News Agency of Nigeria
Tax Reform Bills: Customs duties beyond revenue collection– expert

Tax Reform Bills: Customs duties beyond revenue collection– expert

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By Martha Agas

A customs and tax expert, Mr Okey Ibeke, says the duties of the Nigeria Customs Service (NCS) is not only limited to revenue collection but involves highly technical operations.

Ibeke stated this on Thursday in Abuja, following a public hearing on tax reform bills organised by the Special Committee on Tax Reform Bills on Wednesday.

He described the NCS as a specialised agency requiring advanced skills to effectively carry out its functions, adding that the proposed tax reforms could undermine its other specialised and critical operations.

The News Agency of Nigeria (NAN) reports that the proposed reform bills include the Nigeria Tax Bill, Nigeria Tax Administration Bill, Nigeria Revenue Service Establishment Bill, and Joint Revenue Board Establishment Bill.

The Comptroller-General (C-G) of the NCS, Adewale Adeniyi, had stated that the proposed tax reforms aligned with President Bola Tinubu’s commitment to an efficient tax system for the country.

Ibeke, however, said that the reform if passed in situ could jeopardise the customs service’s ability to perform its core functions.

He expressed concern that designated revenue agencies may lack the technical expertise, specialised workforce and training to handle the assigned operation of the NCS.

According to him, these agencies might struggle to detect undervalued or misclassified goods, potentially leading to the acceptance of inaccurate importer declarations.

“Customs involves classifying cargo, understanding tariff classifications, and conducting customs valuations.

“Without the expertise to classify cargo and determine the applicable duty rates, there will be significant challenges. Only well-trained customs personnel can effectively perform these functions,” he explained.

He added that NCS operations require applying Rules of Origin (RoO), which is essential for determining a product’s original source.

RoO, he said, is critical for assessing the value of imports, calculating appropriate revenue, and identifying fraudulent practices.

He said that these are tasks that general tax administration systems could be ill-equipped to handle.

Ibeke warned that passing the bills without necessary adjustments could render the NCS redundant and negatively impact revenue generation.

“Is the Federal Government planning to dismantle the customs service? Will they employ customs officers to work in the new agency? Will they create offices for them within the agency?

“ This could lead to confusion. Ultimately, the government, which aims to maximise revenue, stands to lose the most,” he said.

Ibeke pointed out that the NCS has already made significant strides in modernising its operations through its Trade Modernisation Project.

“The deployment of the ‘B Odogwu’ software, for instance, has contributed to increased revenue collection and positioned the service to surpass its 2025 revenue target,“ he said.

He urged the Federal Government to increase funding for the NCS to address revenue collection challenges rather than repealing the 2023 NCS Act, which took over eight years to pass into law.

“The NCS has established infrastructure and is leveraging technology to facilitate trade. Repealing the Act now will undermine these efforts and hinder progress,” he said.

NAN reports that during the public hearing, the C-G emphasised the importance of ensuring that the final bills do not contradict the Act, thereby preserving the agency’s core functions and operational efficiency.

Ibeke called for a balanced approach that would strengthen Nigeria’s tax system without compromising the critical functions of the existing critical revenue agencies. (NAN)(www.nannews.ng)

Edited by Ismail Abdulaziz

FG’s economic reforms will yield positive result- VC

FG’s economic reforms will yield positive result- VC

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By Funmilayo Adeyemi

The Vice-Chancellor of the African School of Economics, Prof. Mahfouz Adedimeji, has predicted that the various economic reforms introduced by the Federal Government will soon yield positive results.

 

Speaking at the school’s second edition of its Public Lecture on Thursday in Abuja, Adedimeji said the reforms would soon have a multiplier effect on the economy.

 

“One of the things that we see in the economy now is that the currency is gaining more value against the dollar. We can also see that the price of fuel has reduced.

 

“So the only hope is that there will be a reflection of that in the remaining sectors of the economy.

 

“The optics are good as they stand, and one has every reason to be confident that Nigeria’s economy will pick up as a result of the reforms the Federal Government has put in place,” he said.

 

Adedimeji explained that the lecture was organised to draw insights from other parts of the world to advance Nigeria’s economy.

