News

President Tinubu sets up tax reforms committee, appoints Oyedele chairman

Published

2 years ago

July 10, 2023

Nigeria’s President, Bola Tinubu has approved the establishment of a Presidential Committee on Fiscal Policy and Tax Reforms, while appointing the Fiscal Policy Partner and Africa Tax Leader at PriceWaterhouseCoopers, Mr. Taiwo Oyedele, as committee chairman.

The development comes barely 24 hours after the President signed four Executive Orders, suspending the five per cent excise tax on telecommunication services and the excise duties escalation on locally-manufactured vehicles.

According to the President, the committee “Will comprise experts from both the private and public sectors and have responsibility for the various aspects of tax law reform, fiscal policy design and coordination, harmonisation of taxes, and revenue administration,” a statement signed by Tinubu’s Special Adviser on Special Duties, Communication and Strategy, Dele Alake, read on Friday.

According to the statement titled ‘President Tinubu sets up committee on tax reforms,’ the committee’s primary objective is to enhance revenue collection efficiency and ensure transparent reporting.

It will also promote the effective utilisation of tax and other revenues to boost citizens’ tax morale, foster a healthy tax culture, and drive voluntary compliance.

Alake cited earlier remarks by the Special Adviser to the President on Revenue, Mr Zaccheus Adedeji, who explained that Tinubu recognises the importance of a sound fiscal policy environment and an effective taxation system for the functioning of the government and the economy.

According to Adedeji, “Nigeria ranks very low on the global ease of paying taxes while the country’s Tax to GDP ratio is one of the lowest in the world and well below the African average.

“This has led to an overreliance on borrowing to finance public spending, which in turn limits the fiscal space as debt service costs consume a greater portion of government revenue, annually resulting in a vicious cycle of inadequate funding for socio-economic development.

“While some incremental progress has been recorded over the years, the outcomes have not been transformative enough to change the narrative,” he said.

Adedeji outlined the key challenges in Nigeria’s tax system, including multiple taxes and revenue collection agencies, fragmented and complex tax system, low tax morale, high prevalence of tax evasion, high cost of revenue administration, lack of coordination between fiscal and economic policies, and poor accountability in the utilisation of tax revenue.

Adedeji explained that the administration hopes to transform the tax system to support sustainable development and achieve a minimum of 18 per cent Tax to GDP ratio within three years without stifling investment or economic growth.

“It should be noted that this committee will not only advise the government on necessary reforms but will also drive the implementation of such recommendations in support of the comprehensive fiscal policy and tax reform agenda of the current administration,” the SA on Revenue added.

Oyedele, who chairs the committee, is the Thematic Lead for the Fiscal Policy & Planning Commission and Chairman of the West Africa Debt Management Roundtable of the Nigerian Economic Summit Group.

He also heads the Taxation & Fiscal Policy Faculty Board of the Institute of Chartered Accountants of Nigeria and is a member of the Nigerian Taxation Standards Board.

Oyedele serves as a member of the Ministerial Committee on implementing Nigeria’s National Tax Policy. He is a member of the Global Tax Forum and has previously served as a member of the Global Governing Council of the Association of Chartered Certified Accountants.

Oyedele, an Associate Professor at the Babcock University Business School, is an alumnus of the London School of Economics & Political Science, Yale University, and Harvard Kennedy School Executive Education.

He is also a guest lecturer at the Lagos Business School and the Founder and President of Impact Africa Foundation.

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News

BREAKING: JAMB Registrar breaks into tears, apologises for UTME errors

Published

9 hours ago

May 14, 2025

Charles Flames

…….Reschedules exam for affected candidates

The Registrar of the Joint Admissions and Matriculation Board, Prof. Ishaq Oloyede, today, broke into tears as he apologised for the errors in the 2025 Unified Tertiary Matriculation Examination.

He said tearfully during a press conference in Abuja. that: “I apologise for the trauma caused the candidates.

Recall that Oloyede at the start of the press briefing acknowledged “one or two errors” made during the 2025 UTME.

JAMB reschedules UTME for affected 379,997 South East, Lagos candidates

The 379,997 candidates in the five states of the South East and Lagos will be rescheduled for another Unified Tertiary and Matriculation Examination.

The Registrar of JAMB, Prof. Ishaq, made this known in an ongoing press briefing in Abuja today.

