News
Proposed Tax Reform Bills Not Against The North -Presidency
Governors of 19 Northern States of Nigeria, under the platform of the Northern Governors’ Forum, at their meeting on Monday, October 28, 2024, expressed their opposition to the new derivation-based model for Value-Added Tax (VAT) distribution in the new tax reform bills before the National Assembly.
Chairman of the forum, Governor Muhammed Inuwa Yahaya of Gombe State, read the communiqué.
The Northern Governors’ Forum meeting also had traditional rulers from the region, led by the Sultan of Sokoto, His Eminence Muhammadu Sa’ad Abubakar III, in attendance.
While we commend the Governors and traditional rulers for supporting President Bola Tinubu over the success recorded in addressing the country’s security challenges, we consider it necessary to address the misunderstandings and misgivings around the tax reform already embarked upon by the administration.
President Tinubu and the Federal Executive Council recently endorsed new policy initiatives aimed at streamlining Nigeria’s tax administration processes, enhancing efficiency and eliminating redundancies across the nation’s tax operations.
These reforms emerged after an extensive review of existing tax laws. The National Assembly is considering four executive bills designed to transform and modernise Nigeria’s tax landscape.
First is the Nigeria Tax Bill, which aims to eliminate unintended multiple taxation and make Nigeria’s economy more competitive by simplifying tax obligations for businesses and individuals nationwide.
Second, 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 for ease of compliance for taxpayers in all parts of the country.
Third, the Nigeria Revenue Service (Establishment) Bill seeks to rename the Federal Inland Revenue Service (FIRS) as the Nigeria Revenue Service (NRS) to better reflect the mandate of the Service as the revenue agency for the entire federation, not just the Federal Government.
Fourth, the Joint Revenue Board Establishment Bill proposes the creation of a Joint Revenue Board to replace the Joint Tax Board, covering federal and all states’ tax authorities.
The fourth bill also suggests establishing the Office of Tax Ombudsman under the Joint Revenue Board, which would serve as a complaint resolution body for taxpayers.
It is instructive to note that these proposed laws will not increase the number of taxes currently in operation. Instead, they are designed to optimise and simplify existing tax frameworks.
The tax rates or percentages will remain the same under these reforms, as they focus on ensuring a more equitable distribution of tax obligations without adding to the burden on Nigerians.
The reforms will not lead to job losses. On the contrary, they are structured to stimulate new avenues for job creation by supporting a dynamic, growth-oriented economy.
Importantly, these laws will not absorb or eliminate the duties of any existing department, agency, or ministry. Instead, they aim to harmonise revenue collection and administration across the federation to ensure efficiency and cooperation.
At the moment, tax administration lacks coordination among federal, state, and local tax authorities, often resulting in overlapping responsibilities, confusion, and inefficiency. Without reform, this inefficiency will persist.
The proposed laws aim to coordinate efforts between different tiers of government, resulting in better tax resource management and greater clarity for taxpayers.
Under existing laws, taxes like Company Income Tax (CIT), Personal Income Tax (PIT), Capital Gains Tax (CGT), Petroleum Profits Tax (PPT), Tertiary Education Tax (TET), Value-Added Tax (VAT), and other taxing provisions in numerous laws are administered separately, with individual legislative frameworks.
The proposed reforms seek to consolidate these multiple taxes, integrating CIT, PIT, CGT, VAT, PPT, and excise duties into a unified structure to reduce administrative fragmentation.
On the proposed derivation-based VAT distribution model, which the Northern Governors oppose, it must be stressed that the new proposal, as enunciated in the Bill, is designed to create a fairer system.
The current model for distributing VAT is based on where the tax is remitted rather than where goods and services are supplied or consumed. The ongoing tax reform seeks to correct the inherent inequity in the current derivation model as a basis for distributing VAT revenue.
The new proposal before the National Assembly outlines a different form of derivation which considers the place of supply or consumption for relevant goods and services. This means that states in the Northern region that produce the food we eat should not lose out just because their products are VAT-exempt or consumed in other states.
In a statement by the special adviser to the President on Information and strategy Bayo Onanuga said the reforms are critical to improving the lives of Nigerians and were not put forward by President Tinubu to undermine any part of the country. There is no better time than now for the National Assembly to give due consideration to these bills that will overhaul our tax systems and create the revenue all the tiers of government require to fund the development our country and people urgently need.
News
Report: Nigeria Records N166trn Public Debt
By Yusuf Danjuma Yunusa
The Debt Management Office (DMO) says Nigeria’s total public debt rose to N166.79 trillion as of June 30, 2026.
The DMO published the latest public debt portfolio report on Friday.