 

“The primary problems that human beings face are economic in nature; what to eat, what to wear, and where to live.

 

“As a way of advancing discourse on solving our economic problems and addressing our economic challenges, we brought in an Irish economist to talk to us about ways to solve these issues,” he said.

 

Susan HayesCulleton, from Ulster University, Northern Ireland, while delivering her lecture on “Economic Growth Models: The Ireland Experience”, urged Nigeria to develop the entrepreneurial capacity of its people to foster economic growth.

 

HayesCulleton said it was time for Nigeria to learn from Ireland by improving the efficiency of businesses to make them more sustainable.

 

She added that partnerships were also essential to overcoming the challenges of a changing environment while building international relationships.

 

“The Irish people and the Irish business culture look outward and engage with their diaspora, and Nigeria has a huge capacity to do the same.

 

“They can also achieve this by enabling people to become proficient in Artificial Intelligence (AI) to enhance website development, e-commerce, and other business ventures.

 

“So there are plenty of opportunities for Nigeria to leverage its population and, of course, collaborate with Ireland for mutual benefit,” she said.

 

She encouraged Nigeria to embrace AI in developing sustainable energy sources by upskilling its people to provide solutions to emerging challenges.

 

“A significant challenge that we face as business leaders in relation to AI is twofold.

 

“First, energy consumption, we need to develop more sustainable energy sources to power AI operations.

 

“Secondly, we must ensure that people are adequately upskilled to manage and maximise the potential of AI.

 

“AI is a new development, but we must consider how we can build our capacity to train AI while also strategically and ethically integrating it into our businesses.

 

“In addition, we need to align technological advancements with workforce productivity so that society as a whole benefits,” she added. (NAN)(www.nannews.ng)

Edited by Tosin Kolade

Governors meet over tax reform, others

Governors meet over tax reform, others

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By Emmanuel Oloniruha

The 36 state governors, under the aegis of the Nigeria Governors’ Forum (NGF), are meeting in Abuja to discuss tax reform and other national issues.

The News Agency of Nigeria (NAN) reports that the meeting is chaired by the forum’s chairman, Gov. AbdulRahman AbdulRazaq of Kwara.

Governors from Oyo, Anambra, Bauchi, Jigawa, Lagos, Ogun, Abia, Ebonyi, Bayelsa, and Akwa Ibom are in attendance.

Also present are the deputy governors of Kaduna and Zamfara.

Speakers of State Houses of Assembly are also attending the meeting.

At its Jan. 17 meeting with the Presidential Committee on Fiscal and Tax Reforms, the NGF endorsed a revised Value Added Tax (VAT) sharing formula.

The proposed formula allocates 50 per cent based on equality, 30 per cent on derivation, and 20 per cent on population.

On Wednesday, the Federal Government inaugurated 50 newly appointed Tax Appeal Commissioners to strengthen economic reforms and revenue generation.

The Minister of Finance and Coordinating Minister of the Economy, Mr Wale Edun, underscored the commissioners’ vital role in enhancing revenue collection.

He highlighted the importance of the Tax Appeal Tribunal (TAT) in ensuring fair tax dispute resolution, fostering investment, and promoting a business-friendly environment. (NAN) (www.nannews.ng)

Edited by Abdulfatai Beki / Kamal Tayo Oropo

ACF ’ll unveil position on tax reform bills soon– Sec.-Gen.

ACF ’ll unveil position on tax reform bills soon– Sec.-Gen.

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By EricJames Ochigbo

Abuja, Feb. 5, 2025 (NAN) Arewa Consultative Forum (ACF) says it will soon made known its position on the Tax Reform Bills forwarded to the National Assembly by President Bola Tinubu in October 2024.

Secretary-General of ACF, Mr Muritala Aliyu, stated this in an interview with the News Agency of Nigeria (NAN) in Abuja on Wednesday.

NAN reports that the ACF is a quasi-political and socio-cultural organisation seeking to promote the political interest of the people of the northern part of the country.

NAN also report that the tax reform bills are: Nigeria Tax Bill, Tax Administration Bill, Nigeria Revenue Service Establishment Bill and Joint Revenue Board Establishment Bill.

The bills seek to provide fiscal framework as well as clear and concise legal frameworks for all the taxes in the country and reduce disputes in tax administration.

