The African Democratic Congress (ADC) may opt for a competitive primary for the choice of its presidential candidate for next year’s election, if consensus fails, it was learnt yesterday.
A top party source said the choice of a standard bearer has polarised the coalition party into two camps revolving around former Vice President Atiku Abubakar and Peter Obi, a former Anambra State governor who defected to the party from Labour Party (LP) last week.
Atiku had pulled out his group from the Peoples Democratic Party (PDP) and adopted ADC as platform for the purpose of realising his long standing ambition.
However, Obi’s supporters have started mounting intense pressure on the party leadership to persuade Atiku to step down so that he can become the consensus candidate.
Atiku’s camp, which currently dominates the party structure, has resisted the pressure, the source said.
In 2023, when Obi was LP presidential candidate, he was picked through consensus without going through the hurdle of a n elective primary.
But Atiku had always insisted on primary, even if he was the only aspirant.
On what informed the defection of Obi, a source, who pleaded for anonymity said the ADC remained the only platform that can be used to confront the ruling APC.
The source said: “The Igbo intelligential are of the belief that they would persuade Atiku to step down and allow Obi to fly the ADC ticket.
“They have looked at the available parties. They don’t want to gamble with the LP as they did in 2023. The PDP is weak and there is no time for experiment in 2027.
“They are of the opinion that Obi’s candidacy will shore up the chances of the opposition coalition. That informed the official declaration of the former Anambra governor.”
But a source within the Atiku camp ruled out the possibility of stepping down from the presidential race.
The source said: “Atiku has welcomed Obi into the party. We are ready for ADC presidential primary. Nobody should be afraid of submitting to rules of the game for competition.”
A significant progress has been made in expanding coverage and protecting Nigerians from catastrophic health costs, the National Health Insurance Authority (NHIA) has announced.
The progress was attained through strengthened nationwide implementation of the mandatory health insurance, the NHIA year-end review confirmed yesterday. The report was made available to newsmen in Abuja.
The review highlighted key milestones achieved under ongoing reforms aimed at improving enrolment, service delivery and financial protection in the health sector.
According to the report, the enforcement of mandatory health insurance has shifted more Nigerians from out-of-pocket payments for healthcare to organised prepayment through insurance.
The report reads: “By the third quarter of 2025, more than 21 million Nigerians had been enrolled into health insurance through collaboration between NHIA, State Social Health Insurance Agencies and Health Maintenance Organisations.”
The authority said a major turning-point came with the Presidential directive mandating health insurance for all Ministries, Departments and Agencies and requiring valid NHIA insurance certification for participation in public procurement and renewal of federal licences.
“The measure is accelerating coverage among the formal sector, organised private sector and micro, small and medium-scale enterprises,” it said.
The report also highlighted equity programmes such as the NHIA Comprehensive Emergency Obstetric and Newborn Care initiative, which ensures zero out-of-pocket payment for emergency maternal and newborn care, and the Fistula-Free Programme providing treatment for women with obstetric fistula.
The authority said these initiatives were supporting the enrolment of vulnerable women and children into health insurance.
NHIA further disclosed that the completion of a comprehensive actuarial evaluation in 2025 provided a scientific basis for reviewing provider payments.
The review led to a 93 per cent increase in capitation rates and a 378 per cent rise in fee-for-service tariffs, aimed at improving service quality and sustainability.
It noted that governance structures were strengthened with the inauguration of the NHIA Governing Council in 2025 to provide oversight and ensure alignment with national Universal Health Coverage objectives.
It added that a national policy dialogue on healthcare financing was convened with key stakeholders to explore sustainable financing options and expand domestic funding for health.
NHIA stated that the reforms aligned with the Federal Government’s broader health sector agenda aimed at reducing out-of-pocket spending, protecting citizens from financial hardship and improving access to quality health care.
Lagos State Governor Babajide Sanwo-Olu is set to inaugurate iconic and transformational projects across multiple sectors to underscore the performance of his six and half years Administration.
Governor Sanwo-Olu said all the projects and ambition of his administration for this year will be supported and enabled by the 2026 budget, tagged: “The Budget of Shared Prosperity”, which is currently before the State House of Assembly, noting that his government’s final full-year budget is anchored on four pillars – human-centred approach, modern infrastructure, thriving economy, and effective governance.
He said with an expenditure profile in excess of N4 trillion, the 2026 Budget will deliver a model Lagos: cleaner, safer, more prosperous, resilient, and inclusive.
The governor spoke yesterday at the 2026 Lagos Annual Thanksgiving Service tagged: “Grateful for Unfailing Mercies” at Tafawa Balewa Square, Lagos.
It was organised by the First Family of Lagos State with the Ministry of Home Affairs.
