Business
FG announces plans to support Nigerian airlines in international operations
The Minister of Aviation and Aerospace Development, Festus Keyamo, has revealed the Nigerian government’s commitment to supporting airlines in the country in securing long-term aircraft leases at competitive rates, in line with global industry standards.
The Minister emphasized that the government is dedicated to assisting domestic airlines in their international endeavors and will respond to any challenges that hinder their operations on any route.
The Minister revealed this information in an interview he participated in at the inaugural event for the Air Peace Lagos-London flight over the weekend.
He mentioned that enabling Nigerian airlines to easily access long-term leasing and reducing the cost of aircraft insurance were critical performance measures for his Ministry. These KPIs aim to assist domestic airlines and prevent the exploitation of Nigerian travelers by foreign carriers.
“This is very significant, because it is has been very difficult for our local operators to service international routes and to take advantage of our Bilateral Air Service Agreements (BASAs), which give reciprocal rights to our local airlines,” he said.
He detailed that the formation of BASAs is grounded on the concept of mutual benefit, where airlines from one country are permitted to operate flights to another country, while reciprocally allowing airlines from the latter country to do the same, emphasizing that the flight arrangements are mutually agreed upon within the BASA.
“What BASAs normally say is that when you have 14 slots into my country, they also give you 14 slots into their country. But there is politics of BASAs also because after giving you the 14 slots into their country, in most cases they play politics with it in such a way that they frustrate your own airlines from being able to take advantage of that.
“But beyond that too, our local operators are handicapped because they don’t have access to aircraft that international airlines have on the same terms. For example, the terms upon which they lease these aircraft. There is no airline in the world that buy their fleet 100 percent. It is not possible.
“Statistics says that out of a 100 aircraft flying around the world, about 70 percent of those aircraft are on dry lease from leasing companies and from aircraft manufacturers. So, why can’t we take advantage of these lease arrangements to empower our local operators. And that is the key to also servicing these international routes because you cannot compete with someone who has access to aircraft on better terms than you,” he said.
Business
NRS Chair: New tax laws won’t be implemented until January
According to Adedeji, the Federal Inland Revenue Service, FIRS by the signing of the bills into Law is now the Nigeria Revenue Service (NRS), explaining that the new law now defines the NRS’s expanded mandates…
•President Bola Tinubu shake hands with NRS Chairman, Zach Adedeji.
The Chairman of the Nigeria Revenue Service (formerly FIRS), Zach Adedeji, has disclosed that the implementation of the newly signed four tax fiscal reform laws will commence by January 1st, 2026.
Adedeji told State House correspondents shortly after the President signed the bills into law, the previous day.
Adedeji said that the modalities will be put in place ahead of the implementation.
Adedeji further explained that the six-month period between the enactment of the new fiscal laws is designed to give ample time to those saddled with the implementation to carefully prepare and ensure that all Nigerians are adequately sensitised.
According to Adedeji, the Federal Inland Revenue Service, FIRS by the signing of the bills into Law is now the Nigeria Revenue Service (NRS), explaining that the new law now defines the NRS’s expanded mandate, including non-tax revenue collection, and lays out transparency, accountability, and efficiency mechanisms.
Business
President Tinubu List Economic Expectations from New Tax Laws
On his verified X handle @officialABAT, the President had said that the new tax laws form the groundwork for the Nigeria of tomorrow, focused on unlocking opportunities for all.
President Bola Tinubu said today that the four tax reforms bills he signed into law reflect his administration’s resolve to create a modern, transparent, and efficient tax system capable of supporting national development, promoting investment, and reducing the burden of multiple taxation on citizens.
President Tinubu explained that the laws would be unifying Nigeria’s fragmented tax system, remove redundant overlaps, boost investor confidence, enhance transparency, and promote coordinated efforts across all levels.
He also described the legislation as a clear departure from previous policies, emphasising that the reforms are designed to ease the burden on working families, small businesses, and low-income earners while eliminating inefficiencies that have long plagued Nigeria’s fiscal structure.
On his verified X handle @officialABAT, the President had said that the new tax laws form the groundwork for the Nigeria of tomorrow, focused on unlocking opportunities for all.
“We are also building a framework for the Nigeria of tomorrow-leaner, fairer and laser focused on unlocking opportunities for all,” he said.
He added : ” These reforms go beyond streamlining tax codes. They deliver the first major, pro-people tax cuts in a generation, targeted relief for low-income earners, small businesses, and families working hard to make ends meet.
Designed to overhaul Nigeria’s fiscal and revenue administration framework, the laws which have been described as a major leap in the nation’s economic reform drive.
“For too long, our tax system has been a patchwork-complex, inequitable, and burdensome. It has weighed down the vulnerable and shielded inefficiency. That era ends today.”
Business
Tinubu signs four Tax Reform Bills to law today
The bills were recently passed by the National Assembly following extensive stakeholders consultations and technical reviews.
President Bola Ahmed Tinubu will today (Thursday) sign into law four tax reform bills set to overhaul Nigeria’s fiscal landscape, streamline tax administration, and boost investor confidence.
The ceremonial signing is scheduled to take place at the State House, Abuja.
In a statement , Bayo Onanuga, Special Adviser to the President on Information and Strategy, said that the four bills are : the Nigeria Tax Bill, Nigeria Tax Administration Bill, Nigeria Revenue Service (Establishment) Bill, and the Joint Revenue Board (Establishment) Bill
The bills were recently passed by the National Assembly following extensive stakeholders consultations and technical reviews.
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