, Rivers, and Plateau States.

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At the NYSC Orientation Camp in Ipaja, Lagos State, Fiyinfoluwa Titilayo Ojo, who pitched a soap-making enterprise, emerged the overall winner to clinch the ₦800,000 grand prize. Ndukwe Chiamaka Joan, with her innovative Small Chops business proposal, claimed ₦500,000 as first runner-up, while Barakat Modinat Olamide secured ₦300,000 to support her beverage-making venture.

A cross section of participants in the pitch competition

Expressing her excitement after emerging as the overall winner in Lagos, Fiyinfoluwa Titilayo Ojo described the experience as life-changing, stating, “I’m truly grateful to Unity Bank for this opportunity. Winning the Corpreneurship Challenge has given me the push and confidence I needed to scale my soap-making business. Beyond the grant, the experience taught me how to structure my business better and believe in its potential. It’s amazing to see a bank that genuinely invests in young people’s dreams.”

Across the remaining nine states, 27 other winners also emerged after pitching diverse business ideas ranging from fish and poultry farming to printing, piggery, and cake production.

Over the past six years, the Unity Bank Corpreneurship Challenge has become an integral part of the NYSC programme, aligning with the Federal Government’s drive to upskill young graduates and promote entrepreneurship amid the scarcity of white-collar jobs. Each edition attracts thousands of entries from corps members whose business plans are evaluated for originality, marketability, job creation potential, and overall business acumen.

Speaking during the grand finale in Lagos, Unity Bank’s Divisional Head, Retail & SME, Mrs. Adenike Abimbola, reaffirmed the Bank’s commitment to empowering Nigerian youth through enterprise. She said:

“At Unity Bank, we believe that the energy and creativity of young Nigerians are vital to the nation’s economic transformation. The Corpreneurship Challenge is our way of nurturing this potential — by giving corps members the financial boost, mentorship, and confidence to turn their ideas into thriving businesses. Seeing over 578 young entrepreneurs already impacted motivates us to keep expanding the initiative and deepening our support for the SME ecosystem.”

The Corpreneurship Challenge has earned Unity Bank national recognition for its role in youth empowerment and job creation, attracting over 2,000 applicants per edition.

In partnership with the NYSC Skill Acquisition and Entrepreneurship Development (SAED) programme, the initiative continues to serve as a launchpad for youth-owned enterprises, offering grants of up to ₦800,000 to help corps members turn their business dreams into reality.

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