Noting that God has been good to the state, the governor described the Service as an avenue to appreciate and celebrate God’s everlasting mercy on the State and the residents.
Sanwo-Olu said Lagosians will benefit from construction and rehabilitation projects, as well as educational and medical facilities, youth and sports centres, drainage and flood control systems, bus and ferry terminals, housing projects, water schemes, waste management plants, court buildings and the Omi Eko project, among others.
He said: “We are now four days into a new year, with 361 days ahead of us – each day filled with promise, potential, and opportunity to improve our State, our country, and indeed, the world. By the special grace of God, Lagos State will not waste this abundance of opportunity that God has placed before us.
“We will continue consolidating the gains of the past six and a half years, guided by our THEMES+ vision. We will complete and commission many transformational projects across multiple sectors and in different parts of the state.
“The year 2026 is particularly significant for me, as it marks my last full year as governor of the state. For this reason, I am deeply driven and compelled to make this year count – deliberately and decisively. It must be a year of extraordinary meaning, significance, and benefit for all of us.”
He listed among the projects to be inaugurated this year as Ojo General Hospital; the Odo Iya-Alaro Link Bridge; the new Massey Children’s Hospital; the Central Food Security Systems and Logistics Hub in Epe; the new Psychiatric Hospital in Ketu Ereyun, Epe; and the new Multi-Storey Office Complex in Alausa.
He also listed some of the road infrastructure projects to be inaugurated as the Igbogbo–Bola Ahmed Tinubu–Igbe Road; the Agric Isawo–Konu–Arepo Road, Phase One; the Gberigbe Road from Ewu Elepe through Gbodu Junction to Gberigbe Town; and the Adamo–Akanun–Agunfoye–Lugbusi Road, all in Ikorodu, and the Opebi–Mende Link Bridge and its approach roads in Ikeja. 7
Others are: the Eti-Osa/Lekki/Epe Expressway, Phase 2A, from Eleko Junction through Awoyaya to Greensprings, and from Majek to Abraham Adesanya in Eti-Osa and the Magbon–Alade Township Roads in Ibeju-Lekki; as well as the Ijegun–Ijagemo Road and the Akesan–Igando Road in Alimosho, will also be completed and commissioned this year.
The governor acknowledged “President Bola Ahmed Tinubu—our visionary leader and the father of modern Lagos—and his wife – the First Lady – Senator Oluremi Tinubu, who birthed this idea of an annual thanksgiving when he was governor of the state.”
He also appreciated the religious leaders for their unending intercession and consistently standing in the gaps for Lagos State.
In attendance were Deputy Governor Dr. Obafemi Hamzat; his wife Oluremi; Lagos State House of Assembly Speaker Mudashiru Obasa; current and former public office holders; and religious, traditional and political leaders, among others, the governor’s wife Dr. Ibijoke Sanwo-Olu, read the First Lesson from Psalm 89: 1-8.
Praises and hymns were rendered by renowned gospel ministers, and clerics offered special prayers for President Tinubu, his family and government; Governor Sanwo-Olu, his deputy, Dr. Hamzat, and their families; the Lagos State Government; and residents of the state.
The success of the new tax laws will depend largely on the implementation strategy rather than the strength of their provisions, Dr Muda Yusuf, Chief Executive Officer of the Centre for the Promotion of Private Enterprise (CPPE), has said.
Yusuf, in a statement yesterday, also listed timing and public trust as other factors for their positive outcomes.
With 2026 shaping up as a pre-election year, political and social caution is imperative.
Stability, trust-building and reform credibility should take precedence over short-term enforcement optics,” he advised.
Yusuf said while tax reform is essential for Nigeria’s fiscal sustainability, a phased, pragmatic and socially sensitive implementation approach offers the most credible pathway to sustainable revenue growth and long-term legitimacy.
The CPPE boss described the new tax legislations as sound, progressive and among the most ambitious fiscal restructuring efforts in recent decades.
Pointing out that good policy designs often do not automatically translate into positive results, Yusuf noted that history shows that poorly sequenced and rigid implementation could undermine well-intentioned reforms.
According to him, the success or failure of the new tax regime will depend far more on how it is implemented than on the laws themselves.
“Without careful sequencing, political sensitivity and economic realism, even well-intentioned reforms can trigger resistance, disrupt livelihoods and further erode public trust,” Yusuf said.
The CPPE founder stressed that tax reform should be seen as a process rather than a one-off event, noting that it must evolve with implementation feedback, economic conditions and social realities.
He observed that the reform was unfolding under particularly delicate circumstances, as the economy is still grappling with elevated inflation, weakened purchasing power and the adjustment costs of fuel subsidy removal and foreign exchange reforms.
