Connect with us

News

IMF Recommends New Taxes on Fuel Products, Telecom Services in Nigeria

Published

on

 

By Yusuf Danjuma Yunusa

The International Monetary Fund has recommended introducing taxes on fuel products and telecommunications services in Nigeria as part of broader measures to increase government revenue and create fiscal space for development spending and social interventions.

The recommendation was contained in the IMF’s 2026 Article IV Consultation report on Nigeria, where the Fund argued that additional tax measures would be needed over the medium term despite the recent overhaul of the country’s tax system.

“Further tax policy changes will likely be needed—such as increasing the VAT rate, extending VAT to fuel products, rationalising tax expenditures in particular VAT exemptions on extractive industries and some customs duties, and introducing telecom excises—to complement administrative gains,” the IMF said.

The Washington-based institution, however, cautioned that the timing of any new taxes must take into account Nigeria’s rising poverty levels and worsening food insecurity.

“The timing of reforms must consider the poverty and food insecurity situation and ensure that the cash transfer system is in place and funded,” the Fund added.

The recommendation is likely to trigger fresh debate across the country, given the sensitivity surrounding fuel prices and telecommunications costs.

A previous attempt by the Federal Government to introduce a five per cent excise duty on telecom services faced widespread opposition from operators, subscribers and consumer advocacy groups before it was eventually suspended and later scrapped.

Telecommunications companies had argued that the sector was already burdened by multiple taxes, rising energy costs, foreign exchange pressures and infrastructure challenges, warning that any additional levy would ultimately be passed on to consumers through higher call and data charges.

Advert

Similarly, proposals linked to fuel taxation have generated opposition from labour unions and private sector groups amid concerns over rising living costs following the removal of petrol subsidies and increases in transport and food prices.

The IMF’s latest recommendation comes as it projects that Nigeria will need stronger revenue mobilisation efforts to sustain planned increases in public spending and support vulnerable households.

According to the report, revenue-enhancing tax policies could generate additional revenues equivalent to 3.9 per cent of Gross Domestic Product within three years of implementation. The Fund identified a two-percentage-point increase in the Value Added Tax rate as the single largest contributor, with an estimated revenue gain of 0.8 per cent of GDP.

It also projected that removing pioneer status incentives and revising free zone regulations would generate another 0.7 per cent of GDP, while reforms to capital gains taxation and adjustments to personal income tax bands, allowances and rates would each contribute 0.6 per cent of GDP.

The IMF further estimated that a top-up tax on multinationals and large firms could raise 0.5 per cent of GDP, while rationalising investment allowances would add another 0.4 per cent.

Notably, the category labelled “others”, which includes telecom excise duties and other measures such as a carbon tax on fuel, was projected to contribute an additional 0.4 per cent of GDP in revenue gains.

Beyond new tax measures, the Fund said Nigeria could generate even larger gains through stronger tax administration.

It projected that administrative reforms would yield an additional 3.1 per cent of GDP through improved compliance, enforcement and efforts to reduce informality in the economy.

According to the report, measures such as fiscalisation, electronic invoicing and cross-validation of tax deductions could generate 1.5 per cent of GDP, while expanded tax identification registration and consolidation of taxpayer databases could contribute another 1.6 per cent of GDP.

The IMF acknowledged that some of Nigeria’s recently enacted tax reforms would reduce government revenue in the short term because they were designed to support households and small businesses.

It estimated that revenue-reducing measures would lower revenues by 2.4 per cent of GDP, with expanded VAT input credits, additional zero-rated items and broader exemptions on basic consumption goods accounting for 1.7 percentage points.

Lower corporate income tax obligations for smaller firms would reduce revenues by 0.4 per cent of GDP, while lower personal income tax rates and expanded exemptions for low-income earners would account for another 0.3 percentage point reduction.

News

Emir of Gumel, Ahmad Muhammad Sani, Dies After 45 Years on the Throne

Published

on

 

 

The Emir of Gumel, His Royal Highness Alhaji Ahmad Muhammad Sani II, has died after more than four decades on the throne, bringing to an end the reign of one of Northern Nigeria’s longest-serving traditional rulers.

