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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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Nigeria Bans Honorary Degree Holders from Using ‘Dr’ Title

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President Bola Ahmed Tinubu
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The Federal Government has officially banned recipients of honorary degrees from using the “Dr” title as a prefix to their names, in a move aimed at curbing the misuse and politicisation of academic honours.

The directive was announced on Wednesday by the Minister of Education, Tunji Alausa, following a Federal Executive Council (FEC) meeting held at the Presidential Villa in Abuja.

Speaking to State House correspondents, Alausa expressed concern over what he described as the growing abuse of honorary doctorate awards across the country.

“The recent trend we’ve seen with the award of honorary degrees has revealed a growing abuse and politicisation of this academic privilege,” he said.
“We’ve seen awards being used for political patronage, for financial gain, as well as the conferral of awards on serving public officials, which, as part of the ethics of honorary degree awards, should not happen.”

New Directive Takes Effect

Under the new policy, individuals conferred with honorary doctorate degrees will no longer be allowed to use “Dr” as a prefix in any official, academic, or professional setting.

FIRS

Instead, recipients are required to clearly state the full honorary designation after their names—for example, John Doe, Honorary Doctor of Letters (D.Litt)—rather than adopting the “Dr” title.

The government clarified that only individuals who have earned doctoral degrees through academic study or are certified medical practitioners will retain the legal and professional right to use the “Dr” prefix.

Move to Restore Academic Integrity

The decision is part of broader efforts by the Federal Government to restore credibility and integrity to Nigeria’s education system, particularly in the awarding of honorary degrees.

Education stakeholders have long raised concerns over the proliferation of honorary doctorate awards, with some institutions accused of granting such honours without strict academic or ethical standards.

Observers say the new regulation is expected to discourage the commercialisation of honorary degrees and reinforce the distinction between earned academic qualifications and ceremonial recognitions.

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Abuja

Mercedes G63 Kills Six Cows in Abuja Highway Crash

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A luxury Mercedes-Benz G-Class G63 AMG was involved in a late-night crash on a major highway in Abuja, killing six cows and sparking renewed concerns over road safety and enforcement of grazing laws in the Federal Capital Territory.
The incident occurred around 8 p.m. on Monday,

according to eyewitness accounts, when the high-speed SUV collided with a herd of cows that had reportedly strayed onto the roadway. A video circulating on social media shows the aftermath, with the white cows lying across the dark highway as traffic officials worked to manage the situation.


As of the time of filing this report, there were no confirmed injuries to the driver or any passengers in the vehicle. Unverified reports on social media suggested that the SUV sustained only minor damage despite the severity of the collision.


The accident has reignited debates over the continued presence of cattle on major roads in Abuja, despite the 2017 ban on open grazing introduced by the Federal Capital Territory Administration. The policy was designed to curb frequent clashes between herders and communities, as well as prevent traffic disruptions and accidents caused by roaming livestock.

FIRS


Residents and road users have repeatedly raised concerns about the enforcement of the grazing ban, noting that cows are still often seen along highways and within urban areas of the capital. Monday night’s crash is the latest in a series of such incidents, highlighting ongoing gaps in regulation and compliance.


Authorities are yet to release an official statement on the crash or confirm whether any action will be taken regarding the presence of the cattle on the highway.

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Jobs

Job Vancancy: Moniepoint Job Vacancies in Abuja and North Central Nigeria

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Research Interviewers Job in Nigeria – Jhpiego Hiring Across 36 States & FCT
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Leading Nigerian fintech company Moniepoint has announced six new job openings across Abuja and several states in the North Central region, expanding its workforce in compliance, technical operations, sales, and security management.

The vacancies cut across multiple departments, reflecting the company’s continued growth in agent banking, SME solutions, and digital financial infrastructure services.

Available Positions

Field Risk & Internal Control Officer (North Central)

  • Team: Compliance
  • Location: FCT, Nigeria
    The role focuses on monitoring operational risks, enforcing internal control standards, and ensuring compliance across field operations in the region.

Apply Here

Hardware Engineer

  • Team: Advanced Technical Operations
  • Location: FCT, Nigeria
    Successful candidates will handle hardware installation, maintenance, troubleshooting, and technical support for field operations.

Apply Here

FIRS

Implementation Officer (North Central)

  • Team: Moniebook Business Management Tools
  • Locations: Benue, Plateau, FCT
    This role involves onboarding merchants and ensuring smooth deployment of Moniepoint’s business tools across assigned regions.