Yusuf stated that households and businesses were experiencing reform fatigue, with a politically sensitive pre-election period approaching.
He said: “In this context, expecting full and simultaneous compliance across all sectors of the economy is unrealistic.
“A rigid enforcement-heavy approach risks undermining reform credibility before its benefits have time to materialise.”
Yusuf acknowledged that the tax reform framework contained several pro-welfare provisions, including exemption of low-income earners from personal income tax and Value Added Tax (VAT) relief on basic goods and essential services such as education, healthcare and agriculture.
He noted that small businesses were also granted relief from company income tax and VAT obligations, while incentives for priority and job-creating sectors aligned tax policy with the country’s diversification agenda.
According to him, the rationalisation of multiple taxes, repeal of obsolete laws and improved coherence of the tax system address long-standing private sector concerns and could enhance investor confidence if properly implemented.
However, Yusuf said public resistance to the reform was rooted in lived experience, as many Nigerians associated past reforms with rising living costs and declining welfare without corresponding improvements in public services.
He said a weak social contract continues to undermine confidence that additional tax revenues would be transparently and efficiently utilised.
The CPPE boss also warned that the scale of Nigeria’s informal economy could not be ignored in tax reform implementation.
Yusuf said Nigeria had an estimated 40 million micro, small and nano-enterprises, with over 80 per cent operating informally and accounting for more than 90 per cent of jobs.
He noted that most informal operators lacked proper record-keeping systems, tax knowledge, digital capacity and compliance structures, adding that enforcement-heavy measures could criminalise informality rather than encourage gradual formalisation.
The Economist identified some policy flashpoints fueling anxiety, including mandatory reporting of bank transactions of N25 million and above, which he said could expose high-turnover, low-margin businesses to undue scrutiny.
Yusuf also expressed concern over the proposed increase in capital gains tax from 10 per cent to 30 per cent and the N500,000 annual rent relief cap, which he said were misaligned with prevailing economic realities.
He further raised concerns about the wide enforcement powers and severity of penalties embedded in the tax laws.
Yusuf advocated a strategic implementation framework anchored on revenue efficiency rather than blanket enforcement.
He said empirical evidence showed that a small proportion of taxpayers accounted for the bulk of tax revenue, noting that roughly 20 per cent of businesses generated close to 90 per cent of tax receipts.
According to him, concentrating enforcement on large corporations, established SMEs and high-net-worth individuals would deliver significant revenue without destabilising livelihoods.
He advised tax authorities to prioritise the formal sector in the short to medium term, while integrating the informal sector gradually through incentives, sustained tax education and simplified compliance tools.
Yusuf said that while tax reform was essential for Nigeria’s fiscal sustainability, a phased, pragmatic and socially sensitive implementation approach offered the most credible pathway to sustainable revenue growth and long-term legitimacy.
Tax Ombudsman to defend taxpayers against excessive billings
The Federal Government has authorised the Tax Ombudsman to defend taxpayers against unlawful, excessive tax billings or other related complaints at zero cost.
A 599-page Nigeria Tax Reform Law official gazette document reviewed by The Nation at the weekend, the Office of the Tax Ombudsman will be funded through appropriation by the National Assembly.
According to the official gazette, the Office of the Ombudsman will serve as an independent and impartial arbiter that will review and resolve complaints relating to tax, levy, regulatory fee and charges, customs duty or excise matters for taxpayers.
It said the Ombudsman will conduct enquiries, institute legal proceedings on behalf of taxpayers and act as a watchdog against arbitrary tax policy.
The Ombudsman will also review complaints against tax officials and authorities and resolve it through mediation or conciliation by adopting informal, fair and cost-effective procedures.
It will also receive and investigate complaints lodged by taxpayers regarding the actions or decisions of the tax authorities, agencies or their officials.
The Tax Ombudsman office is authorised to enter and inspect any premises or place where any tax authority, agency or official performs any function or duty under any law imposing taxes, levies, or charges for the purpose of carrying out an investigation.
The new tax law authorises the Ombudsman to invite and examine any person who may have information or evidence relating to a complaint or an investigation and make recommendations of its findings to the revenue authorities and other government agencies on matters relating to taxes, levies, charges and fees, for implementation.
The office can also institute legal proceedings on behalf of a taxpayer, provide information and raise awareness of taxpayers’ rights and obligations.
It can also identify and review systemic and emerging issues on fiscal policies as well as their impact on the tax system, in collaboration with the relevant agencies.
Overall, the office is to serve as a watchdog against any arbitrary fiscal policy of the government or by any of its agencies and report such policy to the National Assembly.
Tax Ombudsman is also to disclose any conflict of interest in relation to any complaint or investigation, and an officer so conflicted shall refrain from dealing with such complaint or investigation and not make a secret profit in the course of discharging official duties.
