President Tinubu emphasised that the new tax system is designed to be people-centred and investment-friendly, thereby advancing the nation’s development goals.

The president made these remarks at the inauguration of the 16-storey Nigeria Revenue Service, NRS, Headquarters.

Senate President Godswill Akpabio and the Speaker of the House of Representatives, Tajudeen Abbas, were in attendance, along with ministers, senators, members of the House of Representatives, private-sector leaders, and the governors of Kwara, Imo, Borno, Kogi, Plateau, and Anambra states.

President Tinubu explained that the new tax laws, which became fully operational in January, were intended to liberate the economy from the constraints of archaic laws and make it more globally competitive.

“On my inauguration day, I made a solemn pledge that we will move Nigerians from the dimness of uncertainty into the clear light of renewed hope. I committed to confronting structural weaknesses, restoring financial stability, and building an economy anchored in discipline, equity, and opportunity. Today, I stand before you to reaffirm that these words were not rhetoric; they were a covenant with the Nigerian people.”

The president commended the Executive Chairman of the NRS, Dr. Zacch Adedeji, for his exceptional performance and the successful completion of the edifice, which provides a conducive working environment for 3,000 staff, along with a data processing centre, clinic, auditorium, training facilities, a gym, and a library.

He expressed delight that the NRS headquarters was completed in 30 months, after more than two decades since the foundation was laid.

“We are not gathered here merely to commission an edifice. We are here to mark a milestone in a larger national journey: the deliberate strengthening of our fiscal foundation and rebuilding of confidence in public institutions. No serious nation can achieve lasting prosperity on a weak and fragmented revenue system. No government can demand trust from its citizens when taxation is opaque, inefficient or unjust.

“That is why this administration took the bold decision to embark on far-reaching tax and fiscal reforms,’’ he said.

President Tinubu also thanked the Minister of State for Finance, Taiwo Oyedele, for his leadership in modernising colonial-era tax laws into “manageable, realisable, and understandable levels.”

Addressing concerns about the new tax reforms, President Tinubu assured that the NRS had repositioned itself as a revenue hub, equipped with capacity and technology, backed by research and data-driven policies, and sensitive to the needs of the people, particularly the vulnerable.

“The reforms are designed to simplify our system, eliminate distortions and create a fair, transparent and investment-friendly environment. Our direction is clear: to have a revenue system that rewards enterprise, supports growth, and ensures that every contribution to the national cause is matched by feasible value for the people.

“The early results are encouraging and fantastic. Mr Adedeji, thank you very much. We are witnessing improved fiscal stability, strength, stronger foreign reserves, a more efficient trade ecosystem and increased investor confidence in Nigeria’s economic direction,’’ the president added.

“These gains are not incidental. They are the products of deliberate policy, sustained effort, and a commitment to doing what is right for the long-term prosperity of our nation. It is within this context that we commission the headquarters of the Nigerian Revenue Service.

“The building is more than concrete and steel. It is a symbol of a new standard of professionalism, transparency, efficiency and service. It reflects our resolve that institutions must rise to meet the demand of reforms and the expectations of the Nigerian people. We must thank all Nigerian people for enduring and persevering,’’ he stated.

The president urged the Executive Chairman of the NRS to ensure that the institution upheld the highest standards.

“It must not only collect revenue, but it must also build trust, ensure fairness, and demonstrate that government can be accountable, efficient, and responsible.

“It must become a model institution that earns confidence at home and respect abroad.  Let the future be better than the past. Let’s make and keep that promise sincerely for the future. Let those who will come after us, politics apart, be ready to build on history that is greater than the achievements of their forbears,’’ the president said.

Senate President Godswill Akpabio urged Nigerians to be patient with the Tinubu administration, noting that the economic reforms were already yielding results.

“Nobody has noticed that since we came on board, we have not had 3-5 km of vehicles lined up at fuel stations to buy petrol. There was a time that we were prepared to pay even N10,000 per litre for fuel, but they could not see the fuel. But today, there is no single fuel queue in Nigeria.

“Nobody is saying that because we encouraged and partnered with the private sector for the first time, we are now producing what we consume and consuming what we produce. We even go to the extent of sending it to other countries,’’ the Senate President noted.