Aliyu acknowledged the need for tax reforms as a way of expanding the tax net and ensuring effective tax collection in the country.

“We agree that the tax system needs to be reviewed, re-evaluated and reformed. We believe that people should be taxed appropriately because a lot of people don’t pay tax.

“We also believe that there should be more efficiency in collection of taxes. We are forward to a mechanism within the tax system that will be able to allocate resources on the basis of consumption and derivation principle,” he said.

The secretary-general said that the forum was concerned about the operationalisation of some of the clauses in the bills when they were eventually passed into law.

He said that the derivation clause in the bill did not capture the interest of the north, while the one on family capital gain tax dealing with inheritances did not align with the existing Islamic principles practiced by Muslims in the north.

“On the tax controversy, we have a committee headed by former Gov. Mohammed Makarfi of Kaduna State, alongside some experts in finance and taxation, academicians and lawyers to look at the bills and come up with recommendations.

“We have the report and we have submitted it to the northern caucus in the National Assembly, both Senate and the House of Reps and the Northern Governors’ Forum; we have also given copies to the traditional institution.

“By the end of this week, the report should be available to the media. These are some of the things we are doing to address some of the challenges in the country,” he said. (NAN)

Edited by ‘Wale Sadeeq

FG approves .07bn for health sector reform

FG approves $1.07bn for health sector reform

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By Salif Atojoko

The Federal Executive Council (FEC) has approved 1.07 billion dollars for healthcare sector reforms under the Human Capital Opportunities for Prosperity and Equity (HOPE) programme.

The Federal Government also approved a N4.8 billion allocation for HIV treatment.

Mr Wale Edun, the Minister of Finance and Coordinating Minister of the Economy, said while addressing State House correspondents after the Federal Executive Council (FEC) meeting on Monday.

He said the International Development Association (IDA) provided two concessional loans of 500 million dollars each, alongside 70 million dollars in grant funding from other international bodies.

Prof. Muhammad Pate, the Coordinating Minister of Health and Social Welfare, said the HOPE programme aligned with the administration’s agenda to strengthen human capital development.

“The funds will be directed toward improving governance in healthcare and enhancing primary healthcare services nationwide.

“This financing will support recruitment, training, and retention of healthcare workers and teachers at the subnational level,” Pate said.

He added that 500 million dollars was dedicated to expanding the quality, utilisation and resilience of the primary healthcare system, including emergency maternal and child health services.

“As part of broader healthcare reforms, the council also approved N4.8 billion for the procurement of 150,000 HIV treatment packs over the next four months.

“This initiative underscores the federal government’s commitment to providing life-saving treatment and reducing healthcare costs for vulnerable populations,” he said. (NAN) (www.nanews.ng)

Edited by Oluwole Sogunle

Stakeholders advocate data-driven economic reforms

Stakeholders advocate data-driven economic reforms

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By Rukayat Moisemhe

Some stakeholders on Thursday called for data-driven economic reforms with measurable outcomes to enhance the country’s Ease of Doing Business (EoDB) ranking.

They made the call during the January9Collective (J9C) 13th Anniversary Lecture in Lagos.

The News Agency of Nigeria (NAN) reports that the event was themed: ‘Business and Policy Strategy: Examining the Role of Reform in Enhancing the Ease of Doing Business in Nigeria’.

Prince Adewole Adebayo, the 2023 presidential candidate of the Social Democratic Party, urged the Federal Government to implement more fiscal reforms.

Adebayo noted that such reforms should facilitate economic growth, improve efficiency, and foster economic stability.

He suggested the metering of oil wells to ensure accurate revenue generation.

He emphasised that the government must engage with businesses at regulatory intersections to enhance the ease of doing business and implement reforms to strengthen the legal system.

“The Nigerian government must look inwards, define the desired trajectory for the country, and carry out reforms based on that vision.

“The first reform should ensure that rules are not set by players but are enforced by independent entities. Businesspeople must approach the government for general regulations rather than specific ones.

“Economic reforms without political reforms are ineffective, as politics dictate the economy.

“For ease of doing business, we must also separate regulators from those they regulate and ensure economic crimes are punishable,” he said.