Despite opposition to and the ripples that attended the introduction of the Federal Government’s new tax laws, their implementation is now a foregone conclusion. All that needs to be on the radar at the moment is monitoring and evaluation to ascertain if their impacts match government’s promises and assuage the concerns of the citizenry, writes Group Business Editor, SIMEON EBULU.
Opposition to the newly introduced tax laws by President Bola Ahmed Tinubu came early. They faced their first litmus test at the meeting of the National Economic Council (NEC), chaired by the Vice-President, Kashim Shettima, with the 36 states’ governors in attendance. They had resolved at that early stage of deliberation to keep the laws in abeyance until, in their opinion, further consultation was done.
NEC felt that the bills were sent to the National Assembly without sufficient consultation with key stakeholders, and as such, broader consultation was required to ensure alignment and inclusiveness for the benefit of everyone.
Also, the proposition model for distributing Value Added Tax (VAT), which sought to change the existing formula to one based largely on derivation, was a major point of contention. Northern governors, in particular, argued that since corporations from which VAT proceeds are derived are located down south, it follows, so they posited, that VAT remittances would favour the region and disproportionately disadvantage the North, regardless of where products are consumed.
The Nigeria Labour Congress (NLC), in league with some lawmakers, also latched on to this, arguing that introducing new taxes or increasing existing ones would further burden the already struggling populace and small businesses. There were also concerns that some aspects of the bills, regarding the creation of a centralised Nigeria Revenue Service (NRS), to succeed the Federal Internal Revenue Service (FIRS), might disrupt the balance of fiscal federalism and potentially conflict with the Nigerian Constitution, requiring constitutional amendments.
NEC rose from that meeting with a call to the President to withdraw the tax bills to give room for more consultation. At that point, the Tax Bills were thought to be dead on arrival, but no, not with Mr President. An opposition that would not recede from its avowed stance on stalling the tax laws, also met with a President that would not relent in his resolve to ensure that the right thing was done.
Tinubu, rather than acceding to the NEC’s advice to withdraw the bills entirely, opted for the legislative process, including public hearings, as other avenues to address the concerns raised by NEC. That was the right thing to do. He turned the documents over to the people’s representatives, the National Assembly. The issues were eventually resolved through further dialogue and negotiation, leading to a revised VAT sharing formula that all parties, including the Northern Governors’ Forum, later endorsed.
The Chairman of the Presidential Fiscal Policy and Tax Reforms Committee and arrowhead of the tax reforms, Taiwo Oyedele, took on the gauntlet and eventually pushed through the passage of the laws, which were assented to by Mr President in June, 2025.
The Presidential Fiscal Policy and Tax Reforms Committee engaged different strategies, including media interviews and stakeholder consultations, among others, to clarify and showcase the benefits of the reforms, particularly for low-income earners and small businesses. He said the reforms will not increase the tax burden on the poor, and that VAT will not apply to essential items, such as food, health and education. He pointed out that the new tax regime will benefit small businesses through zero corporate tax rates.
Just as the dust was settling on the various controversies around the tax laws and the groundbreaking for the implementation was almost at hand, two issues suddenly popped up, the one around the allegation that the version of the laws passed by the National Assembly was different from what was gazetted, and the other, the alarm raised by Allen Onyema, the Chairman/CEO of Air Peace, that implementing the new Tax laws in their present format, would harm, or jeopardise airline businesses. The outcry further fueled and encouraged dissenting voices, with calls being made to the Presidency to investigate the allegation, and as well postpone the implementation of the new tax laws.
Onyema, who aired his views on Arise News Television, said the taxes which include Customs duties on imported aircraft, aircraft parts and engines, as well as VAT on tickets will further burden airlines with additional costs.
“There is VAT now on the importation of aircraft. So, if you buy an aircraft of $80 million, you are supposed to pay 7.5 per cent of $80 million. Do the mathematics, from money borrowed from the bank; interest rates are 30 to 35 per cent. So, you bring in spare parts, you pay 7.5 per cent on your spare parts. The airline industry cannot withstand additional burdens under the new tax laws. If we implement that tax reform, Nigerian airlines will go down in three months,” he warned.
Oyedele, however, allayed those fears, saying the new taxes were not designed to hinder businesses, let alone kill them. He said rather than increase air fares, the new tax laws will support Nigeria’s aviation industry and reduce costs. While acknowledging the challenges facing the aviation sector, particularly the burden of multiple taxes, levies and regulatory charges, Oyedele stressed “we are not responsible for the sector’s problems,” saying on the contrary, “the reforms are part of the solution, not the source of the problem.”
