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

551 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

FCMB appoints Rewane non-executive director, board chair

Rewane is the Managing Director at Financial Derivatives Company Limited, a top financial advisory and economic research firm..

Published

3 minutes ago

June 11, 2026

OCHEFA

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First City Monument Bank (FCMB) Limited has appointed Bismarck Rewane as a Non-Executive Director and Chairman of its Board of Directors, following approval from the Central Bank of Nigeria.

Rewane is a respected economist and experienced leader in Nigeria’s financial sector, with more than 40 years of experience in macroeconomic research, investment banking, and strategic management…

Rewane is the Managing Director at Financial Derivatives Company Limited, a top financial advisory and economic research firm…

Rewane has served on the boards of blue-chip companies and multinationals, including Guinness Nigeria Plc., British American Tobacco, Henkel Nigeria Limited, Top Feeds Nigeria Limited, and Africa Infrastructure Plus Partners…

The Board of Directors of First City Monument Bank welcomes Mr. Rewane.

The Bank is confident that his expertise in macroeconomics, corporate governance, and strategic management, together with the Bank’s stronger capital base, will strengthen its leadership and help drive the next phase of growth while continuing to deliver value to stakeholders.

Business

Exchange Rates Thursday,11June 2026

US Dollar (USD) ₦1,362. 05
Great British Pound (GBP) ₦1,827. 33
EURO (EUR) ₦1,575. 35

Published

2 hours ago

June 11, 2026

OCHEFA

6 Views

Official CBN Exchange Rates

US Dollar (USD) ₦1,362. 05

Great British Pound (GBP) ₦1,827. 33

EURO (EUR) ₦1,575. 35

SWISS FRANC (CHF) ₦1,708.76

JAPANESE YEN (JPN) ₦8.49

CHINESE YUAN (CNY) ₦200.98

West African CFA (XOF) ₦2.40

West African Unit Account (WAUA) ₦1,856. 61

SAUDI RIYAL (SAR) ₦362. 38

SOUTH AFRICAN RAND (ZAR) ₦82.54

Black Market Rates

US Dollar (USD) Buy ₦1,395 Sell ₦1,400

Great British Pound (GBP) Buy ₦1,860 Sell: ₦1,880

EURO (EUR) Buy ₦1,590 Sell ₦1, 610

Canadian Dollar (CAD) Buy ₦1,030 Sell ₦1,100

South African Rand (ZAR) Buy ₦75Sell ₦90

UAE Dirham Buy ₦350 Sell ₦370

Chinese Yuan Buy ₦180 Sell ₦200

Ghana Cedi (GHS) Buy ₦95Sell ₦110

West African CFA Buy ₦2, 380 Sell ₦2, 460

Central African CFA Buy ₦2, 220 Sell 2,300

Australian Dollar Buy ₦800 Sell ₦900

Business

FG Plans to Extend Lagos Rail Line to Murtala Muhammed Airport Terminals

Keyamo noted that Lagos accounts for 67 per mcent of passenger traffic through Nigeria’s airports.

Published

1 day ago

June 10, 2026

OCHEFA

22 Views

The Minister of Aviation and Aerospace Development, Festus Keyamo, announced at the ongoing Invest in Lagos 3.0 summit, that the federal government has concluded arrangements to extend the existing Lagos rail network to the domestic and international terminals of the Murtala Muhammed Airport (MMA).

The move is aimed at improving connectivity and strengthening Lagos’ position as an aviation hub in Africa.

He said discussions between his ministry and the state government are ongoing.

The extension will link the rail line that currently terminates at Ikeja Bus Stop to the airport.

According to Keyamo, the line will pass through the General Aviation Terminal (GAT), continue to the Murtala Muhammed Airport Terminal Two (MMA2) operated by Bi-Courtney Aviation Services Limited (BASL), and end at the international terminal.

“That rail line is about to start. It is the extension of the rail line. So, Lagos is just ready for the next big step in terms of its aviation activities,” the minister said.

The project is expected to ease access to Nigeria’s busiest airport. It also supports the government’s ambition to position Lagos as a major aviation and logistics hub on the continent.

The proposed link will complement Lagos’ expanding rail network.

Last month, the Lagos State Government said the Blue Line carried about 3.5 million passengers in 2025, with daily ridership rising to 15,000 commuters. Work continues on its extension to Okokomaiko and expansion of services on the Red Line.

Keyamo noted that Lagos accounts for 67 percent of passenger traffic through Nigeria’s airports.

He argued that the state’s location gives it a natural advantage to compete with established aviation hubs.

“Just six hours across the Atlantic, you will get to South America from the Lagos airport. Six hours down, you will get to Southern Africa. Six hours to the Middle East, you will get to Dubai or Qatar. Six hours up, you will get to Europe, either France or London.

That is the equidistant advantage that Lagos provides as a hub for the whole of Africa. We will soon catch up with hubs like Addis Ababa and Lome,” he said.

The minister also highlighted ongoing investments in airport infrastructure under President Bola Tinubu’s administration.

He said about $500 million has been committed to reconstructing and modernising the international terminal at Lagos airport.

The investment will transform the ageing facility into a modern airport capable of handling growing passenger and cargo traffic.

Keyamo added that the federal government has expanded Nigeria’s international airport network. Victor Attah International Airport in Uyo and Maiduguri International Airport have been designated as international airports, bringing the total to seven.

He said the resolution of the long-running dispute between BASL and the federal government shows the administration’s commitment to creating an enabling environment for private sector participation in aviation.

He urged local and foreign investors to explore opportunities in the sector, including the proposed airport project in the Lekki-Epe corridor promoted by the Lagos State Government.If implemented, the airport rail extension will provide direct rail access to the country’s busiest aviation gateway.

It will complement ongoing investments in Lagos’ mass transit system and support broader efforts to improve mobility in Nigeria’s commercial capital.