Adebayo further highlighted the need for transparency in land matters.

Dr Kayode Onafowokan, Chairman of Coleman Wires and Cables, described the event’s theme as reflective of efforts to promote professionalism, entrepreneurial excellence, honour, and integrity.

He called for increased investments in agriculture, food processing, industrial raw materials, building materials, and information and communication technology (ICT).

“Investment decisions are not sentimental; globally, the primary consideration is to invest where returns are guaranteed, though not taken for granted.

“Equally crucial is succession planning, which is vital for aspiring entrepreneurs.

“Founders of Nigerian businesses should encourage their children to engage with the institutions they have built to ensure sustained growth and continuity,” he said.

Mr Ugodre Obi-Chukwu, Founder of Nairametrics, underscored the importance of leveraging data for decision-making in reforms.

He noted that the difference between developing and developed economies lies in their ability to access and utilise data, adding that businesses that effectively harness data tend to outperform those that do not.

“Tax incentives are critical to encouraging both local and foreign direct investment in Nigeria.

“To increase foreign direct investment, the groundwork must include addressing the fiscal deficit, implementing foreign exchange reforms, and ensuring exchange rate stability changes that may materialise this year,” he said.

Mr Segun Ajayi-Kadir, Director-General of the Manufacturers Association of Nigeria, urged the government to view manufacturing as pivotal to driving economic growth.

He called for policies to promote industrial development, incentivise private sector participation, and facilitate intersectoral engagement.

“It is essential to pass the four pending tax bills urgently and revise electricity tariffs to reflect actual consumption.

“We also urge the Central Bank of Nigeria to redeem the outstanding 2.4 billion dollars in foreign exchange obligations,” he said.

Mrs Toki Mabogunje, a former President of the Lagos Chamber of Commerce and Industry, stressed the need to modernise reforms and ensure their proper implementation and enforcement.

She noted the role of sub-national governments in driving the ease of doing business.

“We must harness the value chain of Small and Medium Enterprises (SMEs) to compete globally, aggregate the mining sector, and unlock exports, particularly non-oil exports,” she said.

Mr Adedeji Popoola, Founder of Fina Trust Microfinance Bank, emphasised the importance of SMEs internalising business processes and maintaining proper documentation to enhance financial inclusion.

He also called on the government to address insecurity to foster inclusive economic development.

Mr Kingsley James, Captain of J9C, stated that the group, established in 2012, aims to consistently examine the Nigerian polity and offer solutions through dialogue and engagement. (NAN)(www.nannews.ng)

Edited by Ijeoma Popoola

Are the tax reform bills elixir for Nigeria’s economy?

Are the tax reform bills elixir for Nigeria’s economy?

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By Kadiri Abdulrahman, News Agency of Nigeria (NAN)

 

President Bola Tinubu transmitted four tax reform bills to the National Assembly.

The bills are the Nigeria Tax Bill 2024, the Nigeria Tax Administration Bill, the Nigeria Revenue Service Establishment Bill, and the Joint Revenue Board Establishment Bill.

They are expected to overhaul tax administration and revenue generation in Nigeria.

The tax reform bills are products of the Taiwo Oyedele-led Presidential Committee on Fiscal Policy and Tax Reforms inaugurated in August 2023, two months after Tinubu’s assumption of office.

From the onset, Tinubu had made it clear that tax reforms were a major focus of his administration, in order to lay a strong fiscal and revenue foundation for sustainable economic growth.

The bills seek to outline all taxes in the country hitherto administered by different laws and compress them into a single law.

They gave the Nigeria Revenue Service, which is expected to succeed Federal Inland Revenue Service (FIRS), powers to collect all national taxes.

However, shortly after the bills were presented to the National Assembly, diverse reactions and controversies started to trail them.

Some argue that the reforms are necessary to modernise the tax system, improve revenue collection, and support economic growth.

They point to the potential benefits of a simplified tax code, reduced tax rates, and increased investment incentives.

However, critics express concerns about potential negative impacts on businesses and individuals.

They argue that the reforms could increase the tax burden on certain sectors, discourage investment, and exacerbate income inequality.

The proposed changes to Value Added Tax (VAT) distribution have also sparked debate, with some regions expressing concerns about potential revenue losses.

