…Says tax law outrage fueled by ‘fake’ Bills
The Executive Chairman of the Economic and Financial Crimes Commission (EFCC), Ola Olukoyede, has identified corruption as the primary driver of insecurity in Nigeria, arguing that religion, ethnicity and regional agitations merely conceal a deeper structural problem.
Olukoyede made the assertion while presenting a paper titled: ‘Corruption, National Security and Economic Prosperity’, at the Annual Lecture Series of the Nigeria Air Force Officers Mess Honorary Members’ Forum in Lagos. He spoke through the EFCC’s Director of Public Affairs, Commander CE Wilson Uwujaren.
A statement issued by the EFCC’s Head of Media and Publicity, Dele Oyewale, said while acknowledging the roles of religious extremism, ethnic rivalry and separatist movements in Nigeria’s security challenges, the EFCC boss said corruption remains “the real elephant in the room”, particularly when public funds meant for security and poverty reduction are diverted by political elites.
He cited the abuse of security votes as a major enabler of insecurity, describing them as opaque channels for siphoning public funds, and referenced the prosecution of a former governor over the alleged diversion of more than ₦4 billion in security votes.
According to Olukoyede, corruption weakens national security when funds for arms procurement, personnel welfare and intelligence gathering are stolen, leaving security agencies under-resourced and ineffective.
He noted that the EFCC supports counter-terrorism and anti-extremism efforts through non-kinetic measures, including tracking illicit financial flows, monitoring designated non-financial institutions and Bureau-De-Change operators, and combating money laundering.
Olukoyede added that EFCC asset recovery efforts have supported Nigeria’s economic recovery, with recovered funds partly deployed to social intervention programmes such as students’ loan and consumer credit schemes. He also said the Commission’s crackdown on currency racketeering, naira mutilation and illegal foreign exchange trading has helped ease pressure on the Naira.
He further disclosed that upon assuming office, the EFCC adopted a policy of not shutting down businesses under investigation in order to preserve jobs during the current economic downturn.
Meanwhile, the Chairman of the Presidential Fiscal Policy and Tax Reforms Committee, Taiwo Oyedele, has dismissed claims that controversial provisions in Nigeria’s newly signed tax laws were secretly altered, insisting that public outrage is being driven by “fake” and unofficial versions of the Bills.
Oyedele made the clarification during a television interview, following legislative backlash over alleged discrepancies between tax laws passed by the National Assembly and versions subsequently gazetted.
The controversy was sparked by a House of Representatives member, AbdulSamad Dasuƙi, who alleged that the gazetted tax laws did not reflect what lawmakers debated and approved, arguing that his legislative rights had been breached. Among the disputed provisions circulating publicly were claims that the tax reporting threshold for individuals had been reduced from ₦50 million to ₦25 million, and for companies from ₦250 million to ₦100 million. Other alleged changes included a requirement for taxpayers to deposit 20 percent of disputed assessments before filing appeals, and the removal of legislative oversight powers over tax authorities.
Oyedele said these provisions were contained in draft documents and not in the final harmonised Bills, stressing that only the National Assembly, through the Clerk, can authoritatively certify what was passed and transmitted to the President.
“Even I mysef, only have what was presented to the President for assent. What circulated widely and was reported by the media did not come from the committee set up by the House of Representatives”, he said.
The Presidency has since weighed-in on the controversy, as former vice-president Atiku Abubakar, Labour Party’s 2023 presidential candidate, Peter Obi, and several civil society organisations called for a suspension of the laws’ implementation.
Despite the pushback, President Bola Tinubu has signed the four tax reform Bills into law, describing them as the most far-reaching overhaul of Nigeria’s tax system in decades.
The reforms — scheduled to take effect on January 1, 2026 — include the Nigeria Tax Act, Nigeria Tax Administration Act, Nigeria Revenue Service (Establishment) Act, and the Joint Revenue Board (Establishment) Act, all operating under the newly established Nigeria Revenue Service.
According to the Federal Government, the laws are designed to simplify tax compliance, expand the tax base, eliminate multiple taxation, and modernise revenue collection across all tiers of government.
