Business & Economy
Tax Reform Bills:Senate passes Nigeria Revenue Service,Nigeria Tax Administration Bills
By George Mgbeleke
The Senate at plenary on Wednesday, passed two out of the four tax Reform bills after subjecting the bills (comprising Nigeria Revenue Service Bill and the Nigeria Administration) into clause by clause consideration.
Recall that the tax reform bills passed second reading in the Senate last November, and the House of Representatives passed them at third reading in March 2025, shortly before the lawmakers adjourned for the Easter and Eid-el-Fitr holidays.
In his committee’s report,Chairman Senate Committee on Finance, Senator Sani Musa said the committee members duly reviewed the provisions of the tax reform bills and conducted public hearings for public participation
According to Senator Musa, about 64 organisations, including Civil Society Organisations (CSOs), attended the public hearing, and a majority of them supported the bills.
On the sharing formula for Value-Added Tax, the senator recommended 10 per cent for the federal government, 55 per cent for state governments and the Federal Capital Territory, and 35 per cent for local governments.
He also recommended retaining 10 per cent of funding for TETFUND, 10 per cent for NASENI, and 10 per cent for NITDA.
Musa also noted that the committee included 5 per cent funding for cybersecurity and 10 per cent funding for defence.
The senator, therefore, recommended the passage of the tax reform bills with the argument that it would improve economic growth, simplify tax compliance and boost investor confidence.
Kebbi North Senator Yahaya Abdullahi supported the bills and urged his colleagues to support it.
Details of the recommendations on the two Bills are as follows:
Recommendations on the Nigeria Revenue Service (Establishment) Bill, 2025 (SB.584)
The objectives of this Bill should be amended as follows:
“To provide for a legal, institutional and regulatory framework for the administration of taxes and revenue accruable to the Government of the Federation, as prescribed by the National Assembly.”
2. Clauses 4 of the Nigeria Revenue Service Establishment Bill 2025, – functions of the Nigeria Revenue Service should be amended as follows:
a. Assess persons including corporations, companies and individuals chargeable with tax, other than individuals, resident in any state of the Federation or the Federal Capital Territory.
b. in collaboration with the relevant Ministries and Agencies of Government, subject to the approval of the Senate, review the tax regimes and promote the use of taxation to develop, stimulate and grow economic activities;
C. Adopt measures to identify, trace, freeze, confiscate or seize proceeds derived from tax fraud or evasion, in line with the provisions of this Bill;
3. Clause 7 (la) of the Nigeria Revenue Service Establishment Bill 2025 should be amended as follows:
“The Chairman of the Board who shall be the President; and (b) Executive Vice Chairman who shall be the head of the Revenue Service and subject to confirmation of the Senate”
4 Clause 13 (2) of the Nigeria Revenue Service Establishment Bill 2025 should be amended as follows:
“The Secretary shall be a lawyer, or a chartered accountant or a chartered secretary who shall not be less than the rank of a Deputy Director”
5. Executive directors should be appointed to the Board of the Service. We propose that the relevant clause be amended as follows:
“The President shall appoint six Executive Directors for the Service, each representing a geopolitical zone on rotational basis among the states in the zone in alphabetical order provided that the Executive Vice chairman and an Executive Director shall not come from the same state ”
6. The timeline for reporting by the service should not exceed 3 months after the end of the preceding year.
9.3. Recommendation on the Nigeria Tax Administration Bill (SB. 585)
10% to the Federal Government;
55% to the State Governments and the Federal Capital Territory; and
35% to the Local Governments.
(2) The amount of VAT revenue standing to the credit of states and local governments shall be
Distributed among them on the following basis:
State Governments:
Equality – 50%
Population -20%
iii. Place of consumption -30%
b. Local Governments -70%
i. Equality -30%.
ii. Population
3. Change the word “Derivation” to “place of consumption” to provide clarity
4. Penalties for the following offences were amended as follows:
Clause 100 – Failure to register:
(a) N100,000.00 in the first month in which the failure occurs; and
(b) N50,000.00 for each subsequent month in which the failure continues.
Clause 101 – Failure to file returns:
(a) N200,000.00 in the first month in which the failure occurs: and
(b) N50,000.00 for each subsequent month in which the failure continues
Clause 102 – Failure to keep books:
(b) on request by the relevant tax authority, fails to provide any record or book
Prescribed in this Act shall be liable to pay an administrative penalty of
In the case of a person other than a company, N10,000.00, and
In the case of a company, NI00,000.00.
