The Federal Government has ruled out any plan to suspend the implementation of the Nigerian Tax Act and the Nigerian Tax Administration Act, reaffirming that both laws will come into force on January 1, 2026, despite concerns raised by the House of Representatives over alleged discrepancies in the gazetted versions.

Chairman of the Presidential Committee on Fiscal Policy and Tax Reforms, Mr Taiwo Oyedele, stated this while addressing journalists after a meeting with President Bola Ahmed Tinubu, stressing that the implementation timeline remains unchanged.

Oyedele said the tax reform programme is a central pillar of the Tinubu administration’s economic agenda, designed to reduce the tax burden on citizens, stimulate economic growth, and promote fairness and transparency within the tax system.

His remarks followed recent deliberations by the House of Representatives Committee, which is investigating claims that certain provisions in the final versions of the tax laws differed from what lawmakers originally passed.

While welcoming the engagement of the National Assembly, Oyedele noted that the Federal Government remains open to dialogue and corrective action where necessary. However, he emphasised that such discussions would not delay the scheduled commencement of the two remaining tax laws.

According to him, four major tax reform laws have been enacted under the ongoing reform programme, with two already operational. He explained that the Nigerian Revenue Service Establishment Act and the Joint Revenue Service Establishment Act took effect on June 26, 2025, ahead of the broader reforms, to allow newly created institutions to begin operations and build capacity.

The remaining statutes—the Nigerian Tax Act and the Nigerian Tax Administration Act—are scheduled to take effect on January 1, 2026, as initially planned.

“The plan to commence these laws on January 1, 2026, remains firm because the reforms are structured to deliver relief to the Nigerian people,” Oyedele said.

Highlighting the expected benefits of the reforms, he disclosed that about 98 per cent of Nigerian workers would either pay no Pay-As-You-Earn (PAYE) tax or pay significantly lower amounts. In addition, approximately 97 per cent of small businesses would be exempt from corporate income tax, value-added tax, and withholding tax.

Oyedele added that larger companies would also benefit from reduced tax liabilities under the revised framework, noting that the reforms are aimed at inclusivity, shared prosperity, and sustainable economic growth rather than increasing tax rates.

He said the new tax system prioritises expanding economic activity, broadening the tax base, and improving voluntary compliance.

The committee chairman further revealed that the tax reform bills spent about nine months at the National Assembly between October 2024 and June 2025, allowing ample time for legislative scrutiny and preparation ahead of implementation.

Since the laws were signed, he said the government has focused on capacity building, system upgrades, and extensive stakeholder engagement to ensure a smooth rollout.

Oyedele also noted that the reforms have eliminated what he described as wasteful and distortionary tax incentives, a move expected to improve efficiency and equity within the tax system.

Describing tax reform as a continuous process, he said the framework would continue to evolve based on feedback and economic conditions but maintained that the January 2026 implementation date for the two remaining tax laws remains unchanged.

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In a significant move, the Federal Executive Council (FEC) last week approved a new $2.2 billion external borrowing plan under the 2024 Appropriation Act financing strategy. Finance Minister Wale Edun, in a post-FEC briefing, disclosed that the plan includes $1.7 billion from Eurobonds and $500 million from Sukuk offerings. He noted that Nigeria’s access to international capital markets signifies approval of President Bola Ahmed Tinubu’s economic policies.

This new borrowing plan is expected to push the nation’s external debt to the projected $45.1 billion mark by the year’s end. However, this decision comes amid rising debt servicing costs.

According to the Central Bank of Nigeria, the country spent $3.58 billion servicing foreign debt in the first nine months of 2024, reflecting a substantial 39.77% increase compared to $2.56 billion in the same period of 2023.

The DMO also reported in October 2024 that Nigeria’s total debt stock had climbed to N134.3 trillion by the close of June. Commenting on this trend, Muda Yusuf, Director of the Centre for the Promotion of Private Enterprise (CPPE), expressed concerns over the swelling debt load, citing limited revenue generation and persistent infrastructural shortcomings as key challenges.

The combination of continued borrowing and increasing debt service payments raises questions about the sustainability of Nigeria’s fiscal strategy and its potential long-term impact on economic stability.

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Dead capital, which includes underutilized infrastructure, unproductive land, and abandoned projects, represents a significant untapped resource for economic development.

According to experts, unlocking dead capital could lead to a hypothetical 25 percent increase in titled land, potentially skyrocketing GDP by enhancing agricultural productivity and attracting investments.

Hernando de Soto, in his seminal work “The Mystery of Capital,” emphasizes that the lack of formal titles prevents these assets from contributing to economic growth.

Chudi Ubosi of Ubosi Eleh + Co highlights Nigeria’s vast stock of dead capital, citing over 56,000 abandoned projects across the country. Despite efforts such as the establishment of the Ministry of Finance Incorporated (MOFI) and the National Land Reform Commission (NLRC), challenges persist due to unclear property rights and informal land ownership.

