Tag: tax reforms

  • Tax reforms: MINILS DG drums support for citizens’ buy-in

    Tax reforms: MINILS DG drums support for citizens’ buy-in

    The Director General, Michael Imoudu National Institute for Labour Studies (MINILS), Ilorin, Comrade Issa Aremu, has said President Bola Ahmed Tinubu deserves the “critical but constructive” support of the citizens in the tax reforms his administration is currently undertaking.

    Aremu said this in Ilorin shortly after he led a group of cyclists on bicycle ride to parts of Ilorin, the Kwara State capital in commemoration of his 64th birthday.

    The Chief Executive Officer of MINILS, the foremost labour Institute in West Africa  observed that there can only be sustainable good governance with sustainable enhanced public revenue which can be made possible through “Just and progressive taxation” . 

    He also hailed President Tinubu for what he called “audacity to make a change through controversial but inevitable reforms”. “ You can agree or disagree with his policy choices but you cannot doubt President Bola Tinubu’s business-unusual policies to reposition through reforms in all sectors of governance in accordance with the renewed hope agenda”.

    The Director General expressed confidence that the National Assembly offers the open platform for improving on the content of the proposed  four tax bills adding that those opposing the reforms in the nation’s tax administration should proceed to the National Assembly and ventilate their views. 

    Read Also: Tax Reforms: Northern stakeholders demand VAT reduction to 3%

    Citing as commendable the  clause that exempted workers  on  minimum wage as take home pay from tax net, Aremu  said the exemptions should be further expanded to cover mass of what he called “working poor whose pay on account of inflation and Naira devaluation” had depressed their purchasing power.

    “President Bola Ahmed Tinubu has made his intention known about tax reforms, and this has been duly communicated to the National Assembly. The President should be encouraged to accompany tax reforms with good governance reforms that will re-industrialise Nigeria create decent work and banish poverty. Those who disagree with the tax reform bills should proceed to the National Assembly and make their positions known.” 

    He disclosed that arrangement is almost concluded by MINILS  to hold a citizenship engagement with the Presidential Committee on Fiscal Policy and Tax Reforms with a view of highlighting the benefits of the proposed bills. 

    While appreciating the President and the 10th National Assembly for the enactment of 2024 National Minimum Wage Act of N70,000 minimum wage AREMU tasked the organized labour and employers of labour to partner President Tinubu in ensuring payment of both minimum and living wage for workers adding that wage- led economic recovery plan backed by improved productivity was indispensable for sustainable development. 

    The Director General commended the  President’s commitment in the Presidential media  to living wage as a tool to combat corruption adding that when the civil servants are well remunerated, they are less  susceptible to  corruption

    Meanwhile  Aremu commended Governor AbdulRahman AbdulRazaq of Kwara State for bringing development to the state.

    “I’m dedicating my birthday to the dynamic Governor of Kwara State and Chairman, Nigeria Governors’ Forum (NGF) for obvious reasons. The road in my area was hitherto not motorable , but through the renewed hope agenda, Governor had constructed the road”, he added.

  • Tax Reform Bills: Bauchi Governor Mohammed playing bad politics, says Dare

    Tax Reform Bills: Bauchi Governor Mohammed playing bad politics, says Dare

    • Minister: reform will transform economy

    The Special Adviser to the President on Media and Public Communications, Mr. Sunday Dare, yesterday accused Bauchi State Governor Bala Mohammed of playing bad politics with the proposed tax reforms

    He advised the governor to face governance and stop using President Bola Ahmed Tinubu to burnish his vanishing image.

    Also, the Minister of State for Industry, Sen. John Uwan-Enoh, has said the Tax Reform Bills would positively transform the nation’s economy.

    Owan-Enoh, who spoke yesterday while addressing reporters in his country home, Etung, in Etung Local Government Area of Cross River State, hailed President Bola Ahmed Tinubu for presenting the Bills.

    The minister noted that the reform would be beneficial to the industrial sector.

    He reminded Nigerians of the President’s promise of a $1 trillion economy, saying the reform was part of what was needed to achieve the feat.

    In his statement yesterday in Abuja, Dare, who objected to the governor’s consistent criticism of the Tax Reform Bills of the Federal Government, stressed that it is wrong to politicise the tax reforms.

