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Why Tax Reform Bills will not be withdrawn from National Assembly– Tinubu
Proposed tax reform bills at the National Assembly will not be withdrawn, says President Bola Tinubu.
The News Agency of Nigeria (NAN) reports that the National Economic Council (NEC) on Thursday called for the bills’ withdrawal for further consultations.
The President, in a statement on Friday by Mr Bayo Onanuga, his Special Adviser, Information and Strategy, however, urged that the legislative process be allowed to take its course.
Tinubu said the legislative process, which had already begun, provided an opportunity for inputs and necessary changes without withdrawing the bills from the National Assembly.
He welcomed further consultations and engagement with key stakeholders to address any reservations about the bills while the National Assembly considered them for passage.
The statement read: “When President Tinubu set up the Presidential Committee on Tax and Fiscal Policy Reform in August 2023, he had only one objective.
“This is to reposition the economy for better productivity and efficiency and make the operating environment for investment and businesses more conducive.
“This objective remains more critical even today than ever before.”
The committee worked for over a year and received inputs from various segments of society across the geopolitical zones.
Inputs were received from trade associations, professional bodies, various MDAs, governors, traders, students, business owners and the organised private sector.
“The tax reform bills that emerged were distilled from the extensive work of the Presidential Committee.
“The tax bills before the National Assembly aim to streamline Nigeria’s tax administration processes, completely overhaul the nation’s tax operations, and align them with global best practices,” the statement read in part.
The tax reform bills include the Nigeria Tax Bill, which seeks to eliminate multiple taxation and make Nigeria’s economy more competitive by simplifying tax obligations for businesses and individuals nationwide.
NAN also reports that the Nigeria Tax Administration Bill (NTAB) proposes new rules governing the administration of all taxes in the country.
Its objective is to harmonise tax administrative processes across federal, state and local jurisdictions to ease taxpayers’ compliance and enhance the revenue for all tiers of government.
The Nigeria Revenue Service (Establishment) seeks to re-establish the Federal Inland Revenue Service (FIRS) as the Nigeria Revenue Service (NRS) to better reflect its mandate as the revenue agency for the entire federation, not just the Federal Government.
The Joint Revenue Board Establishment proposes creating a Joint Revenue Board to replace the Joint Tax Board, covering federal and all state tax authorities.
The fourth bill will also establish the Office of Tax Ombudsman under the Joint Revenue Board, protecting taxpayers’ interests and facilitating dispute resolution.
The statement read: “The bills’ overarching objective is to effectively coordinate federal, state, and local tax authorities, thereby eliminating the overlapping responsibilities, confusion, and inefficiency that have plagued tax administration in Nigeria for decades.
“Under existing laws, taxes like Company Income Tax, Personal Income Tax, Capital Gains Tax, Petroleum Profits Tax, Tertiary Education Tax, Value-Added and other taxing provisions in numerous laws are administered separately, with individual legislative frameworks.”
The proposed reforms seek to consolidate these numerous taxes, integrating them and excise duties into a unified structure to reduce administrative fragmentation.
“While there may be differences in approach or specific provisions of the new tax bills, what is not in contention is the need to review our tax laws and how we administer them to serve our overall national development agenda.
“President Tinubu will continue to respect and welcome the advice and recommendations of the National Economic Council, an essential constitutional organ of government on economic matters,” the statement read. (NAN)
President Bola Ahmed Tinubu has officially dissolved the board of the Nigerian National Petroleum Company Limited (NNPCL), which includes the removal of Group Chief Executive Officer (GCEO) Mele Kyari and Chairman Pius Akinyelure, along with all other board members appointed in November 2023.
In an announcement, the President introduced an 11-member restructured board, appointing Engineer Bashir Bayo Ojulari as the new GCEO and Ahmadu Musa Kida as the Non-Executive Chairman. These changes are effective immediately, as stated by Bayo Onanuga, Special Adviser to the President on Information & Strategy.
Emphasizing the need for “enhanced operational efficiency, restored investor confidence, and a more commercially viable NNPC,” President Tinubu exercised his authority under Section 59(2) of the Petroleum Industry Act (PIA) 2021 to implement this significant reorganization.
The newly formed board comprises Adedapo Segun, who continues as Chief Financial Officer (CFO), alongside six non-executive directors representing Nigeria’s geopolitical zones: Bello Rabiu (North West), Yusuf Usman (North East), Babs Omotowa (North Central), Austin Avuru (South-South), David Ige (South West), and Henry Obih (South East). Additionally, Mrs. Lydia Shehu Jafiya, Permanent Secretary of the Federal Ministry of Finance, and Aminu Said Ahmed, representing the Ministry of Petroleum Resources, will serve on the board.
