Business & Economy
No Part Of Tax Reform Bills Recommends Scrapping Of TETFUND, NASENI, NITDA… *No Provision Will Impoverish The North -Presidency
Since the public debate around the transformative tax bills before the National Assembly began in the last few weeks, various political actors and commentators have tried to obfuscate the facts, deliberately misinforming and misleading the public.
In a statement by Special Adviser to the President (Information & Strategy), Bayo Onanuga said unfortunately, most reactions are not grounded in facts, reality, or sufficient knowledge of the bills.
While some commentators have attempted to incite the people against lawmakers, others have polarized one section of the country against another.
The tax reform bills will not make Lagos or Rivers more affluent and other parts of the country, as recklessly canvassed, poorer.
The bills will not destroy the economy of any section of the country. Instead, they aim to enhance the quality of life for Nigerians, especially the disadvantaged, who are trying to make a living.
Contrary to the lies being peddled, the bills do not suggest that NASENI, TETFUND, and NITDA will cease to exist in 2029 after the passage of the bills.
Government agencies, such as NASENI, TETFUND, and NITDA, are funded through budgetary provisions with company income tax and other taxes paid by the same businesses that are being overburdened with the special taxes.
One reason President Bola Tinubu embarked on the Tax and Fiscal Policy Reforms is the need to streamline tax administration in Nigeria and make the operating environment conducive for businesses.
For decades, businesses, investors, and private sector players in Nigeria have complained of being overburdened by a myriad of taxes and levies, including those earmarked to fund various government agencies and initiatives.
The multiple taxes complicate the economic environment, making Nigeria uncompetitive for investment and preventing many businesses from growing or continuing their operations. Some companies have had to make the rational decision to relocate to other countries. We can not continue on this path or wait for 20 years if this country is to deliver the prosperity we need for our people.
The proposal, as contained in section 59(3) of the Nigeria Tax Bill, only seeks to consolidate some of the earmarked taxes imposed on companies and replace them with a single tax to be shared with the key agencies as beneficiaries in a phased manner until 2030.
The time frame offers ample opportunity for the affected agencies to explore other funding sources in addition to budgetary allocations in line with the constitution and international best practices.
It is a misrepresentation of facts to conclude that changing an agency’s funding source amounts to scrapping it. None of the countries leading globally in education, science, engineering, or information technology have similar earmarked taxes.
The government imposes major taxes, be it income tax, consumption tax, or other taxes, to channel resources to its areas of priority at the time. Imposing a separate tax to fund an agency is an aberration that has yet to yield results despite the huge burden on businesses. The tax bill seeks to address this problem.
Relevant stakeholders and public analysts owe it a duty to properly educate themselves about the bills’ contents and avoid misleading the public for any reason. We may be entitled to our opinions, but such views must be informed and based on facts, not emotions targeted at inflaming passions.
In a period like this, when our people across the country look up to leaders for guidance and direction on matters of public importance, such as the Tax Reform Bills, leaders should be more measured in their public utterances to avoid heating the polity and polarising the country unduly.
President Tinubu welcomes the public interest these bills have generated. He encourages leaders across the country, including Governors, Traditional rulers, Civil Society Activists, Students, trade associations, professional associations, and the general public, to take advantage of the Public Hearings that the National Assembly will organise to present their views on how best to reform our taxes and fiscal regime.
What is never in doubt is the imperative of changing the existing tax laws and administration that have become obsolete and unhelpful in achieving the growth and development we desire for our country.
Business & Economy
PPP Business Model Responsible for Success of NLNG -Fubara *Pledges Continued support for Corporate Organizations operating in Rivers State
By George Mgbeleke
Governor of Rivers State, His Excellency, Sir Siminalayi Fubara has attributed the success of the Nigeria Liquified Natural Gas ( NLNG) Limited to the Public Private Partnership ( PPP) business model adopted by the Federal Government and the multinational oil companies from the inception of the organisation.
Governor Fubara stated this while receiving the new Managing Director and Chief Executive Officer of the NLNG, Mr Adeleye Falade who paid him a courtesy visit at Government House, Port Harcourt.
