News
President Tinubu sets up tax reforms committee, appoints Oyedele chairman
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.
A suspected improvised explosive device (IED) detonated inside a mosque at Gamboru Market in Maiduguri, the capital of Borno State, on Wednesday evening, killing several worshippers and injuring others during Maghrib prayers.
The blast occurred around 6:00 p.m. local time, ripping through the crowded mosque and sparking widespread panic in the bustling market area.
Eyewitnesses described thick smoke billowing from the site as traders and residents fled, while others rushed to aid the victims.
Reports indicate at least seven people were killed, though official casualty figures are yet to be confirmed as rescue operations continue. Security forces, including the Police Explosive Ordnance Disposal (EOD) unit, quickly cordoned off the area for sweeping operations and investigations.
No group has claimed responsibility, but the attack bears the hallmarks of previous incidents linked to Boko Haram or its offshoot, Islamic State West Africa Province (ISWAP), which have targeted mosques and crowded places in the region despite relative calm in Maiduguri in recent years.
The incident, occurring on Christmas Eve, has heightened fears among residents amid ongoing insurgency challenges in northeast Nigeria.
Emergency responders are battling an intense inferno that has engulfed the 22-storey Great Nigeria Insurance House on Martins Street, Lagos Island, on Christmas Eve, with the blaze showing rapid upward momentum.
According to a situation report from the Lagos State Emergency Management Agency (LASEMA), the fire originated in an apartment on the 4th floor and quickly spread across that level before escalating upwards to the 6th floor.
LASEMA’s Permanent Secretary, Dr. Olufemi Damilola Oke-Osanyintolu, stated that the Shark Response Team found the building fully engulfed upon arrival.
The number of casualties remains unascertained as firefighting and recovery operations are ongoing.
Multiple agencies are on the ground in a coordinated effort, including LASEMA Response Team, Lagos State Fire and Rescue Service, Federal Fire Service, Lagos Neighbourhood Safety Corps (LNSC), Nigeria Police, Red Cross, and LRU Paramedics. The Lagos Rescue Unit (LRU) Fire has also been activated.
A total of six fire trucks and a skylift are deployed to combat the blaze and bring it under control.
This incident disrupts festive activities in the commercial hub, raising fresh concerns about fire safety in high-rise buildings across Lagos.
News
President Tinubu Inaugurates High-Powered APC Committee to Resolve Internal Conflicts Ahead of 2027 Elections
President Bola Ahmed Tinubu on Wednesday inaugurated a strategic Committee on Strategy, Conflict Resolution and Mobilisation for the All Progressives Congress (APC), aimed at fostering unity and addressing internal disputes as the ruling party gears up for the 2027 general elections.
The committee, comprising prominent APC governors, federal ministers, and key stakeholders, is chaired by Yobe State Governor Mai Mala Buni, with former APC National Legal Adviser Muiz Banire serving as Member/Secretary.
Members include Senator Adamu Aliero; Nigeria Governors’ Forum Chairman and Kwara State Governor Abdulrahman AbdulRazaq; Progressive Governors’ Forum Chairman and Imo State Governor Hope Uzodimma; Governors Hyacinth Alia (Benue), Umar Namadi (Jigawa), Bassey Otu (Cross River), Abiodun Oyebanji (Ekiti), Sheriff Oborevwori (Delta), and Uba Sani (Kaduna); Rivers State Governor Siminalayi Fubara; Minister of Marine and Blue Economy Adegboyega Oyetola; Minister of State for Defence Bello Matawalle; and former Kogi State Governor Yahaya Bello.
Speaking at the inauguration in Lagos, Governor Buni thanked President Tinubu for the appointment and pledged the committee’s commitment to inclusive consultations and proactive conflict resolution.
He emphasised developing strategies that ensure aggrieved parties feel included while urging members to prioritise party interests over personal sentiments.
The move follows President Tinubu’s remarks at the APC’s 15th National Executive Committee meeting on December 19 in Abuja, where he stressed the importance of tolerance, accommodation, and cohesion to sustain the party’s progressive ideals.
This initiative signals the APC’s proactive efforts to strengthen internal harmony and mobilisation in preparation for future electoral challenges.
Christmas Eve Explosion: One Too Many
Deadly Explosion Rocks Mosque in Maiduguri, Killing Several Worshippers
LASEMA gives update on Lagos Island Inferno
Tech Expert, Zuckerberg trains with UFC champions, Adesanya, Alexander
Organ Trafficking: Ekweremadu bags 10 years in UK prison
SAINT OBI: Between his marriage and his death
-
Sports3 days agoAFCON 2025: Davido bets N36million on Nigeria vs Tanzania
-
News3 days agoTinubu Hails DSS DG Ajayi for Championing Press Freedom in IPI Award Recognition
-
News2 days agoDangote fixes petrol selling price at ₦739 only at MRS stations selling nationwide
-
Sports3 days agoAFCON 2025 opens with Morocco 2–0 Comoros
-
News2 days agoKWAM1 loses bid to block Awujale selection process
-
News2 days agoTanker crushes Akpabio’s dispatch rider to death
-
News2 days agoNovember Petrol supply rises 55% to 71.5m litres daily
-
Sports2 days agoAFCON 2025: Today’s Nigeria vs Tanzania