Business
‘I Will Give Better Life to Nigerians on N6.06trn Budget of Change’- Buhari
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BY GEORGE ELIJAH OTUMU/CNNiReport Journalist North America
ME: ‘Mr President, you have just signed into law the 2016 Budget, which you termed Budget of Change, why did it take this long before you have to sign it bearing in mind that millions of Nigerians are suffering?’
President BUHARI: To start with, let me explain to you that the executive has never been the cause of the delay. Nigerians know the truth. The problem had all the while been the Parliamentarians in National Assembly, the Senate, to be precise, who kept pandering with figures, injecting figures that we never included. The Senate earlier came out with different figures that were trending all over the social media which were not true. I told them (Senate) that was not our budget. I stood my ground since I will never ever be part of any illegality. At last they did the right thing which was why I eventually signed the 2016 Budget into law.
(Paused few seconds). By the time we begin to implement this budget of change almost immediately, Nigerians will appreciate my service and dedication to this country the more because my government will make life beautiful to Nigerians and will offer them better living conditions. The budget is intended to signpost a renewal of our commitment to restoring the budget as a serious article of faith with the Nigerian people. This Administration is committed to ensuring that henceforth the annual appropriation bill is presented to the National Assembly in time for the passage of the Act before the beginning of the fiscal year .Through the 2016 budget, aptly titled “Budget of Change’’, the government seeks to fulfill its own side of the social contract. The Budget I have signed into law provides for aggregate expenditures of N6.06trn. Further details of the approved budget, as well as our Strategic Implementation Plan for the 2016 budget, will be provided by the Honourable Minister of Budget and National Planning. In designing the 2016 budget, we made a deliberate choice to pursue an expansionary fiscal policy despite the huge decline in government revenues from crude oil exports. This is why we decided to enlarge the budget deficit at this time, to be financed principally through foreign and domestic borrowings. All borrowings will however be applied towards growth-enhancing capital expenditures.
ME: ‘His Excellency, millions of Nigerians hold the opinion that Nigerian economy is almost at the point of collapse. No money in circulation, no light, no job. How will this your Budget of Change put food on Nigerians table and save the economy?’
President BUHARI: I know the pains Nigerians are going through daily. Don’t forget that it is when light is about to break that you witness the thickest darkness.
ME: ‘Mr. President, you are talking in riddles. Can you hit the nail on the head so Nigerians at home and Nigerians in the Diaspora will know your plans for them and the nation?’
President BUHARI: George, I am a very thorough, disciplined retired military man, even though I am a great democrat. We are experiencing probably the toughest economic times in the history of our Nation. I want to commend the sacrifice, resilience and toughness of all Nigerians young and old who have despite the hardships continued to have hope and confidence of a great future for Nigerians. But permit me to say that this government is also like none other. We are absolutely committed to changing the structure of the Nigerian economy once and for all. We are working night and day to diversify the economy so that we never again have to rely on one commodity to survive as a country. So that we can produce the food we eat, make our own textiles, produce most of the things we use.
We intend to create the environment for our young peoples to be able to innovate and create jobs through technology. Despite the current difficulties we will work extra-hard to achieve our revenue projections. Our revenue generating agencies are coming under better management and are being re-oriented. The implementation of the Treasury Single Account (TSA) is expected to contribute significantly to improving transparency over government revenues. I cannot promise you that this will be an easy journey, but in the interest of so much and so many we must tread this difficult path. I can assure you that this government you have freely elected will work with honesty and dedication, day and night to ensure that our country prospers and that the prosperity benefits all Nigerians. I can assure you that Nigerians will no loner pass through this pain again.
ME: ‘Mr President, I need to bring to your knowledge that there are various burning national issues that I need to lay before you so Nigerians can hear directly from you regarding your positions. Recently, there were reports of how some Fulani Herdsmen wrecked havoc on Abia, Benue, Delta and Enugu States killing hundreds of people, raping under age girls, setting houses ablaze which led to lawlessness and commotion. Many Nigerians expect that you could have issued a statement immediately reports emanate on how those blood-thirsty Fulani Herdsmen were committing genocide, but you kept quiet’ (Interjection by Mr President).