Ahmad Muhammad Sani II, who became the 16th Emir of Gumel, ascended the throne in 1980 following the death of his father, the late Emir Maina Muhammad Sani II. He subsequently received his staff of office from the then Governor of Kano State, the late Alhaji Abubakar Rimi, in 1981.

His death marks the end of a historic reign that spanned more than 45 years and covered some of the most significant political, social and administrative changes in the old Kano State and, later, Jigawa State.

Before ascending the traditional throne, the late Emir was actively involved in public service and politics. He served as Commissioner for Information, Internal Affairs and Culture in the Kano State Government during the administration of Governor Abubakar Rimi between 1979 and 1980.

His transition from political office to the traditional institution came after the death of his father in December 1980. Historical records indicate that Ahmad Muhammad Sani was selected to succeed his father on December 16, 1980, while his formal presentation with the staff of office followed on May 29, 1981.

As Commissioner for Information, he was associated with important developments in the media sector of the then Kano State. Records indicate that during his tenure, he played a role in the establishment of Triumph newspaper and CTV67 television station, now associated with the state’s television broadcasting history, while also overseeing the expansion of Radio Kano.

Advert

His educational background was also notable. He attended Gumel Primary School and Hadejia Middle School before graduating from Kano High School at Rumfa College in 1961. He later obtained qualifications in Public Administration from the Institute of Administration in Zaria, now part of Ahmadu Bello University, and pursued further studies in Political Science and International Relations at Ohio University in the United States.

Before entering politics, Ahmad Muhammad Sani had worked with the Gumel Native Authority and later joined the Immigration Department, where he was posted to Ngamboru Ngala in present-day Borno State. He subsequently served as a senior government official in the Kazaure Divisional Office before moving into politics in 1978.

His long reign as Emir of Gumel made him one of the most experienced traditional rulers in Northern Nigeria. The Jigawa State Government describes him as the 16th Emir of Gumel and records that he had remained on the throne since 1981.

Over the years, the Emir became associated with efforts to promote peace, education, community development and the preservation of traditional values. His palace also played a role in mobilising communities around government programmes, including public health initiatives.

The World Health Organisation, for instance, previously identified the Emir of Gumel as one of the traditional rulers who played an active role in promoting immunisation activities in his emirate. The organisation reported that he publicly vaccinated his own children as part of efforts to reassure communities about the safety of polio vaccination.

Even in the later years of his reign, the Emir continued to participate in peace-building and community affairs. In 2025, he was represented at a farmers-herders peace meeting in Jigawa, where his message emphasised dialogue and mutual understanding as essential to achieving lasting peace.

In December 2025, the Emirate marked his 45th anniversary on the throne, with prominent national and traditional figures, including Vice President Kashim Shettima and the Sultan of Sokoto, participating in activities associated with the anniversary.

His death therefore comes after a reign that began in the final years of the Second Republic and continued through successive military governments, the return to democratic rule in 1999, the creation of Jigawa State and several generations of political leadership.

The Emir of Gumel’s reign also represented a unique bridge between political administration and traditional leadership. Having served as a senior political office holder before becoming a monarch, he brought extensive experience of government and public administration to the traditional institution.

With his passing, the Gumel Emirate loses a monarch whose tenure lasted more than four decades and whose public career had already begun before his accession to the throne.

Details concerning his burial arrangements, the circumstances surrounding his death and the process for selecting his successor are expected to be announced by the Gumel Emirate Council and the Jigawa State Government

Continue Reading

News

Uber Shutdowns Operations in Nigeria

Published

on

 

By Yusuf Danjuma Yunusa

Ride-hailing company, Uber, has shut down its operations in Nigeria.

In a statement, the company, which came into Nigeria in 2014, said its exit is effective from September 2, 2026.

“We are writing to share some difficult news. After a thorough review of our business, we have made the tough decision to wind down our operations in Nigeria, effective 2 September 2026.