    He said: “Governor Bala is playing irresponsible politics. Rather, he should occupy himself with dealing with the many problems of his state. Ambition is made of sterner stuff.”

    The statement reads: “President Bola Tinubu’s administration is one that is laser-focused on issues of development and how to improve on the overall well-being of Nigerians.

    “This government does not deal with personalities. Our focus is on how to build stronger collaborations with sub-nationals and other critical stakeholders on matters that affect the lives of Nigerians.

    Read Also: Tax Reform Bills: NEF call for dialogue, inclusive policies

    “President Tinubu won an election and secured a national mandate from Nigerians and he will not surrender that to satisfy the palate of some pseudo-activists and latter-day crusaders.

    “President Tinubu is a listening leader and one who also strongly believes in the institutions of state.

    “On the Tax Reform Bills, the President was clear that anyone and groups that feel strongly about this matter now before the National Assembly should take advantage of the legislative process. Attempts to stampede or abort this process must be regarded as undemocratic and self-serving.

    “The question to Governor Bala Mohammed by journalists is to know what he is doing to make life better for the people of Bauchi State. How well are the people of his state, who still rank as most impoverished among Nigerians, fairing under his leadership?

    “How well has he as governor used the increased resources at his disposal to improve the quality of life of his people? Just like President Tinubu has a duty to all Nigerians, Governor Mohammed has a greater duty and responsibility to the people of his state…

    “President Tinubu is focused on revamping the economy and is working to turn the economic fortunes of the country around. He has a four-year mandate to deliver on his promises.

    “Nigerians have started to see the real impact of reforms of the Tinubu administration and better outcomes will continue to manifest in the lives of the citizens in the weeks and months ahead.”

  • Tax Reforms: Northern stakeholders demand VAT reduction to 3%

    Tax Reforms: Northern stakeholders demand VAT reduction to 3%

    Stakeholders in Northern Nigeria have called for the reduction of Value Added Tax (VAT) to 3% and the relocation of corporate headquarters of banks and telecommunications companies to Abuja to address perceived inequities in the proposed tax reform bills.

    The demands were made at a town hall meeting organized by the Coalition of Northern Groups (CNG), civil society organizations (CSOs), and other stakeholders at Arewa House, Kaduna on Thursday.

    The stakeholders criticized the current VAT distribution formula, which allocates revenue based on the location of a company’s headquarters rather than where goods and services are consumed.

    They argued that such a system disproportionately benefits certain regions, leaving others at a disadvantage.

    “Abuja, being the Federal Capital, should serve as a neutral ground for the corporate headquarters of these companies to ensure fair revenue distribution,” a resolution from the meeting stated.

    On VAT, the stakeholders demanded that the federal government reduce the rate to 3%, rather than increase it as proposed.

    Read Also: Northern governors not opposed to Tinubu’s tax reforms – Sule

    They said this would provide relief to struggling businesses and citizens already grappling with the effects of subsidy removal and inflation.

    The meeting also called for increased funding for agencies such as TETFUND, NITDA, and NASENI to sustain innovation and education, while urging the federal government to reconsider the tax reform bills entirely.

    Signed resolutions from the event were however submitted to Northern lawmakers, urging them to reject the reforms in their current form.

  • Northern governors not opposed to Tinubu’s tax reforms – Sule

    Northern governors not opposed to Tinubu’s tax reforms – Sule

    Nasarawa State Governor, Abdullahi Sule, has dismissed claims that Northern governors are fighting President Bola Ahmed Tinubu over his tax reform initiatives. 

    Governor Sule made this assertion on Thursday while receiving members of a coalition of Christian denominations under the Christian Association of Nigeria (CAN) at the Government House during a thank-you visit. 

    Addressing the allegations, Governor Sule emphasised that some individuals are misinterpreting the Northern governors’ call for broader consultations on the tax bills currently before the National Assembly, particularly regarding Value Added Tax (VAT), as opposition to the President. 

    He criticised those who previously opposed Tinubu’s election but are now portraying themselves as his strongest supporters, suggesting that such individuals are creating unnecessary narratives. 

    Governor Sule affirmed that Northern governors, including himself, fully appreciate President Tinubu’s efforts to make governance more effective and beneficial, stating that these reforms have eased their responsibilities as leaders. 