President BUHARI: Otumu, Otumu, Otumu…listen. How many times have I called you? I am a pragmatic leader who takes his time to get to the root of every problems. I don’t confront problems in a fire-brigade approach. I have looked critically at the situation. No tribe or ethnic region in Nigeria is greater than the other. I am the President of the whole of Nigeria which comprises every tribes, ethnic groups in 774 local governments in Nigeria. I don’t condone lawlessness or illegality under any guise. We are determined to secure all Nigerians and I have told the Inspector-General of Police and other security agencies, in very strong terms, to deal decisively with the attackers.
I have expressed my personal condolences to the Catholic Bishop of Enugu, the people of Ukpabi Nimbo and all other communities that have suffered fatalities and other losses from the recent attacks. I assured the Bishops that I acted with deliberation and moving methodically to implement my change agenda for the good of the country. We need to rebuild our institutions methodically, we need to change the way we do things. My administration is working very hard to fulfill all the promises I made to Nigerians. My greatest motivating factor now is the desire to bring positive change to Nigeria. In the last 10 years, crude oil sold for more that $100 per barrel, but Nigeria did not save. That is why we have found ourselves where we are today..
ME: ‘Mr President, that brings me to the next question of corruption which mostly involves elites and public office holders that are supposed to serve the people but serving their pockets. How are we sure that the implementation of the N6.06trn Budget of Change will not be squandered by kleptomaniac in some of the ministries?’
President BUHARI: We have put in place a strong mechanism, tracker to monitor the stage-by-stage implementation of the 2016 Budget. We know all Nigerians and members of International Community are monitoring us closely. Insha Allah, we will never fail Nigerians. For national security reasons, I will not go into full details of how and what we have done to catch and arrest any public official found to be stealing, misappropriating or squandering our collective wealth that is determined to bring smile on the faces of Nigerians. That may be possible in time past, but never again. Anyone caught will face the music and end in jail. I make no excuses as this Government of the All Progressives Congress (APC) is determined to tackle headlong all socio – economic ills that have troubled our nation and we shall evolve solutions to emerging threats to our well being and the realization of sustainable development as well as growth anchored on equity and social justice.
I will be traveling on Tuesday, May 10, 2016 to London to participate in the international Anti-Corruption Summit which will be held in the British capital on Thursday, May 12, 2016. As an internationally recognised leader in the global fight against corruption, I will be playing a prominent part in the summit which will be hosted by Prime Minister David Cameron of Great Britain with many other Heads of State and Government in attendance. I am to deliver the summit’s opening, keynote address titled: “Why We Must Tackle Corruption Together” at a pre-summit conference of development partners, the Commonwealth Enterprise and Investment Council, Transparency International and other civil society groups on Wednesday, May 11, 2016. Corruption is a cancer. It is a monster that we all must get rid-off collectively as a nation. There is never a development where corruption is prevalent or present. I hate corruption, since it is an enemy to progress. Thereafter, I will join other participating heads of State and Government at special plenary sessions on Exposing Corruption, Tackling Corruption and Driving out Corruption.
Before returning to Abuja on Friday, May 13, 2016 Insha Allah, I will be having a separate meeting with Prime Minister Cameron to discuss ongoing Nigeria-Britain collaboration in the war against corruption and terrorism, as well as other issues, including trade and economic relations between both countries.
ME: ‘Finally, Mr President. What are you doing to ensuring all stolen funds of Nigeria Overseas are repatriated into the nation’s coffer to speedily help Nigerian Economy?’