The Speaker of the House of Representatives, Tajudeen Abbas, commended the president for strengthening the economy with new reforms.

“For many years, our revenue system struggled less from a lack of effort than from a lack of coherence. We operated multiple regimes, overlapping mandates and fragmented legal frameworks. The result was predictable—high effort, low yields, limited public confidence.

“What has come under your administration is not only the policy directive, but also the underlying logic of the system. The reforms have sought to align rules, institutions and incentives within a single framework,” Abbas said.

In his welcome address, the Executive Chairman of the NRS, Dr Zacch Adedeji, described the inauguration of the headquarters building as “the culmination of a defining institutional journey.”

“When this administration assumed office, Nigeria faced a critical inflexion point marked by fiscal constraints, weakened investor confidence and structural distortion across key sectors. What followed was not an incremental adjustment but a comprehensive concept of the nation’s economic and financial architecture.

“Through your decisive actions, you restored microeconomic credibility, unified foreign exchange markets, cleared long-standing backlogs and re-established confidence in Nigeria’s ability to operate a transparent and market-driven system,” he added.

Adedeji thanked the president for providing visionary leadership and support to the NRS.

“These were not easy decisions, but they were necessary. History will recognise and be kind to you for them. Building on this foundation, your administration undertook one of the most significant revenue reforms in Nigeria’s history.

“To put this in perspective, the first tax laws in this country were enacted in 1903, 133 years ago. We changed that. Over 60 fragmented tax laws were streamlined into a simplified and more coherent framework, strengthening compliance, improving predictability, and enabling efficient administration,” Adedeji noted.

He emphasised that the new tax laws were not “driven by a higher tax burden, but by a better system with broadened coverage and improved structural governance.”

According to Adedeji, “Five years ago, the total collection for Nigeria’s revenue was N6.8 trillion, and by 2025, we ended the year with N28.7 trillion.”

He added that, beyond taxation, fiscal governance had been strengthened to improve remittances, enhance transparency, and tighten control over public finance flows.

“To put this in perspective, Mr President, in May 2023, when you assumed office, the total money available for the federation was N711 billion. By September 2025, it was N3.6 trillion, which is 400% above what we inherited, and you can see that from the commissioning you’ve done in the states. They allude to the fact that you’ve given them what no government in the history of Nigeria has given to them.

“Trade has been modernised through the recently launched National Single Window (NSW), reducing inefficiency and boosting revenue. Ten years ago, we tried to implement the National Single Window six times. In less than three years under your leadership, in collaboration with the Nigeria Customs Service, we launched the National Single Window on March 27th,” Adedeji stated.

Guan Shuai, the Managing Director of China Civil Engineering and Construction Company, CECC, which completed the edifice, delivered a goodwill message.

He stated that President Tinubu had demonstrated visionary leadership within less than three years in office, by taking tough decisions that would benefit the nation and posterity.

Shuai noted that the Renewed Hope Agenda had repositioned the economy for foreign direct investment, with the President consistently commissioning infrastructure projects across states.

“When I was a young man, I saw him use his leadership and visionary planning to achieve so much in Lagos, and now he has established a party and united many people,’’ he stated.

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ARD UCH President, Dr Uthman Adedeji, disclosed this on Tuesday in an interview with the News Agency of Nigeria, NAN, in Ibadan, confirming compliance with the national directive.

NAN reports that NARD had earlier directed its members nationwide to embark on an indefinite strike over the federal government’s failure to address its demands.

The demands include immediate reversal of the revised Professional Allowance, payment of outstanding promotion and salary arrears, and prompt disbursement of the 2026 Medical Residency Training Fund, MRTF, among others.

Adedeji said the strike was suspended after an Extraordinary National Executive Council meeting, during which NARD directed members nationwide, including those at UCH, to resume duties at 8:00 a.m. on Wednesday.

He explained that the decision followed the federal government’s reversal of its stance on the revised professional allowance and a commitment to address other outstanding issues raised by the association.

He said that no new patients would be admitted at UCH until Wednesday morning, as doctors would use the period to properly hand over patients currently on admission to consultants.

According to him, patients who are stable will be discharged, while no new cases, including emergencies, will be accepted until full services resume at the scheduled time.

