Connect with us

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.”

Published

on

297 Views

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.

Continue Reading
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Business

Dangote exports N757bn jet fuel to Europe in June

The report stated that flows of jet fuel from Nigeria to Europe rose from 232,000 metric tonnes in May to 466,000 metric tonnes in June, the highest volume exported from the country to Europe since Nigeria became a net exporter of jet fuel in 2024, when the Dangote Refinery commenced aviation fuel production.

Published

on

By

9 Views

Latest data from the S&P Global Commodity Insights, indicates that Dangote Petroleum Refinery exported about 466,000 metric tonnes of jet fuel to Europe in June, valued at an estimated N757 billion.

According to the market report, the refinery’s exports came as the European jet fuel market turned increasingly bearish following a sharp decline in prices from the highs recorded during the Middle East conflict.

The report stated that flows of jet fuel from Nigeria to Europe rose from 232,000 metric tonnes in May to 466,000 metric tonnes in June, the highest volume exported from the country to Europe since Nigeria became a net exporter of jet fuel in 2024, when the Dangote Refinery commenced aviation fuel production.

The June export volume is equivalent to about 582.5 million litres of jet fuel. At an estimated domestic value of N1,300 per litre, the shipment is worth about N757.25 billion.

On the other hand, aviation fuel exports from the United States fell sharply in the past months.

The report showed that jet fuel exports from the United States to Europe declined steadily over the same period, falling from a record 818,000 metric tonnes in April to 560,000 metric tonnes in May and further to 399,000 metric tonnes in June, leaving Nigeria as a bigger supplier to Europe during the month.

Continue Reading

Business

Naira Exchange Rates To Foreign Currencies Today, Monday, 6July 2026

Published

on

By

8 Views

BLACK MARKET RATES

US DOLLAR (USD) Buy ₦1, 400 Sell ₦1,410

GREAT BRITISH POUND (GBP) Buy ₦1,860 Sell: ₦1,885

EURO (EUR) Buy ₦1, 570 Sell ₦1,590

CANADIAN DOLLAR (CAD) Buy ₦1,030 Sell ₦1,100

SOUTH AFRICAN RAND (ZAR) Buy ₦75 Sell ₦90

UAE DIRHAM Buy ₦350 Sell ₦370

CHINESE YUAN Buy ₦180 Sell ₦200

GHANA CEDI (GHS) Buy ₦95 Sell ₦110

WEST AFRICAN CFA Buy ₦2, 380 Sell ₦2, 460

CENTRAL AFRICAN CFA Buy ₦2, 220 Sell 2,300

AUSTRALIAN DOLLAR Buy ₦800 Sell ₦900

CBN EXCHANGE RATES

US DOLLAR (USD) ₦1,370.19

GREAT BRITISH POUND (GBP) ₦1,829. 89

EURO (EUR) ₦1,568.32

SWISS FRANC (CHF) ₦1,1706.13

JAPANESE YEN (JPN) ₦8.50

CHINESE YUAN (CNY) ₦202. 06

WEST AFRICAN CFA (XOF) ₦2.38

WEST AFRICAN UNIT ACCOUNT (WAUA) ₦1,859. 48

SAUDI RIYAL (SAR) ₦364.93

SOUTH AFRICAN RAND (ZAR) ₦84. 46

Continue Reading

Business

Naira Exchange Rates Friday, 3 July 2026

Published

on

By

36 Views

BLACK MARKET RATES

US DOLLAR (USD) Buy ₦1, 397 Sell ₦1,405

GREAT BRITISH POUND (GBP) Buy ₦1,850 Sell: ₦1,865

EURO (EUR) Buy ₦1, 580 Sell ₦1,600

CANADIAN DOLLAR (CAD) Buy ₦1,030 Sell ₦1,100

SOUTH AFRICAN RAND (ZAR) Buy ₦75 Sell ₦90

UAE DIRHAM Buy ₦350 Sell ₦370

CHINESE YUAN Buy ₦180 Sell ₦200

GHANA CEDI (GHS) Buy ₦95 Sell ₦110

WEST AFRICAN CFA Buy ₦2, 380 Sell ₦2, 460

CENTRAL AFRICAN CFA Buy ₦2, 220 Sell 2,300

AUSTRALIAN DOLLAR Buy ₦800 Sell ₦900

CBN OFFICIAL EXCHANGE RATES

US DOLLAR (USD) ₦1,370.15

GREAT BRITISH POUND (GBP) ₦1,832.17

EURO (EUR) ₦1,568.28

SWISS FRANC (CHF) ₦1,1705.44

JAPANESE YEN (JPN) ₦8. 51

CHINESE YUAN (CNY) ₦201. 80

WEST AFRICAN CFA (XOF) ₦2.38

WEST AFRICAN UNIT ACCOUNT (WAUA) ₦1,859. 98

SAUDI RIYAL (SAR) ₦364.91

SOUTH AFRICAN RAND (ZAR) ₦84. 32

Continue Reading

Trending