President BUHARI: Otumu, I want to really thank you for your thoughtfulness in this question. On May 5 in Abuja I urged the United Nations Office for Drugs and Crime (UNODC) to facilitate the faster recovery of Nigeria’s stolen wealth stashed abroad. I told the Executive Secretary of UNODC, Mr Yury Fedotov we are looking for more cooperation from the EU, United States, other countries and international institutions to recover the nation’s stolen assets, particularly proceeds from the stolen crude oil. It is taking very long and Nigerians are becoming impatient. My administration has worked very hard in the past 11 months to reverse the very negative global perception of Nigeria on corruption. Our genuine efforts to deal with corruption and drugs have earned us international respect and this has encouraged us to do more. We know that by fighting the scourge of drugs and corruption and rebuilding trustworthiness, integrity, good business practices, and imposing discipline on youths to avoid drugs, we are not doing a favour to the international community, we are doing a favour to ourselves. I have also promised that my administration will work with the UN agency to rehabilitate young Nigerians who have been misled into consumption of illicit drugs and drug trafficking.
ME: ‘Mr President, I really want to thank you so much for this rare opportunity where despite your daily tight schedule, you have decisively dealt on various national issues that Nigerians are anxious about. Without sounding like Oliver Twist, what is your message to Nigerians in Diaspora, especially the Hausa community that are also doing greatly Abroad in their various businesses?’
President BUHARI: Nijeriya a wajen jihar, ciki har da Hausa al’umma kiyaye kirki, mutunci, da mutunci, kuma horo a matsayin watchwords. Ya kamata su ci gaba da za a rike da kyau image Nijeriya. Kuma ko da yaushe tuna cewa gida gida. Muna bukatar dukan su, su zo gida da kuma shiga da mu gina mafi Nigeria, inda kowa da kowa zai iya riƙe kansa high ba tare da jin kunya ba. Tare, za mu gina New Nigeria mu mafarki (Meaning: Nigerians in Diaspora, including Hausa community should keep honesty, integrity, dignity and discipline as their watchwords. They should continually be maintaining the good image of Nigeria. And always remember that home is home. We need all of them to come home and join us to build a greater Nigeria, where everyone can hold his head high without being ashamed. Together, we will build the New Nigeria of our dream).
George Elijah Otumu, thank you for this enjoyable interview all the way from United States of America. This administration is proud of you and every other Nigerians Abroad that are making the nation great.
Deadline of Compliance: Nigeria’s Urgent Call for Tax Return Filing
By George Omagbemi Sylvester | Published by SaharaWeeklyNG.com
“Shift or Structural Demand? A Declaration of Civic Duty in a Nation at a Fiscal Crossroads.”
In the unfolding narrative of national development and economic reform, few instruments are as defining as tax compliance. For Nigeria, a nation perpetually grappling with revenue shortfalls, structural dependency on a single export commodity, and entrenched informal economic behaviour, the Federal Government’s recent clarification on tax return deadlines is not mere bureaucratic noise. It is a deliberate and inescapable declaration: the social contract between citizen and state must be honoured through transparent, lawful and timely tax reporting.
At its core, the government’s pronouncement is stark in its simplicity and radical in its implications. Federal authorities, speaking through the Chairman of the Presidential Committee on Fiscal Policy and Tax Reforms, Taiwo Oyedele, have made it unequivocally clear that every Nigerian, whether employer or individual taxpayer, must file annual tax returns under the law. This encompasses self-assessment filings by individuals that too many assumed ended once employers deducted pay-as-you-earn taxes from their salaries.
This is not an optional civic suggestion, it is mandatory, backed by statute, and tied to a broader vision of national fiscal responsibility. Citizens can no longer hide behind ignorance, apathy, or false assumptions. “Many people assume that if their employer deducts tax from their salaries, their obligations end there. That is wrong,” Oyedele warned, emphasizing that the obligation to file remains with the individual under both existing and newly reformed tax laws.
The Deadlines and the Reality They Reveal.
Across the federation, state and federal revenue authorities have reaffirmed statutory deadlines in pursuit of compliance. The Lagos State Internal Revenue Service, for instance, moved to extend its filing date for employer returns by a narrow window, reflecting the reality that compliance often lags behind legal timelines. The extension was intended not as leniency, but as a pragmatic effort to allow accurate and complete submissions, underscoring that true compliance rises above mere mechanical ticking of a box.