    “I am happy that you are following up on the tax reforms because you called for more sensitisation. That is all we ask for. That is all the grammar that you hear back and forth. It is not that any governor has anything personal against President Bola Ahmed Tinubu. We love our President. 

    “It is because of the President that today, for all the projects we are executing, I am not borrowing one naira. All the work that you see going on, I did not borrow one naira. I cannot, therefore, turn around and fight the President, who has helped me to look good,” he said. 

    Governor Sule, however, insisted that there are hidden issues regarding the tax bills that need clarification for better understanding. 

    “Just as I have never been a teacher, I have never been a legislator. Because of that, we called for the withdrawal of the bills to reconsider them. They said it’s the wrong language. You can make amendments to the bills without necessarily withdrawing them. I said that is what I am looking for. I am not looking for any trouble,” he stated. 

    On the subject of VAT, the Governor expressed confidence that he knows a great deal more than most of those arguing in favour of the tax reforms, considering his background in the organised private sector. 

    “The aspect of VAT I understand more than most of them. I didn’t even know how VAT was being utilised. I only knew how VAT was generated. As the CEO of some of the companies, we collected by invoicing customers at the time VAT was five percent, collecting it from the customers and remitting it to the Federal Internal Revenue Service. 

    “That was my work. Who was using it, and how it was distributed, I didn’t even know until I became a Governor. That was when I knew that we could collect VAT, and it would help the state towards capital projects. 

    “When I talk about VAT, I talk with authority because I know what it is. I know how it is generated. I know how much it is. Today, it’s VAT that is making every state shine. Because the amount of VAT at 7.5 percent is what is making every state comfortable. 

    “Nasarawa State, since they started this, we have not received less than N4bn from VAT alone monthly. We are rightly apprehensive about all these projects we have, and now they are saying they will remove VAT from FAAC, I had to raise my hand because I have sworn by the Quran to defend the people. I can’t keep quiet,” he stated. 

    He described as unfortunate the attempts by some vested interests to twist the issues by saying that Northern governors are fighting President Tinubu. 

    “For some people making noise and saying that the Northern governors are fighting the President, nobody is fighting the President. How could you fight a President who has made you look good? This is the truth. All we are saying is that in some aspects, we need to look into it. 

    Read Also: Governor Sule inaugurates committee to probe teachers’ recruitment irregularities

    “But you know, in this country, there are a lot of people looking for jobs. So they want to show the President they love him more than us. And we are the ones who fought some of those people for the President to get elected. We fought them, and they fought us back until he was elected. Today, they are on the other side. They are saying they love him more than we do. It’s only in Nigeria that you will see this kind of thing,” he added. Governor Sule insisted that they are not fighting the President but simply want him not to make decisions that could negatively impact their chances for another term in office. 

    “They now are saying they are the ones protecting him. We are saying, Mr. President, don’t do this because it may affect us in the next election if you do something that is not conducive to certain parts of the country or certain states. It may be injurious to us. 

    “We are the ones who truly love the President for saying what we are saying. Not someone because they are looking for jobs to come and tell you that the Northern governors want to fight the President. Fight him how? If APC does not win and Nasarawa State is APC, we are in trouble. No matter what happens, we prefer APC to win as long as we are also APC,” he stated.

  • FG commences implemention of 2024 withholding tax reforms

    FG commences implemention of 2024 withholding tax reforms

    The federal government has officially commenced the implementation of the 2024 Withholding Tax Regulations. 

    The new regime, approved in July 2024 and published in the Official Gazette in October 2024, became effective on New Year’s day, January 1, 2025.

    The revised regulations, formally titled the “Deduction of Tax at Source (Withholding) Regulations, 2024,” aims to modernize Nigeria’s tax system, streamline compliance, and address longstanding inefficiencies. 

    Signed into law by the Minister of Finance and Coordinating Minister of the Economy, Wale Edun, the reforms are expected to alleviate the financial and administrative burdens on businesses, particularly Small and Medium Enterprises (SMEs), farmers, manufacturers and producers.