The Northern Governors Forum is one group that kicked against the bills.

In a communique read by the forum’s chairman and Governor of Gombe state, Mohammed Yahaya, the governors specifically opposed the proposed amendment to the distribution of VAT to a derivation-based model.

They said that the proposed tax bills were not in the interest of the North and other sub-nationals.

“The contents of the bills are against the interests of the North and other sub-nationals, especially the proposed amendment to the distribution of VAT,” he said.

Yahaya said that the forum unanimously rejected the proposed tax amendments and called on members of the National Assembly to oppose the bill.

He called for equity and fairness in the implementation of all national policies and programmes to ensure that no geopolitical zone is marginalised.

The Borno State Governor, Prof. Babagana Zulum, said that if the reforms passed through the National Assembly, states would be disadvantaged, with Lagos State being the principal beneficiary.

Northern senators also called for the suspension of further legislative action on the bills, which have passed second reading in the Senate.

The lawmakers made the demand, citing potential adverse effects on Northern states.

Sen. Ali Ndume (APC-Borno), said that the Northern senators met with their governors and other leaders and agreed to advise for the withdrawal of the tax reform bills for further consultations.

Ndume said that it was in line with the suggestions of traditional rulers and the National Economic Council (NEC), adding that state assemblies in the region would also voice out their objections.

He said that some provisions in the bills clashed with the Nigerian constitution and would not stand.

The controversies around the bills have resulted to delay in them getting legislative attention.

The House of Representatives had earlier suspended debate on the bills due to public outcry and resistance from some Northern lawmakers.

The lawmakers who rejected the bills included 48 members from the North-East, 24 from Kano, and a former Governor of Sokoto State, Sen. Aminu Tambuwal, who represents Sokoto South Senatorial District.

The presidency, however, said that the four tax reform bills were not against the interest of the North or other regions.

Presidential Spokesman, Mr Bayo Onanuga, said that the reforms were designed to streamline tax administration and promote equitable economic development across the country.

Onanuga refuted claims that the bills recommended the dissolution of key federal agencies, like the National Agency for Science and Engineering Infrastructure (NASENI), Tertiary Education Trust Fund (TETFUND), and National Information Technology Development Agency (NITDA).

“Since the public debate around the transformative tax bills began, various political actors and commentators have tried to obfuscate the facts, deliberately misinforming and misleading the public.

“Unfortunately, most reactions are not grounded in facts, reality, or sufficient knowledge of the bills.

“While some commentators have attempted to incite the people against lawmakers, others have polarised one section of the country against another.

“The tax reform bills will not make Lagos or Rivers more affluent and other parts of the country poorer, as recklessly canvassed,” he said.

According to him, the bills will not destroy the economy of any section of the country.

“Instead, they aim to enhance the quality of life for Nigerians, especially the disadvantaged, who are trying to make a living,” Onanuga said.

Also, the Director-General, National Orientation Agency (NOA), Lanre Issa-Onilu, said that the bills were not to oppress any region in the country.

Issa-Onilu said that they would ensure fiscal discipline and tax harmony, adding that they will harmonise taxation and prevent multiple taxation.

He urged members of the public to access the documents to critically peruse them before making comments in order not to misconstrue the whole essence of the reforms.

According to Uche Uwaleke, a Professor of Capital Market and the President of Capital Market Academics of Nigeria,
the proposed tax reforms represent a welcome development that will boost the capital market.

Uwaleke said that section 56 of the bills proposed a gradual reduction in the income tax on total profits of a company from the current 30 per cent to 27.5 per cent in 2025 and to 25 per cent from 2026.

“This reduction will go a long way in improving shareholders’ wealth and valuation of companies listed on the exchanges.

“In addition, what is considered as the threshold for small companies exempted from income tax has been increased from N20 million per annum, to a maximum gross turnover of N50 million per annum.

“It bears repeating that the reduced income tax rates and other generous incentives to small businesses will most likely spur business activities, and create more job opportunities essential for the growth of the capital market,” he said.

He said that one of the objectives of the bills was to simplify tax administration and reduce the number of taxes from over 60 to a single digit.

