Business
Tax Reform Bills: Reps retain 7.5% VAT, reject increase to 15% by 2030
The House also dismissed a proposal to reintroduce inheritance tax under the guise of taxing family income.
The House of Representatives has retained Value Added Tax (VAT) at 7.5 percent, rejecting a proposed gradual increase to 15% by 2030.
The House also dismissed a proposal to reintroduce inheritance tax under the guise of taxing family income.
The Chairman of the House Committee on Finance, Rep. James Faleke, during today’s plenary, stated that the submitted report represents a comprehensive review of the bills, incorporating extensive public input.
The report covers four key bills aimed at overhauling Nigeria’s tax framework: Nigeria Tax Bill Nigeria Tax Administration Bill Nigeria Revenue Service (Establishment) Bill Joint Revenue Board (Establishment) Bill Key Amendments in the Tax Reform Bills Nigeria Revenue Service (NRS) Bill .
The NRS will now focus on federal-level revenue collection, excluding individual taxpayers in states and the Federal Capital Territory (FCT). Board Composition: Section 7 now requires six executive directors, each appointed by the president from the six geopolitical zones on a rotational basis.
Each state and the FCT will also have a representative on the board.
Secretary Qualifications: Section 13 mandates that the Secretary to the Board must be a lawyer, chartered accountant, or chartered secretary at the level of Assistant Director or higher.
Fixed Funding Rate: The NRS will now receive a 4% cost-of-collection rate (excluding royalties), subject to National Assembly approval.
Borrowing Powers Restricted: Section 28 now requires Federal Executive Council (FEC) and National Assembly approval before the NRS can secure any loans.
Joint Revenue Board (JRB) Bill Tax Appeal Commissioners’ Criteria Revised: Section 25 removes the requirement that commissioners must have business management experience, as the Committee deemed it irrelevant.
Strengthened Tax Ombud’s Independence: Section 43 mandates that the Tax Ombud’s Office be funded directly from the Consolidated Revenue Fund, eliminating reliance on external donations.
Independent Funding for Tax Appeal Tribunal (TAT): The tribunal will now operate independently of the Federal Inland Revenue Service (FIRS) to prevent conflicts of interest.
Stricter Adherence to the Evidence Act: New rules ensure that tax appeal proceedings strictly follow the Evidence Act.
Taxpayer Identification Number (TIN) Processing:
The timeline for issuing TINs has been extended from two working days to five to accommodate administrative delays.
Faster Tax Returns for Ceased Operations: Companies ceasing operations must now file income tax returns within three months, down from six months, to prevent revenue loss.
VAT System Adjustments: Section 22 ensures that taxable supplies are attributed to their place of consumption, addressing regional imbalances.
VAT Fiscalisation System: Section 23 introduces a new regulatory framework to improve VAT collection.
Increased Reporting Thresholds for Banking Transactions:
Individuals: ₦25 million → ₦50 million Corporate Entities: ₦100 million → ₦250 million
Judicial Oversight on Asset Seizure: Section 60 mandates that tax authorities must obtain a court order before seizing movable assets.
Mandatory Electronic Taxpayer Records Access: Section 61 formalizes the government’s right to access electronically stored tax records in line with modern practices.
New VAT Revenue Distribution Formula: 70% distributed equally among local governments 30% based on population .
General Amendments Across Tax Bills VAT Rate Maintained at 7.5% –
The Committee rejected the proposal to gradually increase VAT to 15% by 2030. Petroleum Gains Tax Reduced to 30% – Section 78 revises the tax rate on petroleum gains from 85% to 30%.
Excise Duty Provisions Removed – Excise duty-related provisions were deleted due to concerns about their negative economic impact.
Higher Turnover Threshold for Small Companies:
A business will now be classified as a small company if its annual turnover is ₦100 million or less (asset cap remains at ₦250 million).
