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

7 months ago

January 21, 2026

OCHEFA

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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 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.

Related Topics:Featured New tax laws Taiwo Oyedele

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TCN improves Power Supply to Apapa corridors by additional 208MW

The upgrade replaces an outdoor transformer that had served as a stopgap after the original facility, commissioned in 1985, was decommissioned.

Published

9 hours ago

August 18, 2026

OCHEFA

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The Managing Director/Chief Executive Officer of the Transmission Company of Nigeria (TCN), Mr. Sule Ahmed Abdulaziz , says from now Apapa Causeway, Ijora, Amukoko, Ajegunle, Apapa Wharf, Tin Can Island and other major commercial areas, will be having improved power supply.

Abdulaziz made the declaration on Monday during the commission of Ijora and Apapa Road transmission substations in Lagos by additional 208MW .

The project is aimed at improving the volume and reliability of electricity available to distribution companies for onward supply to homes, businesses and industries.

Abdulaziz said that the projects, sponsored by the Japan International Cooperation Agency (JICA) and the World Bank respectively, in partnership with TCN, underscored the Federal Government’s commitment to modernising the transmission network and improving grid stability.

He commended the Ministry of Power, JICA, the Government of Japan, Lagos State Government and other stakeholders for supporting the projects, while appealing for additional grant assistance to upgrade other critical sections of the transmission network.

Speaking at the commissioning, Minister of Power, Mr. Joseph Tegbe, said that the projects were part of the Federal Government’s efforts to address longstanding transmission constraints and infrastructure decay that have limited the country’s ability to fully utilise available generation.

The upgrades increased the Ijora substation’s capacity by 112MW, from 90MVA to 230MVA, following the installation of two new 100MVA transformers.

At Apapa Road, a new Gas Insulated Substation (GIS) added another 96MW, raising the facility’s capacity from 60MVA to 180MVA.

The upgrade replaces an outdoor transformer that had served as a stopgap after the original facility, commissioned in 1985, was decommissioned.

Business

CBN’s Sidi-Ali wins 2026 overall Spokesperson of the Year Award, courtesy of NSA

Published

11 hours ago

August 18, 2026

OCHEFA

20 Views

•Mrs Hakama Sidi Ali.

The Ag. Director of Corporate Communications of the Central Bank of Nigeria (CBN), Mrs. Hakama Sidi-Ali, has won the 2026 edition of the National Spokespersons Award (NSA).

The recognition was announced during the 6th National Spokespersons Awards and the 4th Economic Confidential Annual Lecture, organised by Image Merchants Promotion Limited (IMPR), publishers of PRNigeria, Economic Confidential and Spokespersons Digest, held in Abuja, recently.

The organisers stated: “With the latest honour, Sidi-Ali completed an unprecedented hat-trick at the National Spokespersons Awards, becoming the first communications professional to progress from winning a sector-specific award twice consecutively to claiming the overall Spokesperson of the Year title.