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Tinubu’s subsidy removal, FX reforms, stabilising Nigeria’s economy

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The Executive Chairman of the Nigeria Revenue Service (NRS), Zacch Adedeji, has defended President Bola Tinubu’s economic reforms, arguing that the administration deserves commendation rather than criticism for removing fuel subsidy and unifying the foreign exchange market.

Mr Adedeji spoke in an interview on Channels Television’s Sunday Politics.

He said the reforms were necessary because the Tinubu administration inherited an economy burdened by an unsustainable fuel subsidy regime, an opaque foreign exchange market, an underperforming oil sector and a narrow tax base.

According to him, the government’s decision to remove the subsidy was implemented alongside the unification of the foreign exchange market as part of broader efforts to stabilise the economy.

He pointed to several indicators which, he said, showed that the reforms had begun to change the structure of the Nigerian economy.

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Mr Adedeji cited the growth in domestic refining capacity, saying it had increased from about 30,000 barrels per day before the reforms to about 700,000 barrels per day.

He also said government revenue had risen significantly, from about N12 trillion to N40 trillion, attributing the increase to improved revenue collection and broader economic reforms.

The NRS chairman said the administration’s objective was not to increase the burden on Nigerians but to create an environment in which businesses could grow and generate greater prosperity.

“We are taxing prosperity, not poverty,” he said, stressing that the government would ultimately collect more revenue when businesses become more profitable.

Mr Adedeji also defended the government’s tax reforms, saying they were designed to broaden the tax base and improve the business environment rather than extract more money from poor Nigerians.

He said about 90 per cent of Value Added Tax (VAT) revenue goes to the states, arguing that the reforms had therefore strengthened the finances of sub-national governments.

The NRS chairman said the government had also taken steps to address structural constraints to economic growth, including electricity supply, education, infrastructure and access to credit.

He cited the Electricity Act as one of the reforms intended to change the structure of the power sector by allowing greater state participation and creating room for investment.

According to him, reliable electricity is essential to industrialisation and reducing the cost of doing business.

Mr Adedeji also defended the administration’s infrastructure spending amid concerns over the pace of budget implementation.

He said there was a difference between budgeting and funding, arguing that the government could not simply release money without considering the strategic allocation of resources to projects with long-term economic benefits.

He cited the Lagos-Calabar Coastal Highway and the Sokoto-Badagry Expressway among major infrastructure projects requiring substantial funding.

He also linked infrastructure spending to employment, saying projects such as the coastal road and airport reconstruction would create jobs and stimulate economic activity.

The NRS chairman said the “government was also supporting agriculture through institutions such as the Bank of Agriculture and the Bank of Industry, to expand mechanised farming and improve production.”

Mr Adedeji acknowledged concerns about the hardship Nigerians had experienced since the reforms began, but argued that the government was focused on consolidating the gains already recorded.

He said the administration’s priority was to maintain economic stability while ensuring that the benefits of the reforms gradually translated into improved household prosperity.

He also rejected the perception that increased government revenue meant the administration was taking more money from poor Nigerians.

Rather, he said, the government’s approach was to expand economic activity and collect more revenue from increased prosperity.

Mr Adedeji defended government expenditure against criticism of public officials’ lifestyles, explaining that government spending also circulates through the private sector.

He used spending on facilities such as conference centres as an example, arguing that government expenditure could generate revenue for private businesses and create employment.

READ ALSO: Why subsidy removal, FX reforms caused unavoidable economic shocks — Oyedele

On youth unemployment, he said the administration was supporting technical and vocational education while encouraging corporate organisations to play a greater role in creating employment opportunities.

He said education remained critical to reducing poverty and improving the economic prospects of young Nigerians.

Mr Adedeji also highlighted the government’s credit programmes as part of efforts to promote economic inclusion, particularly by providing financing for small businesses and individuals.

He said continued support for such programmes would help more Nigerians participate in economic activity.

The NRS chairman said the government’s recent reforms, including the new tax laws, would require time to produce their full impact.

He urged Nigerians to support the consolidation phase of the reforms, saying the government was focused on improving energy security, education, infrastructure and the broader economic environment.

He maintained that the ultimate objective of the reforms was to build an economy capable of generating prosperity without relying on unsustainable government interventions.


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Access Holdings mulls exit from foreign subsidiary to meet CBN rule – Report

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Access Holdings is considering exiting at least one market outside its base in Nigeria to comply with a Central Bank of Nigeria (CBN) rule requiring lenders to limit investment in foreign subsidiaries to no more than one-tenth of shareholders’ funds.

The banking group mentioned one business in which it plans to offload its stake to meet the requirement, Bloomberg reported on Monday, citing Chairman Aigboje Aig-Imoukhuede.