Presidential seal
In the midst of the discordant voices questioning the veracity of the new tax laws, the President’s voice sounded once again with an unmistakable air of finality, saying that implementing the new taxes across the board is a task that must be done. In an unprecedented move, intended to erase any doubts on his resolve about the tax matters, Tinubu personally issued a statement which, in all material particulars, put paid to any controversy on the tax issues and their admissibility into Nigeria’s tax codes, going forward.
Tinubu, in the statement, said the tax laws will continue as planned, adding, “these reforms are a once-in-a-generation opportunity to build a fair, competitive and robust fiscal foundation for our country.” For those who have misconstrued the intent of the taxes to be anti-enterprise, saying their implementation will kill businesses, the President said the tax laws, on the contrary is not designed to raise taxes, but to support a structural reset, drive harmonisation and protect dignity while strengthening the social contract. While calling for stakeholders’ support at this “implementation phase,” he assured all Nigerians that the Federal Government would continue to act in the overriding public interest to ensure a tax system that supports prosperity and shared responsibility.
Stakeholders’ endorsement
With the roll-out of the new tax laws, the Manufacturers’ Association of Nigeria (MAN) has thrown its weight behind the new tax regime. MAN Director-General Segun Ajayi-Kadir said manufacturers are optimistic that a more business-friendly tax regime is in the offing.
Manufacturers’ optimism is predicated on their belief that the President Bola Ahmed Tinubu administration’s tax reforms would put an end to multiple and sometimes illegal taxes by various tiers of government.
This is on the strength of tax harmonisation promised by the reforms, which streamlines revenue administration and eliminates multiple, overlapping taxes by consolidating over a dozen federal tax laws into a single unified statute and encouraging states to do the same.
The Managing Director/CEO of Coleman Technical Industries Limited, manufacturers of wires and cables, George Onafowokan, however, said the biggest concern for businesses and investors with regard to the implementation of the new tax laws is misinformation.
“There is more misinformation than correct information. The government needs to do more to explain the tax laws and their benefits,” he said, while commending aspects of the reforms that provide relief for low-income earners.
Onafowokan warned that poor communication and immediate enforcement without sufficient transition time could distort markets, recalling how misinformation recently triggered significant losses in the stock market.
He also clarified that withholding tax on savings interest remains a final tax, dismissing fears of double taxation and urged authorities to intensify public education on the reforms.
Onafowokan’s hint on ‘sufficient transition time’ aligns with suggestions by some manufacturers that there should be a brief pause in implementation to allow for wider stakeholder engagement and clear guidelines to ensure better compliance and acceptance.
Despite manufacturers’ support, the implementation of the new tax regime hasn’t been without some controversies, one of which is the alleged discrepancies between the laws passed by the National Assembly and the gazetted versions.
This led to calls for the suspension of its implementation by other groups and some lawmakers. Nonetheless, the Federal Government has kick- started the process, as the President affirmed, there’s “no going back.”
The Chairman of the Presidential Fiscal Policy and Tax Reforms Committee, Oyedele, insisted there was no stopping the process.
The President, Bank Customers’ Association of Nigeria (BCAN), Dr Uju Ogubunka, said taxation should be based on income. He said as a finance expert and consultant, transactions that are not based on income should not be taxed, saying he expects the government to properly educate the people on what should be taxed, to avoid fears and panic that would lead many businesses to operate underground and report nothing.
“I think that across the world, what is usually taxed as income and not turnover. If you push businesses into believing that a lot of their resources will be taxed, they are likely to operate underground and ensure that not much of their funds pass through the banks.”
He said that tax authorities should educate retirees on what the tax policy entails, whether retirement funds should be taxed, unless there are proceeds from established businesses.
Ogubunka said the Central Bank of Nigeria (CBN) has spent years pushing for financial inclusion, and a badly implemented tax policy could hurt such achievements. “The tax authorities should look out for justifiable income and tax it. They cannot tax anything that is not earned or capital for businesses. Once these lines are not crossed, I see business compliance rising and the economy better for it,” adding that a badly implemented tax policy could reduce businesses’ transactions in banks, and that will not impact positively on the economy.
Also, the President/Chairman of Council of the Chartered Institute of Taxation of Nigeria (CITN), Innocent Ohagwa, said as the pre-eminent tax institution in Nigeria, CITN’s concern is in ensuring that due legislative process is observed and not breached, especially in respect of an important subject matter as taxation, which thrives on exactitude of tax legislation.
He said that the integrity of the tax process will command respect and enhance compliance, pointing out that no effort should be spared in getting it right from the onset to avoid overwhelming challenges in the future.