He said that this would go a long way in improving the ease of doing business in Nigeria, and also rub-off positively on the bottom line of listed companies.

“It is pertinent to note that the bills contain a number of tax incentives capable of uplifting the capital market.

“All said, the capital market in Nigeria needs fiscal incentives to gain traction.

” The implementation of the proposed tax reforms, as contained in the tax bills currently before the National Assembly, will help provide the needed elixir for the Nigerian capital market,” he said.

As the controversies rage, experts agree that the success of these tax reforms will depend on careful implementation and addressing the concerns of various stakeholders.

They suggest that finding a balance between revenue generation and economic growth will be crucial for their long-term effectiveness.(NANFeatures)

**If used, credit the writer and the News Agency of Nigeria (NAN)

Ahead of midterm, emerging signs favourable for Tinubu administration

Ahead of midterm, emerging signs favourable for Tinubu administration

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By Bayo Onanuga

Although the Tinubu Administration’s midterm is five months away, President Bola Ahmed Tinubu can proudly reflect on his administration’s journey over the last 19 months.

After initial turbulence, the government concluded 2024 stronger than 2023, as many policies began yielding significant results that even the most ardent detractors could not ignore.

Under President Tinubu’s leadership, NNPC Limited has fixed two of the four state-owned oil refineries, achieving what many had cynically regarded as improbable.

The administration’s efforts have led to a rise in crude oil production, with an expected inflow of more dollars into the Federation Account and remarkable accretion into the foreign reserves.

The government remains focused on gas development, attracting investors’ interest.

Dollars have flowed into the country through fresh investments in several sectors.

The administration created an innovative Ministry of Livestock Development to unlock the previously untapped potential in animal husbandry, steering the country from tragedy to opportunity.

The lucrative stock market ended the year on a high note, breaking its initial record under the Tinubu presidency.

The All Share Index hit over 103,000 from 55,738 on May 30 2023; Market capitalisation is over N63 Trillion.In the last 19 months, local and foreign investors have invested unprecedented amounts in the market.

The government is also expanding the national road infrastructure stock by building legacy superhighways from Lagos to Calabar and Sokoto to Badagry.

The administration’s successful euro bond issuance of $2.2 billion notably attracted over $9 billion in interest, while a domestic dollar bond of $500 million was oversubscribed. These developments indicate confidence in the Nigerian economy.

Revenue generation has increased, and all tiers of government received more funds to spend on the welfare of Nigerians, including the 774 local councils that recently won financial autonomy.

November and December 2024 proved especially remarkable. Shell and Partners announced an estimated $5 billion investment in the Bonga North oil field.

Brazil’s JSB, one of the world’s leading integrated livestock companies, announced a $2.5 billion investment in livestock development in Nigeria, with some officials flying into the country to actualise the pledge.

Fuel prices began to decrease amid competition from local refineries, supporting President Tinubu’s belief that market forces would lower the prices of consumer goods to benefit Nigerians.

For the first time in our history, the proposed 2025 budget included no provision for a fuel subsidy.

There was no scarcity, too. Instead, the government has proposed more funds for capital expenditure, health, education, and national security in the record-breaking N49.7 trillion budget.

Critics remain silent as positive indicators continue to emerge.

Not an accidental president, Tinubu took office on May 29, 2023, with a clear vision for Nigeria: to renew hope through a programme of action to foster economic diversification, stability, and prosperity and build a trillion-dollar economy.

He has implemented many of his campaign promises and those in his Renewed Hope Agenda.

Although unintended consequences have emerged, temporarily affecting the well-being of all Nigerians, the administration is working hard to ameliorate the burden on the masses.

President Tinubu consistently implements reforms, daring to confront headlong the country’s many hydra-headed socio-economic problems and committing to the transformative change the country urgently requires. Posterity will be kind to him and remember his era as a reform-minded leader.

Positive signs continue to emerge: apart from declining fuel prices, the country recorded foreign trade surpluses for three consecutive quarters, foreign reserves are rising, and the Naira is gaining strength against the US dollar.

One notable achievement of President Tinubu’s tenure is fulfilling his promise to implement a student loan programme.

This initiative financially supports students, ensuring that higher education is accessible to all, regardless of economic background.