At the federal level, Oyedele’s intervention was even more fundamental. He reminded Nigerians that annual tax returns for the preceding year must be filed in good faith, with integrity and in respect of the law. This applies regardless of income level including low-income earners who have historically believed that they are outside the tax net. “All of us must file our returns, including those earning low income,” he stated.
Herein lies one of the most challenging truths of contemporary Nigerian governance: widespread tax non-compliance is not just a technical breach of law, it is a deep cultural and structural issue that reflects decades of mistrust between citizens and the state.
The Root of the Problem: Non-Compliance as a Symptom.
Nigeria’s tax culture has long been under scrutiny. Public discourse and economic analysis consistently show that a significant majority of eligible taxpayers do not file annual returns. Oyedele highlighted that even in states widely regarded as tax administration leaders, compliance remains strikingly low, often below five percent.
This widespread non-compliance stems from multiple sources:
A long history of weak tax administration systems, where enforcement was inconsistent and penalties were rarely applied.
A perception that public services do not reflect the taxes collected, eroding the citizenry’s belief in reciprocity.
An informal economy where income often goes unrecorded, making filing seem irrelevant or impossible to many.
Lack of awareness, with many Nigerians genuinely believing that tax liability ends with employer deductions.
The government’s renewed push for compliance directly challenges these perceptions. It signals a shift from voluntary or lax compliance to structured accountability, a stance that aligns with best practices in modern public finance.
Why This Matters: Beyond Deadlines.
At its most profound level, the insistence on tax return filings is about nation-building and shared responsibility.
Scholars of public finance universally agree that a robust tax system is the backbone of sustainable development. As the eminent economist Dr. Joseph E. Stiglitz has observed, “A society that cannot mobilize its own resources through fair taxation undermines both its government’s legitimacy and its capacity to provide for its people.” Filing tax returns is not a mere administrative task, it is a declaration of participation in the collective project of national advancement.
In Nigeria’s context, this declaration carries weight. With the enactment of comprehensive tax reforms in recent years (including unified frameworks for tax administration and enforcement) authorities now possess broader statutory tools to ensure compliance and accountability. These measures, which include electronic filing platforms and stronger enforcement powers, have been framed as fair and equitable, targeting efficiency rather than arbitrariness.
Yet the success of these reforms depends heavily on citizens embracing their civic duties with sincerity. And this depends on mutual trust, the belief that paying taxes yields tangible benefits in infrastructure, education, healthcare, security and social services.
Voices From Experts: Fiscal Responsibility as a Public Ethic.
Tax law experts and economists, reflecting on the compliance push, have underscored a universal theme: taxation without transparency is inequity, but taxation with accountability is empowerment. When managed with fairness, a functional tax system can reduce dependency on volatile revenue sources, stabilise national budgets, and support long-term investment in human capital.
Professor Aisha Bello, a respected authority in fiscal policy, notes that “Tax compliance is not a burden; it is the foundation upon which social contracts are built. A citizen who honours tax obligations affirms the legitimacy of governance and demands better performance in return.”
Similarly, a leading tax scholar, Dr. Emeka Okon, argues that “The era when Nigerians could evade broader tax responsibilities simply because automatic deductions occur at source must end. For a modern economy, every eligible citizen must be part of the formal tax fold not as victims, but as stakeholders.”
These authoritative voices point to an unassailable truth: filing tax returns is both a legal requirement and a moral responsibility, an expression of citizenship in its fullest sense.
Challenges on the Ground: Compliance and Capacity.
While the rhetoric of compliance is compelling, the reality on the ground demands nuanced understanding. Many taxpayers (especially in the informal sector) lack meaningful access to digital platforms and resources for filing returns. For others, the fear of bureaucratic complexity and perceived punitive enforcement deters participation.
The government, for its part, has responded by promoting online systems and pledging greater taxpayer support. Tax authorities are increasingly engaging stakeholders to demystify filing processes, explain requirements and offer assistance. This mix of enforcement and facilitation is essential. As one seasoned revenue specialist observed: “The state cannot compel compliance through force alone; it must earn it through education, simplicity and fairness.”
