Business
GROUP TASKS LIRS ON WHISTLE-BLOWER INITIATIVE; HAILS SUBAIR-LED MANAGEMENT ON STAFF WELFARE
GROUP TASKS LIRS ON WHISTLE-BLOWER INITIATIVE; HAILS SUBAIR-LED MANAGEMENT ON STAFF WELFARE
A civil society organisation, Vanguard for Transparency and Accountability, has described the recently launched Whistle-Blower Initiative of the Lagos State Internal Revenue Service, as an exemplary boost to the anti-corruption crusade, as it lauded the Ayodele Subair-led LIRS management for sustaining its pace-setting records in tax management reforms in Nigeria.
The President of the anti-corruption crusade group, Paulycap Nnabuogor, said in a press statement, that the initiative which subjects the operations of LIRS to public scrutiny, will promote openness, accountability and ultimately enhance citizens’ participation in governance, boosting their trust in the activities of a sensitive agency of government.
Nnabuogor said the anti-corruption group is convinced that the initiative is targeted at strengthening and re-invigorating frontiers in the fight against fraud and corruption and puts both the management and the staff of the agency on their toes to deliver their statutory roles in compliance with the global best practices.
He said, “We are not particularly surprised that the Lagos State government chose the LIRS as a pilot scheme for its Speak Up programme because of the reforms the Subair-led management of the revenue agency had carried out internally to boost its operations and enhance the capacity of its workforce. Undoubtedly, this initiative shows that the activities of civil society organisations like ours are beginning to bear fruit and Nigeria is the ultimate winner.
“Before the birth of the Whistle-Blower Initiative, we were aware of the efforts of the LIRS management to promote accountability within the system and the importance Subair particularly attached to the welfare of his staff. Our findings show that the LIRS maintained the payment of performance allowances to the staff, and doesn’t joke with the prompt release of other pay including wardrobe allowances, particularly to the staff at both the legal and relationships units all geared towards enhancement of performance.
“More so, we found out that the decision to introduce a computer-based test for promotion, which is handled by independent assessors, has encouraged high-fliers within the system to grow rapidly and underlined why the agency has maintained its status as the best-performing tax collecting board in the country. Subair’s Award of Recognition by the Joint Tax Board of Nigeria is a testimony of his achievements as the agency has always met its revenue target even during the COVID-19 pandemic.”
Meanwhile, Subair restated the commitment of the LIRS management to the welfare of its staff, strengthened by the belief that a motivated workforce will lead to greater productivity.
He said.” We take our workforce’s welfare and career development as a key metric in our journey to consistently deliver our statutory role as a revenue agency. In 2019, we approved a 70% salary increase for staff from Assistant Revenue Manager and below, and a 50% increase for Revenue Manager and above. This is the most significant salary review in the Agency to date. A total of 3,608 members of staff were promoted between 2017 to 2021 and all our staff do not pay for standard medical services.
“We also ensure that performance bonuses are paid to all staff, based on clearly defined and documented processes while Union dues are remitted timely and correctly with all other statutory deductions such as pensions.”
He added that the consequential adjustment of salaries has been agreed upon in principle and payment modalities are currently being worked out by management, stressing that all are geared toward ensuring that the agency serves the people of Lagos State effectively.
Nigeria’s Inflation Drops to 15.10% as NBS Reports Deflationary Trend
Nigeria’s headline inflation rate declined to 15.10 per cent in January 2026, marking a significant drop from 27.61 per cent recorded in January 2025, according to the latest Consumer Price Index (CPI) report released by the National Bureau of Statistics.
The report also showed that month-on-month inflation recorded a deflationary trend of –2.88 per cent, representing a 3.42 percentage-point decrease compared to December 2025. Analysts say the development signals easing price pressures across key sectors of the economy.
Food inflation stood at 8.89 per cent year-on-year, down from 29.63 per cent in January 2025. On a month-on-month basis, food prices declined by 6.02 per cent, reflecting lower costs in several staple commodities.
The data suggests a sustained downward trajectory in inflation over the past 12 months, pointing to improving macroeconomic stability.
The administration of President Bola Ahmed Tinubu has consistently attributed recent economic adjustments to ongoing fiscal and monetary reforms aimed at stabilising prices, boosting agricultural output, and strengthening domestic supply chains.
Economic analysts note that while the latest figures indicate progress, sustaining the downward trend will depend on continued policy discipline, exchange rate stability, and improvements in food production and distribution.
The January report provides one of the clearest indications yet that inflationary pressures, which surged in early 2025, may be moderating.
Nigeria’s headline inflation rate declined to 15.10 per cent in January 2026, marking a significant drop from 27.61 per cent recorded in January 2025, according to the latest Consumer Price Index (CPI) report released by the National Bureau of Statistics.
The report also showed that month-on-month inflation recorded a deflationary trend of –2.88 per cent, representing a 3.42 percentage-point decrease compared to December 2025. Analysts say the development signals easing price pressures across key sectors of the economy.