Investing in the education sector, the administration aims to empower the youth and equip them with the skills needed for Nigeria’s future growth.

In addition to the student loan scheme, President Tinubu has advanced the consumer credit initiative, another campaign promise, and plans to deepen it in the first quarter of 2025.

Promoting access to credit is part of the administration’s broader strategy to stimulate consumption, drive entrepreneurship, and boost the domestic economy.

On his first day in office, President Tinubu decisively eliminated the fuel subsidy, which had long burdened Nigeria’s economy.

While the initial removal triggered higher fuel prices, the market is now experiencing a downward trend.

This development illustrates the administration’s commitment to market-driven pricing and economic efficiency, which should benefit public investment in critical sectors in the long term.

The administration introduced electric vehicles and Compressed Natural Gas (CNG) as alternatives to reduce Nigerians dependency on petrol.

In the past 12 months, more Nigerians have converted their vehicles to CNG, spurred by government and private sector investment, thus a new industry is gradually unfolding, creating new jobs along the value chain whilst promoting a cleaner environment.

Another bold economic reform was unifying Nigeria’s multiple exchange rates, which previously caused economic distortion, criminal arbitrage, and speculation.

Following an initial depreciation, the Naira has stabilised against the US dollar, reflecting increased investor confidence and a more transparent foreign exchange policy.

Investment inflows further testify to the positive impact of President Tinubu’s policies. The oil, gas, and solid minerals industries are experiencing renewed interest and investment.

These sectors are crucial for enhancing Nigeria’s export capacity and creating jobs, thus driving economic diversification and growth.

Moreover, Nigeria’s foreign reserves have shown a promising increase, bolstered by improved trade balances and strategic monetary and fiscal management.

Looking ahead to 2025, President Tinubu plans to introduce what could be his most transformative reform yet—tax restructuring.

With four bills before the National Assembly, the proposed reform seeks to streamline tax systems and administration in Nigeria to promote better investment and a friendly business climate.

Under the proposed tax reform, low-income earners under the minimum wage bracket and small businesses within a certain threshold will be exempted from paying taxes.

The administration’s mantra is that taxes should focus on prosperity, not people’s or businesses’ hardships.

The government focuses on expanding the tax net, making taxes less burdensome to taxpayers, and getting wealthy people to pay their fair share.

This progressive approach reflects the administration’s commitment to equity and fiscal sustainability.

However, the road to reform does not come without challenges.

President Tinubu faces resistance, particularly from politicians and tax evaders who have expressed concerns about the implications of the changes that will come with reforming our tax systems.

President Tinubu, who is not oblivious to the pushback, has said he is willing to make necessary adjustments, as democracy is about negotiations, give and take.

President Tinubu’s administration has demonstrated firm determination over the last 19 months to succeed against all odds and reposition the economy for better performance.

While challenges remain, especially with food inflation, President Tinubu’s leadership has shown a proactive and committed approach to addressing these issues.

The administration’s trajectory suggests a path toward Nigeria’s economic stability and social development.

Though it is not midterm for the administration, realising a prosperous and equitable country looks promising and achievable.

The Tinubu administration is undoubtedly steadfast in its resolve to improve Nigeria, and it’s on course to achieve all the campaign promises to the people.

•Onanuga is the Special Adviser on Information and Strategy to President Tinubu

BRIPAN seeks FG’s partnership on legal reforms for business recovery

BRIPAN seeks FG’s partnership on legal reforms for business recovery

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By Rukayat Moisemhe

The Business Recovery and Insolvency Practitioners Association of Nigeria (BRIPAN) says there is need for government’s partnership on legal reforms and policy directions aimed at enhancing business recovery in the country.

President of BRIPAN, Mr Chimezie Ihekweazu, made this submission at the association’s 23rd Annual General Meeting (AGM) and 20th Anniversary and Induction ceremony on Thursday night in Lagos.

Ihekweazu said that rescuing businesses would attract more revenues to government as well as boosting the economy.

He said that the practice of insolvency and business recovery was very beneficial for Micro, Small and Medium Enterprises (MSME) alongside large corporations.

“Businesses fail due a number of reasons from management issues, wrong business decisions to poor business ethics, changes in legal and socioeconomic structures and framework.