    Announcing the commencement of the Withholding Tax reforms on New Year’s day, Taiwo Oyedele, Chairman of the Presidential Committee on Fiscal Policy and Tax Reforms, outlined several key features of the updated regime:

    SMEs are now exempt from withholding tax compliance. This change is expected to ease administrative and financial challenges for these businesses, fostering growth and innovation in the sector. Businesses with low profit margins will benefit from reduced withholding tax rates, which will enhance their cash flow and reduce operational costs.

    In addition, manufacturers and producers, particularly farmers, are now exempt from withholding tax. This move is designed to strengthen critical sectors, ensuring their sustainability and growth. The new withholding tax provisions are intended to curb tax evasion, minimize avoidance opportunities, and promote transparency in tax remittances.

    The reforms streamline the process of obtaining credit for taxes deducted at source, making it easier for businesses to leverage such deductions. The updated regulations reflect emerging economic issues and align with international standards, ensuring Nigeria’s tax system remains contemporary and globally competitive and by providing clear guidelines on the timing of deductions and definitions of key terms, the new policy has eliminated ambiguities that previously made compliance difficult.

    Oyedele speaking on the withholding tax reform earlier in 2024 noted that the previous withholding tax regime “had evolved into a complicated system over time, creating numerous challenges for businesses”. 

    Key issues included: Ambiguities regarding compliance requirements, eligible transactions, applicable rates, and remittance timing. Excessive compliance burdens and strained working capital for low-margin businesses.

    Read Also: Tax reforms: 90% of workers to pay lower taxes

    Also, the treatment of withholding tax as a separate levy, contributing to Nigeria’s issue of multiple taxation, the difficulty in obtaining refunds for excess withholding tax, leading to financial strain and the absence of an exemption threshold made compliance uneconomical for taxpayers and enforcement costly for authorities.

    Another challenge experienced with the old withholding tax regime was the failure to address emerging economic realities, resulting in inequity and inefficiency in the tax system.

    Oyedele had argued that “the new regulations tackle these issues head-on, streamlining processes and reducing compliance burdens while promoting fairness and equity”.

  • FG commences implementation of 2024 withholding tax reforms

    FG commences implementation of 2024 withholding tax reforms

    The Federal Government has commenced the implementation of the 2024 Withholding Tax Regulations.

    The new regime, approved in July 2024 and published in the Official Gazette in October 2024, became effective on January 1, 2025.

    The revised regulations, formally titled the “Deduction of Tax at Source (Withholding) Regulations, 2024,” aims to modernize Nigeria’s tax system, streamline compliance, and address longstanding inefficiencies.

    Signed into law by the Minister of Finance and Coordinating Minister of the Economy, Wale Edun, the reforms are expected to alleviate the financial and administrative burdens on businesses, particularly Small and Medium Enterprises (SMEs), farmers, manufacturers and producers.

    Announcing the commencement of the Withholding Tax reforms on New Year’s day, Taiwo Oyedele, Chairman of the Presidential Committee on Fiscal Policy and Tax Reforms, outlined several key features of the updated regime:

    SMEs are now exempt from withholding tax compliance. This change is expected to ease administrative and financial challenges for these businesses, fostering growth and innovation in the sector. Businesses with low profit margins will benefit from reduced withholding tax rates, which will enhance their cash flow and reduce operational costs.

    In addition, manufacturers and producers, particularly farmers, are now exempt from withholding tax. This move is designed to strengthen critical sectors, ensuring their sustainability and growth. The new withholding tax provisions are intended to curb tax evasion, minimize avoidance opportunities, and promote transparency in tax remittances.

    Read Also: Anthony Joshua visits Tinubu at Lagos residence

    The reforms streamline the process of obtaining credit for taxes deducted at source, making it easier for businesses to leverage such deductions. The updated regulations reflect emerging economic issues and align with international standards, ensuring Nigeria’s tax system remains contemporary and globally competitive and by providing clear guidelines on the timing of deductions and definitions of key terms, the new policy has eliminated ambiguities that previously made compliance difficult.

    Oyedele speaking on the withholding tax reform earlier in 2024 noted that the previous withholding tax regime “had evolved into a complicated system over time, creating numerous challenges for businesses”.

    Key issues included: Ambiguities regarding compliance requirements, eligible transactions, applicable rates, and remittance timing. Excessive compliance burdens and strained working capital for low-margin businesses.