The President has charged the new board with conducting a strategic review of NNPC-operated and Joint Venture assets to optimize value. This includes increasing crude oil production to 2 million barrels per day (bpd) by 2027 and 3 million bpd by 2030, boosting gas production to 8 billion cubic feet daily by 2027 and 10 billion by 2030, and expanding NNPC’s refining capacity to 200,000 bpd by 2027 and 500,000 bpd by 2030. The administration also aims to attract $30 billion in oil investments by 2027 and $60 billion by 2030, building on the $17 billion secured in 2024.
Ahmadu Musa Kida, the new Chairman, is a Borno-born engineer and former Deputy Managing Director of Total Nigeria. He also has a background in basketball, having served as the ex-president of the Nigeria Basketball Federation (NBBF). Bashir Bayo Ojulari, the newly appointed GCEO, hails from Kwara State and was previously the Executive Vice President of Renaissance Africa Energy, where he led a $2.4 billion acquisition of Shell’s Nigerian assets. He brings extensive experience from Elf and Shell, having worked across Europe and the Middle East.
President Tinubu expressed gratitude to the outgoing board for their contributions, particularly their efforts in reviving the Port Harcourt and Warri refineries, which have resumed production after years of dormancy. Analysts view this leadership change as part of Tinubu’s broader reforms in the oil sector, following last year’s removal of fuel subsidies and the promotion of private refinery investments. With the new team established, there are high expectations for enhanced transparency, efficiency, and profitability within Nigeria’s state oil enterprise.
Heineken Lokpobiri, minister of state for petroleum resources, says the federal government plans to commence implementing the drill-or-drop provisions of the Petroleum Industry Act (PIA).
Section 94 of the PIA gives operators a period of three years to begin oil production or relinquish the assets to the federal government.
Speaking during the Cross Industry Group (CIG) meeting held on Tuesday in Florence, Italy, Lokpobiri said it is in the best interest of the country that all inactive wells go to work.
He said the federal government, under the leadership of President Bola Tinubu, has provided every necessary incentive to ensure international oil companies (IOCs) in Nigeria run smoothly and profitably.
“Now, it is imperative for these industry players to match the government’s efforts with increased investment by announcing final investment decisions (FIDs),” he said.
Furthermore, Lokpobiri discussed “the challenges, expectations, and measures to enhance the sector’s contributions towards domestic energy needs and regional expansion across Sub-Saharan Africa”.
He emphasised that while IOCs have highlighted engineering, procurement, and construction (EPC) contractors as a challenge, “EPCs will not come unless they see strong commitments from industry players”.
“The government has done its part to provide the requisite and investment-friendly fiscals, the ball is now in the court of the IOCs and other operators to make strategic investment decisions that will drive increased production and sustainability in the sector,” he said.
“We must also recognise that domestic crude supply is essential to national energy security. The best solution to this challenge lies in increasing production, which will ensure a balance between domestic supply obligations and external commitments.”
The minister further urged industry players to explore collaborative measures, such as shared resources for contiguous assets and the release of underutilised assets to operators ready to invest in production.
The minority caucus in the house of representatives has condemned the killing of 16 Kano-bound hunters in Edo state.
On Thursday, a mob in the Uromi area of Edo killed 16 hunters of northern descent who were travelling from Elele, Rivers state.
The travellers were attacked and lynched after some vigilance group members raised the alarm on suspicion that they were kidnappers.
The Edo state government said 14 suspects arrested in connection with the killing would be transferred to Abuja for further interrogation.
During a visit to some of the families of the victims at Bankure LGA in Kano, Monday Okpebholo, governor of Edo, assured that justice would be served.
In a statement issued on Monday, the minority caucus described the killing of the hunters as “barbaric”.
“We find such brutal killings of innocent Nigerians in any part of the country by lawless mobs very reprehensible, and if allowed to fester without being put in check by responsible organs of the federal government, such actions could threaten the peace and unity of the country,” the statement reads.
The lawmakers asked Nigerians never to resort to jungle attacks on fellow citizens but to always report any concerns to security agencies.
“We are a nation under the rule of laws, and our law enforcement agencies are always available to partner with every Nigerian to assuage their concerns,” the caucus said.
While noting that the incident is “already setting emotions on edge” in parts of the country, the legislators urged President Bola Tinubu to ensure that the security agencies investigate this matter and bring the perpetrators to justice.
“Also, adequate compensation should be paid to the affected families,” the caucus said.
The lawmakers implored Nigerians to remain calm, peaceful, and law-abiding and allow the federal and state governments to investigate the matter and ensure justice is served.
The statement was signed by Kingsley Chinda, minority leader; Ali Isa, minority whip; and Aliyu Madaki, deputy minority leader.