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2022: We’ll Slam More Taxes on Nigerians- Finance Minister

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By Ubong Ukpong, Abuja

The Minister of Finance, Budget and National Planning, Mrs Zainab Ahmed, has stated that there will be introduction of new taxes, tariffs and levies in 2022 to stem the stream of borrowing by the federal government and diversify the country’s revenue sources.


Ahmed made this known while addressing stakeholders at a public hearing on the 2021 Finance Bill organsied by the House of Representatives Committee on Finance yesterday in Abuja.

In her presentation, the minister who noted the need for Nigeria to diversify its revenues away from oil to fund critical expenditures, disclosed that Federal Government’s retained revenue was N4.

56 trillion (75 per cent of budget) as at September 2021.

She said the Federal Government’s share of oil revenues, N845 billion (56.3 per cent pro-rated performance); N1.31 trillion (117.3 per cent above budget) as the federal share of non-oil revenues; N616 billion and N274.4 billion (121 per cent and 153 per cent of pro-rata targets) of Companies Income Tax (CIT) and Value Added Tax (VAT) and N418 billion Customs collections for the period under review.

According to her, “the provision in the draft bill is proposing to amend the Capital Gains Tax Act, Company Income Tax, FIRS Establishment Act, Personal Income Tax, Stamp Duties Act and Tertiary Education Act, Value Added Tax, Insurance Police Trust Fund and the Fiscal Responsibility Act.


“This is to amend the Police Trust Fund Act and the Nigerian Trust Fund Acts, the purpose is to empower the FIRS to collect the Nigerian Trust Fund levies on companies on behalf of the fund itself.


“Currently, because there is no such provision, the FIRS is unable to start collecting on behalf of the fund.


“Also, it is to streamline the tax and the levy collection from the Nigerian companies in line with Mr. President’s administration ease of doing business policy.


“So we do not have NASENI going out to collect that tax, the FIRS will collect on their behalf during their collection process and it will be passed through to them,’’ she said.


Ahmed disclosed that the bill was a product of the President Muhmmadu Buhari’s commitment made while presenting the 2022 budget to the joint session of the National Assembly on October 8, 2021.


She said that her ministry had worked with relevant stakeholders and Fiscal Policy Reform Committee to draft the 2021 Finance Bill.

She further disclosed that there might be need to revisit the antiquated Stamp
Duties and Capital Gains Tax for holistic reform by the parliament.

 “We prepared this draft bill along five reform areas, the first domestic revenue mobilisation, the second is tax administration and legislative drafting, third is international taxation, fourth is financial sector reforms and tax equity and fifth is improving public financial management reform.

She further disclosed that a couple of reforms and amendments had been recommended in the draft 2021 Finance Amendment Bill, saying that more will be introduced in the middle of 2022.
While stating that modest changes had been proposed, she disclosed that more fiscal reforms were still in view as the Finance Ministry could not take all the proposals collected from stakeholders.


“Our aspiration is to do a midterm review with a possibility of another Finance Bill in mid-year 2022 to bring in more amendments,” she said.


The minister observed that the ongoing legal tussles against the Federal Government on VAT and Stamp Duties was why her ministry stayed off those areas.


She, however, expressed hope that by mid-2022, the cases might have been dispensed with and then reforms in those areas could be proposed for parliament to consider.

In his remarks, Speaker of the House of Representatives, Femi Gbajabiamila noted that the 2021 Finance Bill sought to introduce strategic and broad-minded, positive reforms that will engender best practices and guarantee interest of the investing public and businesses.
He said that the bill sought to statutorily check borrowing by local, states and federal government, enhance transparency and accountability in the administration in various strata of tax and public revenue
generation.

“We must strengthen the institution to strategically check reckless borrowings by ensuring accountability in the use of borrowed funds and ensuring that the borrowings shall be on concessional terms or at relatively low-interest rates and subject to the rigorous of legislation,’’ he said.

In his remarks, chairman, House Committee on Finance, Hon James Faleke explained that the proposed Finance Bill was geared towards supporting the economy and the implementation of the 2022 budget.

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DBN Signs $61m Credit Deal With AfDB, Unveils Support Initiative Report

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By Tony Obiechina, Abuja

The Development Bank of Nigeria Plc (DBN) has launched DAWN: DBN Action for Women in Nigeria, unveiled its Impact Report and presented MSME Data Assets at the seventh edition of Annual Lecture held in Abuja.

DBN, in a statement on Thursday, said while delivering a welcome address, its Managing Director and Chief Executive Officer, Dr Tony Okpanachi, said the central challenge was no longer reforms themselves but ensuring benefits reach businesses at end of the chain.

He asked how to make sure benefits reach traders in Onitsha, fabricator in Aba, farmer in Kebbi and young founder in Yaba, noting that MSMEs accounted  for about half of Nigeria’s GDP and more than eight in every ten jobs, adding that when reform works for MSMEs it works for most Nigerians.

He explained that reform becomes prosperity only when entrepreneurs can act on it whether through long tenor loans to buy equipment, banks willing to take risk or skills and records needed to grow.

He said working through Participating Financial Institutions DBN provides longer term funding, partial credit guarantees through subsidiary Impact Credit Guarantee Limited and capacity building including Entrepreneurship Training Programme.