READ ALSO: Bankers Criticize Central Bank’s Capital Guidelines Over Retained Earnings Exclusion

To unlock this potential, there’s a call for collaborative efforts involving governments, communities, and stakeholders. Governments must recognize land as a factor of production and streamline the titling process. Leveraging technology, such as digital mapping and blockchain, can enhance land administration and governance.

READ ALSO: Governor Sanwo-Olu Welcomes Nigerian Who Drove from Lagos to London

Furthermore, access to finance is crucial, with proposals to use formalized land as collateral and develop alternative lending models. Microfinance initiatives can be tailored to utilize informal assets as collateral, promoting financial inclusion and unlocking capital for entrepreneurs.

In a bid to revitalize the economy, Nigeria must prioritize reforms aimed at unlocking dead capital, thereby tapping into a reservoir of untapped economic potential.

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The relief programs encompass various initiatives, including the settlement of outstanding salary arrears amounting to over N2.7 billion for state and local government employees. This move signifies the government’s commitment to clearing wage obligations, with assurances that arrears for local government workers will also be settled within the year.

Additionally, the governor has sanctioned a monthly increase of N600 million in subvention for autonomous institutions, facilitating the implementation of wage adjustments in line with those for state and local government workers.

To address pension concerns, the governor has approved the payment of two months’ pension arrears totaling N1.5 billion for state and local government retirees. Furthermore, there will be a monthly gratuity increment for local government pensioners, raising the total monthly payout to N200 million.

In a bid to bolster food production, particularly through agricultural interventions, the state government has allocated N1 billion. This fund will support land preparation, tractorization schemes, and input supply programs to aid small-scale farmers.

READ ALSO: Kidnappers Demand N100 Million Ransom for Nine School Children and Staff Abducted in Ekiti

Moreover, Ekiti State is set to leverage a portion of the World Bank-funded Livestock Productivity and Resilience Support Project, allocating N1.2 billion to enhance the livestock sector. This initiative aims to empower livestock farmers, enhance productivity, and foster youth and private sector engagement in livestock enterprises.

The relief package also encompasses support for small and medium-scale businesses, including a N500 million loan program in partnership with Access Bank and a N1 billion cooperative fund for low-interest working capital.

Furthermore, the initiatives extend to social welfare schemes, such as conditional cash transfers, CARES programs, and free healthcare services, including malaria treatment for the elderly and children, and free delivery for pregnant women.

READ ALSO: Ekiti to introduce land use charge to boost economy

The governor emphasized that these measures complement existing infrastructure projects across the state, with a focus on enhancing power supply and reducing logistics costs.

As part of the relief efforts, free bus services will be provided for students and workers within select areas, while food distribution to all wards will be coordinated by local councils and community associations.

Governor Oyebanji reiterated his administration’s dedication to the welfare of citizens and urged cooperation from residents in supporting government initiatives aimed at fostering economic growth and shared prosperity, aligning with the agenda set forth by President Bola Tinubu.

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In an address to residents detailing his administration’s efforts, the governor also announced a reduction in the number of days civil servants are required to work from their offices.

Under the new directive, civil servants from levels 1 to 14 will have the opportunity to work from home twice a week, while those from levels 15 to 17 will be permitted to work remotely once a week.

“We want to start with our public servants. Immediately from next week, civil servants from lower levels will be working three times a week, and those from levels 15 to 17 can work four times a week,” Governor Sanwo-Olu stated.

He clarified that government operations would not cease entirely but would be structured and scheduled accordingly. Additionally, he announced that the 25% reduction in transportation fares for state-owned services, including BRT, train, and ferry, would take effect starting this weekend.

Furthermore, Sanwo-Olu assured that various categories of civil servants, including teachers, would receive additional support to ensure they could work five days a week.

READ ALSO: CBN, NSA Move To Punish Foreign Exchange Market Speculators

The governor also disclosed that the state is expecting 300 trailer loads of foodstuff and has devised plans to ensure equitable distribution to those in need. Additionally, the government plans to construct four food hubs to revolutionize food distribution and combat rising food costs.

“We will establish Sunday Markets in at least 42 identified markets across Lagos State, where residents can purchase food items at discounted prices, with a limit of up to N25,000 per purchase,” Governor Sanwo-Olu announced.

READ ALSO: Economic hardship: Lagos civil servants to work from office three days a week, says Sanwo-Olu

He further revealed that in addition to the ongoing construction of food hubs, seven more locations across various local governments have been identified for the development of additional food hubs.

The post Sanwo-Olu’s Measures to Ease Hardship: Transportation Fare Reduction and Remote Work for Civil Servants appeared first on Housing TV Africa.

