Business

FG Begins Implementation of New Withholding Tax Policy

The Chairman of the Presidential Committee on Fiscal Policy and Tax Reforms, Taiwo Oyedele, announced the commencement of the new tax eegime on his X , on New Year’s Day.

Published

2 years ago

January 2, 2025

OCHEFA

414 Views

The Federal Government has commenced the implementation of the 2024 Withholding Tax Regulations.

The Chairman of the Presidential Committee on Fiscal Policy and Tax Reforms, Taiwo Oyedele, announced the commencement of the new tax eegime on his X , on New Year’s Day.

“As part of the ongoing fiscal policy and tax reforms, the 2024 Withholding Tax Regulations, which was approved in July 2024 and published in the Official Gazette in October 2024, take effect today 1 January 2025.”

The new tax policy was approved by President Bola Tinubu in July 2024 and published in the Official Gazette in October.

The revised regulations became effective on January 1, 2025.

Formally titled the “Deduction of Tax at Source (Withholding) Regulations, 2024,” the updated regulation is designed to streamline compliance processes, reduce inefficiencies, and ease administrative burdens for businesses.

These changes are particularly aimed at Small and Medium Enterprises, manufacturers, producers, and farmers – sectors considered vital to Nigeria’s economic stability and growth.

Features of the updated tax policy.

Among them is the exemption of SMEs from withholding tax compliance, a move expected to alleviate administrative challenges and financial constraints, thereby fostering growth and innovation in the sector.

Businesses with low profit margins will also benefit from reduced withholding tax rates, which are intended to improve cash flow and lower operational costs.

The new regulations exempt manufacturers, producers, and farmers from withholding tax obligations, a measure aimed at strengthening these critical sectors to ensure their sustainability and long-term growth.

Also, the reforms streamline the process of obtaining credit for taxes deducted at source, making it easier for businesses to utilize such deductions efficiently.

Up Next

Abuja Chamber of Commerce’s 2025 Outlook

Don't Miss

The World’s Top Companies by Revenue in 2024

Click to comment

Business

Naira Exchange Rates Friday, 3 July 2026

Published

2 days ago

July 3, 2026

OCHEFA

29 Views

BLACK MARKET RATES

US DOLLAR (USD) Buy ₦1, 397 Sell ₦1,405

GREAT BRITISH POUND (GBP) Buy ₦1,850 Sell: ₦1,865

EURO (EUR) Buy ₦1, 580 Sell ₦1,600

CANADIAN DOLLAR (CAD) Buy ₦1,030 Sell ₦1,100

SOUTH AFRICAN RAND (ZAR) Buy ₦75 Sell ₦90

UAE DIRHAM Buy ₦350 Sell ₦370

CHINESE YUAN Buy ₦180 Sell ₦200

GHANA CEDI (GHS) Buy ₦95 Sell ₦110

WEST AFRICAN CFA Buy ₦2, 380 Sell ₦2, 460

CENTRAL AFRICAN CFA Buy ₦2, 220 Sell 2,300

AUSTRALIAN DOLLAR Buy ₦800 Sell ₦900

CBN OFFICIAL EXCHANGE RATES

US DOLLAR (USD) ₦1,370.15

GREAT BRITISH POUND (GBP) ₦1,832.17

EURO (EUR) ₦1,568.28

SWISS FRANC (CHF) ₦1,1705.44

JAPANESE YEN (JPN) ₦8. 51

CHINESE YUAN (CNY) ₦201. 80

WEST AFRICAN CFA (XOF) ₦2.38

WEST AFRICAN UNIT ACCOUNT (WAUA) ₦1,859. 98

SAUDI RIYAL (SAR) ₦364.91

SOUTH AFRICAN RAND (ZAR) ₦84. 32

Business

Issue: Cloning Nigerian Investment Promotion Commission (NIPC)

Published

3 days ago

July 2, 2026

OCHEFA

53 Views

The Presidency says the bodies allegedly used by Adeyemi—including the so-called Presidential Economic Advisory Council, Presidential Foreign Investment Promotion Council, and Presidential Foreign Intervention Promotion Council—do not exist as government agencies.

The Presidency says a man identified as Prince Adeniyi Adeyemi Matthew allegedly created and operated fake government agencies, forged appointment letters, and falsely claimed to have been appointed by Femi Gbajabiamila.
According to the statement:
The Office of the Chief of Staff discovered the alleged scheme after complaints from the Nigerian Investment Promotion Commission (NIPC) that an unauthorized body was operating in a way that conflicted with its functions.

The Chief of Staff petitioned the Department of State Services and the Nigeria Police Force in October 2025 to investigate alleged forged appointment letters.

The Presidency says the bodies allegedly used by Adeyemi—including the so-called Presidential Economic Advisory Council, Presidential Foreign Investment Promotion Council, and Presidential Foreign Intervention Promotion Council—do not exist as government agencies.

Investigators allege Adeyemi operated from an office in the Federal Secretariat Complex, held meetings with diplomats, and sought diplomatic support to obtain U.S. visas for members of the alleged organization.
Police reportedly recovered forged documents and other exhibits during searches of his office and residence.

The investigation allegedly found that Adeyemi operated 34 bank accounts, including several in the names of fictitious organizations, and used forged documents to open a Central Bank of Nigeria account.

The Presidency says no government funds were paid into that account.
Police charged Adeyemi and two others before the Federal High Court on multiple counts, including forgery, impersonation, and obtaining by false pretence. The case is scheduled for hearing on July 27.

The Presidency also denied claims that Gbajabiamila appointed Adeyemi, stating that appointments to federal offices are issued through the Office of the Secretary to the Government of the Federation, not the Office of the Chief of Staff.

Current status

The Presidency maintains that:
the agencies in question are fictitious,
the appointment letter was forged,
Adeyemi is an impostor,
and the allegations against him should be resolved by the court.

As the case is pending before the court, the allegations remain subject to judicial determination.