Business
Taiwo Oyedele Jaw-Jaw with manufacturers on benefits of new tax laws to them
Oyedele addressed the manufacturers during a stakeholders engagement with the Manufacturers Association of Nigeria (MAN) themed, “From Legislative Assembly to Factory Floor: What the New Tax Laws Mean for Nigerian Manufacturers.”
Taiwo Oyedele, the Chairman of Presidential Committee on Fiscal Policy and Tax Reforms, has highlighted on the benefits of the new tax laws for local manufacturers.
Oyedele addressed the manufacturers during a stakeholders engagement with the Manufacturers Association of Nigeria (MAN) themed, “From Legislative Assembly to Factory Floor: What the New Tax Laws Mean for Nigerian Manufacturers.”
Oyedele acknowledged that manufacturers grappled with multiple taxation, high tax burdens and VAT compliance challenges under the old tax regime.
“Today, you can manufacture in Nigeria and imported alternatives will still land cheaper, even after freight, insurance, and duties, which means that even in our own market, we are struggling to compete.
“We want our businesses to compete first locally, then within the region, especially under the African Continental Free Trade Area (AfCFTA).
Otherwise, businesses will be setting up in Ghana, Benin Republic and be sending their products to Nigeria,” he said.
Oyedele noted that manufacturers faced disproportionately higher effective tax rates due to a mix of legal and illegal levies imposed by state and non-state actors.
His words: “We were taxing capital. We were taxing investments. We have one of the highest tax burdens on corporate profits in the world here in Nigeria.
We are happy that at least 10 states have passed laws fully aligned with the federal framework. This will help eliminate nuisance taxes and illegal collection practices that have long been the bane of manufacturers.
Manufacturers, more than any other sector, had to deal with a multiplicity of taxes everywhere they turned, and even legal taxes were being collected illegally.
This was not working for us, and it wasn’t going to work. Multiple levies distorted the system. These reforms aim to fix that and support manufacturing.”
He said the tax reforms were designed to make Nigeria’s tax system fairer and simpler, particularly for productive sectors such as manufacturing, to make them more competitive both domestically and globally.
“Manufacturers stand to gain from expanded input VAT claims on assets and services, revised income bands, higher exemption thresholds, and a range of reliefs and allowances aimed at reducing effective tax burdens.
In his remarks, the Director-General of MAN, Segun Ajayi-Kadir, said that the success of the reforms depend on full alignment by sub-national governments.
“We are happy that at least 10 states have passed laws fully aligned with the federal framework. This will help eliminate nuisance taxes and illegal collection practices that have long been the bane of manufacturers.
“Now that states are passing these laws on their own, it bodes well for manufacturers and for the sustainability of the tax reform agenda,” he said.
Business
Abia Govt seals Globacom offices for owing over N4bn debts
In the court order dated January 14, 2026, Globacom was directed to pay ₦4,048,748,880—covering unremitted Right of Way withholding taxes and other statutory taxes for the period 2010 to 2022.
The Abia State Government has sealed the Umuahia and Aba offices of telecommunications giant Globacom Limited over its alleged failure to remit more than ₦4 billion in taxes to the state.
The action was carried out by the Abia State Board of Internal Revenue Service (ABIRS) following a valid order from the High Court of Abia State, Umuahia Judicial Division.
In a statement, ABIRS Deputy Director of Information, Mrs. Emelle Akunna Loveth, said the enforcement followed Court Suit No. HU/225M/2025 between the Abia State Internal Revenue Service and Globacom Limited.
In the court order dated January 14, 2026, Globacom was directed to pay ₦4,048,748,880—covering unremitted Right of Way withholding taxes and other statutory taxes for the period 2010 to 2022.
The court also ordered the company to pay interest at 10 percent per annum on the outstanding amount from the date the taxes became due until full payment.
The court also granted a distraint order against Globacom’s goods, chattels, and premises within Abia State, authorizing ABIRS to enforce recovery and, if necessary, sell distrained properties after 14 days to recover the liabilities, in line with the Abia State Tax (Codification and Consolidation) Law, 2020.
Business
FG plans largest dairy, cattle ranches in Ogun — Abiodun
” Whenever investors express interest in Nigeria, President Tinubu often directs them to Ogun State. His leadership has rekindled hope among Nigerians at home and in the diaspora,” the governor said.
Photo: Governor Dapo Abiodun
OGUN State Governor, Dapo Abiodun said today: ” The Federal Government is siting the largest dairy and cattle ranches in Nigeria at Ipokia and Yewa South Local Government Areas, with an initial capacity of 5,000 herds of cattle.”
The governor made the announcement during the All Progressives Congress (APC) Strategic Stakeholders Meeting at the Cultural Centre, Kuto, Abeokuta, noting that the initiative is part of broader efforts to strengthen food security, boost local agricultural production, and deepen value chains across the state.
“The biggest dairy and cattle ranches will soon be established in Yewa South and Ipokia. This is at the instance of Mr. President. These farms will start with 5,000 herds of cattle, and work will begin very soon,” Abiodun said.
He commended President Bola Ahmed Tinubu for his economic reforms, highlighting their role in stabilising the foreign exchange market, eliminating multiple exchange-rate regimes, and boosting Nigeria’s foreign reserves to about $45 billion.
Abiodun also praised the President for consistent support towards Ogun State, including approvals for projects such as the Sagamu–Ijebu Ode Road reconstruction, funding of the Eba oil discovery, and resuscitation of OKLNG.
“Whenever investors express interest in Nigeria, President Tinubu often directs them to Ogun State. His leadership has rekindled hope among Nigerians at home and in the diaspora,” the governor said.
Business
12 states harmonise new tax reforms, says Oyedele
“Let us stop using consultants to collect taxes. It undermines our ability to do what is right. The new tax law says you cannot use consultants to do the routine work of the tax authority and its autonomy must be guaranteed.”
Chairman of the Presidential Fiscal Policy and Tax Reforms Committee, Taiwo Oyedele, says that twelve states have so far adopted tax reform and harmonised the new acts with their laws.
Oyedele disclosed this during a presentation at the National Economic Council Conference in Abuja, yesterday.
Oyedele said that besides the 12 states, 13 states have the bills in their houses of assembly, while 11 states are in the final stages of presenting the bills.
He said it was important for the states to adopt and harmonise the new tax laws with their state tax laws to avoid multiple taxation.
He advised state governors to grant their internal revenue agencies autonomy.
“Let us stop using consultants to collect taxes. It undermines our ability to do what is right. The new tax law says you cannot use consultants to do the routine work of the tax authority and its autonomy must be guaranteed,” he said.
-
Politics3 days agoCSO Callout To INEC: “Release 2027 Elections Timetable Now”
-
Politics3 days agoFubara Pledges to be loyal and faithful after Tinubu brokers peace
-
Crime3 days agoCOAS Deploys Special Forces to Plateau to Crush Resurgent Banditry Attacks
-
News2 days agoSenate reconvenes today to resolve Electoral Act amendment outrage
-
Sports12 hours agoMexico invests in robotic dogs for 2026 World Cup
-
Politics2 days agoADC, PDP to boycott Kano by-elections
-
News1 day agoPlane Crash Averted as Arik Air Flight to Port Harcourt Diverts Safely After Engine Issue Mid-Air
-
News1 day agoFG orders NAFDAC to halt sachet alcohol ban enforcements