    Also, the treatment of withholding tax as a separate levy, contributing to Nigeria’s issue of multiple taxation, the difficulty in obtaining refunds for excess withholding tax, leading to financial strain and the absence of an exemption threshold made compliance uneconomical for taxpayers and enforcement costly for authorities.

    Another challenge experienced with the old withholding tax regime was the failure to address emerging economic realities, resulting in inequity and inefficiency in the tax system.

    Oyedele had argued that “the new regulations tackle these issues head-on, streamlining processes and reducing compliance burdens while promoting fairness and equity”.

  • ‘Tax reforms will boost real estate market’

    ‘Tax reforms will boost real estate market’

    Chief Executive Officer of Adamakin Investment and Works Limited, Chief Akindele Afolabi, has said the Tax Reforms Bills before the National Assembly will provide a significant boost to the real estate sector when passed.

    He spoke at the 137th remembrance ceremony of Iyalode Efunroye Tinubu in Lagos.

    Afolabi highlighted the role of tax reforms in unlocking the economic potential tied to real estate, stressing the need for proper land title registration in all states.

    According to him, such reforms will not only generate revenue but also enhance mortgage accessibility and improve property investments.

    “The real estate business in Nigeria is a locked-down wealth. If every state can ensure land titles are registered in their respective land registries, it will improve financial systems, attract investments, and strengthen mortgage insurance,” Afolabi said.

    He faulted the Lagos State Government for imposing embargoes on properties, including those historically owned by Madam Tinubu, the Yoruba business magnate celebrated at the event.

    He pointed out that such actions deter investors and undermine the economic potential of the sector.

    Read Also: Families flock Agodi Garden, Ventural Mall, UI Zoo, others to celebrate Boxing Day

    Discussing the tax reform, Afolabi underscored the importance of states being accountable for revenue generation through property titles and taxes.

    He referenced the Lagos State example, where millions of buildings lack mortgage insurance due to unregistered titles, a situation that hinders economic growth.

    He noted that the oldest title, owned by Madam Tinubu and registered in 2008, has faced political embargoes.

    “Such actions stall development,” Afolabi argued, adding that reforms must prioritize transparency and lawfulness to build investor confidence.

    “Mortgage insurance and proper land titling are fundamental to economic growth. The reforms will enhance accountability and revenue generation for the states, creating sustainable economic systems,” he stated.

    The ceremony also served as a platform to celebrate the life and achievements of Iyalode Efunroye Tinubu, one of Africa’s earliest female entrepreneurs.

    Madam Tinubu, who passed away on December 3, 1887, was commemorated for her business acumen and groundbreaking success in real estate and trade during the 19th century.

    Afolabi described Madam Tinubu as a trailblazer who defied societal expectations to build wealth and influence.

    “She was the first Black woman to achieve such monumental success at a time when women had little or no rights. She controlled men, managed farms, engaged in transactions, and dominated territories extending from Lagos to Lome and Sierra Leone,” he said.

    He urged modern Nigerian women to draw inspiration from Madam Tinubu, advocating for economic independence through intellect and entrepreneurship rather than dependency.

    “We intend to highlight Madam Tinubu’s story to encourage Nigerian women.

    “Her achievements show that women can overcome limitations and succeed despite societal and economic challenges,” he said.

  • Tax Reforms: States should focus on exporting key produce – Archbishop Yahaya

    Tax Reforms: States should focus on exporting key produce – Archbishop Yahaya

    The Archbishop of the Anglican Communion of Kaduna Province, Timothy Yahaya, has conducted a critical analysis of Nigeria’s tax reform bills, stating that until each of the 36 states in the country can produce and boast one agricultural product for export, the nation cannot move forward in this regard.

    The Anglican cleric noted that if implemented, the reform is something that will stimulate the economy of the country to avoid remaining a nation with a rental economy.

    Fielding questions from newsmen about his Christmas message to Christians in the country on Wednesday, Bishop Yahaya said it was dangerous and unprogressive for the country to put all its eggs in one basket by relying solely on crude oil as the exclusive source of the nation’s major export.

    He lamented that the money spent on turnaround maintenance of the nation’s refineries over the years was sufficient to build additional refineries, adding that the Dangote refinery should be the country’s choice to avoid further importation of fuel.

