COVER
No Fears About New Tax Reforms, Oyedele Tells Reps
By Ubong Ukpong, Abuja
Chairman of the Presidential Committee on Fiscal Policy and Tax Reforms, Taiwo Oyedele yesterday said the proposed tax reform bills before the National Assembly were not aimed at undermining any region of the country.
He made the assertion at the House of Representatives during an interactive session on the proposed tax reform bills.
It would be recalled that President Bola Tinubu in Sept. transmitted four tax reform bills to the National Assembly for consideration.
This had followed the recommendations of the Presidential Committee on Fiscal and Tax Reforms headed by Taiwo Oyedele for the review of existing tax laws.
At the Monday hearing, Oyedele argued that the proposal would only ensure efficiency and give more revenue to states where goods and services are consumed.
Oyedele explained that currently, under Section 40 of the VAT Act, VAT revenue is allocated 15 percent to the Federal Government, 50 percent to the states and FCT, and 35 percent to Local Governments.
“There is no negative thinking about any region or anything,” he said.
Speaker of the House of Representatives, Abbas Tajudeen said the tax reforms bills presented by President Bola Tinubu to the National Assembly will be diligently scrutinised in the best interest of Nigerians.
Abbas said the House was yet to take a definitive position on them.
He said the House owes Nigerians a duty to ensure that the outcome of the bills is in the national interest.
The Speaker said the four tax reform bills represent critical proposals from the executive to expand Nigeria’s tax base, improve compliance, and establish sustainable revenue streams for the nation’s development.
He explained that the purpose of the interactive session is to provide members with a comprehensive understanding of the proposed bills and deepen their appreciation of their provisions, commence constructive dialogue on contentious or controversial areas, and build the consensus.
He said the interaction will help identify areas that need amendment, clarification, or improvement as well as consider the compatibility of these bills with the 1999 Constitution (as amended) and other extant laws.
The Speaker said tax reforms form part of the provisions of the House Legislative Agenda because of their central role in achieving sustainable economic growth and development.
He stressed that in every modern state, taxes are the bedrock of public revenue, providing the resources required to deliver education, healthcare, infrastructure, and security.
Abbas lamented that despite being Africa’s largest economy, Nigeria still struggles with a tax-to-GDP ratio of just 6 percent—far below the global average and the World Bank’s minimum benchmark of 15 percent for sustainable development.
This is a challenge, he said, that must be addressed if the country is to reduce its reliance on debt financing, ensure fiscal stability, and secure our future as a nation.
He explained that the proposed tax reform bills aim to diversify our revenue base, promote equity, and foster an enabling environment for investment and innovation.
He said as representatives of the people, they must approach these reforms thoughtfully, understanding their potential implications for every segment of society.
He said taxes should be fair, transparent, and justifiable, balancing the need for public revenue with the burdens they impose on individuals and businesses.
He said that pre-legislative scrutiny is a well-established practice in many parliaments worldwide as it allows lawmakers to thoroughly review proposed legislation, address ambiguities, and ensure alignment with constitutional provisions before formal consideration.
He said the controversies surrounding these bills in the media, civil society, and among governance stakeholders are re a reflection of their importance.
Such debates, he said, are healthy and necessary in a democracy.
He commended the Presidential Committee on Tax Reforms and Federal Inland Revenue for their work in presenting these proposals and asked members to approach this session with an open but critical mind.
Deputy Speaker of the House, Benjamin Kalu said the gathering was a testament to the shared commitment of the House to crafting a tax system that not only generates revenue, but also engenders equity, economic growth, and sustainable development for our nation.
According to him, tax policy is more than a fiscal tool as it is a catalyst for progress, a vehicle for opportunity, and a foundation for inclusive prosperity and must therefore be rooted in the collective aspiration to create a tax regime that works for all Nigerians, regardless of their economic standing.
He said streamlining taxes should aim at incentivizing key sectors where taxation drives innovation, empowers businesses, and uplifts the most vulnerable.
He said the parliament expects more insight into how the tax reforms incentivize the Digital Economy, support small businesses and low-income households, and more importantly, how the Zero-Rated Value Added Tax works.
He said, “It is crucial for these provisions to be articulated clearly, highlighting how they align with the overarching goal of engendering equity, driving economic growth, and ensuring that no section of society is left behind.
“It is very clear to Nigerians that there will be a need to harmonise taxes, eliminate nuisance levies, and streamline incentives that will engender a more equitable and transparent tax system.
“This session is a reflection of the strength of our democracy—bringing together policymakers, stakeholders, and citizens to deliberate on these tax reforms. These tax reforms represent a shift towards a sustainable fiscal framework, including where effective taxation is a tool for creating opportunities, reducing inequalities, and enabling every citizen to thrive.
“As these bills proceed through the legislative process, there will be opportunities for Nigerians to air their views and actively participate in shaping the final outcomes. Advocacy will also play a pivotal role in ensuring that citizens understand the objectives and benefits of these reforms, as well as the challenges they aim to resolve.”
Chairman of the Federal Inland Revenue Service (FIRS), Zack Adedeji said the agency was awaiting the outcome of the bills.
He said the responsibility of the FIRS was to implement policies and laws passed by the National Assembly.Giving an overview of the four tax reforms bills, the chairman of the presidential committee, Mr. Oyedele, said there was nothing to fear in the proposals as they are in the best interest of Nigeria, especially states and local governments.
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.
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.
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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