The figure represents a 9.4 percent or N14.39 trillion increase from the N152.4 trillion recorded at the end of June 2025.
It also represents an increase of N7.44 trillion or 4.7 percent compared with the N159.35 trillion recorded at the end of the first quarter (Q1) of 2026.
According to the latest report, the debt stock comprises N91.59 trillion in domestic debt, which accounts for 54.91 percent of the total debt stock, and N75.2 trillion in external debt, representing 45.09 percent.
The debt office said domestic debt increased by N11.04 trillion (13.7 percent) from N80.55 trillion recorded in June 2025.
The office said external debt also rose by N3.35 trillion (4.7 percent) from N71.85 trillion in the same period.
According to the DMO, the federal government accounted for N152.77 trillion of the total debt stock, comprising N86.99 trillion in domestic debt and N65.77 trillion in external debt.
On the other hand, states and the Federal Capital Territory (FCT) accounted for the remaining N14.01 trillion — N4.59 trillion in domestic debt and N9.42 trillion in external debt.
In dollar terms, the agency said Nigeria’s total public debt stood at $120.93 billion as of June 30, 2026 — up from $99.66 billion recorded in June 2025.
The DMO said the Central Bank of Nigeria (CBN) official exchange rate of N1,379 per dollar as of June 30 was used to convert the external debt to naira.
News
NNPC Ltd Welcomes $800m Ima Gas Final Investment Decision
The Nigerian National Petroleum Company Limited (NNPC Ltd) has welcomed the $800 million Final Investment Decision (FID) on the Ima Gas Project, describing it as a landmark development that affirms the growing viability of Nigeria’s upstream gas sector.
The project, located offshore in OMLs 112 and 117 and developed by AMNI International in partnership with TotalEnergies, will produce about 300 million standard cubic feet of gas per day at peak. The output will supply critical feedgas to Nigeria LNG Limited in support of its Train 7 expansion, which will increase capacity at the Bonny Island plant from 22 million tons per annum to 30 Mtpa.
The FID was enabled by the Presidential Directives of 2024, which provided fiscal incentives for non-associated gas, streamlined contracting and lowered development costs. Ima is the fourth major gas project to reach FID under President Bola Ahmed Tinubu, after Iseni, Ubeta and HI.
Group Chief Executive Officer, NNPC Ltd., Engr. Bashir Bayo Ojulari described it as “a decisive vote of confidence in Nigeria’s gas sector and in the bold reforms” that have created competitive terms and a predictable investment environment.
NNPC Ltd. also commends the collaboration between AMNI, TotalEnergies and the Nigerian financial sector, saying the model of indigenous operator, international partner and domestic capital is a template for future developments.
In a statement signed by Andy Odeh Chief corporate communications officer of NNPC Ltd. reaffirms its commitment to work with government, regulators and industry partners to sustain investment momentum and deploy Nigeria’s gas resources for industrialisation, job creation and long-term prosperity.
News
At MAN AGM In Kano, Manufacturers Throng Dangote Pavilion Over ‘Peoples IPO’
Manufacturers under the aegis of the Manufacturers Association of Nigeria (MAN) thronged the Dangote Group’s pavilion at the exhibition to seek information and clarification on the ongoing Public Initial Public Offering (IPO) of the Dangote Petroleum Refinery and Petrochemicals (DPRP).
The three-day Annual General Meeting (AGM) of the Kano-Jigawa Branch of the Manufacturers Association of Nigeria (MAN), the 54th in the series, ended on Thursday, with the Dangote Group’s representative hosting participants and engaging manufacturers who expressed keen interest in the ongoing Initial Public Offering (IPO) of the Dangote Refinery.
The Dangote Refinery Peoples’ IPO offers Nigerians and other eligible investors an opportunity to buy shares in the Dangote Petroleum Refinery and Petrochemicals, thereby becoming part-owners of one of Africa’s largest industrial projects and participating in its future growth.
The Dangote Refinery IPO runs from 14 September to 13 October 2026.
Dangote Industries Limited is one of the sponsors of the 54th MAN AGM.
Earlier, in his opening remarks, the Chairman of the Manufacturers Association of Nigeria (MAN), Sharada/Challawa Branch, Alhaji Nura S. Madugu, highlighted the mounting burden of multiple taxes, levies and charges on manufacturers, warning that the situation is increasing the cost of doing business and undermining the competitiveness of local industries.
Madugu urged the Kano State and Federal Governments to ease the tax burden on manufacturers and accelerate efforts to harmonise taxes and levies imposed on businesses.
He particularly decried the practice of double and multiple taxation, which he said continued to place additional financial pressure on manufacturers already grappling with high energy costs, inadequate infrastructure, expensive financing, insecurity, foreign exchange challenges and unfair competition from imported goods.