5. Clause 107 – Failure to remit tax deducted at source or self-account: A person who
Fails to comply with subsections (1) and (2), shall on conviction for any of the offences under this section, in addition to the administrative penalty, be liable to a term of imprisonment not exceeding three years.
9.4. Recommendation on the Nigeria Tax Bill (SB. 586)
1. Development Levy: Retain the funding of TETFUND, NASENI, NITDA, Cyber Security and NELFUND from the Development levy using the following sharing formula:
i. Tertiary Education Trust Fund 50%:
i. Nigerian Education Loan Fund 15%
iii. National Information Technology Development Fund – 10%;
iv. National Agency for Science and Engineering Infrastructure 10%:
V. National Cybersecurity Funds – 5% and
vi. Defence Security Funds – 10%.
2. Retain the VAT rate at 7.5%
3. Company Income Tax rate 30%
4. Clauses 157 to 163 which provide for Excise Duty on Services should be deleted.
5. The provisions of the PIA that are proposed for amendments are outlined below:
The Petroleum Industry Act, No 6. 2021 is amended by deleting
(a) Part I-X of Chapter Four;
(b) the Fifth and Sixth Schedules;
(c) paragraphs 6, 9, 10, 11 and 12, of the Seventh Schedule: and
(d) subparagraph 6 of paragraph 14 of Part IV of the Seventh Schedule:
9.5. Having carefully considered the above, the Committee hereby recommends as follows:
That the Senate do consider and pass the following Bills
Joint Revenue Board (Establishment) Bill, 2025 (SB. 583).
Business & Economy
Bayelsa Assembly Hopeful Unveils Blueprint On Human CapitL development
By David Owei,Bayelsa
Standard bearer of the Peoples Democratic Party (PDP) for Ogbia Constituency one in the 2027 elections into the Bayelsa State House of Assembly, Hon. Whoknows Azibola Odoko has said he would focus on human capital development, amongst others if he is elected into the State legislature.
Odoko stated this during a chat with Journalists in Yenagoa, the state capital yesterday.
Our source gathered that ex-President Jonathan is also a constituent of the Ogbia constituency one.
He said the era of voting for candidates who abandon constituents upon their elections was over, noting that there was nothing better than empowering and building constituents so that they can eke out a living for themselves.
The assembly hopeful averred that if elected, he would amongst other empowerment programmes roll out an educational support scheme for the training and retraining of his constituents.
He also pledged to facilitate the provision of jobs for constituents who have the requisite skills and credentials for employment, saying that under his stewardship as a lawmaker the constituency will heave a sigh of relief.
Speaking on the crisis rocking the PDP, the party’s candidate noted that all the major political parties in the country have their own share of problems, emphasizing that the Peoples Democratic Party would emerge stronger and more united on or before the 2027 polls.
He said: I’ll win the election. My popularity cut across party lines in the constituency and beyond. My teaming supporters are ready and willing to convert the goodwill I enjoy from across the constituency into votes for me come 2027.
“Upon my election I’ll institute an aggressive empowerment scheme in education, jobs creation and employment generation for my constituents.
“The era of electing candidates who don’t have anything to offer to the constituency is over”.
Business & Economy
Senate approves N2.285trn FCT 2026 Budget ……Allocates 76% to capital projects
By George Mgbeleke
The Senate on Thursday passed the 2026 Statutory Appropriation Bill for the Federal Capital Territory, (FCT) approving a total expenditure of N2.285 trillion for the administration and development of Abuja.
The approval was sequel to the presentation of the harmonised report of the Senate and House of Representatives Committees on the FCT during plenary.
Vice Chairman of the Senate Committee on FCT, Senator Austin Akobundu, presented the report on behalf of Committee Chairman, Ibrahim Bomai.
According to Akobundu, the budget is based on a projected revenue estimate of N2.385 trillion as it allocates N165.7 billion to personnel costs, N378.2 billion to overhead expenditure, and N1.741 trillion to capital projects across the territory.
He said 76.19 per cent of the total allocation is devoted to capital expenditure, while recurrent expenditure accounts for 23.8 per cent.
The appropriation, he added, complied with constitutional provisions and followed extensive consultations between the joint committees and officials of the Federal Capital Territory Administration.
