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AfDB Backs Tinubu’s Forex Rate Unification Policy

The African Development Bank (AfDB), yesterday in Abuja commended the President Tinubu administration for unifying the naira exchange rate, saying it would breathe air of transparency into Forex.
The bank’s president, Dr Akinwumi Adesina, said this yesterday at the 2nd Edition of Nigeria Employers’ Summit in Abuja.
The theme of the Summit is, “Trade and Non-Oil: Changing the Narratives for Rapid National Development“.
Adesina, was represented by Mr Lamin Barrow, Director-General, Nigeria Country Department of AfDB.
“The unification of the exchange rate management system is an important reform by the new administration that will enhance transparency in the allocation.
“And access to foreign exchange, as well as eliminate distortions to boost export competitiveness,” he said.
Adesina said a vibrant and competitive private sector has the potential accelerate diversification of Nigeria’s economy and boost exports.
He said the private sector development in Nigeria was however hamstrung by policy inconsistencies and implicit taxation.
The AfDB president said it was unfortunate many private sector firms in Nigeria were overburdened by implicit taxes.
Adesina said the companies provide their own electricity, sink boreholes to get access to water, and repair roads around their places of operation.
“It is therefore not surprising that foreign direct investment (FDI) inflows have decreased from 8.8 billion dollars in 2011 to only about 469 million dollars in 2022, the lowest in a decade”, he said.
He said closer collaboration and dialogue between the Federal Government and the private sector was necessary to chisel out strategies that would position Nigeria as an ideal investment destination.
He further said Nigeria could also benefit from the experience of countries that have been successful in attracting FDI into their manufacturing sectors.
“Nigeria can become a manufacturing hub in Africa if the Federal Government implements a bold strategy to take advantage of investment and market access opportunities.
“Rising labor costs and technological upgrading in countries such as China, India, and Brazil offer an excellent opportunity to developing economies, including Nigeria, to attract FDI and diversify their exports.
“Promoting trade and regional integration trade offers a great opportunity to further diversify the Nigerian economy.
“With the coming into force of the African Continental Free Trade Area, Africa is becoming more integrated, with a larger market for exports from Nigeria,” he said.
Adesina said Nigeria faced major infrastructure deficits that inhibit its ability to diversify production in the non-oil sectors.
Citing the World Bank’s 2022 Public Expenditure Review report, Adesina said that meeting Nigeria’s huge infrastructure needs required 3 trillion dollars by 2050.
He said at the current rate, it would take Nigeria 300 years to provide a minimum level of infrastructure needed for development.
Adesina, however said to change this narrative, Nigeria should mobilise the private sector for infrastructure development and service delivery.
He said this would also reduce the fiscal burden on the Federal and State governments.
According to the president, energy sector investments remain one of the most critical and urgent needs in Nigeria.
He said providing reliable and affordable energy services would make Nigeria’s industries more competitive and accelerate the country’s integration into regional and global supply chains.
“To remove the barriers to non-oil trade and exports, Nigeria must decisively fix its power sector, once and for all.
“While tapping its abundant gas resources as a transition fuel, Nigeria should invest massively in renewable energy generation, especially solar.
“Nigeria should start leveraging the platform of the 25 billion dollars Desert-to-Power initiative aimed at providing electricity for 250 million people across the Sahel, including the northern parts of Nigeria,” Adesina said.
The AfDB boss said developing regional infrastructure and putting in place the requisite trade policies were necessary conditions for tapping into opportunities in regional and international markets.
“A good starting point is the effective utilisation of Trade Agreements to which Nigeria is currently a signatory.
“Nigeria’s trade policies should prioritise the promotion of value-added exports”, he said. (NAN)
FCT-IRS Begins Tax Harmonisation
The Federal Capital Territory internal Revenue Service (FCT-IRS), has begun the process of harmonising taxes within the FCT.
The Acting Executive, FCT-IRS, Mr Abdullahi Haruna, at a Town Hall yesterday in Abuja said the initiative was meant to shape the future of the FCT.
The meeting, which was organised by the FCT-IRS, is themed, “Harmonisation Drive: Shaping our Future Together”.
