Business

Annual Loss Of N8trn To Concessions, Waivers, Unacceptable – Reps

Given the breadth and complexity of the subject matter, the Committee is conducting its work in phases. The first phase of the review focuses on four priority areas with significant fiscal and economic implications:“The Export Expansion Grant (EEG); The RT200bn FX Programme; The Pioneer Status Incentive; and Selected Oil and Gas fiscal incentives.

Published

4 months ago

February 18, 2026

OCHEFA

219 Views

The House of Representatives Ad hoc Committee on the review of tax and export incentives, waivers and exemptions, has lamented the country’s annual loss of about N8 trillion to waivers and concessions.

The Chairman of the Committee, Hon. James Faleke, who bore the minds of the committee, said that available data indicated that Nigeria loses an estimated N8 trillion annually to such waivers and concessions.

“Between 2023 and 2026, the federal government projects total revenue forgone from tax incentives at ₦12.4 trillion, while the tax-to-GDP ratio remains at only 10.6%, which is among the lowest in Africa.

This is paradoxical and concerning, given the financial and fiscal challenges the nation is facing. The new tax regime has presented us with an opportunity to look inwards,” Faleke stated.

He explained that the review followed growing concerns, based on the available official data and budgetary reports that significant public revenues may have been forgone or ineffectively applied under various incentive schemes

Faleke said this was happening at a time when the nation continued to face pressing fiscal, infrastructure, and development challenges.

“While these incentives were originally designed to stimulate investment, promote exports, support strategic sectors, and grow the economy, the House has resolved that it is both necessary and timely to; assess their actual economic impacts.

Determine whether they were administered transparently and in line with due process; and ensure that Government support delivers measurable value to the Nigerian economy.“

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Business

BUA Group Denies Reports of Bid to Acquire Stake in Kano Pillars Football Club

Published

7 hours ago

June 30, 2026

Charles Flames

23 Views

BUA Group has firmly dismissed online reports claiming that the conglomerate and its Chairman, Abdul Samad Rabiu, submitted a bid to acquire a 70% stake in Kano Pillars Football Club.

In a press statement issued on Tuesday, the company described the publication as inaccurate and misleading.

PRESS STATEMENT

Re: False Claims of Bid to Acquire Stake in Kano Pillars Football Club

Our attention has been drawn to an online publication suggesting that BUA Group and its Chairman, Abdul Samad Rabiu, have submitted a bid to acquire a 70% stake in Kano Pillars Football Club.

We would like to clarify that this report is inaccurate and does not reflect any position, action, or communication from BUA Group or Abdul Samad Rabiu. No such bid has been made, and there has been no engagement with any party on this matter.

We kindly request that this report be disregarded, and we encourage the public and members of the press to rely only on official statements issued through BUA Group’s verified channels for accurate information regarding our activities.

We appreciate the continued interest in BUA Group and thank the public for their understanding.

BUA Group reiterated its commitment to transparency and urged stakeholders to verify information through its official communication channels.

Business

Nigeria’s oil minister orders marketers to reduce fuel price

“While we believe that market forces will eventually restore equilibrium, the regulator also has a statutory responsibility to ensure that deregulation does not become an avenue for profiteering. This must be done in line with the extant provisions of the Petroleum Industry Act,”said Lokpobiri.

Published

11 hours ago

June 30, 2026

OCHEFA

19 Views

The Minister of State for Petroleum Resources (Oil), Senator Heineken Lokpobiri, at the NMDPRA General Counsel and Legal Advisers Forum, directed petroleum marketers to reduce fuel price .

At the two-day forum themed: “Beyond Compliance: Driving Regulatory Certainty and Investment Confidence in Nigeria’s Petroleum Sector, Lokpobiri noted that refiners and marketers have continued to sell petrol at elevated pump prices despite the significant decline in crude oil prices from a peak of $120 per barrel to about $72 per barrel last week.

He said: “Following de-escalation of tensions between Iran and the United States, we expected to see a commensurate downward adjustment in the prices of PMS and other petroleum products.However, that has not yet happened.”