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
OPEC+ announces 188,000 barrels-per-day output increase in first meeting without UAE
“In their collective commitment to support oil market stability, the seven participating countries decided to implement a production adjustment of 188 thousand barrels per day from the additional voluntary adjustments announced in April 2023,” OPEC said in its statement.
Oil supply has been choked since the Iran war began on February 28, as the Strait of Hormuz – a vital shipping route for global oil and gas supplies – has remained effectively closed.
OPEC+ has agreed an increase in oil output of 188,000 barrels per day, the cartel said on Sunday, as it pushes on with production in the first meeting since the loss of its key member, the United Arab Emirates.
CNBC reports that the group of seven major oil producers announced it would increase June production by slightly less than May’s output hike of 206,000 bpd. Sunday’s figure excludes the United Arab Emirates share of output, which officially departed OPEC on May 1.
The seven countries included Saudi Arabia, Russia, Iraq, Kuwait, Kazakhstan, Algeria, and Oman.
“In their collective commitment to support oil market stability, the seven participating countries decided to implement a production adjustment of 188 thousand barrels per day from the additional voluntary adjustments announced in April 2023,” OPEC said in its statement.
Oil supply has been choked since the Iran war began on February 28, as the Strait of Hormuz – a vital shipping route for global oil and gas supplies – has remained effectively closed.
Business
President Tinubu Leaves for Kenya, Rwanda and France to Strengthen Strategic Partnerships
At the two summits, President Tinubu will deliver statements highlighting his administration’s ongoing reforms to reposition the nation as a prime destination for investment and growth. He will also hold high-level meetings with top-tier global and African business leaders.
President Bola Ahmed Tinubu will depart Abuja on Saturday, May 2nd, on a visit to Kenya, Rwanda and France.
The itinerary details are provided by Bayo Onanuga,Special Adviser to the President(Information & Strategy), as follows:
” President Tinubu’s first stop will be in France, after which he will depart for Nairobi, Kenya, to attend the Africa-France Summit scheduled to begin next week.
Co-chaired by President Emmanuel Macron and President William Ruto, the summit focuses on energy transition, green industrialisation, digital transformation, restructuring of global financing architecture, and climate action.
President Tinubu’s participation at the summit from May 11- 12 will underscore Nigeria’s unwavering commitment to strengthening strategic partnerships with African nations and the French Republic.
The summit, with the theme – “Africa Forward: Africa-France Partnerships for Innovation and Growth” – will provide a high-level platform for African leaders and their French counterparts to deliberate on critical issues affecting the continent, including economic transformation, climate resilience, infrastructure development, youth empowerment, technological advancement, and peace-building initiatives.
At the end of the Kenyan summit, President Tinubu will depart for Kigali, Rwanda, to attend the annual Africa CEO Forum, taking place between May 14th and 15th.
With the theme “Scale or Fail”, this year’s Africa CEO Forum will be the largest gathering of African private sector leaders, investors, and policymakers, focusing on accelerating economic transformation through shared scale, regional integration, and increased cross-border investment.
Held in partnership with the International Finance Corporation (IFC), the summit brings together over 2,000 top executives and national leaders to debate strategies for building resilient, competitive industries.
At the two summits, President Tinubu will deliver statements highlighting his administration’s ongoing reforms to reposition the nation as a prime destination for investment and growth. He will also hold high-level meetings with top-tier global and African business leaders.
President Tinubu will be accompanied on the trip by some of his ministers and senior aides.
He will return to Nigeria at the end of the Rwanda summit. “
Business
Nigerian Lawmakers Demand Arrest of World Bank Official Calling for Reinstatement of Petroleum Import Licences
Declaring the unnamed World Bank official persona non grata, the Committee gave the Bank 30 days to issue a public retraction and written apology.
The House of Representatives Committee on Petroleum Resources (Downstream) has call for the dismissal and arrest of the World Bank official responsible for the April 7, 2026 Nigeria Development Update, which recommended the reinstatement of petroleum import licences.
The Committee described the recommendation as a reckless move capable of undermining Nigeria’s indigenous refining capacity.
In a formal resolution, the Committee condemned the World Bank report, which claimed that imported petroleum products are 12 percent cheaper than those from the Dangote Refinery.
It rejected the position as contrary to Nigeria’s national economic interest and an unacceptable interference in the country’s sovereign petroleum policy.
Declaring the unnamed World Bank official persona non grata, the Committee gave the Bank 30 days to issue a public retraction and written apology.
It further demanded that the staff member responsible for the report be relieved of their duties and subjected to investigation.
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