Business
Must -Do By FG, Pvte Sector To Achieve $1 Trillion Economy in 2030
The Lagos State Government has said there is a need to optimise the tax collection process to be able to achieve the Federal Government’s $1 trillion economy target by the year 2030.
The Special Adviser to Lagos State Government on Public Private Partnerships, Mrs. Bukola Odoe, stated this at the 2024 Annual Workshop/ Awards of the Commerce and Industry Correspondents Association of Nigeria (CICAN) held in Lagos on Thursday.
Odoe addressed the ongoing discussions surrounding the proposed new tax bill in the National Assembly, and said there was for a balanced approach to tax collection that fosters economic growth and development in a fair and equitable manner.
Represented by Consultant and Financial Analyst, Lagos State Office of Public Private Partnerships, Mr. Adefisoye Adekunle, she said enhancing tax collection processes not only boosts revenue generation but also contributes to sustainable economic progress, supporting the realization of national economic targets.
“We need to focus and optimize our collection process, make it simpler, make it easier in such a way that people with a small Phone, Android can access, you can access your tax, and you can pay without any stress.”
She espoused the importance of fiscal policy in the context of national development, emphasising that sustainable revenue generation is indispensable for progress.
She pointed out the significance of non-oil taxes for states that lack control over oil revenue. She underscored the need for prudent financial management by states for the benefit of their citizens.
She further expressed her support for a bill that aims to streamline and update tax laws, ensuring that taxes are levied appropriately and collected efficiently.
She highlighted the proposed integration of technology in tax administration to simplify processes and enhance compliance.
She said the anticipated amendment of the current VAT Acts is in alignment with the proposed bill.
She also emphasised the pivotal role of infrastructure sustainability in facilitating tax reforms, advocating for the automation of revenue collection processes in Nigeria to improve effectiveness and transparency.
“There is a saying that there is no budget without revenue. When you look at the key sectors of Nigeria’s economy, health care, road infrastructure development, power, and education, anything you can talk about, we need money to do most of these things.
There is a need to automate the revenue collection process in Nigeria and sub-national”
The National Chairman of CICAN, Mr Charles Okonji, expressed deep worry over the sector’s poor health, noting that even government interventions have failed to address the challenges.
“The repercussions are evident, with many multinational corporations relocating to neighbouring countries due to unfavourable business conditions,” he stated.
The lack of sustained policies and strategies across different administrations could impede progress towards achieving such a significant economic milestone by 2030.
Okonji stressed the critical role of production in a nation’s greatness, saying without a vibrant private sector driving innovation and economic growth, Nigeria risks falling behind in the global market.
“It is imperative for policymakers and stakeholders to collaborate on effective strategies that will rejuvenate the private sector and attract investments that will propel Nigeria towards prosperity.”
He explained that the theme for this year’s event, “Manufacturing: $1 trillion GDP target by 2030: Realities & Possibilities,” was in line with the numerous hurdles faced by the industry.
“The ambitious target, however, also raises concerns, especially with the potential disruptions caused by the intermittent changes in government leadership in Nigeria.
The lack of sustained policies and strategies across different administrations could impede progress towards achieving such a significant economic milestone by 2030.
“Despite these challenges, the confidence expressed in the capabilities of the experts present at the event is reassuring.
It reflects a collective determination to navigate the complexities and uncertainties surrounding the manufacturing sector.
Okonji emphasized the importance of stakeholder engagement and collaboration, particularly with CICAN.
He underscores the need for unity and advocacy to drive meaningful change.
“By involving key industry players and leveraging their collective voice to influence government decisions, there is a greater likelihood of shaping policies that not only support local businesses but also contribute to the overall growth and sustainability of the manufacturing sector in Nigeria”, he said.
Business
President Tinubu Receives Nigeria’s Tax Ombudsman, Urges Fairness and Transparency in Tax Administration
President Bola Ahmed Tinubu on Thursday received Dr. John Nwabueze, the Chief Executive Officer of the Nigerian Tax Complaints Commission—widely known as the Tax Ombudsman—at the State House in Abuja.
The meeting, attended by the Minister of Finance and Coordinating Minister of the Economy, Wale Edun, comes as part of ongoing efforts to strengthen Nigeria’s tax reform agenda and build public confidence in the revenue system.