The NLNG is jointly owned by Nigerian National Petroleum Corporation (NNPC) with 49%, Shell Gas B.V. with 25.6%, Total LNG Nigeria Ltd with 15%, and Eni International with 10.4%.This partnership model allows for shared risks, costs, and expertise in the LNG sector.

L to R: Miss Homa Nmegbu, Govt. Relations Advisor; Abdul Saleh, Technical Adviser to Exexutive Management; Dr Yemi Adeyemi, Manager Community Relations; Abdul Umar, Manager, Government Relations; Engr Adeleye Falade, MD/CEO, Governor of Rivers State, His Excellency, Siminalayi Fubara; Dr Sophia Horsfall, GM, External Relations & Sustainable Development; Mike Igoni, Head, Govt Relations; Ifeanyi Umeh, Head Community Engagement & Liaison, Kate Allison, Senior Govt Relations Advisor and Emma Nwatu, Senior Media Advisor, in a group photograph during the courtesy visit on Wednesday.
In a statement by his Chief Press Secretary,Onwuka Nzeshi, governor Fubara observed that the NLNG has not only survived the difficult business environment but has made sustained progress in the nearly three decades of its existence. According to him, the decision of the Federal Government to allow the multinational oil companies who have the needed expertise to run the establishment while government plays a supervisory role over it, has largely been responsible for its success.
” I’m very proud to say that if there is one establishment that has shown resilience, that has survived in the face of all the political issues prevalent in this country, it is the NLNG. And what is the reason? The reason is very simple. Government has no business in business. That is the truth. Leave the business for those people who can operate it. Let the government play its supervisory role to ensure that there is compliance with the laws; ensure that standards are maintained and also ensure that the right people with the needed expertise are at the helm of affairs. That’s all. I think that is the reason why we still record a lot of successes in NLNG,” he said.
Governor Fubara pledged the continued support of his administration for the NLNG, stressing that the success of the organisation is equally the success of the government of Rivers State and the success of the Federal Government of Nigeria. He gave assurance that his administration will continue to contribute it’s own quota in support of the NLNG.
“Our duty is to make sure that we support whoever is operating in our state. We are the ones here. If we don’t support you and you don’t succeed, we also will not succeed and Mr President will also not succeed.
“So the success of your establishment is the success of our state, and overall success of Nigeria. So you can count on our support. Wherever you think we need to come in to support you, please do not hesitate to call upon us.
“You just mentioned here that your predecessor left a handover note showcasing the level of support that he got from the state. It is not going to be different in your own case. I can assure you that. I will also ensure that other units of the government will liaise with you when necessary. So even if you can’t get to me, you can always get to them and if there is anything we can do to help your establishment succeed, we will do it for you,” he said.
In his opening remark, the new CEO of the NLNG, Mr Adeleye Falade who led other top officials of the company on the visit, expressed appreciation for the audience granted them and appealed to the Government of Rivers State to continue to support the organisation.
” We appreciate the opportunity to meet with you and deepen this important relationship.We deeply value the support the Rivers State Government continues to extend in fostering an enabling operating environment for businesses. NLNG remains deliberate in its contribution to Nigeria’s development, and Rivers State, our primary host, continues to be central to that commitment,” he said.
The company, Falade said, has continued to work with its host communities to strengthen their capacity to identify, prioritise, and deliver sustainable development initiatives that create lasting impact. According to him
communities including Amadi-ama, Abua, Ekpeye, Okrika, Kalabari, and Emohua have continued to benefit from this model. He said that beyond community infrastructure, the NLNG have sustained investments in economic empowerment through initiatives such as Vocational Innovation and Business Empowerment Scheme (VIBES) and Micro Small and Medium Enterprise (MSME) schemes. These, he said, were designed to support small businesses, build capacity, and stimulate local enterprise across the state.