Adedeji added that some doctors might be granted additional time to manage critically ill patients beyond the handover window, subject to approval from the association’s leadership.

He reiterated the association’s commitment to patient care and urged the federal government to urgently address the demands of NARD to prevent further disruption in the health sector.

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President Bola Tinubu demonstrated foresight in July 2024, when he approved the use of the naira as the payment currency for crude oil supplied by the NNPC to the Dangote Refinery. Since the launch of the naira-for-crude initiative on October 1, 2024, Nigeria has experienced a strategic breakthrough amid the ongoing economic turmoil resulting from the Iran-Israel-US conflict in the Middle East.

Since its inception, the technical committee on naira-for-crude, which has the Minister of Finance and Coordinating Minister of the Economy, Wale Edun and Executive Chairman of the Nigerian Revenue Service, Zacch Adedeji and others as members, the Federal government has developed a robust framework that has ensured the Presidential initiative continues to deliver on its core objectives by maintaining supply security, stabilising the economy, and safeguarding Nigeria’s energy future.

The US/Israel-Iran war has now entered its 6th week, triggering global economic chaos. With no immediate end in sight, the conflict has been exacerbated by Iran’s closure of the Strait of Hormuz, an important maritime corridor between the Persian Gulf and the Gulf of Oman, that accounts for over 20% of global oil and gas flows. The disruption of this vital waterway has sent shockwaves through energy markets worldwide.

Across Europe, the United States, Asia, Africa, and the Middle East, prices for  LPG, LNG, PMS, and diesel have skyrocketed, placing enormous pressure on households and governments alike. The rising costs of energy have intensified economic strain on many nations, especially those with limited resources, where transportation and basic goods are becoming increasingly unaffordable.

While the cost of PMS and other petroleum products has also gone up in Nigeria, as in other countries, the global energy crisis has not led to a domestic scarcity of petroleum products, unlike in major countries where people are standing in long queues for days at gas stations. Many countries in Europe, Asia, and major African countries, such as South Africa and Kenya, now rely on supplies from Nigeria through the Dangote Refinery.

The Dangote Refinery, located in Lekki, Lagos, has validated the strategic importance of local production and refining capacity for a country as critical as Nigeria, a regional economic powerhouse. There is no doubt that the ongoing conflict in the Middle East has exposed critical vulnerabilities in the global energy supply architecture.

Furthermore, the ongoing crisis has positioned Nigeria as a strategic and credible exporter to Africa – a role with long-term commercial and diplomatic significance as African governments seek more resilient and integrated energy supply arrangements.

The conflict has constrained crude oil and refined product availability, triggering acute shortages and sharply rising energy costs across many markets. Countries that historically depended on the import of refined products are currently experiencing disruptions to their supply chains, with immediate and visible consequences.

A few examples: Vietnam is encouraging people to work from home to reduce transportation costs. The Thai government has ordered civil servants to conserve energy in public buildings and is considering whether to compel private businesses to do the same.

Bangladesh told universities to close early for a holiday and imposed daily limits on fuel sales. Pakistan has implemented emergency measures, including a four-day government work week and temporary school closures, to conserve energy. Indian restaurants are closing their doors due to LPG scarcity. In Egypt, shops and restaurants are mandated to close by 9 pm every day as part of the government’s exceptional measures to combat soaring energy prices. In the Philippines, the government has declared a national energy emergency. In parts of the United States, Americans join long queues to buy fuel.

Fortunately, the Dangote Refinery has largely shielded Nigeria from the worst effects of the global supply crisis. By scaling up production at a critical time before the escalation of the conflict, the refinery has met Nigeria’s refined products requirements.

Even in the face of more attractive export options, the Dangote Refinery committed to prioritising Nigeria’s energy security. This commitment has ensured full availability of petroleum products with zero queues, while other countries grapple with scarcity.

While the price of petroleum products has had to go up, this is being managed to reduce the impact on Nigerians. For example, despite a 10% increase in crude oil prices over the last couple of days, the Refinery has cut petrol prices by 75 Naira per litre. This was done,  even though the refinery is paying an additional premium of up to $18 per barrel for Nigerian crude oil cargoes. This is the benefit of local refining.