Oloyede, who took responsibility for what he described as a “sabotage” of the 2025 UTME, said the affected candidates will start getting text messages from the Board starting tomorrow.

“The affected candidates will start getting text messages for reschedule starting from tomorrow.

“I apologise, I take full responsibility.

”Of the 1.9 million candidates who sat the UTME, over 1.5 million reportedly scored below 200 out of the maximum 400 marks, raising concerns across the education sector.

According to the examination agency, a total of 1,955,069 results were processed, out of which only 4,756 candidates (0.24 per cent) scored 320 and above, considered top-tier performance, while 7,658 candidates (0.39 per cent) scored between 300 and 319, bringing the total for those who scored 300 and above to 12,414 candidates (0.63 per cent).

Also, 73,441 candidates (3.76 per cent) scored between 250 and 299 while 334,560 candidates (17.11 per cent) scored between 200 and 249.

A total of 983,187 candidates (50.29 per cent) scored between 160 and 199, which is widely regarded as the minimum threshold for admissions in many institutions.

In the same vein, 488,197 candidates (24.97 per cent) scored between 140 and 159, 57,419 candidates (2.94 per cent) scored between 120 and 139, 3,820 candidates (0.20 per cent) scored between 100 and 119, and 2,031 candidates (0.10 per cent) scored below 100.

Over 75 per cent of all candidates (1.5 million) scored below 200, average score seeing as the examination is graded over 400.

News

Lagos to launch monthly rent payment scheme, but would landlords agree?

The initiative is part of broader efforts to make housing accessible and affordable for residents.

Published

13 hours ago

May 14, 2025

OhiBaba

The Lagos State Government said it is ready to introduce monthly and quarterly rent payment system for easing financial burdens on residents, especially low-income earners.

The Commissioner for Housing, Mr Moruf Akinderu-Fatai, disclosed this at the 2025 Ministerial Press Briefing to mark Governor Babajide Sanwo-Olu’s second year in office, yesterday .

He said the initiative is part of broader efforts to make housing accessible and affordable for residents.

He recalled that the state had earlier launched a rent-to-own housing scheme which allows tenants to make an initial five percent down payment and spread the balance over a 10 years period.

“That initiative was well-received, and its success encouraged us to explore new ways to reduce the pressure of yearly rent payment,” he said.

Crime

JUST IN: Nigerian Govt witness tenders Ahmed Gulak’s death certificate in Nnamdi Kanu’s trial

Published

15 hours ago

May 14, 2025

Charles Flames

A Federal Government witness, identified as BBB, on Wednesday tendered a certified true copy (CTC) of the death certificate of Ahmed Gulak, in the ongoing terrorism trial of Indigenous People of Biafra (IPOB) leader, Nnamdi Kanu.

Gulak, a former Special Adviser on Political Affairs to ex-President Goodluck Jonathan, was killed by suspected IPOB members in 2012.

The News Agency of Nigerial reports that BBB, who was the 2nd prosecution witness (PW-2), tendered the document before Justice James Omotosho of the Federal High Court in Abuja while being led in evidence by the Federal Government’s lawyer, Chief Adegboyega Awomolo, SAN.

Upon resumed hearing, Awomolo informed the court that though the matter was scheduled for cross examination of PW-2, he had a question to ask the witness.

“We ask for a permission to ask a question my lord,” he said.

Kanu’s lawyer, Chief Kanu Agabi, SAN, did not oppose Awomolo’s application and the judge directed him to go ahead.

Awomolo then asked BBB that one of the last evidence he gave was that during the radio broadcast made by Kanu, he called for a sit-at-home, leading to the death of Gulak.

The witness confirmed the statement. He said he participated in some of the investigations leading to Gulak’s death.

Besides he said he had a certificate of his death in the courtroom from the police dated July 18, 2021.

According to the witness, the document is a certified true copy of the medical report on Gulak.

When the document was shown to Kanu’s lawyer, he said he has no objection and Justice Omotosho admitted it in evidence and marked it as Exhibit PWJ.

Awomolo then sought the court’s permission for the document to be given to the witness to read in the open court.

BBB, who read the content of the death certificate, said the document was from the Nigeria Police, Owerri in Imo State, concerning Gulak, who was allegedly shot dead by IPOB members in 2021.

After the question, Agabi proceeded to cross examine the witness.