New Penalties for Virtual Assets Service Providers (VASPs):
Stricter fines and potential license suspensions for non-compliant crypto and digital asset businesses.
While submitting the report, Rep. Faleke highlighted the importance of the tax reform bills in modernizing Nigeria’s tax system, boosting revenue collection, and fostering economic growth.
“These Bills are critical to implementing a modern, transparent, and efficient tax system that will support economic growth and improve revenue collection,” he said.
He added that the review process was extensive, incorporating input from the public and key government agencies, including: Nigeria Export Processing Zones Authority (NEPZA) National Agency for Science and Engineering Infrastructure (NASENI) National Information Technology Development Agency (NITDA) Tertiary Education Trust Fund (TETFund)
“We carefully examined every submission to ensure that public opinion was reflected in our recommendations. This process involved a thorough review of existing laws proposed for repeal or amendment,” Faleke noted.
The amendments impact key laws, including: Companies Income Tax Act (CITA) Value Added Tax Act (VAT Act) Personal Income Tax Act (PITA) Federal Inland Revenue Service (Establishment) Act Petroleum Industry Act Nigeria Export Processing Zones Act Oil and Gas Free Trade Zone Act
The House of Representatives is expected to deliberate on the report in the coming weeks as part of its legislative process.
Business
Dangote Foundation Takes Over Aliko Dangote Skills Acquisition Centre Kano
Under the agreement, the Foundation will manage the multi-million naira facility for a number of years and operate programmes aimed at equipping young people with technical, digital and industrial skills.
The Aliko Dangote Foundation has taken over the management of the Aliko Dangote Skills Acquisition Centre in Kano state.
The Memorandum of Understanding was signed between the Foundation and the Kano State Government, on Friday.
Under the agreement, the Foundation will manage the multi-million naira facility for a number of years and operate programmes aimed at equipping young people with technical, digital and industrial skills.
Chairman of the Manufacturers Association of Nigeria (MAN), Kano-Jigawa Branch, Muhammad Bello Isyaku Umar, described the intervention as “far-reaching and impactful,” saying skills acquisition remained one of the most effective ways of addressing youth unemployment in Nigeria..
“Programmes such as the Aliko Dangote Skill Acquisition Centre can equip young people with practical skills that enable them to become entrepreneurs, artisans or employees. The emphasis should increasingly be on modern technical, digital and industrial skills,” Umar said.
He described Kano as the economic and commercial hub of northern Nigeria and said the Foundation’s interventions across the region had extended to several sectors.
Business
Okin Biscuits Set For Comeback After 17 Years, Targets Revival Of Jobs, Local Manufacturing
Founded in the 1980s by the late Chief Emmanuel Olatunji Adesoye, an illustrious son of Offa, Okin Biscuits grew into a household name with products including Okin Coasters, Shortcake and Okin Cabin Biscuits.
By Ochefa
After 17 years off the shelves, Okin Biscuits, one of Nigeria’s once-popular indigenous biscuit brands, is set to return to production as efforts intensify to revive the Ijagbo, Kwara State-based factory.
The planned comeback marks a significant attempt to restore one of the country’s old manufacturing brands while potentially reopening a major source of employment and economic activity in the community.
Founded in the 1980s by the late Chief Emmanuel Olatunji Adesoye, an illustrious son of Offa, Okin Biscuits grew into a household name with products including Okin Coasters, Shortcake and Okin Cabin Biscuits.
At its peak, the company provided direct and indirect employment to more than 2,000 people before production was eventually halted in 2009.
The shutdown reflected some of the structural problems that have continued to undermine Nigeria’s manufacturing sector, including harsh operating conditions, intense competition, inadequate infrastructure, vandalism and the theft of critical production equipment.
With the factory no longer producing, its products gradually disappeared from retail outlets and homes in Kwara, Lagos and other parts of the country.
Factory Undergoing Major Rehabilitation
However, the industrial facility is now showing signs of renewed activity.