The Dangote Refinery is transforming Nigeria into a more resilient and energy‑independent nation, providing all‑year‑round availability of petroleum products and enabling the country to withstand external shocks better. Petrol queues, even during festive seasons,  have disappeared since the Refinery commenced PMS production in Oct 2024. What is perhaps not visible to many Nigerians is how this was achieved while simultaneously eliminating the huge demurrage bill that NNPC used to incur in maintaining safety stock on several floating vessels.

Furthermore, the ongoing crisis has positioned Nigeria as a strategic and credible exporter to Africa – a role with long-term commercial and diplomatic significance as African governments seek more resilient and integrated energy supply arrangements.

Since the conflict began, the Dangote Refinery has ramped up exports to Africa in a bid to help shore up supply across the continent. In March, the refinery exported close to 500,000 tons of refined products to various African countries, generating export earnings for Nigeria.

This underlines the importance of local production and the need for Africa’s industrialisation as championed by the Dangote Group. Not only does local production create and sustain jobs for thousands of people, preserve foreign exchange, and stimulate other sectors of the economy, but more importantly, as we have seen, it insulates the country from global volatility, supply disruptions, and geopolitical risks that continue to batter import-dependent economies in times of stress.

The Dangote Refinery is more than an industrial asset; it is the foundation of Nigeria’s energy sovereignty and a catalyst for sustainable economic growth.

*Ajayi is the Senior Special Assistant, Media and Publicity to President Bola Tinubu.

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Adedeji spoke on Wednesday at a roundtable in Abuja organised by the House of Representatives Committee on Appropriations for key stakeholders in the financial sector.

“In light of the tax reforms transferring petroleum and mineral royalties and other revenues to the NRS, the total target is N40.7 trillion.

“We believe that with the support of the House, we will achieve what we have proposed,” he said.

Adedeji recalled that in 2025, the service exceeded its N25.2 trillion target, generating N28.23 trillion.

“Compared with 2024, we collected N6.5 trillion more in 2025, representing a 30.3 per cent increase, driven largely by non-oil taxes,” he said.

The Minister of Finance and Coordinating Minister of the Economy, Mr Wale Edun, said Nigeria previously relied on Ways and Means financing to cover large fiscal deficits.

He added that the NNPC funded the petrol subsidy through an under-recovery arrangement, which he described as unsustainable.

Edun said there was a need to correct the distortions and replace them with market-based solutions, hence the reforms.

The Chairman of the House Committee on Appropriations, Rep. Abubakar Bichi (APC–Kano), said the roundtable enabled interaction with the presidential team on the 2026 Appropriation Bill.

“This is for us to study, consider and approve the request. We decided to engage the president’s team on 2025 performance and the 2026 proposal.

“We also engaged the NRS chairman to clarify the 2026 revenue projections. In 2025, we achieved about N28 trillion against a N25 trillion target.

“We need more information so Nigerians can understand what is going on,” he said.

Source: NAN

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The implementation takes immediate effect.

The approval is contained in a letter dated October 21, and addressed to the Federal Inland Revenue Service and the Nigerian Midstream and Downstream Petroleum Regulatory Authority.

The import duty is said to have been designed to protect local refineries and stabilise the downstream market.

The government described the duty as “market-responsive import tariff framework.”

The approval was said to have followed a proposal by the executive chairman of the Federal Inland Revenue Service, FIRS, Mr. Zacch Adedeji.

In the proposal to the president, Adedeji described the measure as part of ongoing reforms to boost local refining, ensure price stability, and strengthen the naira-based oil economy.

He added: “The core objective of this initiative is to operationalise crude transactions in local currency, strengthen local refining capacity, and ensure a stable, affordable supply of petroleum products across Nigeria.”

Adedeji blamed the instability in the market on current misalignment between locally refined products and import parity pricing.

His words: “While domestic refining of petrol has begun to increase and diesel sufficiency has been achieved, price instability persists, partly due to the misalignment between local refiners and marketers.”

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The commission stated that Saudi Arabia reserved the figure on the NUSUK Masar portal due to underutilisation of 95,000 slots allocated in the previous year.

NAHCON disclosed this in a statement by its Deputy Director, Information and Public Relations, Hajiya Fatima Usara, in Abuja on Thursday.

Usara said the NAHCON Commissioner of Operations, Prince Anofiu Elegushi, made the relevation at a meeting with officials of State Pilgrims Welfare Boards in Abuja.