He said tax authorities should strive to ensure that any observed discrepancies, whether arising from procedural lapses, administrative errors, or unauthorised alterations in the tax policy, are corrected. According to him, the Nigerian constitution and established parliamentary practice require that laws assented to and gazetted must be identical to those duly passed by the legislature and that any post-passage changes must follow constitutionally recognised procedures. He warned that deviation from this standard, intentional or otherwise, compromises the rule of law, separation of powers, predictability and stability in the tax system.
Ohagwa insisted that the integrity of the legislative process is fundamental to the rule of law, good governance, and public confidence in democratic institutions. In his words: “Tax legislation, in particular, requires the highest level of accuracy, transparency, and procedural fidelity due to its far-reaching implications for government revenue, businesses, professionals and citizens,” he said.
Expressing support for the new tax regime, the President of Nigeria Institution of Estate Surveyors and Valuers (NIESV), Dr Victor Alonge, said the relief in the tax composition is not only a plus for the real estate sector, but also, in his opinion, one of the most beneficial laws for Nigerian workers. He said “about 90 per cent of workers will not be paying taxes and small businesses are also exempted from taxation in the new tax regime,” stating that the relief will lead to higher disposable income which can be invested in real estate. Residential properties are not expected to pay VAT but construction companies are expected to pay. If properly managed, he said, the impact of taxation on building materials will not be pushed to subscribers.
The CEO of Housing Development Advocacy Network (HDAN), Festus Adebayo, said that one of the likely impacts of the new tax regime, among others, is Rent Relief.
He said: “Tenants can claim up to N200, 000 or 20 per cent of annual rent as tax relief, potentially increasing demand for rental properties.”
He said a 1.5 per cent tax on high-value homes of about N500 million and above may discourage luxury property investments, potentially shifting focus to mid-range housing. Increased Capital Gains Tax (CGT) rates ranging from 30 per cent for companies and 15-25 per cent for individuals may affect property valuations and investment decisions,” he said.
He said there will be VAT exemptions for residential properties, while commercial properties and construction services are still subject to 7.5 percent VAT. Adebayo, however, said that there will be withholding tax exemptions for Real Estate Investment Trust (REIT) aimed at promoting investment in the sector.
Expectedly, the new tax regime aims to boost revenue, promote transparency, and encourage affordable housing. It will slow luxury sales and impact investor confidence.
Chief Operating Officer, QShelter, Adegbenga Alamu, said the new tax regime will have no negative effect on real estate. He said for Home Buyers, the interest is allowable as deduction before taxation, and it encourages people to buy from their savings.
The capital market is expectant as the new tax laws take off. Market pundits expect harmonisation of taxes, clarity and certain reliefs in the new tax laws to positively impact corporate earnings, and thus the attractiveness and liquidity of the market.
However, there were concerns about the possible negative effect of the introduction of what stakeholders described as excessive Capital Gains Tax (CGT).
Managing Director, High Cap Securities, David Adonri, said while investors were not averse to overdue tax reform, the issue of Capital Gains Tax (CGT) has continued to fuel anxiety in the capital market.
He said: “Soon after the enactment of the new Tax Act, equities reacted with a massive selloff due to the reintroduction of CGT at a massive rate of 30 per cent for transactions above N150 million. The selloffs stopped when the Minister of Finance promised to review the policy.” However, now that we are approaching implementation without concrete action, nobody can predict the reaction of investors moving forward.”
A Senior Investment Banker and Fellow of Chartered Institute of Stockbrokers (CIS), Abiodun Adeniran, also agreed that CGT was a major concern, but expressed optimism that the engagement between market stakeholders and the government would find a positive balance.
“The specific capital market concern is on the CGT, and there are ongoing efforts in collaboration with the relevant authorities on how to mitigate the effects,” Adeniran said.
Like in other sectors, operators in the Aviation Industry have expressed worry on how the implementation of the new tax law will affect air travel and other allied aviation services.
Pilot and Aviation Economist, Captain Samuel Caulcrick and the Chief Financial Officer (CFO) of Aero Contractors, Charles Grant, opined that the new tax regime could plunge the air transport into further crisis, akin to similar fears expressed by the Chairman/CEO of Air Peace Airline, Allen Onyema.
The airline chiefs have urged the Federal Government to deepen engagement with players across the economic spectrum, so as to achieve seamless and effective implementation of the new tax.
Caulcrick warned that the economy, including the aviation ecosystem, could be negatively impacted and nosedive until everyone paid their fair share of taxes to the right coffers.
He insisted that a market economy without a robust tax system lacked the main ingredient to prevent market distortions.
Grant on his part, observed that excessive taxation and policy inconsistencies, are crippling Nigerian airlines and threatening the sector’s capacity to contribute meaningfully to the economy.
He insisted that the sector could not survive under the present newly introduced tax template.
