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Tinubu Demands Quick Action Plans from Tegbe on China’s US$51bn New Financing

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President Bola Ahmed Tinubu has tasked the newly appointed Mr. Joseph Olasunkanmi Tegbe, the Director-General and global liaison for the Nigeria-China strategic partnership, to immediately submit a strategic action plans that will enable Nigeria to benefit from the China’s US$51bn new Financing for African Nations.

Recall that at the 2024 Forum on China-Africa Cooperation (FOCAC), President Xi Jinping pledged 360 billion yuan, or about $51 billion, in new financing to African nations in the next three years.

In a statement, Bayo Onanuga
Special Adviser to the President
(Information and Strategy), said that Tegbe,  following his appointment will report directly to the President, as the czar of the strategic partnership agreements reached between the two countries in Beijing.

” Tegbe will lead day-to-day operations, engage continuously with the Chinese counterparts, and ensure that all deliverables are met and synchronised with national development goals. 

In the strategic plan, he will outline the specific deliverables, timelines, and key performance indicators for each area of cooperation. This will include priority projects, projected investments and expected socioeconomic outcomes,” said the statement.

Profile of Tegbe

He was a 1988 first-class graduate in civil engineering from Obafemi Awolowo University.
Tegbe
is a fellow of the Institute of Chartered Accountants of Nigeria and a fellow of the Chartered Institute of Taxation of Nigeria. 
 After his education at Federal Government College, Ogbomosho, and Obafemi Awolowo University, he had about 35 years of experience in business strategy.  

He was the senior partner and head of advisory services at KPMG in Africa, with a portfolio and responsibilities that included the Middle East. 

He has worked for many Fortune 500 companies and African conglomerates, advising on strategic planning, investment, and portfolio reviews. 

He also led subnational governments, such as Oyo, Ekiti, Ondo, Benue, and Bayelsa, in investment drives to South Africa, Denmark, China, India, Singapore, and the UAE. 

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NRS Chair: New tax laws won’t be implemented until January

According to Adedeji, the Federal Inland Revenue Service, FIRS by the signing of the bills into Law is now the Nigeria Revenue Service (NRS), explaining that the new law now defines the NRS’s expanded mandates…

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•President Bola Tinubu shake hands with NRS Chairman, Zach Adedeji.

The Chairman of the Nigeria Revenue Service (formerly FIRS), Zach Adedeji, has disclosed that the implementation of the newly signed four tax fiscal reform laws will commence by January 1st, 2026.

Adedeji told State House correspondents shortly after the President signed the bills into law, the previous day.

Adedeji said that the modalities will be put in place ahead of the implementation.

Adedeji further explained that the six-month period between the enactment of the new fiscal laws is designed to give ample time to those saddled with the implementation to carefully prepare and ensure that all Nigerians are adequately sensitised.

According to Adedeji, the Federal Inland Revenue Service, FIRS by the signing of the bills into Law is now the Nigeria Revenue Service (NRS), explaining that the new law now defines the NRS’s expanded mandate, including non-tax revenue collection, and lays out transparency, accountability, and efficiency mechanisms.

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President Tinubu List Economic Expectations from New Tax Laws

On his verified X handle @officialABAT, the President had said that the new tax laws form the groundwork for the Nigeria of tomorrow, focused on unlocking opportunities for all.

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President Bola Tinubu said today that the four tax reforms bills he signed into law reflect his administration’s resolve to create a modern, transparent, and efficient tax system capable of supporting national development, promoting investment, and reducing the burden of multiple taxation on citizens.

President Tinubu explained that the laws would be unifying Nigeria’s fragmented tax system, remove redundant overlaps, boost investor confidence, enhance transparency, and promote coordinated efforts across all levels.

He also described the legislation as a clear departure from previous policies, emphasising that the reforms are designed to ease the burden on working families, small businesses, and low-income earners while eliminating inefficiencies that have long plagued Nigeria’s fiscal structure.

On his verified X handle @officialABAT, the President had said that the new tax laws form the groundwork for the Nigeria of tomorrow, focused on unlocking opportunities for all.

“We are also building a framework for the Nigeria of tomorrow-leaner, fairer and laser focused on unlocking opportunities for all,” he said.

He added : ” These reforms go beyond streamlining tax codes. They deliver the first major, pro-people tax cuts in a generation, targeted relief for low-income earners, small businesses, and families working hard to make ends meet.

Designed to overhaul Nigeria’s fiscal and revenue administration framework, the laws which have been described as a major leap in the nation’s economic reform drive.

“For too long, our tax system has been a patchwork-complex, inequitable, and burdensome. It has weighed down the vulnerable and shielded inefficiency. That era ends today.”

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Tinubu signs four Tax Reform Bills to law today

The bills were recently passed by the National Assembly following extensive stakeholders consultations and technical reviews.

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President Bola Ahmed Tinubu will today (Thursday) sign into law four tax reform bills set to overhaul Nigeria’s fiscal landscape, streamline tax administration, and boost investor confidence.

The ceremonial signing is scheduled to take place at the State House, Abuja.

In a statement , Bayo Onanuga, Special Adviser to the President on Information and Strategy, said that the four bills are : the Nigeria Tax Bill, Nigeria Tax Administration Bill, Nigeria Revenue Service (Establishment) Bill, and the Joint Revenue Board (Establishment) Bill

The bills were recently passed by the National Assembly following extensive stakeholders consultations and technical reviews.

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