Food inflation stood at 8.89 per cent year-on-year, down from 29.63 per cent in January 2025. On a month-on-month basis, food prices declined by 6.02 per cent, reflecting lower costs in several staple commodities.
The data suggests a sustained downward trajectory in inflation over the past 12 months, pointing to improving macroeconomic stability.
The administration of President Bola Ahmed Tinubu has consistently attributed recent economic adjustments to ongoing fiscal and monetary reforms aimed at stabilising prices, boosting agricultural output, and strengthening domestic supply chains.
Economic analysts note that while the latest figures indicate progress, sustaining the downward trend will depend on continued policy discipline, exchange rate stability, and improvements in food production and distribution.
The January report provides one of the clearest indications yet that inflationary pressures, which surged in early 2025, may be moderating.
Alpha Morgan to Host 19th Economic Review Webinar
In an economy shaped by constant shifts, the edge often belongs to those with the right information.
On Wednesday, February 25, 2026, Alpha Morgan Bank will host the 19th edition of its Economic Review Webinar, a high-level thought leadership session designed to equip businesses, investors, and individuals with timely financial and economic insight.
The session, which will hold live on Zoom at 10:00am WAT and will feature economist Bismarck Rewane, who will examine the key signals influencing Nigeria’s economic direction in 2026, including policy trends, market movements, and global developments shaping the local landscape.
With a consistent track record of delivering clarity in uncertain times, the Alpha Morgan Economic Review continues to provide practical context for decision-making in a dynamic environment.
Registration for the 19th Alpha Morgan Economic Review is free and can be completed via https://bit.ly/registeramerseries19
It is a bi-monthly platform that is open to the public and is held virtually.
Visit www.alphamorganbank to know more.
GTBank Launches Quick Airtime Loan at 2.95%
Guaranty Trust Bank Ltd (GTBank), the flagship banking franchise of GTCO Plc, Africa’s leading financial services group, today announced the launch of Quick Airtime Loan, an innovative digital solution that gives customers instant access to airtime when they run out of call credit and have limited funds in their bank accounts, ensuring customers can stay connected when it matters most.
In today’s always-on world, running out of airtime is more than a minor inconvenience. It can mean missed opportunities, disrupted plans, and lost connections, often at the very moment when funds are tight, and options are limited. Quick Airtime Loan was created to solve this problem, offering customers instant access to airtime on credit, directly from their bank. With Quick Airtime Loan, eligible GTBank customers can access from ₦100 and up to ₦10,000 by dialing *737*90#. Available across all major mobile networks in Nigeria, the service will soon expand to include data loans, further strengthening its proposition as a reliable on-demand platform.
For years, the airtime credit market has been dominated by Telcos, where charges for this service are at 15%. GTBank is now changing the narrative by offering a customer-centric, bank-led digital alternative priced at 2.95%. Built on transparency, convenience and affordability, Quick Airtime Loan has the potential to broaden access to airtime, deliver meaningful cost savings for millions of Nigerians, and redefine how financial services show up in everyday life, not just in banking moments.
Commenting on the product launch, Miriam Olusanya, Managing Director of Guaranty Trust Bank Ltd, said: “Quick Airtime Loan reflects GTBank’s continued focus on delivering digital solutions that are relevant, accessible, and built around real customer needs. The solution underscores the power of a connected financial ecosystem, combining GTBank’s digital reach and lending expertise with the capabilities of HabariPay to deliver a smooth, end-to-end experience. By leveraging unique strengths across the Group, we are able to accelerate innovation, strengthen execution, and deliver a more integrated customer experience across all our service channels.”
Importantly, Quick Airtime Loan highlights GTCO’s evolution as a fully diversified financial services group. Leveraging HabariPay’s Squad, the solution reinforces the Group’s ecosystem proposition by bringing together banking, payment technology, and digital channels to deliver intuitive, one-stop experiences for customers.
With this new product launch, Guaranty Trust Bank is extending its legacy of pioneering digital-first solutions that have redefined customer access to financial services across the industry, building on the proven strength of its widely adopted QuickCredit offering and the convenience of the Bank’s iconic *737# USSD Banking platform.
About Guaranty Trust Bank
Guaranty Trust Bank (GTBank) is the flagship banking franchise of GTCO Plc, a leading financial services group with a strong presence across Africa and the United Kingdom. The Bank is widely recognized for its leadership in digital banking, customer experience, and innovative financial solutions that deliver value to individuals, businesses, and communities.
About HabariPay
HabariPay is the payments fintech subsidiary of GTCO Plc, focused on enabling fast, secure, and accessible digital payments for individuals and businesses. By integrating payments and digital technology, HabariPay supports innovative services that make everyday financial interactions simpler and more seamless.
Enquiries:
GTCO
Group Corporate Communication
[email protected]
+234-1-2715227
www.gtcoplc.com
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