The Deputy Speaker of the House of Representatives, Mr. Benjamin Okezie Kalu, has called on stakeholders in the agriculture sector to work together to address Nigeria’s food security challenges.

Kalu made the call while speaking at the Annual General Meeting of the All Farmers Association of Nigeria (AFAN) in Abuja, where he stressed the need for unity and collective action to transform the sector.

He described agriculture as central to Nigeria’s future, noting that every job created in the sector feeds a household and keeps young people employed.

The Deputy Speaker urged farmers to organise themselves, embrace technology, and increase productivity. He also called on the government to establish a formal dialogue with agricultural leaders and develop sector-wide roadmaps.

Addressing AFAN leadership, Kalu said, “Establish a formal dialogue with the government on priority constraints. Develop sector-wide roadmaps for major commodities such as maize, rice, poultry and horticulture. Create working groups on infrastructure, finance, technology and markets. Be the architect of Nigeria’s agricultural future, not merely its commentator.”

He challenged state governments to prioritise agriculture in their budgets.

“To state governments: Allocate at least 5 percent of your budget to agricultural infrastructure. Implement the market mapping frameworks we have pioneered. Use data to target investments. Hold yourselves accountable for agricultural output and job creation in your states,” he said.

Kalu also called on the private sector to deepen its involvement in agriculture.

“To the private sector: Take risks. Invest in processing, logistics and market systems. Work with smallholders as partners, not vendors. Build the ecosystems that will make Nigeria a regional agricultural powerhouse,” he stated.

Addressing farmers directly, the Deputy Speaker said, “Organise. Embrace technology. Increase your productivity. You are not asking for charity. You are building wealth and feeding a nation. Demand the infrastructure and services you deserve.”

Kalu further reminded all stakeholders of agriculture’s importance to national stability.

“To all stakeholders: Agriculture is not marginal to Nigeria’s future. It is central. Every job created in agriculture is a household fed and a young person kept in the country rather than pushed toward cities or external migration. Every productivity gain in farming is stability in the polity,” he said.

He lamented the lack of collective resolve, despite Nigeria’s resources and policies.

“We have the resources. We have the policy environment. We have the partnerships. What we lack is unified will. Let us demonstrate that today and carry it back to our constituencies, our businesses, our farms and our communities,” Kalu explained

He concluded that the responsibility for food security goes beyond the government alone.

“The future of food security in Nigeria rests not with government alone, but with the collective action of this association and the millions of Nigerians who till the soil, trade the harvest and feed the nation,” he added.

The Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun, says economic reforms have delivered meaningful macroeconomic stabilisation, with Nigeria now entering a consolidation phase.

He stated this at the launch of the Nigerian Economic Summit Group (NESG) 2026 Macroeconomic Outlook Report in Lagos.

According to the Minister, Nigeria has transitioned from a period of stabilisation to the threshold of consolidation.

“Inflation has moderated, foreign exchange volatility has eased, reserves have strengthened, and investor confidence has improved. The emphasis now is on sustaining reforms and converting stability into growth and shared prosperity,” Edun said.

He disclosed that inflation declined from 33.18 percent in 2024 to 14.45 percent by November 2025, while GDP growth averaged 3.78 percent by the third quarter of 2025, with 27 sectors recording expansion. External reserves rose to 45.5 billion dollars, the exchange rate stabilised below ₦1,500 to the dollar, and trade surplus reached ₦19.33 trillion in the first nine months of 2025. He added that market capitalisation on the Nigerian Exchange increased by nearly 60 percent year on year.

Edun stressed that Nigeria must remain committed to reforms, warning against policy reversals.

“Nigeria cannot afford to pause or retreat. Success in consolidation will determine whether stability becomes sustained growth and productive jobs,” he said.

Addressing public concerns over Nigeria’s public debt profile, the Minister explained that the ₦152 trillion debt figure largely reflects improved transparency and exchange rate adjustments rather than excessive new borrowing.

“About ₦30 trillion reflects previously unrecognised Ways and Means advances now formally recorded. Nearly ₦49 trillion resulted from the revaluation of foreign debt following foreign exchange reforms. Nigeria’s debt-to-GDP ratio declined to 36.1 percent, one of the lowest in Africa and well below the global average,” he noted.

Edun said fiscal performance in 2025 demonstrated discipline despite revenue pressures, particularly in the oil and gas sector. He stated that the government maintained a fiscal deficit of about 3.4 percent of GDP, improved non-oil revenue mobilisation, strengthened fiscal federalism by increasing allocations to states, and achieved 84 percent capital budget execution for 2024 projects during the transition period.

Looking ahead, the Minister projected GDP growth of 4.68 percent in 2026, with inflation averaging 16.5 percent and the exchange rate stabilising around ₦1,400 to the dollar.

He also highlighted reforms aimed at improving efficiency and protecting vulnerable Nigerians, including the full digitalisation of government revenue collection, enhanced treasury transparency and central billing reforms, elimination of opaque deductions and leakages, and the implementation of a pro-poor tax law that exempts essential food items and small businesses while broadening the tax base.

Edun reiterated the government’s commitment to translating current economic gains into sustained growth, productive jobs, poverty reduction, and improved living standards for Nigerians.

The Nigeria Revenue Service (NRS) has dismissed reports claiming that Value Added Tax (VAT) has been newly introduced on banking services, describing the reports as misleading and inaccurate.

In a statement signed by the Special Adviser on Media to the NRS Chairman, Dare Adekanmbi, on behalf of the Executive Chairman, Zacch Adedeji, the Service clarified that VAT has always applied to fees, commissions and charges on banking services. It stressed that the Nigeria Tax Act did not introduce any new VAT obligation on bank customers.

The statement noted that misinformation circulating in some sections of the media had created unnecessary confusion among Nigerians.

According to the NRS, VAT has long been applicable to banking services such as electronic transfers, USSD charges, card issuance fees, account maintenance fees and other service-related charges where a fee or commission is involved.

“The Nigeria Tax Act did not introduce VAT on banking charges, nor did it impose any new tax obligation on customers in this regard,” the NRS said.

The Service explained that VAT is not charged on the actual amount of money transferred or withdrawn by customers, but only on the service charge imposed by banks.

“VAT is not charged on the amount of money transferred or withdrawn. It applies only to the service charge or commission imposed by the bank. For example, if a bank charges ₦10 for a transfer, VAT of 7.5 percent, amounting to ₦0.75, applies to that ₦10 charge and not to the amount being transferred,” the NRS added.

The NRS further clarified that interest earned on savings accounts, fixed deposits and similar bank deposits is not subject to VAT, as interest income does not qualify as a supply of goods or services under the Nigeria Tax Act, 2025.

It also reaffirmed that basic food items, essential goods, medical and pharmaceutical products, as well as educational services provided by recognised institutions, remain exempt from VAT under the Act.

Addressing public concerns, the Service stated that what has changed is not the law itself but the level of compliance and enforcement, noting that financial institutions are being reminded of their obligation to remit VAT already charged and collected from customers.

The NRS urged Nigerians to disregard false narratives and rely only on official communications for accurate and up-to-date information on tax matters, assuring the public that the Nigeria Tax Act did not introduce any new VAT burden on ordinary citizens.