Finance
N239.2 Debt: APC Demands Explanation From Akwa Ibom Governor


The Akwa Ibom State All Progressives Congress has demanded an explanation from Governor Udom Emmanuel for incurring at least 80 percent of the N239.2 billion debt.
A few days ago, the Debt Management Office had ranked Akwa Ibom as the third-highest debtor state with N239.2 billion while Lagos and Rivers states were ranked first and second, respectively.
Over 80 percent of the debt was incurred by Governor Udom, a statement signed by its APC Publicity Secretary in the state, Nkereuwem Enyongekere, confirmed.
The party questioned the rationale behind the pile of debts and accruing over N1.6 trillion without any significant infrastructural development.
According to the statement, “early this week, the Debt Management Office (DMO) revealed that our government owes the Banks a whopping N239.2 billion, the third-highest among the states in Nigeria. Over 80% of it was procured by Gov. Udom Emmanuel.
“This revelation simply highlights just how badly the governor has managed our finances since he became our chief executive. Akwa Ibom people deserve explanations on what Gov. Udom Emmanuel has done with all the resources his administration has earned.
“As a political platform that espouses probity, accountability and transparency, APC hereby calls on Mr Emmanuel to address the state immediately and give a full account of how he has spent our money. We hereby urge the elders and the people of the state to demand explanations from Gov. Udom Emmanuel on what he did to the N1.6 trillion that has accrued to the State under his watch.
“Ordinarily, debts are used by governments to finance deficits and fund infrastructural development. Lagos State, the highest debtor (N493.3 billion) is building a metro rail from Badagry to Marina, Rivers State, the second-highest debtor (N266.9 billion) is undergoing a tremendous infrastructural renaissance. Right now, five flyover bridges are being built simultaneously in Port Harcourt. But there is no such investment in Akwa Ibom State.
“There is just nothing to show for all that we have earned or borrowed. Gov. Udom Emmanuel has not completed a 10-kilometre stretch of dual carriageway any way in our state. The governor talks glibly about a syringe factory located in his Onna LGA; but who owns it? He talks about Ibom Air. Again, what is the ownership structure, and how much did the state invest in it and how much revenue is coming into the State’s coffers from it?
“As we have said before, this governor is just out of his depth. He indulges in waste of resources, reckless spending of money and setting wrong and confusing priorities. We are convinced that there are also many cases of corruption at the highest level of government.
“Just before the 2019 elections, the state government hurriedly borrowed N3.5 billion from Zenith Bank, ostensibly to install security cameras on Uyo streets. Not a single camera has been installed anywhere in our state. Not even a pin-hole camera. We have since learned that the money went into private pockets, the same way money withdrawn to finance the abandoned Ekom Iman Flyover Bridge went.
“Our resources are frittered away through unscrupulous schemes. These are some of the reasons our state continues to be stuck in an economic quagmire, while our people are crushed under a huge debt peonage that will, unfortunately, last through future generations. How sad!”
The party, however, said it would support the EFCC and other anti-graft agencies to recover all the funds allegedly stolen from the state treasury since May 30, 2015.
“We shall work with the federal authorities to bring justice to our people for the sufferings and criminal neglect they have suffered under this administration.” The statement reads
However, the Publicity Secretary of the Peoples Democratic Party, PDP in the State, Borono Bassey reacting to the APC statement, said, “even though I’m not convinced that, that is the true position of the debt standing of Akwa Ibom State, yet, Gov Emmanuel, has given an account of every kobo accruing to the state in terms of putting infrastructures in place.
“The truth remains that Gov. Emmanuel has made very result-oriented efforts in erecting development across all sectors of Akwa Ibom State economy. You can see roads scattered over the place, over 1700 kilometres of roads. But what I would like APC to do is to praise development that is happening in the state and place it side by side with the performance of the APC-led government at the centre.
“Because APC cannot be talking about debt and is completely blind to the sufferings the government has subjected Nigerians to. How would the APC government increase electricity tariff and pump price of fuel when we are struggling with a pandemic.”
Finance
Tinubu Launches Personal Income Tax Calculator to Improve Compliance, Fairness
By ORJI ISRAEL


President Bola Tinubu has launched a Personal Income Tax Calculator to help Nigerians work out their tax obligations under the new tax law.
The tool is expected to make compliance easier and improve transparency in the system.
In a post on his X page, the president said the calculator shows how the recent reforms protect low-income earners while ensuring fairness.
“A fair tax system must never punish poverty or weigh down the most vulnerable. With the new tax laws I recently signed, taking effect from January 2026, we have lifted this burden and created a path of equity, fairness, and true redistribution in our economy,” Tinubu said.
Some months ago, he signed four major tax bills into law to bring Nigeria’s scattered tax system under one framework. These include the Nigeria Tax Administration Law, which sets out a uniform process for tax administration across federal, state, and local governments; the Nigeria Revenue Service (Establishment) Bill, which replaces the current Federal Inland Revenue Service Act with a stronger, more independent revenue agency; and the Nigeria Revenue Service (NRS) and Joint Revenue Board (Establishment) Bill, which creates a formal structure for cooperation between revenue bodies at all levels.
The introduction of the tax calculator, together with these reforms, is expected to reduce confusion for both individuals and businesses, while also making it easier for them to meet their obligations and contribute to national growth.
Tinubu added that the reforms are part of building renewed hope for the economy and urged Nigerians to trust in the country’s future for themselves and their families.