Dr. Nwabueze was appointed by President Tinubu on November 4, 2025, as the pioneer Tax Ombudsman under the Joint Revenue Board of Nigeria (Establishment) Act, 2025.
The legislation establishes the Office of the Tax Ombud (also referred to as the Tax Complaints Commission) to serve as an independent body for investigating and resolving disputes between taxpayers and tax authorities, including complaints related to taxes, levies, customs duties, excise matters, and regulatory charges.
During the audience, President Tinubu charged Dr. Nwabueze to diligently execute his mandate with integrity, impartiality, and professionalism. The President reaffirmed the administration’s commitment to fairness, transparency, and accountability in tax administration, emphasizing that the new office is a critical tool for protecting taxpayers’ rights, reducing arbitrary actions by officials, and fostering voluntary compliance.
The establishment of the Tax Ombudsman is seen as a key pillar of President Tinubu’s broader fiscal reforms aimed at harmonizing revenue administration across federal, state, and local levels, curbing multiple taxation, and creating a more predictable and equitable business environment.
Dr. Nwabueze, a seasoned tax professional from Oshimili South Local Government Area of Delta State, brings extensive experience in tax policy, fiscal advisory, and public service. His background includes roles as Managing Partner of a tax advisory firm, Technical Adviser to National Assembly committees, and adviser to former economic teams.
The new laws empowering the Tax Complaints Commission are expected to enhance taxpayer protection, promote efficient dispute resolution through mediation rather than litigation, and ultimately boost trust in Nigeria’s revenue framework amid the country’s push for sustainable economic growth and improved revenue generation.
Business
Court jails Ex- NEXIM MD Robert Orya for N2.4bn Fraud
Robert Orya was prosecuted by the Economic and Financial Crimes Commission on 49 counts, bordering on breach of trust, fraud, misappropriation, impersonation, corruption, and abuse of office.
•Robert Orya
A High Court of the Federal Capital Territory in Abuja has convicted former Managing Director of the Nigerian Export-Import Bank (NEXIM), Robert Orya, and sentence him to ten years’ imprisonment for fraud involving about ₦2.4 billion.
Robert Orya was prosecuted by the Economic and Financial Crimes Commission on 49 counts, bordering on breach of trust, fraud, misappropriation, impersonation, corruption, and abuse of office.
Justice Frances Messiri delivered the judgment, on Thursday sentenced Orya to ten years on each count, with the terms to run concurrently.
The offences were traced to Orya’s tenure as NEXIM Managing Director between 2011 and 2016, during which he was found to have diverted bank funds through shell companies, including Luxurium Leisure Services Limited.
The court also found that he fraudulently induced the disbursement of loans, including ₦488 million to Treasure Mix Construction Limited, under false pretences.
Orya was first arraigned by the EFCC in November 2021.
Business
South Korea to Produce Electric Vehicles in Nigeria
The project will be implemented in phases, beginning with EV assembly and expanding into full in-house production, with an estimated capacity of 300,000 vehicles.
Photo: Minister of State for Industry, John Enoh, and AEDC Chairman,Yoon Suk-hun.
The Federal Government has signed an agreement with South Korea to establish an electric vehicle manufacturing plant in Nigeria.
In a document seen by Ohibaba.com, the Memorandum of Understanding (MoU) was signed by the Minister of State for Industry, John Enoh, and the Chairman of the Asia Economic Development Committee (AEDC),Yoon Suk-hun, for South Korea.
The initiative will accelerate technology transfer, investment promotion, human capital development, and research, design, and innovation.
The project will be implemented in phases, beginning with EV assembly and expanding into full in-house production, with an estimated capacity of 300,000 vehicles and the creation of approximately 10,000 jobs.
Nigeria’s automotive sector faces structural challenges, including limited local component production, high assembly costs, and heavy reliance on imports.
The country imports between 400,000 and 720,000 vehicles annually, with 74–90% being used cars.In 2023, imports reached 700,000 units, with passenger cars valued at $1.05 billion in 2024, making Nigeria one of the world’s largest markets for pre-owned vehicles.
To promote electric mobility, the federal government launched a 20 billion naira ($12 million) consumer credit program in December 2024.
The scheme supports the purchase of locally assembled electric vehicles, motorcycles, and tricycles, partnering with domestic manufacturers including Innoson, Nord, CIG (GAC), PAN, Mikano, Jets, NEV (Electric), and DAG to expand access and foster the growth of a homegrown EV industry
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