Business
BREAKING: President Tinubu To Overhaul Multiple Taxes, Other anti- Investments Policies

‘I have a message for our investors, local and foreign: our government shall review all their complaints about multiple taxation and various anti-investment inhibitions.”
That’s President Bola Ahmed Tinubu, in his inaugural speech today, in Abuja.
Tinubu was sworn in as Nigeria’s 16th President, by the Chief Justice of Nigeria, Kayode Ariwoola, at the Eagle’s Square, Abuja.
Stressing on his administration’s economic thrusts, he said : ” We shall ensure that investors and foreign businesses repatriate their hard earned dividends and profits home.
He also said , ” on the economy, we target a higher GDP growth and to significantly reduce unemployment.
” We intend to accomplish this by taking the following steps:
First, budgetary reform stimulating the economy without engendering inflation will be instituted.
Second, industrial policy will utilize the full range of fiscal measures to promote domestic manufacturing and lessen import dependency.
Third, electricity will become more accessible and affordable to businesses and homes alike. Power generation should nearly double and transmission and distribution networks improved. We will encourage states to develop local sources as well.
JOBS
My administration must create meaningful opportunities for our youth. We shall honour our campaign commitment of one million new jobs in the digital economy.
Our government also shall work with the National Assembly to fashion an omnibus Jobs and Prosperity bill.
” This bill will give our administration the policy space to embark on labour-intensive infrastructural improvements, encourage light industry and provide improved social services for the poor, elderly and vulnerable,” he said.
Tinubu’s Profile
Tinubu started out as a technocrat; a seasoned accountant.
During his sojourn abroad, he worked for American companies Arthur Andersen, Deloitte, Haskins & Sells and GTE Services Corporation.
And upon his return to Nigeria in 1983, he joined Mobil Oil as an auditor.
He rose through the ranks to become an executive of the company.
He began to make inroads into the political Hall of Fame in 1992 when he was elected senator representing Lagos West Senatorial District in the short-lived third National Assembly.
He then joined forces with the National Democratic Coalition (NADECO), a coalition of democrats demanding the military government led by General Sani Abacha to step down for the acclaimed winner of the 12 June 1993 election, the deceased Chief MKO Abiola.
After four years in exile, Tinubu returned to the country in 1998 to contest the governorship election in Lagos – his home state – as Nigeria prepared for a transition to democratic rule.
A two-term governor, Tinubu prides himself as the brain behind the transformation of Lagos from the doldrums to one of the largest economies in Africa.
And so do many of his allies who vigorously campaigned for his presidency based on this accomplishment.
He was behind the creation of the Lagos Free Zone, Ibeju Lekki.
Business
FG Enforcing Compulsory “No Tax ID, No Bank Account Policy”
Section 8 (2) makes Tax ID mandatory for any person to operate a bank account or get involved in insurance, stocks or allied services in the country, once the Act comes into force from January 1, 2026.

The Federal Government is making it compulsory for all taxable Nigerians to obtain a compulsory Taxpayer Identification (Tax ID) when the new tax Acts come into force in January 2026.
The policy will be enforced by the Nigeria Revenue Service (formerly Federal Inland Revenue Services).
Ohibaba.com gathered that the Tax ID is contained in the provisions of the Nigeria Tax Administration Act, 2025, Part II Section 4 of the legislation which was recently signed by President Bola Tinubu.
It says: “Every Taxable person shall register with the relevant Tax Authority and obtain a Taxpayer Identification Card (Tax ID) for the purpose of compliance with tax obligations.
“Every ministry, department or agency of the federal, State or Local government shall register and obtain a Tax ID.”
It said that Section 6 (1) of the Act also requires Non-resident persons who supply taxable goods and services to any person in Nigeria to obtain Tax ID, as they shall be obligated to pay tax in Nigeria.
Section 7 (3) empowers the relevant tax authority to issue Tax ID to a person who should have applied for an ID but failed to do so.
The relevant tax authority is also empowered to refuse to issue a Tax ID to an applicant based on information available to it.
In such a case, the authority shall inform the applicant of its decision within five working days.
Section 8 (1) (c) makes Tax ID a condition for entering into any contract with the Federal and State governments.
Section 8 (2) makes Tax ID mandatory for any person to operate a bank account or get involved in insurance, stocks or allied services in the country, once the Act comes into force from January 1, 2026.
The Act, however, provides an allowance to suspend or deregister the Tax ID, if the holder ceases to undertake trade or business, either temporarily or permanently.
Section 10 (1) provides, “Where a taxable person temporarily ceases to carry on a trade or business in Nigeria, the taxable person shall notify the relevant tax authority of its intention to suspend its registration for tax purposes within 30 days of such temporary cessation of trade or business.(2)
“The Tax authority shall classify the Tax ID as ‘dormant’ and place it on suspension.
(3) “Where a taxable person permanently ceases to carry on trade or business in Nigeria, the taxable person shall notify the relevant tax authority of its intention to deregister for tax purposes within 30 days of such cessation of trade or business.
Business
Nigeria to host Intra-African Trade Fair (IATF) 2027
With Lagos preparing to welcome the world in 2027, the IATF mission continues its quest to deepen trade, unlock investment, and connect Africa to itself and the world at large.