“If a subsidiary cannot meet its cost of capital and the strategic objectives for which it is set up, you should be ready to take a decision to exit,” Mr Aig-Imoukhuede was quoted as saying at an African Financial Industry Summit in Luanda, Angola, last week.

“Do we have one or two troublesome subsidiaries? I can think of one.”

Investment in subsidiaries for Nigeria’s biggest bank by assets stood at N446.6 billion at the end of September, equivalent to 19.3 per cent of its equity, according to Access Holdings’ 9M 2026 Investor Presentation.

That was roughly double the 10 per cent ceiling permitted by the Banks and Other Financial Institutions Act (BOFIA) 2020.

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Only in cases of regulatory approval for a higher threshold from the CBN are lenders allowed to exceed that limit, the Act says.

The banking industry watchdog has given Access Holdings 12 months to address the issue.

The potential exit is part of the financial institution’s move to review its international operations to comply with the directive.

In June, Access Bank’s chief executive, Roosevelt Ogbonna, said the lender would reduce its shareholding in some of its foreign subsidiaries to achieve compliance.

According to Innocent Ike, CEO of Access Holdings, the lender will explore three strategies towards that end.

The options include recalling surplus capital from overseas subsidiaries, offloading minority stakes and restructuring some businesses, he said.

He added that the group has already completed one capital repatriation exercise involving its six targeted subsidiaries, and is engaging regulators in five countries to facilitate the return of excess capital to Nigeria.

Access Holdings plans to meet the regulatory requirement ahead of the March 2027 deadline, Mr Ike stated.

READ ALSO: Access Holdings’ nine-month profit jumps 6% to N474.2 billion

“We gave ourselves up till January next year, and I think we’re completing this ahead of schedule,” said Mr Aig-Imoukhuede.

The Access Holdings’ chairman said the group’s international portfolio remains fundamentally strong despite plans to sell interests in some international subsidiaries.

He noted that the group would continue to review the performance of its subsidiaries to ensure they generate sustainable returns and remain aligned with the strategic objectives for which they were established.

“You have to do dynamic portfolio management. Every year, you’re looking for ways to improve,” he said.

Access Bank sold its 97 per cent stake in its loss-making Ivorian subsidiary to Cameroon’s Afriland First Group SA for $1 million in January 2014, after the CBN restricted parent-bank capital for foreign subsidiaries.


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Consolidated Hallmark Insurance MDCEO Wins Insurance Woman of the Year 2026

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Consolidated Hallmark Insurance Limited, a subsidiary of Consolidated Hallmark Holdings Plc is proud to announce that its Managing Director/Chief Executive Officer, Mrs. Mary Adeyanju, has been named Insurance Woman of the Year 2026 at the Almond Insurance Industry Awards, held tonight at The Stable.

The award recognises outstanding women whose leadership, innovation and results are reshaping Nigeria’s insurance landscape. Mrs. Adeyanju’s win reflects her bold stewardship of the company, her focus on customer-centred service, and her drive to make insurance more accessible, trusted, and relevant to everyday Nigerians.

Under her leadership, Consolidated Hallmark Insurance has strengthened its market position, embraced digital transformation, and deepened its commitment to claims excellence and stakeholder value.

Accepting the award to a standing ovation, an emotional Mrs. Adeyanju dedicated the honour to the Group Chief Executive Officer, Mr. Eddie Efekoha.

“This award belongs to a man who saw potential in me long before I saw it in myself,” she said. “For over 20 years, Mr. Efekoha has inspired me, guided me and poured so much into my career. Every step I have taken, I have taken on the foundation he built. I am deeply grateful.”

Her tribute underscores a story of mentorship, trust and the power of investing in people, values that sit at the heart of the Consolidated Hallmark culture.

The recognition is a win for the entire organisation and for women in the insurance industry, proof that purposeful leadership and sustained support can open doors for the next generation.

Consolidated Hallmark Insurance Limited remains committed to delivering value, protecting livelihoods and setting new standards of excellence in the industry.

About Us:

Consolidated Hallmark Insurance Limited is one of the leading General Business and Special Risk Insurance underwriters in Nigeria.

Over the years, the company has played a leadership role in the underwriting of key transactions in Aviation, Oil & Gas, Marine Cargo and Hull Business as well as in Motor insurance business.

We have built a reputation on Professionalism, Integrity and Excellent Service Delivery. Leveraging on the capabilities and unique skills of the entire group, we provide premium risk management solutions to our clients. Our commitment to serving you better has seen us make key investments in our People, Technology and Processes.

The post Consolidated Hallmark Insurance MDCEO Wins Insurance Woman of the Year 2026 appeared first on Business Today NG.

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