The Broader Implication: A New Social Compact.
Ultimately, Nigeria’s renewed emphasis on tax return filing transcends administrative deadlines. It is an unequivocal declaration that national development is a shared responsibility, that citizens and state must engage in a transparent, accountable, and reciprocal relationship.
Tax compliance, therefore, becomes far more than a legal act; it becomes a moral claim on the nation’s future.
When citizens file their returns honestly, they affirm their stake in the nation’s destiny. When the government collects taxes transparently and deploys them effectively, it strengthens not only public services but civic trust itself.
In this sense, the deadlines proclaimed by Nigeria’s fiscal authorities mark not an end but a beginning; the beginning of a civic epoch in which accountability replaces apathy, participation replaces indifference and national purpose triumphs over fragmentation.
The road ahead will not be easy. But in demanding compliance, Nigeria is demanding more than tax returns. It is demanding commitment and that, ultimately, is the foundation on which nations are built.
BUA Foods Records 91% Surge in Profit After Tax, Hits ₦508bn in 2025
By femi Oyewale
Business
Adron Homes Unveils “Love for Love” Valentine Promo with Exciting Discounts, Luxury Gifts, and Travel Rewards
Adron Homes Unveils “Love for Love” Valentine Promo with Exciting Discounts, Luxury Gifts, and Travel Rewards
In celebration of the season of love, Adron Homes and Properties has announced the launch of its special Valentine campaign, “Love for Love” Promo, a customer-centric initiative designed to reward Nigerians who choose to express love through smart, lasting real estate investments.
The Love for Love Promo offers clients attractive discounts, flexible payment options, and an array of exclusive gift items, reinforcing Adron Homes’ commitment to making property ownership both rewarding and accessible. The campaign runs throughout the Valentine season and applies to the company’s wide portfolio of estates and housing projects strategically located across Nigeria.
Speaking on the promo, the company’s Managing Director, Mrs Adenike Ajobo, stated that the initiative is aimed at encouraging individuals and families to move beyond conventional Valentine gifts by investing in assets that secure their future. According to the company, love is best demonstrated through stability, legacy, and long-term value—principles that real estate ownership represents.
Under the promo structure, clients who make a payment of ₦100,000 receive cake, chocolates, and a bottle of wine, while those who pay ₦200,000 are rewarded with a Love Hamper. Payments of ₦500,000 attract a Love Hamper plus cake, and clients who pay ₦1,000,000 enjoy a choice of a Samsung phone or a Love Hamper with cake.
The rewards become increasingly premium as commitment grows. Clients who pay ₦5,000,000 receive either an iPad or an all-expenses-paid romantic getaway for a couple at one of Nigeria’s finest hotels, which includes two nights’ accommodation, special treats, and a Love Hamper. A payment of ₦10,000,000 comes with a choice of a Samsung Z Fold 7, three nights at a top-tier resort in Nigeria, or a full solar power installation.
For high-value investors, the Love for Love Promo delivers exceptional lifestyle experiences. Clients who pay ₦30,000,000 on land are rewarded with a three-night couple’s trip to Doha, Qatar, or South Africa, while purchasers of any Adron Homes house valued at ₦50,000,000 receive a double-door refrigerator.
The promo covers Adron Homes’ estates located in Lagos, Shimawa, Sagamu, Atan–Ota, Papalanto, Abeokuta, Ibadan, Osun, Ekiti, Abuja, Nasarawa, and Niger States, offering clients the opportunity to invest in fast-growing, strategically positioned communities nationwide.
Adron Homes reiterated that beyond the incentives, the campaign underscores the company’s strong reputation for secure land titles, affordable pricing, strategic locations, and a proven legacy in real estate development.
As Valentine’s Day approaches, Adron Homes encourages Nigerians at home and in the diaspora to take advantage of the Love for Love Promo to enjoy exceptional value, exclusive rewards, and the opportunity to build a future rooted in love, security, and prosperity.
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