According to him, the initiative is aimed at streamlining and optimising revenue collection processes across the FCT.
“This gathering serves as a testament to the power of collaboration and stakeholder engagement.
“Our harmonisation drive is an opportunity for us to unify our resources, aspirations and potentials towards creating a future that we can be proud of.
“Our journey to this future begins with understanding the legal frameworks that guide our revenue harmonisation efforts,” he said.
He said the FCT-IRS Act empowered it with the duty to collaborate with relevant stakeholders and agencies in harmonising and improving tax practices.
According to him, the initiative is aimed at optimising revenue generation efforts, while ensuring simplicity, transparency and accountability.
“By harmonising and simplifying our revenue collection systems, we can unlock the full potential of our resources and pave way for sustainable growth, improved service delivery and enhanced quality of life,” he said.
Haruna said the town hall was an opportunity to openly discuss challenges, explore innovative solutions, foster collaboration, and forge a path towards a more harmonised future for FCT.
Also speaking, the Executive Chairman, Federal Inland Revenue Service (FIRS), Mr Muhammad Nami commended the effort of the FCT-IRS towards ensuring harmonisation.
He said the process would no doubt provide solution to the challenges confronting taxation not only in the FCT but the country at large.
“As we seek to acelerate the developmental indices of our sociology economic fabric, it is expedient that revenue generating arms of government operate at optimal capacity and efficiency.
“Our tax system which reflects our federal structure comes with both its challenges and opportunities.
The autonomous nature of respective tax jurisdictions coupled with plethora of tax types and revenue collectibles across the three tiers of government makes for a complex scenario,” he said.
Nami, who is also the Chairman of the Joint Tax Board(JTB), said he was optimistic that the outcome of the meeting would be for the greater benefit of the FCT.
The Executive Secretary JTB, Mrs Nana-Aisha Obomeghie, said FCT-IRS under the current leadership had made immense stride in the revenue profile in the FCT.
She equally said the adoption of technology by the administration was equally commendable, adding that, “these innovations have simplified the tax payment processes.
“All stakeholders should therefore synergies to ensure that motorcyclists and tricyclists are registered not just for revenue purposes but for security reasons.” (NAN)
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Veritas Kapital Records N13.6bn Premium in 2025
Veritas Kapital Assurance Plc has reported an eight percent rise in Gross Written Premium to N13.6 billion in the first half of the year.Managing Director of Veritas Kapital Assurance, Dr. Adaobi Nwakuche disclosed this in a statement on Wednesday in Lagos.Nwakuche said the performance reflected strong market presence and effective distribution channels.
She noted that Net Insurance and Investment Income surged by 244 per cent to N5. 2 billion, from N1.52 billion recorded in the full year 2024.According to her, Profit After Tax reached N3.2 billion, already surpassing the company’s total earnings for the full year 2024.“These results affirm the strength of our values-driven model, built on our people’s dedication, a clear strategy, and unwavering focus on customer value,” she said.Nwakuche said Total Assets rose by 11 per cent to N37 billion from N33.1 billion in 2024, showing improved financial health and operational efficiency.She added that shareholders’ funds increased to N15.1 billion from N11.92 billion in 2024, underscoring investor confidence and sound governance.“This performance is the result of disciplined underwriting, investment optimisation, expanded digital capabilities, and strong customer-focused service delivery.“The H1 2025 results go beyond growth. They show Veritas Kapital’s evolving role as a partner in progress, delivering solutions relevant to individuals, businesses, and communities. “Each figure tells a story of protection delivered, promises honoured, and futures secured. We are building trust, not merely growing profits,” Nwakuche said.She added that as Nigeria adapts to new economic realities, Veritas Kapital is charting a course defined by agility, innovation, and intentionality.The company, she said, is investing in digital access, claims responsiveness, and talent development, while reinforcing its core values of integrity, transparency, and service.COVER
FG Disburses N5.12bn Pension Arrears to 90,689 DBS Pensioners

By Tony Obiechina, Abuja
The Federal Government has released funds for the disbursement of N5.12 billion in pension arrears to 90,689 Defined Benefit Scheme (DBS) pensioners under the Pension Transitional Arrangement Directorate.This was contained in a statement by the Head of Corporate Communications of PTAD, Olugbenga Ajayi.