“We are especially concerned about instances of double and even multiple taxation, where the three tiers of government impose what is essentially the same levy under different names and different guises. This practice places our products at a serious disadvantage in their constant competition with imported goods, a disadvantage made worse by the high cost of alternative power supply and the volatility of the foreign exchange rate.
Madugu reminded the meeting of MAN’s enormous contribution to the society and provide employment to thousands of Nigerians, as well as participating actively in tax revenue generation for the country.
“We provide employment to thousands of Nigerians. We participate actively in tax revenue generation for the states and the federation through the deduction of Value Added Tax on our products, the remittance of Pay-As-You-Earn on behalf of our staff, and the payment of Withholding Tax, Education Tax, Tertiary Education Tax, Company Income Tax, and a whole host of other levies too numerous to mention individually. Beyond taxation, we also discharge our Corporate Social Responsibility diligently to the communities in which we operate.
“Even though what we receive in return remains modest, we continue, in strength and in good faith, to serve this nation and to hold up its economy. We do this because we believe in Nigeria and in Kano State. But it must be said plainly,” Madugu added.
In his remarks also, MAN Chairman, Bompai/Jigawa Branch, Mohammed Bello I. Umar, appreciated the association’s members for their resilience, commitment and continued investment in the Nigerian economy despite the difficult operating environment.
He pointed out that the meeting provides the members of the association with an opportunity to reflect on its activities, review the challenges confronting their businesses, acknowledge the progress they have made, and chart a stronger course for the future of manufacturing in the country.
However, he said, the members must acknowledge that manufacturing remains under serious pressure.
He highlighted that the high cost of energy, multiple taxes and levies, inadequate infrastructure, high financing costs, insecurity, foreign exchange challenges and unfair competition from imported goods continue to affect our competitiveness.
“One issue that requires our collective attention is the importation of contraband and substandard goods. These products undermine local manufacturers who invest heavily
“Reliable and affordable electricity remains one of the most important requirements for industrial development.
He however welcomed the ongoing electricity reforms and efforts by the Kano State Government and the State House of Assembly towards establishing a more effective electricity framework for the State.
He called for the swift implementation of reforms that will create a more reliable, competitive and affordable electricity market for industries.
He noted that manufacturers continue to provide employment, generate wealth, support local communities and contribute significantly to government revenue in production, employ Nigerians and comply with government regulations.
“We must therefore stand together and call for stronger enforcement at our borders and markets.
He urged the relevant government agencies to intensify the fight against smuggling, counterfeiting and the importation of goods that compete unfairly with locally
Report: Nigeria Records N166trn Public Debt
NNPC Ltd Welcomes $800m Ima Gas Final Investment Decision
At MAN AGM In Kano, Manufacturers Throng Dangote Pavilion Over ‘Peoples IPO’
NLC President Ajaero: It Is Wrong to Negotiate Minimum Wage Without Minimum Pension
Prof Yusuf Adamu Delivers BUK’s 63rd Professorial Inaugural Lecture, Reflects on Medical Geography and Academic Legacy
Zamfara Varsity ASUU Threatens Warning Strike Over FG-ASUU Agreement, Promotion Arrears
Bello Sharada: A Great Writer, A Bookish Soul, Gone Too Soon
Kano Chemists Threaten Warning Strike Over Alleged PCN Pressure
Per Ishaq Samaila: “Waziri” for Strategy. “Mai Jama’a” for Service. One Man. One Mission. Ibrahim Kabir Masari
Court Ultimatum Forces FBI to Hand Over Tinubu’s Fraud Records to Judge—But Keeps Them Hidden from Public
Report: Nigeria Records N166trn Public Debt
NNPC Ltd Welcomes $800m Ima Gas Final Investment Decision
At MAN AGM In Kano, Manufacturers Throng Dangote Pavilion Over ‘Peoples IPO’
NLC President Ajaero: It Is Wrong to Negotiate Minimum Wage Without Minimum Pension
Prof Yusuf Adamu Delivers BUK’s 63rd Professorial Inaugural Lecture, Reflects on Medical Geography and Academic Legacy
Zamfara Varsity ASUU Threatens Warning Strike Over FG-ASUU Agreement, Promotion Arrears
Bello Sharada: A Great Writer, A Bookish Soul, Gone Too Soon
Kano Chemists Threaten Warning Strike Over Alleged PCN Pressure
Per Ishaq Samaila: “Waziri” for Strategy. “Mai Jama’a” for Service. One Man. One Mission. Ibrahim Kabir Masari
Court Ultimatum Forces FBI to Hand Over Tinubu’s Fraud Records to Judge—But Keeps Them Hidden from Public
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