He disclosed that as at December 2025 DBN had disbursed a cumulative N1.4 trillion to MSMEs through 84 Participating Financial Institutions creating about 1.6 million jobs nationwide.

Under the new five year strategy, the Bank aims to reach more than two million MSMEs with deliberate targets for women led businesses, youth led businesses and underserved states.

On DAWN, Okpanachi said finance alone had not enabled enough women-led businesses to scale.

He said initiative brings together financing, guarantees and credit support, technical assistance, outcome linked grants and market linkages delivered through banks, microfinance institutions, fintechs, aggregators, cooperatives and direct channels.

Its priority sectors are agriculture and exports, healthcare, arts and creatives, technology and green business.

He said DAWN is about moving gender focused lending beyond intention and turning access into opportunity.

On the sidelines of the lecture DBN and African Development Bank held a signing ceremony of AfDB DBN 61 million United States dollars Gender Line of Credit development that reinforces Bank commitment to women led enterprises.

Okpanachi urged Participating Financial Institutions to extend lending into sectors and states where access to finance has been limited, policymakers and regulators to measure reform by what changes for business at end of chain and MSMEs to formalise, keep good records and use support now available.

The Vice President as Special Guest of Honour was represented by Dr Fred Iklaga Senior Technical Adviser in the Office of Special Adviser to the President on Economy.

Keynote speakers were Chief Executive Officer of MTN Nigeria, Dr Karl Toriola, and Chairman of Nigeria Sovereign Investment Authority, Dr Segun Ogunsanya.

Fireside chat featured Chief Executive Officer of Sterling Bank Abubakar Suleiman, manufacturing and trade entrepreneur Mrs Omoyemi Chukwurah and by video Kola Masha of Babban Gona.

The Secretary to the Government of Federation, represented by Augusta Warren Bekaredebo, said 2026 tax reforms would bring relief to many small businesses expressing optimism that a lot of businesses will be smiling by next year because they will be exempted from tax.

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NLC Threatens Nationwide Action as Talks With FG Collapse

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By Tambaya Julius, Abuja 

The Nigeria Labour Congress (NLC) has threatened possible nationwide industrial action following the failure of talks with the Federal Government over workers’ welfare, petrol prices and other outstanding labour demands.

The warning came after a meeting between the government and organised labour at the Ministry of Labour in Abuja on Thursday, October 22, ended without an agreement.

The congress has given the Federal Government until Tuesday, October 27, to make meaningful progress on the issues, warning that its relevant organs would decide the next line of action if the next meeting fails to produce concrete commitments.

The NLC has also directed its affiliates, state councils and civil society allies to begin mobilising members for possible nationwide action.

In a statement issued after the meeting, the NLC Acting General Secretary, Benson Upah, expressed disappointment over what he described as the government delegation’s lack of preparedness for the negotiations.

According to the congress, organised labour presented its demands in good faith but left the meeting without any concrete commitments from the government.

The demands include a reduction in petrol prices to 2024 levels, renegotiation of the national minimum wage, implementation of agreed tax relief measures and resolution of the terms of settlement involving the Joint Health Sector Unions (JOHESU).

The congress also called for the resolution of issues raised by the Joint Public Service Negotiating Council (JPSNC) over peculiar allowances, wage awards and hazard allowances.

The NLC said the government delegation lacked the necessary authority to engage meaningfully on the issues presented by labour representatives.

“The meeting between the Federal Government and organised labour, convened at the Ministry of Labour in Abuja on 22nd October 2026, has ended without resolution,” the statement said.

It added that the Minister of Labour requested that the meeting be adjourned until October 27 to allow the government to prepare adequately for further discussions.

The preparations, according to the statement, would include bringing relevant ministers and heads of departments and agencies to the negotiating table.

The congress said it remained open to dialogue but would not accept continued delays in addressing workers’ concerns.

“We will report back to our organs, and if no meaningful progress is made on Tuesday, the relevant organs of the NLC will decide the next line of action,” it said.

The labour body urged workers and members of the public to remain calm while the negotiations continue, even as it directed its affiliates and allies to prepare for possible industrial action.

“However, we urge all affiliates of NLC and TUC; all state councils and our civil society allies to be alert and start mobilising for a possible action across the nation while we hope that the tenets of our demands are met by the government,” the statement added.

The October 27 meeting is expected to provide another opportunity for both sides to address the outstanding issues and prevent a possible escalation of the dispute.

However, the NLC’s decision to begin mobilisation suggests that tensions could rise if the next round of talks fails to produce meaningful progress.

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Election Campaigns: FRSC Bars Officers from Politicians’ Escort

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The Federal Road Safety Corps (FRSC) has barred its personnel from escorting politicians during campaigns for the 2027 general elections.

Zonal Commanding Officer, RS6, ACM Abimbola Owolabi, gave the directive during her maiden visit to the Cross River Command in Calabar on Wednesday.

Owolabi said patrol vehicles and sirens must not be used for political activities or private engagements, including weddings and funeral processions.

She directed officers deployed to campaign venues to focus exclusively on traffic management to prevent congestion and road crashes.

The zonal head warned personnel against leading political convoys or providing escorts for politicians, stressing that official vehicles must not be used for unauthorised purposes.

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