A visit to the factory in Ijagbo showed that extensive rehabilitation work is underway across the complex.
The main factory building, which houses the production machinery, as well as the administrative block and other facilities, are undergoing comprehensive renovation.
The premises have already assumed a significantly different appearance, suggesting that the revival project has moved beyond plans and into physical reconstruction.
The management recently announced through its official Facebook page that production machinery was being test-run.
It said biscuits rolled off one of the rehabilitated production lines on August 25, 2026, marking the first production from the factory in 17 years.
The development is significant not merely as the return of a nostalgic consumer brand, but as an example of how the rehabilitation of abandoned industrial assets could contribute to renewed domestic production and employment.
For Nigeria, where manufacturers continue to contend with high energy and logistics costs, infrastructure constraints, foreign exchange pressures and strong competition from imported products, the reopening of an existing manufacturing facility could offer a potentially faster route to industrial capacity expansion than building an entirely new factory.
Community Backs Revival
…biscuits rolled off one of the rehabilitated production lines on August 25, 2026, marking the first production from the factory in 17 years.
The planned resuscitation has also attracted strong support from the Offa community.
The Aare Bobaselu of Offa, Chief Abdulatif Adekunle Ajeigbe, described the development as “heartwarming,” linking it to the broader Offa Mega City project championed by the Olora of Offa, Oba Muftau Mohammed Gbadamisi, Esuwoye II.
According to him, members of the community had made several efforts to revive the moribund factory, including exploring the possibility of group financing.
“We did our best to see that the factory came back to life, but it was the children of the late Asiwaju of Offa and the founder of the factory, Chief Emmanuel Olatunji Adesoye, who insisted on carrying on their father’s legacy through the factory,” he said.
Ajeigbe commended the founder’s children for their determination to preserve the family’s industrial legacy and bring the factory back into operation.
More Than A Brand Revival
The return of Okin Biscuits also highlights the wider economic value embedded in Nigeria’s abandoned industrial assets.
The company’s earlier success created employment not only within the factory but across its supply and distribution networks, including raw-material suppliers, transporters, distributors, retailers and other service providers.
A successful reopening could therefore have an economic impact extending beyond the factory gates, particularly if production eventually returns to significant capacity.
The bigger test, however, will be whether the revived company can operate sustainably in an increasingly competitive Nigerian consumer market.
The new investors will have to contend with production costs, energy supply, distribution challenges, consumer purchasing power and competition from both established domestic manufacturers and imported brands.
For Okin, the challenge is therefore not simply to restart the machines, but to build a commercially viable manufacturing operation capable of sustaining production, protecting jobs and reclaiming market share.
If successful, the return of Okin Biscuits could become more than a nostalgic homecoming for Nigerian consumers.
It could provide a practical demonstration that some of the country’s dormant industrial assets can be rehabilitated, modernised and returned to productive use.
After 17 years of silence, the sound of Okin’s production lines running again may therefore signal the beginning of a new chapter for one of Nigeria’s forgotten manufacturing brands.
Business
Dangote to launch Refinery’s IPO September 14 or 16
Dangote disclosed this on Thursday while speaking to investors and analysts in Botswana.
Aliko Dangote, chief executive officer (CEO) of the Dangote Group, says the initial public offering (IPO) of Dangote refinery will open in the next 10 to 12 days.
Dangote disclosed this on Thursday while speaking to investors and analysts in Botswana.
The refinery had announced plans to launch a Pan-African IPO, offering at least 10 percent of its refining business to fund a $40 billion expansion objective.
On August 18, the refinery said it had completed a $1 billion underwriting programme ahead of the planned IPO.
Speaking during his visit to the southern African country, Dangote said his ambition was to double the refinery’s capacity.“So our dream is that we want to make sure we double the capacity of the refinery… which will take us to 1.4 million barrels per day. The IPO will open in the next 10 to 12 days,” he said.
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