• IATF 2025 opening ceremony , 4 September, Algiers.
Nigeria has been officially picked to host the 2027 edition of the Intra-African Trade Fair (IATF).
This was announced during the opening ceremony on Thursday in Algiers, with calls for African countries to accelerate growth in Intra-African trade and boost economic integration.
At the event, the Minister of Industry, Trade and Investment, Dr. Jumoke Oduwole, received the IATF flag on behalf of the country as Lagos was confirmed host city for the continental fair in 2027.
The Chairman of the IATF Advisory Council and former President Chief Olusegun Obasanjo, said, “Since its inception, the IATF has rotated across our continent, leaving its unique legacy and improving with each host nation.
“Today we continue the proud tradition by announcing the country that will host IATF2027.
“With Lagos preparing to welcome the world in 2027, the IATF mission continues its quest to deepen trade, unlock investment, and connect Africa to itself and the world at large.
Organised by the African Export-Import Bank (Afreximbank) in collaboration with the African Union Commission (AUC) and the AfCFTA Secretariat, the IATF brings together continental and global stakeholders to showcase goods and services, facilitates direct engagement and exchange between businesses and between businesses and government entities.
The fair was established to accelerate the implementation of the African Continental Free Trade Area (AfCFTA) agreement which aims to create a single market for goods and services across Africa.
Business
OPSN Faults Repeated Summons of Private Companies by National Assembly
OPSN members comprise the Manufacturers Association of Nigeria (MAN), Nigerian Association of Chambers of Commerce, Industry, Mines and Agriculture(NACCIMA), Nigeria Employers’ Consultative Association (NECA), Nigeria Association of Small Scale Industrialists(NASS), and Nigeria Association of Small and Medium Enterprises(NASME).

The Organised Private Sector of Nigeria (OPSN) has expressed deep concerns over incessant invitations, summons by the committee of the National Assembly on the activities of private companies.
OPSN members comprise the Manufacturers Association of Nigeria (MAN), Nigerian Association of Chambers of Commerce, Industry, Mines and Agriculture(NACCIMA), Nigeria Employers’ Consultative Association (NECA), Nigeria Association of Small Scale Industrialists(NASS), and Nigeria Association of Small and Medium Enterprises(NASME).
The Association of Food, Beverages and Tobacco Employees(AFBTE) and other 25 sectoral employers ’ associations also decried this situation.
The concern was conveyed through an open letter sent to the President of the Federal Republic of Nigeria, Bola Tinubu, which was published on Thursday, September 4, 2025.
The group said that the practice has continued unhindered despite judicial pronouncements, including a pending appeal before the Supreme Court, which affirms that the powers conferred on the National Assembly in line with sections 88 and 89 of the 1999 Constitution do not extend oversight powers to private companies.
They cite judicial precedents in the case of DHL International Nigeria Limited vs Senate of the Federal Republic of Nigeria and ORS (FHC/ABJ/CS/261/2018).
The court unequivocally held that private companies do not fall within the category of persons contemplated by sections 88 and 89 of the 1999 Constitution.
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