Among officials of the company who accompanied the Managing Director where General Manager, External Relations and Sustainable Development, Dr Sophia Horsfall; Manager, Government Relations, Mr Abdul Umar; Manager, Community Relations; Dr Yemi Adeyemi; Head of Government Relations, Mr Mike Igoni; Head of Community Liaison and Engagement, Chief Ifeanyi Umeh. Others are Technical Assistant to Executive Leadership, Mr Hassan Saleh; Senior Media and Publicity Advisor, Mr Emma Nwatu; Government Relations Advisor, Miss Homa Nmegbu, Senior Government Relations Advisor, Mrs Kate Allison and Audio -Visual Advisor, Mr Dawood Ahmed.
Business & Economy
*HallowMace Africa and Partners Announce First Stage Results For July 2026 National Legislative Awards*
*Abuja, Nigeria, April 1st, 2026.* HallowMace Africa, a leading media and advocacy organisation dedicated to promoting legislative accountability and excellence, has officially released the results of the first stage of voting for its highly anticipated July 2026 National Legislative Awards.
Following an intensive initial voting phase, Nigerians, in collaboration with the National Assembly Press Corps, have successfully nominated a distinguished list of Senators and Members of the House of Representatives. These nominees represent the pinnacle of legislative performance across the nation’s six geo-political zones and the Federal Capital Territory.
The first stage of voting saw robust participation from citizens and accredited press corps members, who evaluated lawmakers based on legislative impact, constituency representation, and public service delivery.
*List Of Outstanding Nominees By Geo-Political Zone:*
*SOUTH EAST*
*Abia:* Sen. Enyinnaya Abariba (Senate); Hon. Benjamin Kalu (Reps)
*Anambra:* Sen. Victor Umeh (Senate); Hon. Dominic Okafor (Reps)
*Ebonyi:* Sen. Peter Nwaebonyi (Senate); Hon. Nkemkanma Kama (Reps)
*Enugu:* Sen. Osita Ngwu (Senate); Hon. John Nnolim (Reps)
*Imo:* Sen. Osita Izunaso (Senate); Hon. Chike Okafor (Reps)
*SOUTH SOUTH*
*Akwa Ibom:* Sen. Godswill Akpabio (Senate); Hon. Patrick Umoh-Ikor (Reps)
*Bayelsa:* Sen. Seriake Dickson (Senate); Hon. Frederick Agbedi (Reps)
*Delta:* Sen. Ned Nwoko (Senate); Hon. Francis Waive (Reps)
*Edo:* Sen. Adams Oshiomole (Senate); Hon. Julius Ihonvbere (Reps)
*Cross River:* Sen. Asuquo Elpenyong (Senate); Hon. Michael Etaba (Reps)
*Rivers:* Sen. Harry Banigo (Senate); Hon. Inombek Awaji-Abiante (Reps)
*SOUTH WEST*
*Ekiti:* Sen. Opeyemi Bamidele (Senate); Hon. Akor Rotimi (Reps)
*Lagos:* Sen. Adetokunbo Abiru (Senate); Hon. Babajimi Benson (Reps)
*Ogun:* Sen. Solomon Olamilekan (Senate); Hon. Isiaka Ibrahim (Reps)
*Ondo:* Sen. Emmanuel Ipimsagba Olajide (Senate); Hon. Donald Ojogo (Reps)
*Osun:* Sen. Francis Adenigba Fadaunsi (Senate); Hon. Oluwole Oke (Reps)
*Oyo:* Sen. Abdulfattah Buhari (Senate); Hon. Tolulope Akande-Sadipe (Reps)
*NORTH CENTRAL*
*Kwara:* Sen. Saliu Mustapha (Senate); Hon. Muktar Shagaya (Reps)
*Benue:* Sen. Abba Moro (Senate); Hon. Terseer Ugbor (Reps)
*Niger:* Sen. Sani Musa (Senate); Hon. Saidu Musa Abdullahi (Reps)
*Kogi:* Sen. Natasha Akpoti-Uduanghan (Senate); Hon. Leke Abejide (Reps)
*Nasarawa:* Sen. Aliyu Wadada (Senate); Hon. Jonathan G. Gaza (Reps)
*Plateau:* Sen. Diket Plang (Senate); Hon. Yusuf Adamu Gagdi (Reps)
*NORTH EAST*