Grant said the government should see aviation as a platform for commerce, trade and integration, rather than a luxury to be slammed with high-end tax.
“One cannot tax what doesn’t survive. You have to enable it before you extract,” he said.
Grant said domestic passenger traffic had dropped by about three per cent since 2022, despite increasing travel demand in a country of over 200 million people.
He attributed this decline to multiple taxes and rising operational costs, which he declared had pushed ticket prices beyond the reach of average travellers.
He explained that airlines currently pay several levies, including Ticket Sales Charge (TSC), Passenger Service Charge (PSC), Value Added Tax (VAT), Customs Duties, navigation and over flight fees and ground-handling charges.
These costs, he stated, make it difficult for the operators to remain profitable, or expand their route networks. “Passengers are being priced out, while airlines operate on razor-thin margins. The outcome is fewer flights, grounded aircraft, and job losses across the value chain.”
He appealed to the government to restore VAT exemptions on aviation inputs, enforce Customs waivers and eliminate overlapping taxes that make air travel more expensive in Nigeria than in most African markets.
The President of Association of Micro-Entrepreneurs of Nigeria (AMEN), Prince Savior Iche, raised a red flag over the potential economic fallout of the federal government’s newly signed tax reforms. Speaking on the implications of the Nigeria Tax Act 2025, Iche warned that the implementation of the new fiscal policies is set to trigger a significant hike in the prices of essential commodities, further squeezing the disposable income of average Nigerians.
The AMEN leader expressed deep concern that the legislative changes would exacerbate the existing high cost of living, which many households are already struggling to manage. He pointed to the lingering effects of previous fiscal adjustments, specifically the Value Added Tax (VAT) increase implemented during the administration of former President Muhammadu Buhari, as a primary source of the current economic hardship. According to Iche, many Nigerians are already “paying through their nose” due to the cumulative weight of various taxes and levies.
A significant point of contention for the micro-entrepreneurial body is the impact of transaction-based taxes. Iche highlighted the burden of daily charges on bank transactions, noting that the frequency and volume of these deductions often go unnoticed by policymakers but represent a substantial drain on the capital of small business owners and the savings of ordinary citizens. He questioned whether the government truly appreciates the extent of the financial strain these incremental charges place on the public.
“Everything will escalate and increase the cost of living,” Iche stated, emphasising that the new tax regime could not have come at a worse time. He argued that instead of providing relief, the upcoming changes might lead to a price surge across various sectors, as businesses seek to offset their increased tax liabilities by passing the costs onto consumers.
Enzo Fernandez scored a stoppage-time equaliser as Chelsea ended a tumultuous week by claiming a deserved Premier League point at title-chasing Manchester City.
Calum McFarlane, usually Chelsea’s under-21s coach, has taken charge of the first team on an interim basis following the departure of Enzo Maresca on Thursday.
His side frustrated City for large periods, even after going behind, before Argentine Fernandez poked in at the third attempt to rescue a draw.
The win looked to be heading to City following Tijjani Reijnders’ first-half strike, but consecutive draws mean they have now fallen six points behind league leaders Arsenal.
Chelsea set up with a low block and it took until the 37th minute for the first shot on target when Erling Haaland’s deflected shot looked to be looping over Filip Jorgensen, but the Chelsea goalkeeper recovered superbly to tip the ball wide.
A minute later the Norwegian striker cut inside and thumped an effort which rattled the post as City sensed a goal was coming their way.
It duly arrived just before half-time, as Reijnders picked up a loose ball on the edge of the penalty area and skipped past Benoit Badiashile before hammering a finish inside the near left post.
Chelsea started brightly in the second half and Pedro Neto should have equalised but scooped over from eight yards out, while substitute Liam Delap, formerly of City, smacked an effort into the chest of Gianluigi Donnarumma, before Fernandez’s late leveller thrilled the travelling fans.
Magistrates, Presidents of Grade ‘A’ Customary Courts and Legal Research Officers in Ondo State have announced an indefinite strike action, effective from Monday, January 5, 2026.
The directive was issued under the aegis of the Coalition of Magistrates, Presidents of Grade ‘A’ Customary Courts and Legal Research Officers in the Ondo State Judiciary, a copy obtained by The Nation on Sunday.
In a notice dated January 2, 2026, and addressed to all magistrates, presidents of Grade ‘A’ customary courts and legal research officers, the coalition directed its members to withdraw their services indefinitely in pursuit of judicial autonomy and improved welfare.
The notice was jointly signed by the Chairman of the Magistrates Association of Nigeria, Ondo State Branch; the Chairman of the Association of Presidents of Grade ‘A’ Customary Courts; and the Acting Chairman of the Association of Legal Research Officers.