Elegushi said the Mashair space reserved for Nigeria’s pilgrims on the NUSUK Masar portal was 66,910 slots for the 2026 Hajj.

“The implication of this is that while 95,000 slots were allocated to Nigeria, the actual number that can participate in the 2026 Hajj is 51,513 for states and all other officials, while 15,397 will go to licensed tour operators.

“It was revealed that Saudi Arabia reduced Nigeria’s camp slots to this figure of 66,910 on the portal due to underutilisation of slots in the previous year.”

The NAHCON commissioner revealed that earlier allocations would be reversed based on each state’s utilisation during the 2025 Hajj as well.

On his part, Dr Saidu Dumbulwa, the Board member representing Ministry of Health in NAHCON, reiterated Saudi Arabia’s strict medical requirements for pilgrims.

Dumbulwa emphasised that individuals with organ failure, neurological or psychiatric disorders, and dementia, would not be allowed entry into the Kingdom of Saudi Arabia.

He said that others affected included pregnancy, active cancer undergoing chemotherapy, and tuberculosis, or other communicable diseases.

According to him, the new measures introduced by Saudi Arabia is aimed at reducing the risk of disease transmission, mortality, and the healthcare burden on Saudi authorities.

He recommended that medical screening should henceforth be conducted only by designated hospitals.

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He said specific persons of integrity would be authorised to sign off on medical certifications, which would then be countersigned by the State’s Chief Medical Director to curb forgery.

“The commission emphasised that visa issuance will be linked to the medical certificates which will be verified at the point of entry.

”Hence all medical regulations must be strictly adhered to, as any violation will hold Nigeria collectively accountable.”

In a related development, Aliu AbdulRazak, NAHCON Commissioner in charge of Policy Personnel Management and Finance, said the commission had got approval to transfer states’ funds to Central Bank of Nigeria, CBN, on regular basis.

”The Chairman/CEO of NAHCON, Prof. Abdullahi Usman, has approved the transfer of funds to CBN on regular basis, as they are being received from the states, so as to take advantage of the positive exchange rate.”

The board member representing CBN in NAHCON, Dr Adetona Adedeji, also pledged to convey NAHCON ‘s request to  CBN on the possibility of reducing the two per cent charge imposed on pilgrims’ transactions.

Earlier in his opening remarks, the NAHCON chairman said efforts were ongoing to negotiate reductions in certain cost components, such as cargo handling charges, in order to ease the financial burden on intending pilgrims.

He said: “The commission, however, emphasised that service providers’ rates will not be arbitrarily reduced, since that may affect services that pilgrims are expected to receive.

”The providers may offer services commensurate with payments made.

“The commission also requested states to submit the number of registered pilgrims to confirm if it is in line with NAHCON’s projections of pilgrims registration.”

According to him, this will facilitate commensurate planning.

”The commission reminded the states of the new deadline of December 21 for remittances.

”Therefore, each state may set an internal deadline to ensure all funds are received and transferred to NAHCON before the cutoff date.

“To ensure timely payments, NAHCON will embark on nationwide sensitisation for states and pilgrims to highlight the urgency and importance of meeting the deadline.”

He noted that NAHCON, in a new development, had announced that this year’s Hajj would adopt the standard international luggage policy, allowing each pilgrim two 23kg checked-in bags and one backpack as hand luggage.

The Chairman, Forum of States, Alhaji Idris Almakura, drew attention of all participants to the seriousness of the slots limitation on the NUSUK Masar portal.

At the end of the meeting, the Executive Secretary of the Adamawa State Pilgrims Welfare Board, Dr Abubakar Salihu, expressed appreciation to NAHCON for carrying the states along in all aspects of Hajj preparations.

He commended the staff of NAHCON for working diligently under pressure and reaffirmed the states’ commitment to cooperation.

Source: NAN

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The emergence of Zacch Adedeji, PhD, as the Executive Chairman of the Federal Inland Revenue Service (FIRS), began as a whisper before the formal announcement. Although the confirmation of his appointment came three months later, since he assumed office, he has practically demonstrated his capacity to take on the tax and fiscal space headlong with much equanimity expected of the Capricorn that he is. A Capricorn is disciplined, practical, ambitious, and hardworking. He often takes on leadership roles with a strong sense of responsibility and a “can-do” attitude. This is quintessential Zacch Adedeji, PhD.