*Adamawa:* Sen. Abass Aminu Iya (Senate); Hon. Laori K. Bitrus (Reps)
*Bauchi:* Sen. Abdul Ninji (Senate); Hon. Manu Soro Mansur (Reps)
*Borno:* Sen. Muhammed Monguno (Senate); Hon. Ahmadu Usman Jaha (Reps)
*Gombe:* Sen. Muhammed Danjuma Goje (Senate); Hon. Bello Usman Kumo (Reps)
*Taraba:* Sen. David Jumkuta (Senate); Hon. Jaafara Yakubu (Reps)
*Yobe:* Sen. Ahmad Lawan (Senate); Hon. Khadija Bukar Abba-Ibrahim (Reps)
*NORTH WEST*
*Jigawa:* Sen. Hussaini Babangida Uba (Senate); Hon. Hassan Fulata (Reps)
*Kaduna:* Sen. Sunday Katung (Senate); Hon. Shehu Agilo (Reps)
*Kano:* Sen. Jubil Barau (Senate); Hon. Aliyu Madaki (Reps)
*Katsina:* Sen. Abdulazeez Musa Yar’Adua (Senate); Hon. Sada Soli (Reps)
*Kebbi:* Sen. Yahaya Abdullahi (Senate); Hon. Bello Kaoje (Reps)
*Sokoto:* Sen. Amimu Waziri Tambuwal (Senate); Hon. Abdussamad Dasuki (Reps)
*Zamfara:* Sen. Bilbis Aliyu Ikra (Senate); Hon. Aminu Sani Jaji (Reps)
*FEDERAL CAPITAL TERRITORY*
*FCT:* Sen. Ireti Kingibe (Senate); Hon. Ajiya Abdulrahman (Reps)
*Next Stage of Voting*
With the first stage concluded, the competition now enters a critical phase. The goal is to identify one Most Outstanding Senator and one Most Outstanding House of Representatives member per geo-political zone.
In the upcoming second stage, the current list of nominees will be narrowed down to a final three (3) nominees per zone. These top three finalists will then advance to the final voting stage, where the ultimate winner for each geo-political zone will be determined.
*“The massive participation we witnessed in the first stage is a testament to the growing interest of Nigerians in legislative accountability,” said Amb. Anderson Osiebe, Executive Director, HallowMace Africa. “As we proceed to the next stage, we urge the public to remain engaged. We are committed to a transparent process that celebrates the lawmakers who truly exemplify service to the people.”*
*Voting links and timelines for the next stage is as follows:*
thenationallegislativeawards@gmail.com
The voting commences immediately using the above email, *also this voting timeline shall expire on the 14th day of April 2026 by 11:59pm.*
The National Legislative Awards 2026 is Powered by HallowMace Africa in partnership with International Goodwill Ambassador Club, ERGAF Africa, Isabella Ayuk Foundation and many others.
*About HallowMace Africa*
HallowMace Africa is a non-governmental organization focused on promoting democratic values, legislative excellence, and civic engagement across the African continent.
*Media Contact:*
Amb. Oguh Hyginus John
*Head of Public Communications Desk*
HallowMace Africa
Business & Economy
2026 Budget :Senate Approves N68,323 Trillion *Added Tinubu’s N9tri. request to N58.5tri initial proposal *raises Oil benchmark to $75 per barrel
By George Mgbeleke
The Senate at a special plenary on Tuesday, approved President Bola Tinubu’s request to increase the 2026 budget from the initial proposal of N58.472 trillion to ₦68,323,309,818,667 trillion.
The Red Chamber also passed for third and final reading the 2026 Appropriation Bill, which seeks legislative authorization for total expenditure of ₦68.323 trillion for the 2026 fiscal year.
President Tinubu had presented the initial ₦58.472 trillion budget to a joint session of the National Assembly on December 19, 2025.
