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
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.
Business
Government Can’t Run Business Effectively – Dele Oye
We all know the failed history of government being involved in business. Ajaokuta… they have blown $8 billion and have not produced one steel; they blew $3 billion on refineries rehabilitation… and nothing happened. We are not having any fuel from them
Barr Dele Oye, the former president of NACCIMA, at the Vanguard Economic Discourse 2026 edition in Lagos on Wednesday, advised the federal government to limit its role to policy support and facilitation rather than involvement in commercial business activities.
Oye, now the Chairman of Alliance for Economic Research and Ethics (AERE) , cited past failures such as the Ajaokuta Steel Company and refineries rehabilitation projects.
He said: ” We all know the failed history of government being involved in business. Ajaokuta… they have blown $8 billion and have not produced one steel; they blew $3 billion on refineries rehabilitation… and nothing happened. We are not having any fuel from them.”
Oye maintained that government lacks the capacity to run businesses effectively.
” You have no track record in running any business… you cannot be government and also be private sector,” he said.
Business
John Ternus is Apple’s incoming CEO
John Ternus, Apple’s longtime hardware boss, is taking over as CEO, becoming just the second leader since Steve Jobs departed in 2011, less than two months before he died from cancer.
• John Ternus / CNBC / Getty Images
Tim Cook’s 15-year tenure as Apple CEO comes to an end on Sept. 1, the company announced on Monday.
John Ternus, Apple’s longtime hardware boss, is taking over as CEO, becoming just the second leader since Steve Jobs departed in 2011, less than two months before he died from cancer.
CNBC reports that as Cook exits, Apple faces numerous challenges, including an intricate supply chain that’s complicated by geopolitical tensions and soaring prices for memory due to unprecedented demand from the AI buildout.
But for Ternus, perhaps the most critical aspect of his new job will be pushing the company deeper into AI, where it’s lagged many of its megacap peers.
It said that so far, Apple’s AI strategy has involved avoiding hefty capital expenditures while Microsoft, Google, Amazon and Metacommit to hundreds of billions of dollars a year in combined capex to fund new data centers and fill them with pricey AI chips.
Business
NCC, CBN launch telecom industry portal to track fraudulent phone lines
“This means banks and other financial institutions can determine whether a line is active, swapped, disconnected, or reassigned to another subscriber.”
The Nigerian Communications Commission (NCC), and the Central Bank of Nigeria ( CBN), have launched a portal that enables financial institutions to track fraudulent and suspicious phone lines across the country.
It is called the Telecoms Identity Risk Management System (TIRMS) portal , aimed at providing financial institutions with real-time visibility into the status of phone numbers used for transactions.
“The portal aggregates data on churned or recycled lines and numbers flagged for suspicious activities.
“This means banks and other financial institutions can determine whether a line is active, swapped, disconnected, or reassigned to another subscriber,” said the Executive Vice Chairman of NCC, Dr. Aminu Maida.
Speaking during the MoU signing event, Maida said that the agreement provides a structured framework for cooperation in critical areas, including payment system integrity, fraud mitigation, digital inclusion, and consumer protection.
On his part, Governor of CBN, Mr. Olayemi Cardoso, said the MoU would strengthen coordination on regulatory approvals, technical standards, and innovation initiatives, including sandbox testing.
He noted that the partnership aligns with the apex bank’s commitment to promoting a secure, resilient, and inclusive financial system.
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