The Abuja Chamber of Commerce and Industry (ACCI) has expressed concern over the allocation of 65% of the 2025 budget to debt servicing, personnel costs, and overheads, saying that the huge allocation to recurrent expenditure raises questions about the government's commitment to transitioning from a consumption-driven to a production-based economy. Chairman of the National Policy…

The Peering Advocacy and Advancement Centre in Africa (PAACA) says the proposed Value Added Tax (VAT) sharing formula would serve as an incentive for economic expansion across all states. Speaking on the sidelines of the public hearing on the tax reform bill at the House of Representatives, PAACA's Executive Director, Ezenwa Nwagwu, highlighted the importance…

The ongoing tax reforms will accelerate the economic growth of the country when it comes into operation, Chairman of the Presidential Committee on Fiscal Policy and Tax Reforms, Taiwo Oyedele, has said.

The Nigerian Senate has officially commenced a two-day public hearing on tax reform bills aimed at restructuring the country’s tax system. Chairman of the Senate Committee on Finance, Senator Sani Musa, confirmed the hearing schedule, stating that two bills will be reviewed each day. The proposed reforms include the Joint Revenue Board Establishment Fund Bill,…

Free Trade Zones stakeholders have expressed concern over certain provisions of the Nigeria Tax Bill, 2024, seeking to expunge some sections of the acts establishing both the Nigeria Export Processing Zones Authority (NEPZA) and the Oil and Gas Free Zones Authority (OGFZA), which provide tax incentives for the Special Economic Zones (SEZs) scheme. The stakeholders…

As the National Assembly considers the proposed tax reforms bills, the Citizens Network for Peace and Development in Nigeria (CNPD) has rejected the Nigeria Governors Forum's (NGF) proposed VAT sharing formula, which allocates 50% based on equity, 30% based on derivation, and 20% based on population. CNPD's National Coordinator, Mr Okorie Ikechukwu Raphael, at a…

The presidency on Friday cautioned Gov. Bala Mohammed of Bauchi State over his sustained criticism of the Tax Reform Bills before the National Assembly. Mr Sunday Dare, Special Adviser to the President, Media and Public Communication, in a statement, said attempts to stampede or abort the tax Reform Bills must be regarded as undemocratic and…

The Governor of Bauchi State, Bala Mohammed, has said the Coalition of Northern Groups (CNG) has supported his recent remarks on the "controversial tax reforms and other policies" of the Federal Government. Mohammed said he received the support when the coalition paid him a condolence visit over the loss of his stepmother, Hajiya Hauwa Duguri.…

A former Ogun State Commissioner for Local Government and Chieftaincy Affairs, Jide Ojuko, has said the economic reforms of President Bola Tinubu will help revive the country. Speaking at a press briefing held at the headquarters of Iganmode Club in Ota on its 50th-anniversary celebrations, Ojuko stated that relief will follow the initial challenges presented…

Tax reforms have been in the news as Mr Taiwo Oyedele, the chairman of the Presidential Committee on Fiscal Policy and Tax Reforms,

Vice President Kashim Shettima has said the ongoing reforms initiated by the administration will create employment opportunities for the youth population and provide greater opportunities in the various sectors of the economy. Shettima underscored the inevitability of skills acquisition among the young demographic in Nigeria, noting that the nation can no longer afford to keep…

In a seemingly desperate move to raise revenue from new sources, the Federal Government has disclosed that it will tax illicit funds brought into the country.