News on the Go: 5 things that should matter to you today

• Labour tables fresh 20-point demand on May Day
• SEC flags Tofro.com as suspected ponzi scheme
• Civil servants earning below N1 Million to enjoy tax exemption

We have highlighted the five most important developments in the news today, Friday, May 2, and present them below.

5 issues in the news that should matter to you today

1. Labour tables fresh 20-point demand on May Day: As workers marked May Day 2025 at Eagles Square in Abuja and across Nigeria on Thursday, May 1, organised labour made a bold move by presenting a new 20-point demand to the Federal Government. 

The Nigeria Labour Congress (NLC) and Trade Union Congress (TUC) called for tax reductions, improved retirement benefits, and a reversal of the emergency declaration in Rivers State. 

Other key demands include adjusting salaries, scrapping proposed Tax Bills, slashing telecom tariffs from 50% to 35%, and raising the retirement age for all civil servants to 65. 

2. NELFUND dismisses allegations of student loan fund misuse: The Nigerian Education Loan Fund (NELFUND) has strongly denied recent claims of misappropriation within the student loan scheme. 

In a statement by its Director of Strategic Communications, Oseyemi Oluwatuyi, NELFUND expressed concern over what it called dangerous and speculative narratives, insisting that no funds have been mismanaged. 

3. SEC flags Tofro.com as suspected ponzi scheme: The Securities and Exchange Commission (SEC) has warned Nigerians about a suspected illegal investment platform, Tofro.com. 

Describing it as a potential Ponzi scheme disguised as a cryptocurrency trading service, the Commission stated that Tofro is not registered and exhibits signs typical of fraudulent operations. 

In a notice issued to the public, the SEC urged investors to stay vigilant and avoid being lured by promises of unrealistic returns.

4. AfDB commits $650 million annually to support Nigeria’s economy: The African Development Bank (AfDB) has unveiled a new five-year Country Strategy Paper for Nigeria, pledging $650 million annually from 2025 to 2030. 

The plan aims to stimulate economic transformation, build resilience, and promote inclusive growth. 

In its announcement, the Bank said $2.95 billion will be invested over the first four years, alongside $3.21 billion expected from co-financing partners.

5. Civil servants earning below N1 Million to enjoy tax exemption: Senator Sani Musa, the Chairman of the Senate Committee on Finance, has disclosed that Nigerian civil servants earning less than N1 million annually will soon be exempt from paying taxes. 

Speaking in Minna after the Workers’ Day celebration, he revealed that this provision is included in the upcoming tax reform bills, which are set to be presented to the National Assembly next week.