Economy
Tax Reform Bills ‘terribly shocking’ should be suspended – Northern elders
As controversy trailing President Bola Tinubu’s Tax Reform Bills continues, the Northern Elders Forum, NEF has called for the suspension of the bills with immediate effect, saying there were not in the interest of the nation.
Since the Tax Reform Bills were forwarded to the two Chambers of National Assembly in October last year by President Bola Tinubu, its attendant outrage in the northern part of the country continue to swell.
This is even as the Northern Elders Forum in a statement issued on Saturday and made available to journalists described the Reforms as ‘terribly shocking’, the way there were put together.
The statement which was signed by NEF’s Chairman management board, Al-Amin Musa Daggash, expressed dismay and accused the Tinubu-led administration of allegedly denying “its citizens the vigorous ventilation of democratic opinions and freedom of expression.”There’re still Nigerians with integrity — Femi, who returned N21m worth of crypto coins to owner
The statement averred that the proposed Tax Reform Bills by the Federal Government, were clearly in breach with regards to adhering to “common characteristics of reforms and public policy-making process, all over the world and in conformity with the global best practice.”
However, the group made it clear that Nigerians in general and Northerners in particular “are not really against the introduction of any form of good and meaningful reforms by those in positions of authority at the federal, state, or local government levels.”
Meanwhile, it pointed out that the Federal Government would have engaged with Nigerians, critical stakeholders, and experts in extensive pre-reform meetings in order to secure their buy-in.
Also establish a very well-defined media and communication strategy that clearly articulates the full import of the reforms and disseminates public awareness and mass enlightenment on a nationwide scale. Designing a robust, transparent, and inclusive implementation mechanism.
Proactively putting in place a well-sequenced process in order to ensure that the meticulously planned reforms really meet the society’s desired and anticipated outcomes.
The statement read in part, “The leadership of Northern Elders’ Forum, holds the firm view that the government’s interests will best be served and promoted by actively engaging in comprehensive dialogue with varied and critical stakeholders, in order to foster very admirable legislative outcomes that will respect the rights of all citizens and promote their individual and collective wellbeing, while at the same time ensuring the attainment of a balanced approach to taxation that prioritises national unity, progress, and economic development.
“In the light of these unassailable considerations, the leadership of the Northern Elders’ Forum hereby strongly recommends the following: That, the Federal Government should immediately suspend the rush to implement the proposed Tax Reform Bills, so as to more wisely use the medium of dialogue to allay all concerns, collect all quality contributions and critical inputs from cross sections of Nigerian stakeholders, and then finally proceed to accommodate and redesign the sequencing of the implementation strategy.
“That, as a consumption tax that drastically reduces the purchasing power of citizens, fuels inflation and hikes in interest rates, no increase in VAT should be imposed, pending the emergence into the national horizon of clear evidence of the promised economic recovery by the government.
“That the proposed formula contained in the NTAB is not fair to the states where VAT revenue is generated, as the consuming states are denied credit for what has been generated from them. Since VAT is a General Consumption Tax (GCT), the rule of attribution based on the location of consumption should be uniformly applied.
“That, since Section 162(2) of the 1999 Constitution (as amended) grants the RMAFC the sole authority to determine the formula for equitable revenue sharing among the three tiers of government, no attempt should be made by the ruling authority to whimsically change this provision, as doing so is capable of undermining the law of the land and disrespecting democratic principles.
“The plan to move the exceedingly performing developmental and technological institutions, with a secured means of sustainability, such as TETFund, NITDA, and NASENI, to the uncertain and hazardous future of budgetary allocation should be halted. We strongly recommend that the status quo should be maintained by the government so as to strengthen and protect these strategic national institutions.
“That, given our diversity and the importance the government attaches to promoting financial inclusion, the use of contentious terms like “ecclesiastical” in the original proposed Tax Reform Bills, should be seamlessly replaced with “religious.”
“That religious, charitable organisations and family inheritance wealth should be exempted from paying all forms of taxes, as this is prone to conflicts over citizens’ strict adherence to some religious obligatory laws.
“That, conspicuously missing and consciously evaded by the framers of the Tax Reform Bills, is the issue of agricultural goods (produce) and livestock, a big ecosystem, which constitutes the strength of Northern Nigeria’s economy, yet, for certain inexplicable reasons, they have all been declared VAT-exempt/non-VATable. Obviously, the repercussion of this exclusion on the Northern part of Nigeria is glaringly disproportionate.”
A total sum of N1.678 trillion, being February 2025 Federation Account Revenue, has been shared to the Federal Government, States and the Local Government Councils.
The revenue was shared at the March 2025 Federation Account Allocation Committee (FAAC) meeting held in Abuja; chaired by the Minister of Finance and Coordinating Minister of the Economy, Wale Edun.
The meeting was attended by the Accountant General of the Federation, Shamseldeen Ogunjimi.
The total distributable revenue of N1.678 trillion comprised distributable statutory revenue of N827.633 billion, distributable Value Added Tax (VAT) revenue of N 609.430 billion, Electronic Money Transfer Levy (EMTL) revenue of N35.171 billion, Solid Minerals revenue of N28.218 billion and Augmentation of N178 billion.
According to a communiqué issued by the Federation Account Allocation Committee (FAAC), total gross revenue of N2.344 trillion was available in the month of February 2025. Total deduction for cost of collection was N89.092 billion while total transfers, interventions, refunds and savings was N577.097 billion.
The communiqué stated that gross statutory revenue of N1.653 trillion was received for the month of February 2025. This was lower than the sum of N1.848 trillion received in the month of January 2025 by N194.664 billion.
Gross revenue of N654.456 billion was available from the Value Added Tax (VAT) in February 2025. This was lower than the N771.886 billion available in the month of January 2025 by N117.430 billion.