The budget focused on consolidating macroeconomic stability, improving the business environment, promoting job-rich growth, and reducing poverty, with defence and security (₦5.41 trillion), infrastructure (₦3.56 trillion), education (₦3.52 trillion), and health (₦2.48 trillion) receiving priority votes.
However, President Tinubu, on Wednesday, sent a request to the Senate seeking an increase to the tune of N9 trillion, a request that was immediately considered and approved by the lawmakers.
Presenting the report of the National Assembly Joint Committee on the 2026 Appropriation Bill during plenary, the Chairman, Senate Committee on Appropriations, Senator Solomon Adeola, told the Chamber that while the Committee was working on the N58.472 trillion earlier proposed in December, 2025, President Tinubu sent communication to the Committee, proposing adjustments to the budget.
“During the consideration of the Bill by the Joint Committee on Appropriations, a communication was received from Mr. President proposing adjustments to the 2026 Budget. The proposed adjustments were intended to regularise outstanding legacy capital commitments carried over from previous appropriation cycles, thereby ensuring that the 2026 fiscal programme is not unduly burdened by unresolved obligations from earlier years.
The proposals also sought to accommodate a limited number of strategic interventions in the areas of transport, health, and institutional preparedness considered critical to national development and governance continuity, while aligning the financing framework of the 2026 Budget with the revised expenditure profile in a manner that preserves macro-fiscal stability,” he said.
He noted that the adjustment included ₦5.71 trillion in outstanding unfunded capital obligations from the 2025 budget, saying that this was necessary because these obligations were unlikely to be implemented before the 2025 budget expired.
According to him, the outstanding obligations arose from the 2025 Appropriation (Repeal and Enactment) Act, noting that the sum of ₦2 trillion was added for priority projects nationwide that were omitted in the rollover to the 2026 budget.
Also, the strategic national interventions include a Federal Government equity contribution of ₦478.60 billion for the Presidential Legacy Light Rail Projects, which are in Lagos, Kano, Kaduna, and Ogun States.
The interventions also include ₦8.96 billion for feasibility studies for the Calabar-Maiduguri Corridor and the Maiduguri-Sokoto Superhighway. These projects are under the Tinubu National Beltway Initiative.
An additional US$344.83 million, equivalent to approximately ₦482.76 billion, was proposed for priority health sector interventions. These interventions are tied to existing bilateral understandings and implementation commitments.
The Committee also pointed out that a further provision of ₦98.50 billion was proposed for the Court of Appeal. This is in support of the institutional architecture for the 2027 General Election cycle.
The Supreme Court is also proposed to receive ₦36.7 billion. This is also in support of the 2027 General Election cycle.
The Judiciary’s budget ceiling is proposed to be reinstated with ₦268.54 billion. This is to accommodate the prospective appointment of more Justices of the Court of Appeal and Judges.
The total adjustments amount to ₦9.091 trillion, which the funding sources include an increase in the oil benchmark by $10/b, generating ₦2.592 trillion.
According to the Chairman of the Committee, the recent tariff adjustment measures in the telecommunications industry have stimulated renewed investor confidence. Capital inflows and investment commitments exceeding $2 billion have been recorded.
He observed that the telecommunications sector is transitioning from a position of constrained tax yield and underinvestment to one characterised by renewed growth. The projected revenue contribution from MTN Nigeria and Airtel Nigeria is ₦874 billion.
“MTN Nigeria is expected to contribute ₦724 billion in Corporate Income Tax (CIT) in 2026. Airtel Nigeria is expected to contribute ₦150 billion in CIT in 2026. The external borrowings are proposed to increase by ₦6.163 trillion. This will support the funding of the adjustments,” he said.
The adjustments are aimed at consolidating macroeconomic stability and promoting job-rich growth. The 2026 budget prioritizes security, infrastructure, education, and health.
After considering the report of the Joint Committee, the Senate approved the adjustments, expressing optimism that the adjustments would stimulate economic growth and improve living standards of citizens.
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