“There must be situations where businesses pass through these issues but it is important to know that there are opportunities within the framework of the law that can rescue these businesses.

“We will continue to work towards improving our relevance within the society and to make people take advantage of understanding the benefits of this area of practice, which is not targeted at killing businesses but on rescuing businesses.

“If businesses are rescued, a lot of benefits come with it, including revenues to government and our economy would reap the fruit of it,” he said.

The BRIPAN president said under his leadership in the past one year, the association had continued to sustain the excellent efforts of its past leaders in delivering on its core objectives.

He said the achievements included promoting insolvency practice, education and learning while ensuring effective cooperation and collaboration with other professional bodies.

Ihekweazu also listed the promotion standard practice, performance and awareness in insolvency practice.

He urged practitioners to continue to practice the profession with good business ethics and standards while maintaining excellent professional values with dignity and respect for one another.

“As an association committed to driving excellence in business recovery and insolvency practice, we have made remarkable strides in advancing our objectives, strengthening our reputation and contributing to national economic stability.

“Our progress over the past year is a testament to the collective dedication and expertise of our members.

“We have successfully organised six training sessions equipping more than 530 professionals with advanced skills in insolvency practice, corporate restructuring, and financial recovery strategies.

“These initiatives reflect BRIPAN’s dedication to raising standards, fostering knowledge, and building a robust professional community in insolvency and restructuring,” he said.

Ihekweazu also revealed that the 2025 BRIPAN journal to be released in the first quarter of next year (2025) would feature cutting-edge research, expert analyses and actionable insights into legal and insolvency matters.

He said the publication was designed to be an indispensable resource for professionals, academics and policymakers, fostering informed discussions and innovative solutions.

The News Agency of Nigeria (NAN) reports that BRIPAN presented awards to its past presidents including late Prince Adesupo Adetona, a chartered accountant who pioneered insolvency practice in Nigeria and Oba Babatunde Ajayi, the 19th Akarigbo of Remoland, Ogun.

Other awardees include, Dr Biodun Layonu, Otunba Olutola Senbore, Mr Seyi Akinwunmi, Chief Anthony Idigbe, Mr Dele Odunowo, Mr Sola Oyetayo, Ihekweazu, among others.

No fewer than 381 persons got inducted into the association. (NAN)(www.nannews.ng)

Edited by Chijioke Okoronkwo

Tinubu’s reforms will benefit all Nigerians -Minister

Tinubu’s reforms will benefit all Nigerians -Minister

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By Rita Iliya

The reform programmes and initiatives of President Bola Tinubu are formulated to benefit all Nigerians.

 

Alhaji Mohammed Idris, Minister of Information and National Orientation, said this in an interview with newsmen in Malagi on Friday.

 

The News Agency of Nigeria (NAN) reports that the minister is in the community to inaugurate some projects he executed.

 

The projects include electrification of Malagi community, construction of a mosque and Islamiyya school, a water project, and the renovation of a primary school.

 

Idris said that Tinubu’s reforms were designed to take Nigeria to a path of enduring prosperity.

 

He assured Nigerians that the gains of all the economic reforms of the president would begin to manifest in 2025.

 

He called on Nigerians to support the president’s policies, saying they would ultimately lead to a better future for the country.

 

“We urge all Nigerians to support Mr President. We know that times are challenging, but we believe that ultimately, the reforms will take us to the desired land.

 

“The progressive train of the president will not leave anybody behind and we urged all Nigerians to support Mr President,” he said.

 

On the projects, Idris said they were designed to bring development to the community, adding that the electrification project would connect the community to the national grid for the first time in its history.

 

“My late father was born in this community, and it is my home. I am proud to be part of this community, and I will continue to do whatever I can to improve the lives of the people,” he said

 

He added that he was motivated to embark on such projects by his roots in the community and commended the people of Malagi community for their support.

 

The minister promised to continue working for the development of Malagi community, the local government, Niger state, and the country at large.

 

The NAN reports that dignitaries at the inauguration of the projects were Gov. Umaru Bago, Alhaji Abubakar Yahaya, Etsu Nupe, the Managing Director of News Agency of Nigeria (NAN) among others.(NAN)

Edited by Ismail Abdulaziz

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