News
VAT Hike Will Worsen Unemployment, Poverty- ABCON

Association of Bureaux De Change Operators (ABCON) has warned against the proposed increase in Value Added Tax (VAT) to 7.2 per cent from five per cent.
The group insisted that the increase would accentuate unemployment and promote poverty in the country.
The group gave the warning at a forum it tagged: ABCON Quarterly Economic Review for Third Quarter (Q3). It faulted the move to expand the VAT net and hike it, arguing that it was a conflicting strategy.
“The immediate implication is that every Nigerian will either directly or indirectly be affected by the whopping 50 per cent increase in VAT. The average VAT collection in the past six years is about N900 billion. The revenue is shared 15 per cent to the Federal Government, 50 per cent to states and 35 per cent to LGs net of four per cent cost of collection to Federal Inland Revenue Service (FIRS).
“But beyond the revenue increase of about 50 per cent, there will be other attendant consequences, such as higher inflation rate, interest rate hike, more unemployment and people will generally become poorer.
“It will increase the burden on the poor and SMEs contrary to the 2017 National Tax Policy. We also believe that seeking to expand the VAT net while also increasing VAT rate at the same time is a conflicting strategy.
“Instead ABCON review is of the opinion that the system can generate twice as much from VAT at current rate by expanding the scope of threshold and ensuring a robust administration rather than by increasing rate. A review of VAT waivers, better policing of the border to improve import VAT collection, framework for VAT on imported services and digital economy.”
The group also called for a downward review of the cash processing fees introduced by the Central Bank of Nigeria (CBN) under the cashless policy.
It stressed that though the objective of the policy is laudable, the cash processing fees will have severe impact on small businesses across the country.
“The policy stipulates three per cent processing fees for withdrawals and two per cent processing fees for lodgments of amounts above N500,000 for individual accounts while corporate accounts would attract five per cent processing fees for withdrawals and three per cent processing fees for lodgments of amounts above N3,000,000.
“While the objectives of the policy are quite laudable and developmental in nature, a major observation is the consequent effect on small and medium scale business circles in Nigeria where business confidence is still largely low. Because of this, a good volume of businesses are still largely in cash especially in the rural areas. Thus due to the likely negative effects in this critical segment of the economy, we have recommended a lower processing fees of between 0.5per cent to 0.75 per cent and one per cent to 1.25per cent for individual and business account holders.
“The impact on the general economic performance and compliance to cashless policy would be observed and analysed for further amendments.”
The group expressed concern over the rising level of the nation’s public debt, calling on the Federal Government to exercise caution and reduction in the public debt.
In its review of the BDC subsector in Q3, the group urged BDC operators to develop strategies for attracting autonomous foreign exchange as well as for boosting inter-BDC trade so as to reduce dependence on CBN intervention.
“As business confidence increases within the BDC sub-sector, traders should improve on strategies to attract autonomous foreign exchange sources as against rigid concentration of CBN intervention funds,” the group said.
News
Elumelu Tags Elon Musk, Disowns AI-Generated Scam Video

Tony Elumelu, Nigerian businessman and philanthropist, has warned about the growing dangers of artificial intelligence misuse after an AI-generated video falsely showed him promoting a forex and cryptocurrency trading platform.

Tony Elumelu,
The founder of Tony Elumelu Foundation revealed this in a post on his X account on Monday, explaining that the video appeared highly convincing but was entirely fabricated.
In the post, he also tagged Elon Musk, X owner, and Nigeria’s Federal Ministry of Communications, Innovation and Digital Economy while calling for stronger safeguards against the misuse of artificial intelligence.
“A few days ago, my team flagged an AI-generated video of me endorsing a forex and crypto platform.
“It looked and sounded remarkably real, but it was completely fake. This incident highlights a growing and serious threat to digital trust,” he wrote.
He stressed that he has no affiliation with any cryptocurrency or foreign exchange trading platforms.
“For the avoidance of doubt, I am not associated with any crypto or forex trading platforms.
“My commitment to inclusive prosperity has always been through long-term investments, building sustainable businesses, and empowering entrepreneurs,” he said.
While acknowledging the transformative potential of artificial intelligence, Elumelu urged African youths to embrace the technology responsibly and use it to develop scalable solutions.
“I strongly believe in the potential of AI. It is a defining technology of our time, and African youth must be at the forefront of adopting it to build scalable solutions. We cannot afford to be left behind in the global tech race,” he added.
The business leader, however, warned that rapid technological advancement also presents risks if not properly regulated.
“But the flip side of rapid innovation is the risk of abuse. The ease with which identities can now be cloned to deceive the public is alarming.
“Policymakers and regulators must act now to establish safeguards and hold those using it to scam innocent people accountable,” he said.
Elumelu also urged the public to remain vigilant and protect themselves from digital fraud.
“We must create a safe digital environment where true innovation can thrive without being overshadowed by fraud. Protect your hard-earned money, stay alert, and let us continue to build the Africa we deserve,” he said.
News
NITDA DG Appraised the Role of Teachers as Key to Nigeria’s Digital Transformation

