Business
Tax reform will boost workers’ welfare – Fed Govt

The proposed Tax Reform Bills will significantly improve the quality of life for workers, the Federal Government has reaffirmed.
In response to misgivings expressed by the Nigeria Labour Congress (NLC) Joe Ajaero, Chairman of the Presidential Fiscal Policy and Tax Reforms Committee, Taiwo Oyedele outlined key measures embedded in the bills.
He said lowly-paid workers earning around N1 million annually (approximately N83,000 monthly), would enjoy full exemption from the Pay As You Earn (PAYE) tax. This policy would cover nearly one-third of workers in both the public and private sectors.
For middle-income earners, the bills propose reduced PAYE tax rates for those earning up to N20 million annually (about N1.7 million per month), benefiting an additional 60 percent of Nigerian workers.
Members of the armed forces actively engaged in combating insecurity will also receive PAYE tax exemptions alongside other ranks.
To mitigate the rising cost of living, the bills propose eliminating Value Added Tax (VAT) on essential goods and services, including food, healthcare, and education, which account for approximately 60 percent of all household consumption.
Other items such as transportation, renewable energy, compressed natural gas (CNG), baby products, sanitary towels, and fuel products, representing over 20 percent of household consumption, are also exempted.
Oyedele explained that these measures would address nearly 82 percent of household expenses and up to 100 percent for low-income earners.
The tax reform bills include provisions to incentivize better compensation for workers. These include tax breaks for wage awards and transport subsidies targeting low-income earners.
Furthermore, the bills aim to simplify processes by removing bureaucratic restrictions on wage awards and introducing caps on taxable benefits granted to workers.
Oyedele explained that the reforms propose VAT exemptions on rent and property acquisition to promote affordable housing. Stamp duties on rents below N10 million would also be waived to alleviate housing-related financial burdens.
The tax reforms also prioritize employment creation through various incentives. These include tax benefits for employers hiring more workers, tax-friendly rules to attract remote work opportunities for Nigerians, and tax exemptions for 97 percent of Small and Medium Enterprises (SMEs).
The harmonization and reduction of tax rates for large businesses are expected to stimulate growth, creating more job opportunities.
Acknowledging that the tax bills could be refined further, Oyedele noted the importance of robust debates and stakeholder engagements during the legislative process.
“The bills in their current form are the most pro-workers tax reforms in Nigerian history,” he stated, urging the NLC to collaborate in identifying areas for improvement.
“We believe the NLC will not intentionally work against the interest of its members. We look forward to discussing specific areas to better serve the interest of all Nigerians, including workers,” Oyedele added.
Business
Tax Reform: I rented secret apartment after death threats –Oyedele
These are not small boys and girls,” he said. “They are big people with deep connections and resources. So naturally, they would resist any effort to block those illegal streams.

Oyedele said that the threats began shortly after he announced a clampdown on more than 60 government agencies illegally collecting taxes and levies across the country.
Chairman of Nigeria’s Presidential Committee on Tax Policy and Fiscal Reforms, Taiwo Oyedele, has revealed that he was forced to flee his home and now lives in a secret location under armed police protection after receiving death threats linked to his tax reform efforts.
The Guardian reports that during a live radio interview on Nigeria Info FM, Oyedele said that the threats began shortly after he announced a clampdown on more than 60 government agencies illegally collecting taxes and levies across the country.
“I had to pack out of my house,” he said. “I rented a place in a secret location where I now live. I’m not the kind of person who wants anybody carrying a gun to follow me around, but I had to accept mobile police protection.”
”Oyedele, a former Africa Tax Lead at PwC, has led the drive to simplify and clean up Nigeria’s tax system.
He described the backlash as unexpected but driven by powerful individuals who had turned tax collection into a personal revenue stream.
“These are not small boys and girls,” he said. “They are big people with deep connections and resources. So naturally, they would resist any effort to block those illegal streams.”
Business
Dangote Refinery Planning 1.6m Barrels Fuel Storage Tanks in Namibia
The storage tanks would be used to supply petrol and diesel to Botswana, Namibia, Zambia and Zimbabwe.

Dangote petroleum refinery will construct storage tanks in Namibia to hold at least 1.6 million barrels of petrol and diesel to supply refined fuel to southern Africa.
Reuters reports that the storage tanks would be used to supply petrol and diesel to Botswana, Namibia, Zambia and Zimbabwe.
Dangote was also considering supplying fuel to southern Democratic Republic of Congo, the sources said.
It was not immediately clear how much the project would cost, but the second source said construction of the storage tanks would begin shortly in the port city of Walvis Bay.
The move underscores the refinery’s ambition to dominate fuel supply in Africa and beyond, potentially reshaping energy trade flows in the region and boosting access to refined products for southern African nations.
Business
UBA Announces Strategic Expansion into Key Markets Across Africa

UBA Group senior executives have concluded the Group’s Half Year Business Review, which was held at the global headquarters in Lagos Nigeria.
UBA Group Managing Director/CEO, Oliver Alawuba, brought together executives responsible for UBA’s twenty-four countries of operation.
He said “the gathering was an opportunity to restate the Group’s pan-African strategy, and commitment to further expanding the Group’s coverage across high potential markets across Africa, while also deepening its operations in its existing twenty African presence markets.
“With over 51.7% of Group revenues from ex Nigerian operations, UBA’s journey to being Africa’s most diversified financial services group was clearly in evidence.”
The international strategic intent reinforces with the Group’s intention to deliver innovative financial solutions to its fast-growing global customer base.
The strategy demonstrates UBA’s unique position as Africa’s global bank and ability to leverage growth opportunities in emerging and leading African markets.
The Group commenced its Pan African journey, with its entry into Ghana in 2004, followed by rapid expansion into 18 additional African markets.
Today, as a resilient and future-focused institution, UBA continues to push boundaries by connecting Africa to the world and the world to Africa.
Mr Alawuba highlighted the Group’s expansion plans, disclosing that the Group is excited about the vast opportunities that the new markets present, a testament to UBA Group’s confidence in the African economy, providing world-class banking services that meet the continent’s evolving needs.
He noted that: “UBA’s vision is clear – we are building a truly global institution anchored in Africa, but serving customers across continents”.
“Further strategic expansion positions us to unlock new opportunities, support intra-Africa trade, and deliver world-class banking experiences wherever our clients choose to do business,” Alawuba said.
“In Europe, UBA has operations in the United Kingdom and upgrading its license in France, expanding its capacity to serve cross-border trade, investment flows, and the African diaspora, complementing our over 40-year presence in NY.”
These moves signal a clear message of UBA’s intent to reshape the competitive landscape”, Alawuba further said.
As part of the Group’s plan to expand its global presence, UBA, in January, announced plans to open operations in Saudi Arabia.
Operating in twenty African countries and the United Kingdom, the United States of America, France and the United Arab Emirates, UBA provides retail, commercial and institutional banking services, leading financial inclusion and implementing cutting edge technology.
United Bank for Africa is one of the largest employers in the financial sector on the African continent, with 25,000 employees’ group wide and serving over 45 million customers globally.
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