The Federal Inland Revenue Service (FIRS) says that no fewer than 1,000 companies, representing 20% of total eligible firms, have begun integrating its newly launched electronic invoicing (e-invoicing) system less than two weeks after it went live.
The FIRS e-invoicing platform, which went live on August 1, 2025, after a successful pilot phase that began in November 2024, was designed to modernise Nigeria’s tax administration, curb evasion, and enhance transparency in revenue generation. It also provides the FIRS with real-time visibility into commercial transactions, ensuring authenticity and completeness of invoices.
According to a statement by Dare Adekanmbi, special adviser on Media to FIRS Chairman Zacch Adedeji, at least 1,000 companies, representing 20% of more than 5,000 eligible firms, have already adopted the system and begun integrating with the FIRS platform.
Adekanmbi noted that the initiative, also known as the Merchant-Buyer Model, will be rolled out in phases. “Large taxpayers, which are companies with annual turnover of N5 billion and more, are expected to be the first to be onboarded on the platform,” he said.
FIRS revealed that MTN Nigeria was the first taxpayer to transmit live electronic invoices to the platform, while Huawei Nigeria and IHS Nigeria have concluded test transmissions and are expected to go live soon.
The agency added that the initial compliance deadline of August 1, 2025, has been extended by three months to accommodate companies currently facing onboarding challenges. The new deadline is now November 1, 2025.
Finance
NGX Boss, Umaru Kwairanga, to Chair Business Journal Fintech Roundtable 2025
By Our Correspondent


Dr. Umaru Kwairanga, Group Chairman, Nigerian Exchange Group (NGX) will Chair the 2nd Business Journal Fintech & Financial Inclusion Roundtable 2025 scheduled for Friday, August 29, 2025 at Oriental Hotel, Lekki, Lagos. Time is 10-am prompt.
The theme of the Roundtable is: Fintech & Financial Inclusion: The Opportunities & Challenges for Nigeria.
In a statement, Prince Cookey, Publisher/Editor-in-Chief of Business Journal Media Group said the choice of Umaru Kwairanga to chair the event is a reflection of his immense and chequered journey in the Nigerian economic system over the years.
“Dr. Umaru Kwairanga is a noted player in the Nigerian economy and financial services sector. Over the years, he has carved a positive niche in driving the narrative in national policy formulation, implementation and review. He remains a worthy point of reference and role model to current and future players in the Nigerian economy.”
Alhaji (Dr.) Umaru Kwairanga, Sarkin Fulani Gombe and Group Chairman, Nigerian Exchange Group (NGX), is a notable player in the Nigerian corporate world, a thorough-bred professional and a prominent community leader in Gombe State and the North East region.
He has served at the highest levels of the banking, pension, investment, manufacturing and commercial sectors of Nigeria’s economy. He is the current Chairman of the Nigerian Exchange Group Plc, Nigeria’ oldest stock exchange and also Chairman of Tangerine General Insurance Limited.
The NGX Chairman is also a Director on the Boards of First Bank Senegal Limited, Tangerine Apt Pensions Limited and the Group Managing Director of Finmal Finance Services Limited.
He is a past Chairman of Ashaka Cement plc and previously served on the Boards of Jaiz Bank Plc, Central Securities Clearing System Plc, Lafarge Africa Plc and First Bank Mortgages Limited to mention a few.
Professionally, Alhaji Kwairanga is a Fellow of the Chartered Institute of Stockbrokers, Chartered Institute of Directors of Nigeria, the Certified Pension Institute of Nigeria and the Abuja Commodities and Securities Exchange.
He is also a Council Member of the Chartered Institute of Stockbrokers; the Chartered Institute of Directors and he is the current President of the Certified Pensions Institute of Nigeria.
Kwairanga is a holder of the prominent traditional title of Sarkin Fulani Gombe and has led several initiatives for peace and development in Gombe State and the North East region in general.
He has also been involved in policy and strategy formulation in the public sector as a Member of the Vision 2020 Committee, the Presidential Advisory Committee on the Nigerian Industrial Revolution Plan and several committees of the Securities and Exchange Commission (SEC).
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