Business
Petrol to roll out from Dangote Refinery next month
Petrol will roll out from Dangote Refinery next month, Dangote Group and Chief Executive Officer, Dangote Petroleum Refinery, Alhaji Aliko Dangote said yesterday.
According to him, the crisis over supply of crude from the International Oil Cooperations (IOCs)has been resolved following the intervention of the Nigerian National Petroleum Company Limited (NNPCL) and the federal government.
Addressing media executives during a tour of the Dangote Petroleum Refinery and Petrochemicals in Ibeju Lekki local government area of Lagos state, Dangote said that the crude supply challenge, which affected the supply of petrol from the refinery, was resolved last week.
Dangote expressed hope that the authorities and stakeholders will abide by the provisions of the Petroleum Industry Act, PIA.
He said that the refinery’s fertiliser unit would resume export in two weeks due to efforts to meet local demand this farming season.
This would give farmers more access to fertiliser for their farm products.
Dangote said that there was a massive request for fertiliser from Nigerians and the rest of Africa, so his group had no choice but to respond positively
He also lamented that the delay in securing a site for the Dangote Petrochemical Facility in Ogun State resulted in a $500 million loss for his conglomerate.
Dangote attributed the financial setback to the protracted process of acquiring Olokola land for a petrochemical facility on the $2.5 billion initial drawdown on bank loans.
He expressed disappointment over the bureaucratic hurdles encountered, which significantly impacted the project timeline and overall costs.
“The three years and eight months delay by Ogun State Government over Olokola land for petrochemicals facility costs us $500 million,” Dangote said.
He said a total of $25 billion investments have been made in petrol refinery and fertilizer plant by the Dangote group over the past 10 years.
Located in Lekki Free Zone, Lagos, Dangote Refinery is expected to produce, at full operations, approximately 50 million litres of petrol and 15 million litres of diesel daily, equating to 10.4 million tonnes of petroleum products annually.
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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