By Solomon Yaji
Kashifu Inuwa, the Director-General of the National Information Technology Development Agency (NITDA), has emphasised the critical role teachers play in driving Nigeria’s digital transformation, noting that classrooms will be central to shaping the country’s technology-driven future.

Inuwa made the remark during a stakeholders’ dialogue organised by the Development of Educational Action Network Initiative (DEAN) in Abuja.
Speaking on the theme “Nigeria’s Current Digital Landscape: Our Reality and Its Practical Connection to Education,” the NITDA DG, who was represented by the agency’s Director of Stakeholder Management and Partnerships, Dr. Aristotle Onumo, said the rapid expansion of the digital economy is reshaping the education sector and redefining the role of teachers in modern learning environments.
He explained that while digital technologies have created unprecedented access to information and opportunities for students, they also present challenges that require guidance and responsible use.
According to him, teachers must go beyond the traditional role of knowledge transmission to become mentors who help students navigate the digital world safely and responsibly.
“Teachers are no longer just instructors; they are now guides who help students identify credible information, avoid harmful online content, and develop responsible digital behaviour,” he said.
Inuwa added that educators must cultivate critical thinking among students while equipping them with the skills needed to thrive in an increasingly technology-driven society.
He reaffirmed NITDA’s commitment to advancing digital literacy nationwide through initiatives such as the Digital Literacy for All programme and partnerships with educational institutions aimed at strengthening teachers’ digital capacity.
The NITDA boss stressed that empowering teachers with digital skills is vital to preparing Nigerian students for the future workforce and ensuring the country remains competitive in the global digital economy.
Nigeria is currently pursuing an ambitious digital literacy agenda, targeting 70 per cent digital literacy by 2027 as part of broader efforts to build a knowledge-driven economy powered by innovation and technology.
Earlier in his remarks, the Executive Director of DEAN Initiative, Semiye Michael, said the workshop was designed to re-engineer teachers’ capacity in line with the realities of the digital economy.
“We need to strengthen teachers’ competence and provide them with access to the necessary digital infrastructure,” Michael said, adding that the engagement would help shape policies that support technology-driven learning in Nigerian schools.
He described the workshop as an “awesome experience,” noting that ideas generated during the session would be consolidated into a policy guide for the ministry and other relevant agencies.
Michael further noted that strengthening teachers’ digital capacity would be vital to enhancing Nigeria’s competitiveness in the global knowledge economy.
The event attracted key stakeholders from the Federal Ministry of Education, Nigerian Communications Satellite Limited (NIGCOMSAT), as well as private sector experts.
News
Amnesty Poll: 97% of Nigerians Doubt Judicial Independence

A new Amnesty International poll exposes stark public distrust in Nigeria’s judiciary, with nearly 97% of respondents believing judges face external influence and lack independence in their duties.

Amnesty International
Shared on social media by Amnesty International Nigeria, the poll asked if Nigerian judges operate freely. An overwhelming majority answered “No,” with only a tiny fraction expressing confidence amid fears of pressure from political actors or powerful interests.
Judicial independence underpins democratic governance, enabling impartial rulings based on law alone. In Nigeria, doubts have intensified after controversial decisions in high-stakes political cases.
While not a scientific survey, the findings echo civil society demands for reforms to boost transparency, accountability, and trust. Advocates stress that bolstering court autonomy is vital for upholding the rule of law and citizens’ rights nationwide.
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