The communiqué stated that from the total distributable revenue of N1.678 trillion, the Federal Government received total sum of N569.656 billion and the State Governments received total sum of N562.195 billion.
The Local Government Councils received total sum of N410.559 billion and a total sum of N136.042 billion (13% of mineral revenue) was shared to the benefiting States as derivation revenue.
On the N827.633 billion distributable statutory revenue, the communiqué stated that the Federal Government received N366.262 billion and the State Governments received N185.773 billion.
The Local Government Councils received N143.223 billion and the sum of N132.374 billion (13% of mineral revenue) was shared to the benefiting States as derivation revenue.
From the N609.430 billion distributable Value Added Tax (VAT) revenue, the Federal Government received N91.415 billion, the State Governments received N304.715 billion and the Local Government Councils received N213.301 billion.
A total sum of N5.276 billion was received by the Federal Government from the N35.171 billion Electronic Money Transfer Levy (EMTL). The State Governments received N17.585 billion and the Local Government Councils received N12.310 billion.
From the N28.218 billion Solid Minerals revenue, the Federal Government received N12.933 billion and the State Governments received N6.560 billion.
The Local Government Councils received N5.057 billion and a total sum of N3.668 billion (13% of mineral revenue) was shared to the benefiting States as derivation revenue.
The Augmentation of N178 billion was shared as follows: Federal Government received N93.770 billion, the State Governments received N47.562 billion and the Local Government Councils received N36.668 billion.
In February 2025, Oil and Gas Royalty and Electronic Money Transfer Levy (EMTL), increased significantly while Value Added Tax (VAT), Petroleum Profit Tax (PPT), Companies Income Tax (CIT), Excise Duty, Import Duty and CET Levies recorded decreases.
Economy
Protesters urge president Tinubu to protect Diaspora housing investments along Lagos-Calabar coastal highway
A group under the aegis of Renewed Hope Concern Citizens (RHCC) on Friday staged a peaceful protest, calling for President Bola Tinubu’s intervention in protecting housing investments owned by Nigerians in the diaspora along the Lagos-Calabar coastal highway.
The protesters gathered in front of the United States Embassy in Abuja, carrying banners with inscriptions such as; Minister of Works, Senator Umahi should revert to the original gazetted alignment as promised. Enough is Enough; Association of Nigerian Diaspora Investors (ANDI) has cried enough, please intervene to save their energy to promote, support, and assist the Renewed Hope Administration; Renewed Hope Concern Citizens want Diaspora Investments to be protected and given adequate attention among others
“As committed stakeholders in the nation’s economic progress, we have consistently supported the government’s vision, particularly in revitalizing Nigeria’s infrastructure and energy sector. While we acknowledge the administration’s positive strides, recent developments have raised concerns about the misalignment of energy policies, particularly regarding the 2006 Gazetted alignment.
“We urgently call on the Minister of Works, Senator David Umahi, to restore the 2006 Gazetted alignment to ensure continued growth and stability in Nigeria’s energy sector,” said Hon. Tayo Agbaje, Chairman of RHCC, while addressing journalists.
The group refuted the Minister’s claim that an underground cable warranted the removal of structures in Okun Ajah, Lagos and outlined several reasons why President Tinubu’s intervention is crucial.
According to them, The 2006 Gazetted alignment has long provided a stable and predictable framework, essential for maintaining investor confidence in Nigeria’s energy sector.
“Diaspora investors contribute significantly to job creation, business growth, and the overall economy, making their protection vital to sustaining these contributions.
“The President should investigate the Minister of Works’ claim about the underground cable allegedly interfering with the 2006 Gazetted plan.
“Restoring the alignment will reinforce Nigeria’s commitment to a stable investment climate, boosting foreign investor confidence and attracting much-needed capital for infrastructure development.
“Deviating from established policies creates uncertainty, undermining both current and future foreign investments.
“Maintaining the 2006 Gazetted alignment will signal Nigeria’s dedication to long-term economic stability, further reassuring both local and international investors,” the group stated.
The RHCC reaffirmed its support for the Association of Nigeria in Diaspora Investments (ANDI) in its quest to uphold the 2006 Gazetted alignment plan of the Lagos-Calabar Coastal Highway.
They urged the government to act swiftly to protect diaspora investors, as this will strengthen Nigeria’s investment future and ensure continued economic success under the Renewed Hope Administration.
Economy
Ogunjimi promises to collaborate with ex-Accountants-General in taking treasury house to greater heights
The newly appointed Accountant General
of the Federation, Mr Shamseldeen B. Ogunjimi said he would collaborate and tap from the wealth of experiences of all Former Accountants -General of the Federation to bring the nation treasury to a greater height.
Mr Ogunjimi disclosed this while receiving two Former Accountants-General of the Federation, Dr John Naiyeju and Dr Ibrahim Dankwambo in his office in Abuja.
Speaking earlier, Senator Ibrahim Dankwambo suggested the upgrading of the Treasury Academy, Orozo owned by the Office of the Accountant-General of the Federation (OAGF) to a Degree (University) awarding Institute.
Also, Dr. John K. Naiyeju charged the new Accountant-General to carry along everyone and advised him to make staff welfare his priority.
In a related development, the Accountant-General of the Federation expressed his willingness to work with all professional organisation that will bring positive development to the nation, especially, his professional and Academy colleagues of the doctorate class.
Mr Ogunjimi called on his classmates to come up with ideas and suggestions that will enhance the management of the nation’s treasury that will positively affect the economy development.
In his remarks, the Chairman Forum of Doctorate Students, Ibrahim Aliyu said that they were in Treasury House to congratulate one of their own and assured him of their support towards his successful tenure.
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