Two years on, these qualities have defined the leadership paradigm at the FIRS, shaping its policies and thrusting its administration in a positive direction. As Zacch Adedeji, PhD, marks his second anniversary as the Federal Inland Revenue Service (FIRS) Executive Chairman, Nigerians can attest to his significant strides in transforming the nation’s tax system. He has led the FIRS to surpass revenue targets, introduced a raft of tax reforms, modernised tax administration, and made the FIRS a customer-centric organisation.

Revenue Collection Achievements

Under Adedeji’s leadership, the FIRS has consistently exceeded its revenue targets. In 2023, the agency collected N12.36 trillion or 107% thereby surpassing its target of N11.55 trillion. In 2024, he also collected 21.7 trillion naira against the target of N19.7 trillion. These remarkable feats demonstrate Adedeji’s ability to drive success through strategic planning and efficiency. Between September 2023 and August 2025, the Service collected a total of ₦46 trillion in tax revenue. This represents: 115% of the combined revenue target of ₦40.07 trillion·

The two-year performance reflects the impact of reforms implemented by the management, which enhanced efficiency in the tax system, expanded the tax base, and improved compliance through digital solutions such as TaxPro-Max, e-Invoicing, and USSD (×829#) services. Strengthened enforcement measures, inter-agency collaboration, and improved staff welfare further boosted productivity. These measures reduced reliance on oil revenues, strengthened non-oil collections, and enabled the Service to exceed its revenue targets between September 2023 and August 2025.

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Tax System Reforms

Adedeji has introduced several initiatives to simplify the tax system and improve the taxpayer experience. These include:

Introducing new tax legislation that aims to reform the obsolete provisions of the tax laws and align the tax system with modern taxation and economic practices. These tax legislations are the Nigeria Tax Act 2025 (NTA), the Nigeria Tax Administration Act 2025 (NTAA), the Joint Revenue Board of Nigeria (Establishment) Act 2025 (JRBA), and the Nigeria Revenue Service (Establishment) Act 2025 (NRSA).

As Adedeji embarks on his second year at the FIRS, Nigerians should expect more successes as he leverages his expertise to advance Nigeria’s economic growth and fiscal sustainability.

– TaxPro-Max: A tax administration system that automates over 80% of manual processes, reducing bureaucracy and enhancing efficiency.

– National Single Window Initiative: A platform that facilitates fast and easy trade operations at ports, harmonising government revenue and promoting economic growth

– One-Stop Shop: A streamlined tax office operation that caters to diverse taxpayers by category, improving customer satisfaction and reducing complaints.

– Unbundling of administrative groupings in the Service: The groupings were hitherto based on tax types, but Adedeji’s model is based on functions designed to increase the taxpayer experience.

Digital Innovation

The FIRS has made significant strides in digital innovation under Adedeji’s leadership. He has effectively introduced new integrated modules on:

– TaxProMax: Automating tax processes and enhancing efficiency in tax payment.

– Leveraged technology: To block revenue leakages, ramp up revenue collection, and enhance taxpayer experience

– Expanded integrated tax administration systems: Creating seamless, efficient, and transparent processes that redefine the taxpayer experience. He established self-service centres in the field offices to help taxpayers navigate the seamless tax payment processes.

Customer-centric focus of the Service:

In FIRS, there are three recognised categories of customers: taxpayers, vendors, and staff. Understood in this sense, Adedeji emplaced processes that ensure effective customer mapping and customer satisfaction journey. He underscored his customer-centric approach to tax administration by saying, “We are committed to fair tax administration through responsive and accessible service to optimise revenue for national development.”

Notwithstanding these achievements, Adedeji remains focused on improving Nigeria’s tax-to-GDP ratio, which is far below the African average. To address this, the FIRS has set an ambitious target to raise the ratio to 18% within the next few years. As Adedeji embarks on his second year at the FIRS, Nigerians should expect more successes as he leverages his expertise to advance Nigeria’s economic growth and fiscal sustainability. With a clear vision and strategic roadmap, the FIRS is poised to continue playing a pivotal role in shaping the country’s future.