The notice stated, “We hereby direct all our members to commence a strike action indefinitely with effect from Monday, 5th January 2026.”
It added that during the strike, members would be barred from carrying out any official duties in any form, whether physically or remotely.
“During the pendency of the strike, all members are strictly prohibited from performing any official function or acting in their official capacity whatsoever, including but not limited to reporting to the office, sitting in court, issuing, signing, endorsing or authorising any order, process, directive or document, whether physically or remotely, for the entire duration of the strike,” the notice read.
The coalition said the strike would continue until its demands were fully met, stressing that the action was non-negotiable.
“This strike action shall remain in force until our collective demands for judicial autonomy and improved welfare are fully achieved. We will not compromise on these fundamental principles,” it stated.
The group also called on members to remain united and disciplined throughout the period of the industrial action, assuring that updates would be communicated as events unfold.
The Diocesan Bishop, Ijesa North (Anglican Communion), Rev. Isaac Oluyamo, has urged the federal government and Independent National Electoral Commission(INEC) to respect the sacredness of the ballot.
The clergy, in his New Year message at the Cathedral Church of St. Matthew, Ijebu-Jesa, Osun State, on Sunday, also charged security operatives to eschew partisan politics.
According to him, “With the Ekiti and Osun State elections on the horizon, I appeal to the federal authorities and INEC to respect the sacredness of the ballot. Let the choice of the people stand.
“I want to also charge the police and other security agencies to strip themselves of partisanship and do their work with the professional fear of God.”
Also, Bishop Oluyamo charged President Bola Tinubu to fight insecurity including kidnappings banditry and the shadows of fear that hang over the highways.
He also urged Nigerians to embrace forgiveness, forget wrongdoings and focus on God in 2026.
Four suspects linked to a motorcycle theft syndicate have been apprehended by the men of the Ondo State Police Command.
The suspects, who were linked to a notorious syndicate, terrorising motorcyclists in Ondo, were nabbed in Edo State.
The suspects, identified as Onyeka, Ekene, Sunday, and Abubakar, reportedly confessed to their involvement in the theft during police interrogations.
A TVS motorcycle was also intercepted from the suspects.
In a statement issued on Sunday, the spokesperson for the command, Jimoh Abayomi, said the arrests followed a press release issued by the command on December 22, 2025, which announced the earlier interception of the syndicate and the recovery of two stolen motorcycles.
Abayomi disclosed that intelligence-led operations led officers to track down the fleeing suspects in Edo State.
“They are expected to be charged to court upon the conclusion of investigations,” he said.
Meanwhile, the Commissioner of Police in the state, Adebowale Lawal, lauded the operatives for their professional, swift, and decisive response, noting that it underscored the command’s strengthened capacity for effective crime-fighting.
CP lawal also reassured residents of the Command’s commitment to protecting lives and property, emphasizing that the police remain proactive in tackling criminal activities.
He warned that criminals would be tracked and brought to justice regardless of where they operate.
The police boss, however, directed all Divisional Police Officers and tactical commanders to remain vigilant and ensure robust security coverage across the state.
He urged residents to stay alert, cooperate with security agencies, and promptly report suspicious activities to enhance public safety.
Kidnappers, who abducted two brothers, Ibrahim and Tahir Abu in Auchi, Estako West local government area, have demanded a ransom of N200m.
Father of the victims, Momoh Tahir, said the kidnappers contacted the family to demand the ransom on Sunday morning.
Tahir stated that the ransom was reduced to N100m.
Speaking in a telephone interview, Tahir said the abduction of his children has been difficult for the family.
He said, “They have been in touch with us since they were kidnapped. They asked for N200 million but we were able to negotiate N100 million. We are still hoping that further discussion will lead to reduction of the ransom demanded.
“It’s a trying period for the family but I pray that they would come back home safely.”
Both brothers were abducted on Friday while returning from work.
One of them is a Medical Doctor.
Edo Police spokesman, Eno Ikoedem, said security operatives have been combing the bush since the incident occurred.
She said, “Yes, this unfortunate incident was brought to the attention of the Edo State Police Command on 2nd January, 2026 at about 8:30pm.
“Upon receipt of a distress call reporting the kidnapping of two brothers, Abu Ibrahim and Abu Tahir, along City Pride Road, Igbira Camp, Auchi, the Divisional Police Officer, Auchi Divisional Headquarters, was immediately deployed to the scene and subsequently mobilized operatives in collaboration with vigilantes, Forest Guards, and Community Safety Partnership Volunteers who are well conversant with the forest terrain.
“Aggressive search and rescue operations within the forest have been ongoing since last night, and the Command assures the family and the general public that no stone will be left unturned to ensure the safe rescue of the victims.”
