Business

We are not in a hurry to pass tax reform bills – Akpabio

Our goal is to develop a tax framework that promotes economic prosperity, encourages investment, and strengthens Nigeria’s fiscal sustainability

Published

1 year ago

February 25, 2025

OCHEFA

590 Views

The President of the Senate, Godswill Akpabio, has assured stakeholders in the business community and beyond that the Red Chamber would be thorough as it is not in a hurry to pass the tax reform bills.

Akpabio gave the assurance during the public hearing on tax reform bills organised by the Senate Committee on Finance, chaired by Senator Sani Musa (APC, Niger).

The four bills are: the Nigeria Tax Administration Bill, the Nigeria Revenue Service (Establishment) Bill, the Joint Revenue Board Bill, and the Nigeria Tax Bill, which have been passed for a second reading by both the Senate and the House of Representatives.

Stakeholders representative from the different economic sectors presented their recommendations on the bills during the public hearing.

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In response, Akpabio said that after collecting inputs from the public, the committee will thoroughly review the submissions on the proposals and make necessary adjustments before submitting its report for consideration.

“So we are not in a hurry. We want the best for the country. We are not making laws for ourselves. We are making laws for future generations”, he said.

Akpabio emphasised the need to modernise Nigeria’s tax system, aligning it with contemporary realities to foster growth, transparency, and efficiency.

Akpabio described the reforms as a “transformative step forward, and noted that taxation is not merely a government function but a shared responsibility that shapes national prosperity.

“A nation that fails to adapt its revenue system to the realities of our time risks stagnation and decline,” he stated. According to Senator Akpabio, these reforms go beyond legislative formalities.

“They represent a collective effort to establish a tax framework that is robust, transparent, and business-friendly, ensuring that Nigeria’s economy thrives in an increasingly competitive global landscape”, he said.

National interest will guide process – Senate panel

Earlier, the Chairman of the Senate Committee on Finance, Sani Musa said that the committee will be guided by national interest, fairness and inclusivity in handling the proposed tax reform.

He said the committee has acknowledged concerns about alleged marginalisation, disproportionate sharing, and possible biases in tax administration and revenue allocation.

He assured that the process will be thorough, inclusive, and guided by national interest.

“Our goal is to develop a tax framework that promotes economic prosperity, encourages investment, and strengthens Nigeria’s fiscal sustainability.

A fair, transparent, and efficient tax system is fundamental to economic growth and national development.

“As we deliberate, let me emphasise that transparency, fairness, and inclusivity will be our guiding principles,” he said.

Related Topics:Featured Public hearing Tax Reform Bill

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Business

Cardoso Urges Banks To Lend Out Idle Funds With CBN * Retains MPR at 26.5%

Cardoso made the call on Tuesday after the 306th Monetary Policy Committee (MPC) meeting held in Abuja from July 20 to July 21.

Published

6 hours ago

July 21, 2026

OCHEFA

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The Central Bank of Nigeria (CBN) Governor, Olayemi Cardoso , urged banks from keeping idle funds with the apex bank and encouraging increased lending into the economy.

Cardoso made the call on Tuesday after the 306th Monetary Policy Committee (MPC) meeting held in Abuja from July 20 to July 21.

The apex bank retained the Monetary Policy Rate (MPR), also known as benchmark interest rate, at 26. 5 percent.

This decision marks the second consecutive retention of the MPR at 26.5 per cent, following a 50-basis-point reduction in February from 27 per cent.

“The committee’s decision to maintain the current policy stand follows a thorough assessment of the balance of risk,” said Cardoso.

He emphasised that although headline inflation moderated marginally in June 2026, global uncertainties have heightened due mainly to the renewed hostilities in the Middle East.

The MPC also adjusted the asymmetric facilities corridor around the MPR to +50/-450 basis points—a move aimed at discouraging banks from keeping idle fund with CBN.

Furthermore, the committee maintained the Cash Reserve Ratio (CRR) for commercial banks at 45 per cent, retained the rate for merchant banks at 16 per cent, and kept the CRR on non-TSA public-sector deposits at 75 per cent for liquidity management considerations.

Cardoso said despite the global uncertainties, the Nigerian economy has “remained largely resilient to the external shocks”.

Business

CBN admits it opened domiciliary accounts for PFIPC agency

Represented by the Director of its Banking Services Department, Hamisu Ibrahim, the CBN said that the accounts are one in US dollars, the other in British pounds sterling, were opened following a mandate received from the Office of the Accountant-General of the Federation.

Published

15 hours ago

July 21, 2026

OCHEFA

20 Views

File photo : PFIPC agency DG, Adeniyi Adeyemi

The Central Bank of Nigeria had admitted that it opened two foreign-currency domiciliary accounts for the controversial Presidential Foreign Investment Promotion Council (PFIPC).

The apex bank made the confirmation, yesterday, during the public hearing convened at the National Assembly Complex by the House of Representatives Ad-hoc Committee investigating the existence and operations of the PFIPC, chaired by Yusuf Gagdi and inaugurated by Speaker Tajudeen Abbas.

He explained that on July 30, 2025, CBN received a mandate dated July 29, 2025 from the Office of the Accountant-General.

“We received the mandate to authorise two accounts, one a US dollar domiciliary account, the other a pound domiciliary account, for the Presidential Economic Advisory Council/Presidential Foreign Investment Promotion Council,” Ibrahim told the committee.

He explained the CBN’s verification process, “The process of opening an account requires a mandate from the Office of the Accountant-General of the Federation.

“Once we receive that mandate, we perform all the necessary verifications to confirm that this mandate is actually coming from that office.

The department that handles the mandate is different from the department that actually does the account opening,” he said.

Nevertheless, he noted that no one came to activate the accounts after they were opened.“We did not receive any correspondence, mandate, signature or mandate cards. We were not introduced to the authorising or approving officers.“Based on that, those accounts remain inactive, with zero balance. There have been no foreign exchange allocations.