*Ahmad, PhD, is the Director, Communications and Liaison Department, FIRS

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Dangote made the remarks over the weekend during a visit by the Minister of Industry, Trade and Investment, Dr Jumoke Oduwole, to the $20 billion Dangote Petroleum Refinery and Petrochemicals and Dangote Fertiliser Limited in Ibeju-Lekki, Lagos.

Commending President Tinubu’s efforts at addressing the issue of crude supply challenges to domestic refineries, Dangote praised the Naira-for-Crude initiative and the Nigeria First policy as bold and transformative steps capable of revitalising the economy faster than expected.

“I believe we must sincerely thank His Excellency, President Bola Ahmed Tinubu, for ensuring that there have been improvements in the supply of crude oil. His insistence that all crude oil transactions be conducted in naira has been particularly commendable. For us to effectively meet market demand—which we have the capacity to do—it is essential that crude is priced and purchased in our local currency,” he said.

The leading industrialist noted that the initiatives, along with other economic reforms, had brought a measure of stability to the naira-to-dollar exchange rate.

He expressed optimism that the naira would continue to strengthen in the coming weeks as the effects of the reforms become more visible.

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According to him, the improved market predictability has helped investors make sound business decisions and restored confidence in the investment climate.

“We are also beginning to see some stability in the naira-to-dollar exchange rate, which has had a positive impact. There is now less fluctuation, and this has brought a degree of predictability to the market

“For those of us in the business sector, this is a welcome development, as it allows us to plan more effectively. Looking ahead, as market conditions continue to improve, we can expect to see a more favourable exchange rate,” he said.

Dangote also commended the federal government for establishing a One-Stop Shop, OSS, initiative to improve coordination among regulatory and security agencies, thereby facilitating smoother operations under the Naira-for-Crude programme.

He emphasised that the OSS had significantly reduced bottlenecks and allowed for real-time resolution of issues, in line with President Tinubu’s directive.

“The administration of His Excellency, President Bola Ahmed Tinubu, has established a One-Stop Shop that is working diligently. I am confident that the government intends to replicate this model in other sectors, particularly to streamline the clearing of goods—an essential area of business.

“At present, we are not experiencing any significant issues with loading. All the relevant agencies have been brought together under one roof, including the Navy, NIMASA, NPA, and others. This coordination has greatly improved efficiency. Whenever issues arise, they are promptly addressed through the leadership of the Chairman of the Technical Committee, Mr Zack Adedeji, who is doing an excellent job.”

The business magnate further disclosed that the refinery was set to launch a new initiative involving the deployment of 4,000 CNG (Compressed Natural Gas) tankers to distribute petroleum products more efficiently and in an environmentally friendly manner.

He explained that the move would reduce logistics costs and ensure Nigerians receive products at more affordable prices, closer to their locations.

Meanwhile, the Minister of Industry, Trade and Investment, Dr Jumoke Oduwole, reaffirmed the federal government’s commitment to promoting domestic investment and addressing the challenges faced by local investors.

“We are here today as a result of President Bola Ahmed Tinubu’s clear focus on domestic investment. As you are aware, we held a Domestic Investment Summit on Monday—the first of its kind. Today, we are gathered at the invitation of Alhaji Aliko Dangote, a leading investor who has committed an extraordinary amount of resources to Nigeria’s development,” she said.

Oduwole hailed the refinery as a landmark project, noting that even governments shied away from initiatives of such scale.

She said the administration was demonstrating real support for domestic investors by taking practical steps to reduce constraints and foster growth.

“He has taken on a project of such magnitude—one that even governments often hesitate to undertake. As an administration, we do not take this lightly. We are here to show our full support for him, both as a foremost domestic investor and as a prominent champion of African investment on the global stage.

“Our support is not limited to words; we are demonstrating our commitment through action. We are encouraging other domestic investors by recognising and backing those, like Alhaji Dangote, who put Nigeria first. This is not mere rhetoric—our time, attention, and effort are fully aligned with our priorities.

“That is why we have dedicated an entire day to immersing ourselves in this project—the Dangote Refinery.”

She added that the federal government was continuously engaging with stakeholders and reviewing regulatory and legislative frameworks to reduce business costs and stimulate industrial development.

