Economy

Imo Governor Projects $1tn Gain from Economic Summit

Published

11 months ago

November 25, 2025

Imo Economic Summit aims to generate $1tn, with global leaders and initiatives to boost investment, tourism, and infrastructure in the state.

The Governor of Imo State, Hope Uzodimma, announced in Owerri on Monday that the state expects to generate $1 trillion from the forthcoming Imo Economic Summit, positioning the region for significant economic growth.

Also read: Imo Governor bypasses NJC, faces PDP backlash over corruption, lawlessness

The disclosure was made at the Government House Banquet Hall following the Feast of Christ the King, according to a statement from the Chief Press Secretary/Special Adviser on Media to the Governor, Oguwike Nwachuku.

Uzodimma outlined plans to launch the state’s economic agenda through the Global Economic Summit and Tourism Revival Projects, which aim to reposition Imo State as a major national and international hub.

The summit, scheduled for the first week of December in the state capital, will host high-profile figures including a former United Nations Secretary-General, a former British Prime Minister, the President of Nigeria, and several African heads of state.

The governor emphasised the importance of electricity infrastructure, criticising individuals obstructing the ongoing Light Up Imo Project.

He pledged that decisive steps would be taken within the week to link the state’s completed power infrastructure to the national grid.

“We cannot spend billions on power infrastructure and fail to distribute electricity to our people,” Uzodimma said.

In addition to economic initiatives, the governor highlighted cultural programmes, including the Ahiajoku Lecture Series, a long-standing festival established by former Governor Sam Mbakwe.

He described it as a key tourist indicator and a component of Imo’s broader economic strategy.

Uzodimma also warned against vandalism of public property and political interference, urging citizens to act responsibly and prioritise the state’s collective interests.

He noted that functional public services—including schools, hospitals, and transport infrastructure—are essential for sustainable prosperity.

“If our schools and hospitals work, a civil servant can run a household comfortably,” he said.

The governor concluded by appealing to the people of Imo State to unite behind these initiatives.

Also read: Rotary Club of Ikeja Township Celebrates Charter

He stressed that the economic summit and associated projects are intended not only to attract investment but also to restore the state’s reputation for excellence and cultural leadership.

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Economy

NRS Assures Taxpayers VAT Remains at 7.5% Amid Tax Reform Concerns

Published

16 hours ago

October 27, 2026

Peculiar Adirika

NRS VAT rate remains 7.5%, the agency says, while addressing concerns over bank deductions, loans and the implementation of Nigeria’s tax reforms

The Nigeria Revenue Service (NRS) has assured taxpayers that Nigeria’s standard Value Added Tax (VAT) rate remains 7.5 per cent, while addressing concerns over the implementation of the country’s new tax reforms.

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The assurance was given by the Tax Administrator responsible for Kano, Jigawa and Katsina states, Samaila Abdullahi, during an NRS stakeholders’ engagement and tax reform sensitisation programme in Kano.

Abdullahi said concerns raised by individuals, traders, business owners and other stakeholders about the new tax laws were understandable, particularly questions relating to bank transactions, loans, family transfers, business income and the potential impact on small businesses.

He urged taxpayers to understand the reforms through the provisions of the law rather than rely on assumptions or misinformation.

According to him, the tax laws do not automatically authorise deductions from personal bank accounts.

He stressed that tax collection and recovery must follow the applicable legal provisions and procedures.

Abdullahi also clarified that money received as a loan should not automatically be classified as business income or profit, explaining that proper documentation is essential to establish the nature of a transaction.

“For instance, when a trader receives a loan of N500,000, the amount should not automatically be treated as N500,000 in sales or profit, provided the transaction is properly documented,” he said.

The NRS official’s comments were aimed at addressing public concerns about how the new tax framework would affect personal finances and business transactions.

He emphasised the importance of distinguishing between taxable business receipts and other funds, such as documented loans, when determining a taxpayer’s obligations.

The clarification comes amid heightened public interest in Nigeria’s tax reforms and questions about their implications for individuals, traders and small businesses.