The governor said this is one of the measures by his administration to ameliorate the economic hardship pervading the nation.

Food prices have soared and inflation has spiralled across Nigeria since President Bola Tinubu ended the petrol subsidy regime and unified the exchange rates in 2023.

Sanwo-Olu spoke during a media chat with journalists on Thursday in Lagos.

The governor said those on level 15 to 17 will report at their offices four times in a week.

“From next week, we are working out a plan where civil servants from level 1 to 14 will come to the office maximum three times in a week,” the governor said.

“Not that all forms of government will be shut down. It will be calendarised and scheduled. Those on level 15 to 17 will miss work for one day.”

READ ALSO: Sanwo-Olu to commence payment of N750 million to Lagos traders on Feb. 14

Sanwo-Olu added that teachers in public schools in the state will continue to work five days in a week due to the nature of academic activities.

The Lagos governor said his administration will provide additional transport support for teachers in public schools.

He announced a 25 percent reduction in state-owned transport services starting from this weekend, while adding that his administration will discuss fare reduction with transport unions.

Sanwo-Olu said the state will identify caterers and ‘mama put’ outlets in each LGA to feed 1,000 people at least once a day.

He added that his administration will open “Sunday markets” in at least 42 identified markets for residents to buy food items at a 25 percent discounted rate.

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Nigerians for ages, have been tagged the most happiest people on earth by foreigners.

For ages, a lot of non Nigerians have always wondered how citizens of the giant of Africa have been able to cope with the series of hardship they faced daily, due to the inefficiency of political leaders in the West African nation.

One secret a lot of them didn’t probably realize, was that Nigerians are fun loving people, and they create their own happiness for themselves, not allowing economical situations deny them of happiness.

However in recent times, the same Nigerians who always had ways of creating happiness for themselves, are finding it hard to do so, due to the harsh economical challenges prevalent in the country.

Weekends in Nigeria that used to be reserved for partying and celebrations, are now been spent as ordinary days.

Event centers or halls, that used to record high patronage in past times, are now been occupied by cobwebs and insects, as a result of low patronage.

A particular event center somewhere in Alimosho, Lagos, that used to be busy every weekend, has not recorded any form of patronage, for five months now.

This is according to the manager of the event center, who wishes to be addressed as Mr Seun.

“Since when Senator Tinubu became president, people gradually stopped hiring our halls for events. People now prefer to organize parties in there houses and communities. They say our charges are high, but people around us know that our charges are one of the lowest in town, but then can you blame them? For months now, we have not made sales and as a result, we have been laying off workers. Where is Nigeria heading to?” Seun queried.

READ ALSO: Oyo State Issues Warning to Seize Abandoned Properties Amid Insecurity Concerns

The event centers are not the only ones feeling the hardship. Even caterers, are feeling it, as people now prefer to cook at home, even when they have large parties.

Just last Wednesday, this reporter spoke to a caterer, who he overheard arguing with a market woman, over the prices of seasoning cubes. She sounded so downcast and couldn’t hold back her tears while talking.

“My brother, you see as I dey follow market woman drag price so? Things no easy for everybody for Nigeria, but then we must eat na. Imagine me coming to the market today and finding out that the price of seasoning cubes have increased! How I go do am now? For months, I have not gotten a client to cook for but just this weekend, a client contacted me for a job and even paid me advance. Now, the advance can’t buy anything meaningful in the market, and I must deliver. Nobody wan use caterers again to cook, even for wedding ceremonies. It is so bad. How I wan do am now?” She asked hopelessly.

READ ALSO: Current Prices of Building Materials in Nigeria (2024)

Even if Nigerians can’t afford to rent event centers and hire the services of caterers, one will think they should be able to at the least, hire the services of music providers, aka Disc Jockeys(DJ’S) right?

Well, according to recent findings, most parties in recent times, have resorted to the use of sound systems and portable Bluetooth speakers, as a means of providing music for themselves.

They can’t really be blamed for this; if one considers the high cost of renting party speakers, electricity generating sets and even microphones.

However, it will be worthy to note that despite all the challenges involved in organizing parties in the country, some individuals have still found a way of organizing owanbe parties, the way it used to be.

And when this individuals are asked how they went about it, they will say “Na God grace oh”

The post The economical hardship is paralyzing the ‘owanbe’ culture in the country appeared first on Housing TV Africa.

Billionaire businessman Femi Otedola has applauded President Bola Tinubu for resolving the UAE visa ban on Nigerians.

Otedola said the resolution of the dispute showed Tinubu’s strong leadership qualities and his commitment to economic diplomacy.

He said the reversal of the visa ban would improve Nigeria’s stock exchange and attract foreign investments.

Otedola also said the hardship that Nigerians are facing at the moment is temporary and that Tinubu’s policies will soon yield results.

He urged Nigerians to be patient and support the administration.

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