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The directive was delivered during Tuesday’s fifth steering committee meeting at the State House, Abuja.

The president was represented by his Chief of Staff, Femi Gbajabiamila.‎

Gbajabiamila said the recent Tax Reform Acts, signed into law in June, underscored the urgency of accelerating reforms and pursuing Nigeria’s $1 trillion economy target.‎

He highlighted the importance of financial and trade reforms in achieving national economic transformation.‎

“It’s important that we continue to stay focused on this project. So that at the end of the day, we meet our timelines and achieve the results the president expects.‎

“As you all are aware, the project is one of the transformative initiatives of Mr. President which we collectively must ensure is effectively and commendably implemented,” Gbajabiamila said.‎

He emphasised the role of a unified electronic platform in simplifying Nigeria’s import and export operations.‎

According to him, the NSW will boost investment and trade revenues, improve transparency, and strengthen Nigeria’s global business credibility.‎

Gbajabiamila urged all agencies to refine their targets and Key Performance Indicators, KPIs, to meet the Phase 1 deadline.‎

“I do expect that since the last meeting of the steering committee which was held on the 8th April, 2025, all stakeholders have operated and actively progressed with all the required KPIs and set targets to ensure that we go live with phase 1 in Q1 2026 as was previously scheduled,” he said.‎

Minister of Finance and Coordinating Minister of the Economy, Wale Edun, described the progress as encouraging but stressed the need for swift execution.‎

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He urged a shift from strategy to concrete implementation, calling the project complex but transformational.‎

Edun urged the committee to improve collaboration and resolve final hurdles to meet the rollout timeline.‎

Minister of Industry, Trade and Investment, Jumoke Oduwole, also charged the committee to work diligently and meet the Q1 2026 deadline without fail.

Dr. Zacch Adedeji, Executive Chairman of the Federal Inland Revenue Service, FIRS, thanked the president for consistently supporting the project.‎

“Thank you on behalf of the steering committee. We thank you for the relentless support that you have given to us.

“And to all my colleagues here, we can see that the reward for hard work is more work. When we started last month, it is now law; the single window is now in the law.”‎

He asked committee members to stay focused on the mission ahead.‎

The Director of the National Single Window, NSW, Project, Tola Fakolade, gave a brief overview of the steering committee’s progress toward implementing the project.

“All second quarter 2025 key project milestones have been successfully achieved. And the customisation of the Single window platform has commenced,” he said.

He gave assurances that the committee would meet up with the timelines.

The National Single Window project is a Federal Government initiative to streamline trade processes by creating a centralised electronic platform for importers and exporters.

It is a digital trade facilitation platform expected to accelerate economic growth and facilitate cross-border transactions.‎

Launched in April 2024, the NSW seeks to consolidate all agencies involved in imports and exports onto a unified electronic portal.‎

It is expected to reduce trade costs, cut delays, and enhance transparency and efficiency at Nigerian ports.‎

Committee members include representatives from the Ministry of Trade and Investments, the Ministry of Finance, FIRS, and the Nigeria Customs Service.

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Adedeji gave the directive in a statement issued by Dare Adekanmbi, the Special Adviser on Media to the FIRS chairman.

According to Adekanmbi, it is part of Adedeji’s commitment to matching the agency’s customer-centric policy with tangible action.

“With the directive, tax offices are expected to open for business from 10:00 a.m. to 4:00 p.m. on Saturdays and 12:00 p.m. to 4:00 p.m. on Sundays throughout the month of June,” he said.

“The weekend service, which started on June 14, will end on Sunday, June 29.

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“It is aimed at helping companies that are mandated by law to file their tax returns by the end of the month meet up with the deadline,” he said.

He said that the coordinating directors of Large Taxpayers Group, Government and Medium Taxpayers Group, as well as Emerging Taxpayers Group had conveyed the decision of the management to all staff in the tax offices.

“As you are aware, the month of June marks the peak of the annual Companies Income Tax (CIT) filling season.

“Many taxpayers which financial year ends December 31, are expected to file their tax returns by June 30.”

The FIRS chairman on assumption of office, reorganised tax operations for ease of tax payment.

This has led the transformation of the agency from merely being a tax-collecting entity to a service-providing body.

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