Apply Here

Inbound Sales Officer (Abuja)

  • Team: Moniebook Business Management Tools
  • Location: FCT, Nigeria
    The position focuses on handling inbound customer inquiries, converting leads, and supporting sales growth for Moniepoint business solutions.

Apply Here

Regional Lead, Corporate Security (North)

  • Team: Moniepoint MFB
  • Locations: FCT, Kano
    The role oversees corporate security operations, risk prevention strategies, and protection of company assets across northern Nigeria.

Apply Here

Regional Lead, Field Risk & Internal Control (North)

  • Team: Compliance
  • Location: FCT, Nigeria
    This leadership position is responsible for coordinating regional risk management teams and strengthening internal control systems.

Apply Here

The hiring drive comes as fintech companies in Nigeria continue to expand their physical and digital operations across underserved regions, particularly in agent banking and SME support services.

Moniepoint, one of the fastest-growing fintech firms in the country, has steadily increased recruitment in technical, compliance, and field operations roles over the past year.

With these openings, Moniepoint is strengthening its presence in Abuja and northern Nigeria while scaling its financial services infrastructure across the country.

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Business

Nigerians Slam Moniepoint CEO Over ‘Talent Quality’ Remarks Amid Hiring Debate

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Comments by Tosin Eniolorunda, CEO of Moniepoint, have sparked a heated debate online after he questioned the quality of Nigeria’s talent pool while discussing his company’s hiring challenges.


Speaking at the The Platform Nigeria on May 1, Eniolorunda said the fintech firm had advertised over 500 vacancies since 2024 but struggled to find qualified local candidates. He revealed that by 2025, the company reversed its local-only hiring policy due to the shortage.


I used to feel Nigerians are really bright… but we are still struggling to find Nigerians to fill those roles. They don’t meet global standards,” he said, attributing the gap to factors such as social media distractions, cybercrime, hookup culture, and weaknesses in the education system.

Backlash and Counterarguments



His remarks triggered swift backlash from Nigerians, particularly within the tech community, with many accusing local companies of failing to invest in talent development.

FIRS


Critics argued that unlike global firms, Nigerian tech companies rarely offer structured, paid internship programs or training pipelines to groom young professionals. Some pointed to examples of international companies like Oracle Corporation, where internships and early talent programs serve as entry points into full-time roles.


Others shared personal experiences of being rejected by local firms despite strong resumes, while noting that Nigerian professionals continue to secure roles in global companies such as Amazon.


A recurring sentiment online was that many Nigerian companies demand “global-standard talent” but are unwilling to offer competitive compensation or career development opportunities.

Industry Perspective



Supporters of Eniolorunda’s stance, however, pointed to the realities of scaling a fast-growing fintech company in a competitive global market. They cited brain drain, limited specialized skills, and increasing demand for top-tier expertise as genuine challenges facing Nigerian startups.


Analysts say the controversy highlights a broader issue within Nigeria’s tech ecosystem balancing expectations between employers and job seekers, while addressing gaps in education, training, and remuneration.



The debate mirrors ongoing tensions around talent development, compensation, and hiring practices in Nigeria’s fast-evolving tech sector.

As companies expand and compete globally, the question of how to build, retain, and fairly reward talent is likely to remain a central issue.

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Outrage as Soldier Assaults Journalist Over Traffic Dispute in Lagos

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A Nigerian soldier has allegedly assaulted a journalist, Fakoyejo Olalekan, during a traffic control operation in Lagos State, triggering widespread public condemnation after video footage of the incident surfaced online.
The clash occurred on May 2 near Pleasant Event Centre in Ikeja, where personnel of the Nigerian Army were reportedly directing heavy traffic.


According to eyewitness accounts, the altercation began after Fakoyejo remarked to passengers that a soldier’s handling of a motorcyclist had caused an unnecessary delay. The comment allegedly angered one of the soldiers, who ordered everyone out of the vehicle.


The situation escalated when the soldier reportedly slapped and shoved the journalist, and briefly reached for a piece of wood before bystanders intervened to prevent further escalation.


Video clips circulating on social media show at least two soldiers involved in the confrontation. During the incident, Fakoyejo’s phone screen was also seen shattered on the pavement. No serious injuries were reported.

FIRS


The footage has since triggered widespread criticism online, with many users calling for accountability and questioning the conduct of military personnel during civilian traffic enforcement duties.


As of May 4, the Nigerian Army had yet to issue an official response despite being tagged in multiple public complaints and posts about the incident.

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