He said that the directorate had finalised the disbursement of the money. The Nigeria Customs Service, the Nigeria Immigration Service, and Prisons Pension Department (CIPPD) pensioners are 8,626, received N276,032, for one-month arrears; the Police, Pension Department (PPD) pensioners are 9,681, received N619,584, for two months as arrears. The Civil Service Pension Department (CSPD) pensioners are 12,773, received N408,736, for one-month arrears, and the Parastatals Pension Department (PAPD) pensioners are 59,609, received N3,814,He said that the payment reaffirms the administration’s commitment to ensuring that pensioners receive their due entitlements in line with the Renewed Hope Agenda of President Bola TinubuAccording to the statement, the approvals align with the President’s Renewed Hope Agenda.“This move shows President Tinubu’s strong commitment to senior citizens’ welfare and marks a new era in DBS pension management,” said PTAD, Executive Secretary, Tolulope Odunaiya.Among the key measures is the immediate implementation of an extra budgetary allocation to enforce new pension rates for DBS pensioners.The President also endorsed the adoption of a proposed pension harmonisation policy, which will be incorporated into the 2026 pension budget. Additionally, health insurance coverage for all DBS pensioners has been approved, ensuring access to essential healthcare services.The proposed reforms include a new pension rate of N32,000 and incremental increases of 10.66% and 12.95% for pensioners from defunct and privatised agencies. Other components of the reform package include harmonisation of pension rates across all DBS pensioners and their enrolment into the National Health Insurance Scheme (NHIS).In June, PTAD announced the successful disbursement of N8.6 billion in pension arrears to 148,625 eligible DBS pensioners across various sectors. The payments reflect the implementation of the N32,000 pension increment approved by President Tinubu in 2024.PTAD had previously settled arrears related to the first pension increment of 20% to 28%, which came into effect in January 2024.COVER
NAF Offensive Decimates 592 Terrorists, Destroys 372 Assets in Eight Months

By David Torough, Abuja
The Nigerian Air Force (NAF) has killed no fewer than 592 terrorists and destroyed 372 enemy assets in Borno within the last eight months, surpassing the total operational gains recorded in 2024.A statement by NAF’s spokesman, Air Commodore Ehimen Ejodame yesterday said the Chief of the Air Staff (CAS), Air Marshal Hasan Abubakar, said this during a courtesy visit to Gov.
Babagana Zulum of Borno. Abubakar said the offensive had destroyed 206 technical vehicles and 166 logistics hubs in deep hostile territory, with coordinated day-and-night strikes from Gonori to Rann, Dikwa to Damboa, Azir to Mallam Fatori.He said the offensive had been boosted by the deployment of A-29 Super Tucano aircraft capable of precision and night missions, Mi-171 helicopters for medical evacuation and logistics, and enhanced intelligence, surveillance and reconnaissance platforms for round-the-clock target tracking.He added that a new Mi-35 gunship was expected to further intensify close-air support for ground troops in the theatre.“Backed by an upgraded fleet and precision night-strike capabilities, NAF aircraft executed 798 combat sorties, clocking over 1,500 operational flight hours in the Air Component of Operation Hadin Kai.“This year, our air war is faster, sharper, and more surgical.“We are taking out high-value targets, crippling their logistics, and hunting down every cell that threatens the peace of the North-East,” he said.The CAS also praised the “Borno Model” of combining community-driven non-kinetic measures with decisive military action, saying it had proven effective in the counter-insurgency campaign.He also inspected facilities at the NAF Base, met with aircrew and ground personnel, and received operational briefings.He reaffirmed the NAF’s commitment to precision air power, intelligence-led operations, and inter-agency collaboration to protect Nigerians.In his response, Gov. Zulum praised the NAF for its sustained air support in degrading terrorist capabilities and protecting communities.According to him, the NAF has been a steadfast partner in their fight against insurgency.“Your operations have saved countless lives and allowed our communities to begin rebuilding.“The people of Borno recognise your sacrifices and stand firmly behind you,” he said.