“The committees met with the minister and other relevant officials of the FCTA and deliberated extensively on the subject matter,” Akobundu said.
Lawmakers described the budget as balanced and development‑oriented, with potential to accelerate infrastructure growth and improve security in Abuja and its satellite communities.
Deputy Senate President Barau Jibrin commended the proposal, calling it “top notch” and reflective of a strong commitment to infrastructural transformation in the FCT.
“Mr President, the budget is top notch. You know, I am the only one in the history of the legislature in this country that had the opportunity to serve as chairman of the appropriation committee in the House and in the Senate. So when I see a good budget I know it’s a good budget.
“A budget that has a total of N2.2 trillion and out of this, N1.7 trillion is going for capital shows his willingness and determination to continue to position FCT to the admiration of all,” he said.
Also contributing, Senator Abdul Ningi also described the budget as well‑packaged and balanced, noting that it addressed observations raised by the Senate Committee on the FCT during earlier budget reviews.
In his remarks, the Senate President Godswill Akpabio commended the committee for a job well done and urged the FCT Minister, Nyesom Wike not to relent in the development of the Territory.
Business & Economy
NNPC SCANDAL: HURIWA Blasts EFCC, ICPC, NASS, Presidency Over “CRIMINAL SILENCE” …….AS “Billions Vanish Without Accountability”
By George Mgbeleke
The Human Rights Writers Association of Nigeria (HURIWA) has expressed outrage, anger, and deep national embarrassment over the staggering failure of Nigeria’s anti-graft institutions and political leadership to act decisively on the monumental waste and alleged corruption surrounding the Nigerian National Petroleum Company Limited.
It is a massive national shame that despite over $2.4 billion reportedly sunk into the so-called Turnaround Maintenance of the Port Harcourt and Warri refineries, there is little to no tangible result to justify such colossal expenditure. Yet, those responsible walk free, uninvestigated, and unprosecuted.
In a statement signed by HURIWA’s National Coordinator Comrade Emmanuel Nnadozie Onwubiko, the group unequivocally condemned what it describes as the disgraceful inertia of the Economic and Financial Crimes Commission (EFCC) and the Independent Corrupt Practices Commission (ICPC), which have failed woefully in their statutory duties to arrest, investigate, and prosecute those indicted in this apparent economic sabotage.
“Why are the officials responsible for this monumental waste not in jail?” HURIWA demands.
“What exactly are the EFCC and ICPC waiting for? Must Nigerians continue to tolerate impunity of this scale?”
Even more disturbing, HURIWA accuses the National Assembly of Nigeria of turning what should be a serious probe into a political charade designed to generate campaign slush funds rather than deliver justice.
“Otherwise, how do we explain the endless hearings without consequences? Why has no single high-profile conviction emerged from these investigations?” the group queried.
HURIWA did not spare the Presidency, holding Bola Ahmed Tinubu accountable for what it described as a “deafening silence and unacceptable inaction” in the face of what it called one of the most brazen financial scandals in Nigeria’s recent history.
“This administration cannot continue to look the other way while public wealth is looted in broad daylight. The President must act—decisively and immediately—or risk being seen as complicit,” the statement added.
The association warned that history would deliver a harsh verdict on all institutions and individuals who have failed to act.
“Posterity will judge this National Assembly harshly for what appears to be a dangerous connivance with corrupt elements within the NNPC to drain public resources meant for national development,” HURIWA declared.
HURIWA further described the latest move by the Nigerian National Petroleum Company Limited to enter yet another agreement with foreign partners as “a suspicious recycling of failed strategies,” insisting that without accountability, no reform can succeed.
The group, however, commended prominent industrialist Aliko Dangote for what it described as his courage in consistently speaking out against systemic corruption in the oil sector.
“At a time when many have chosen silence, Dangote has shown uncommon patriotism by drawing national attention to the rot in the system. His voice reflects the frustration of millions of Nigerians,” HURIWA noted.
HURIWA therefore demands:
Immediate arrest and prosecution of all officials linked to the failed refinery rehabilitation projects;
A transparent forensic audit of all funds spent on refinery maintenance;
Public disclosure of all contracts, contractors, and payment structures;
Immediate overhaul of anti-corruption agencies for failure to act;
An end to what it termed “legislative theatrics” in place of real accountability.
“Nigeria cannot continue like this. This culture of impunity must end. The looting of public wealth must stop. The time for action is now,” the statement concluded.
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