    The tax reform bills, as far as I am concerned, are something that is going to stimulate the economy of this country. When we remain a country meant for a rent economy, I don’t think that is the best. The sharing of money is not the best for this country. Go to America; some states are known for oranges, and some states are known for apples, so what is a particular state in Nigeria known for? We are only known throughout the 36 states of the federation for crude oil. Is that how we should be known? Some states should be known for the production of cocoa and rubber; some states should be known for the production of plantain, which we can export; some states should be known for the production of ginger; some states should be known for the production of sorghum. All over the place, some states are good for rice production; I know the rice belts in this country. Honestly, if we are going to produce rice, every part of the world will see our rice.

    But again I said, in this country, when leaders don’t think outside the box and focus on creating wealth but instead only think of sharing what we extract from the ground, we have a very big problem. I have also encountered some mediocre arguments about the money we have collected over the years and what we have done with it. So if everybody knows that he must farm in his house to eat, and if everybody knows that what he produces is what he is going to eat, I think we will put on our thinking caps, and in the next five to ten years, Nigeria will be catching up with the first world; that is my belief; there is no bias against it. But when you just sit down and people give you fish, will you learn how to fish? Will you learn how to produce fish? That is my take on tax reform bills.

    The government has promised us refineries; where are the refineries today? So we want the government to answer the question: where are the refineries? Because the money we have used for the turnaround maintenance of refineries from the beginning until now is more than the money Dangote used to build one of the biggest refineries in the world. There is something wrong somewhere, and I think the government should do a forensic study and audit of how it spends its money because the watchword for every leader is what is the value for money. Do we get value for the money we are spending on behalf of Nigeria? I think we need to look inward, and we need to ask ourselves the salient and truthful questions that will help our country move forward.

    Read Also: Tax reforms poised to boost real estate market, says Adamakin CEO

    What are the indices that inform the prices of petrol? When the subsidy was removed, I was one of those who felt happy, thinking that this money would be ploughed back into Nigeria. However, we continued as usual. I cannot tell you today, as a person, how much we have saved or how much the subsidy has advanced Nigeria. So where is the subsidy money? Where is it going? The only thing the poor man had before was the subsidy on petroleum. Whether it is a scam or a reality, only those who operate it know.

    “But we, as Nigerians, are still asking if the subsidy is gone, what has replaced it? We need to reduce the price of fuel because I am not sure the cost of production is equal to what they are selling. I want them to prove to Nigerians beyond reasonable doubt. Look, refining and mining crude oil is not nuclear science; it is very simple technology. So why are they making it so difficult? Why are people not coming forward transparently to us? As far as I am concerned, I don’t know what is obscuring the pump price that we cannot explain. That is why I am concerned. Remember how the Dangote refinery has had to fight all over the place to survive?

    “Instead of the Dangote refinery being our number one choice, so that our dollars can be stronger, we still prefer to import. Can you imagine that? For me, the more I see, the less I understand because it is as if some people have decided that this country must not move forward. I pray, in the spirit of Christmas, that the Lord will help this country to advance.

    “One of the issues that is biting hard in Nigeria, which I want the government to address, is hunger. And I want to say this with every sense of respect: the amount of money I see being churned out in the name of agriculture in Nigeria, where is it going? I think there should be a probe; there should be a serious investigation into all the agencies of government that handle agriculture in this country. The amount of money I see—I am a farmer—by now Nigeria should be exporting food more than crude oil. But when these funds come out, where do they go? We need to ask this question because Nigerians are so hungry in a country that can feed the whole of Africa. This is one area the government should focus on.

    “Another area is the fact that prices of essential commodities are getting out of hand, and at times, some of these things are gimmicks by fellow Nigerians. I want the government to look at it critically: the prices that our people are paying for goods and services. I am not advocating for price control, but let them reflect reality rather than mere speculation. You cannot imagine the price of a commodity in the morning being different in the afternoon and evening. The rate of inflation is unbelievable. Therefore, I think those who manage our economy must do something to curb inflation in 2025.

    “Apart from that, I want to plead with the government regarding the relationship between the security forces and civilians in this country. Some of the videos we see on social media are unbelievable. Even yesterday, I saw a video of military officers protecting some Chinese who had violated the law. I don’t think that is the same thing that happens in China. I want the government to investigate. I want to express my respect for the security forces; some of them are doing their best, but who are the bad eggs among them? If these issues are addressed, I think this country can become great and better.