“Since we first launched in Lagos in 2014, it has been an absolute privilege to be a part of your daily life connecting you with independent transportation providers.

“Whether it was a morning commute, a ride to see loved ones, or exploring the city, thank you for trusting the platform to connect you to a driver to get you there safely. We know this may cause disruption to your routine, and we sincerely apologize for the inconvenience.”

In a memo on Wednesday, the ride-hailing company also announced elimination of roughly 3,300 positions.

The job cuts focused on management and coordination roles, according to its CEO, Dara Khosrowshahi.

Advert

“Today, we’re making a number of significant organizational changes across Uber. We are removing layers, simplifying team structures, refining our global location strategy, and focusing our people and investments against the biggest opportunities ahead of us.”

“As a result, we will be reducing the size of our team by about 10%. Everyone whose role has been affected has already been notified, except in countries where we will follow the required local process.

“This wasn’t a decision we made lightly, because it will have a real impact on our teammates and friends who have worked hard for Uber. It’s important to say that these changes are about how we’re organized and what we’re prioritizing, not about anyone’s contributions to Uber, which we will always value.

“I’m sure you’re asking, ‘Why, and why now?’ particularly since our business is performing so well. Over the last 5+ years, Uber has grown by orders of magnitude, with our top line nearly tripling. We’ve built new products, expanded into new businesses, reached more consumers and supported more earners, and become a much larger and stronger company. But that growth has also brought complexity: more layers, more coordination, more fragmented ownership, and in some cases structures that made sense when businesses were smaller but no longer serve us well at our current scale.

“Our opportunity from here is enormous: we have the chance to bring Uber to hundreds of millions more people; to invest even more in drivers, couriers and merchants; and to innovate across our core businesses and build the autonomous future.

“The changes we’re making today are designed to do two things: make Uber simpler and faster, and create more capacity to invest in our future. A leaner organization will mean clearer ownership, faster decisions, and more time spent building rather than coordinating. It will also generate savings that we intend to reinvest in growth, innovation, and the capabilities that will matter most over the coming years.

“It’s our job as leaders to make these difficult calls, and to give you transparency into our thinking and our decision-making process.”

The layoffs are the latest round of job cuts for Uber, which eliminated roles in customer service and HR earlier this year.

Continue Reading

News

Author of ‘Rich Dad Poor Dad’ Languishes in Billion Dollar Debt

Published

on

 

By Yusuf Danjuma Yunusa

Robert Kiyosaki, the author of the bestselling ’Rich Dad Poor Dad’ book, has accumulated an estimated $1.2 billion debt connected to his aggressive real estate investment.

According to reports, the debt is the estimated amount the 79-year-old author and his business partners borrowed to acquire approximately 1,500 property units as Mr Kiyosaki continues to expand his real estate holdings.

Despite the significant debt, Mr Kiyosaki does not appear apprehensive about the liabilities, maintaining that borrowing money to acquire income-generating assets is a strategy commonly used by wealthy individuals.

Advert

“So, I’m a billion two in debt,” the author said on the ‘Get Rich Education’ podcast recently, adding that people “should not do what I do, right? But I studied it since 1974… If you’re going to learn to use debt, you’d better take some education.”

In a recent interview with Vanity Fair, Mr Kiyosaki’s ex-wife and business partner, Kim Kiyosaki, revealed that the debt did not reflect the amount her ex-husband personally owes.

She stressed that it is connected to the real estate properties owned by them and their business partners, adding that Mr Kiyosaki’s personal share of the liabilities is small.

Vanity Fair estimated Mr Kiyosaki’s share of the debt at around $30 million to $60 million.

“We have a lot of apartment houses with our partners. So technically, yes, we have all this debt,” the ex-wife told Vanity Fair.

Speaking to the magazine, Mr Kiyosaki stated, “If it all comes to hell, you can talk to my attorney. Firewalls—that’s the way the rich play the game.”

Continue Reading

Trending