    “My message to Nigerians on Christmas Day is like the angel that came on that day and said, ‘Fear not, for today a child is born unto you, and there is great joy in the whole world.’ So I tell Nigerians, fear not. The God that has been with Nigeria since creation is still the God that is present today. With all that we are going through, this will come to pass; it will be over. I believe that after this storm, there will be a better and greater Nigeria.

    “I do not want Nigerians to lose heart; I want them to be encouraged. Furthermore, Christmas is a time for sharing. We are supposed to remember those who are downtrodden, those who are not privileged, those in hospitals, those in orphanages, and even those in prison. If we can remember them and bring joy to their faces at a time like this, it will be a great occasion, and it will send a wonderful message that everybody is happy because a Saviour is born.” Bishop Yahaya said.

  • Tax reforms poised to boost real estate market, says Adamakin CEO

    Tax reforms poised to boost real estate market, says Adamakin CEO

    The Chief Executive Officer of Adamakin Investment and Works Limited, Akindele Afolabi, has emphasised that the proposed tax reforms by the federal government will provide a significant boost to Nigeria’s real estate sector.

    He made this assertion at the 137th remembrance ceremony of Iyalode Efunroye Tinubu, held at the Jewel Aeida event centre in Lagos.

    Afolabi highlighted the role of tax reforms in unlocking the economic potential tied to real estate, stressing the need for proper land title registration across all states in Nigeria.

    According to him, such reforms will not only generate revenue but also enhance mortgage accessibility and improve property investments.

    “The real estate business in Nigeria is locked-down wealth. If every state can ensure land titles are registered in their respective land registries, it will improve financial systems, attract investments, and strengthen mortgage insurance,” Afolabi stated.

    He further criticised the Lagos State Government for imposing embargoes on properties, including those historically owned by Madam Tinubu, the Yoruba business magnate commemorated at the event.

    He pointed out that such actions deter investors and undermine the sector’s economic potential.

    Discussing the tax reform, Afolabi underscored the importance of states being accountable for revenue generation through property titles and taxes.

    He referenced the Lagos State example, where millions of buildings lack mortgage insurance due to unregistered titles, a situation that hinders economic growth. He noted that the oldest title, owned by Madam Tinubu and registered in 2008, has faced political embargoes.

    “Such actions stall development,” Afolabi argued, adding that reforms must prioritise transparency and legality to build investor confidence.

    Read Also: Tax reforms: Only few Nigerians have studied the bills – Katsina APC chieftain

    “Mortgage insurance and proper land titling are fundamental to economic growth. The reforms will enhance accountability and revenue generation for the states, creating sustainable economic systems,” he stated.

    The ceremony also served as a platform to celebrate the life and achievements of Iyalode Efunroye Tinubu, one of Africa’s earliest female entrepreneurs.

    Madam Tinubu, who passed away on December 3, 1887, was commemorated for her business acumen and groundbreaking success in real estate and trade during the 19th century.

    Chief Afolabi described Madam Tinubu as a trailblazer who defied societal expectations to build wealth and influence.

    “She was the first Black woman to achieve such monumental success at a time when women had little or no rights. She controlled men, managed farms, engaged in transactions, and dominated territories extending from Lagos to Lomé and Sierra Leone,” he said.

    He urged modern Nigerian women to draw inspiration from Madam Tinubu, advocating for economic independence through intellect and entrepreneurship rather than dependency.

    “We intend to highlight Madam Tinubu’s story to encourage Nigerian women. Her achievements show that women can overcome limitations and succeed despite societal and economic challenges,” he said.

  • BREAKING: Tax reform is here to stay, says Tinubu

    BREAKING: Tax reform is here to stay, says Tinubu

    President Bola Tinubu has reaffirmed that the tax reforms initiated by his administration have come to stay.

    During the ongoing first presidential media chat, the president addressed mixed reactions regarding the tax reform bills before the National Assembly, stating that the benefits of the reforms far outweigh the concerns raised. 

    Read Also: Stockbrokers propose strategies to achieve Nigeria’s $1tn economy goal

    He added, “I am focused to ensure Nigerians get what they desire.”