Tag: Tax reform

Tax: ‘No need for separate TIN to open bank accounts’ – FIRS clarifies

Aminu Imam
FIRS clarifies

The Federal Inland Revenue Service, (FIRS), has clarified that Nigerians do not require a separate Tax Identification Number, (TIN), to open or operate bank accounts, contrary to widespread public belief. According to FIRS, the TIN framework has been designed to integrate seamlessly with existing national registries, making every eligible individual or entity automatically identifiable for tax purposes. Under the new National Taxpayer Directory, introduced by the Nigeria Tax Administration Act (2025), individuals’ TINs are automatically linked to their National Identification Number, (NIN), while corporate entities’ TINs are tied to their…

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‘Tax reforms to take effect in July’ – Oyedele

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Oyedele on tax reform2

The Federal Government is expected to kick-off its tax reforms aimed at simplifying Nigeria’s tax system in July, according to Head of the Presidential Fiscal Policy and Tax Reforms Committee, Taiwo Oyedele.  The tax chief stated that legislation is to be passed this quarter, with further preparations for implementation to follow in the coming months. Oyedele said: “I need to talk about the tax reforms. Part of the expectation is we expect the tax reforms to be approved, particularly the tax reform Bills in 2025.  “Our expectation is before the…

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Tax Reform Bills: League of Northern Democrats commends Govs.’ Forum, but calls for clarity over ‘derivation’

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LND expresses support

The League of Northern Democrats, (LND), has expressed its support for the Nigeria Governors’ Forum’s (NGF) recent endorsement of a revised Value-Added Tax (VAT) sharing formula, but raised a significant concern over the definition of the word: “derivation”. In a statement released following the NGF’s meeting with the Chairman of the Presidential Fiscal Policy and Tax Reforms Committee, Mr. Taiwo Oyedele, on January 16, 2025, LND acknowledged the NGF’s proposal to allocate VAT revenue as follows: 50% based on equality, 30% on derivation, and 20% on population. This formula, the…

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“We have no objection to Govs.’ proposed VAT-sharing formula” – Oyedele 

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Screenshot 20250118 205225

Chairman of the Presidential Committee on Tax policy and Fiscal reforms, Taiwo Oyedele, says his committee has no objection to the newly-proposed value-added tax (VAT) sharing formula by the Nigeria Governors’ Forum, (NGF). Oyedele stated this yesterday, during an event organised by ‘The Covenant Nation’, to facilitate national development. Recall that on January 16, the NGF backed the proposed tax reform Bills currently at the 10th National Assembly. The NGF also proposed a new “equitable” sharing formula for VAT. The development was an outcome of a meeting between the NGF…

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Tinubu responsible for tax reform Bills pushback Sowunmi

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Sowunmi

…Gives reason A chieftain of the Peoples Democratic Party (PDP), Segun Sowunmi, has opined that President Bola Tinubu is responsible for the stiff opposition that has greeted the tax reform Bills. Recall that the new tax Bills introduced by Tinubus administration have generated widespread controversy and pushback from many Nigerians, including the 36 State governors under the aegis of the National Economic Council, (NEC). Similarly, some Northern governors unequivocally rejected sections of the Bills. However, Sowunmi, during an interview during a television programme, faulted Tinubu and the All Progressives Congress…

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Tinubus tax Bills mean well for all Nigerians, but politicised Abba Moro

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Sen. Abba Moro

The Senate Minority Leader, Senator Abba Moro, has expressed concern that the ongoing discussion regarding Nigerias proposed tax reform measures has become increasingly politicised. The lawmaker, who is representing the Benue-South in the 10th Senate,called for a more focused examination of the proposed legislation. In an interview during a television programme yesterday, the lawmaker emphasised the importance of addressing the concerns raised by critical stakeholders against the Bills. According to him, the legal implications of some provisions in the Bills should be carefully looked into. Senator Moro pointed out that…

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“No provision in tax reform Bills will impoverish the North” – Presidency

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Presidency on tax

The Presidency has debunked claims suggesting that the proposed tax reform Bills before the 10th National Assembly that will impoverish the northern region of the country. In an issued  statement yesterday, Special Adviser to the President on Information and Strategy, Bayo Onanuga, clarified that the Bills are designed to streamline Nigeria’s tax administration, enhance business competitiveness, and foster economic growthnot to impoverish any region or compromise vital institutions. According to the presidential spokesperson, the Bills will not make Lagos or Rivers States more affluent than other parts of the country.…

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Tax reform, opportunity for North to be innovative – Arewa Think-Tank

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Arewa Think Tank

One of the notable Northern groups, Arewa Think Tank (ATT), has said that the proposed tax reform by the President Bola Tinubu administration is an opportunity for the North to be creative and innovative in exploiting mineral resources in the region for the benefit of the people. Recall that northern governors, traditional rulers, and Northern Elders Forum rejected the proposed tax reform Bills, saying they were not in the interest of the nation and the region in particular. Also, Governor Babagana Zulum, of Borno State, recently criticizmsed the tax reform…

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Leave tax reform Bills discussion to economists, MURIC tells clerics

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MURIC tells clerics

The Islamic human rights organisation, Muslim Rights Concern (MURIC), has said economists and finance experts should be the ones talking about the Tax Reform Bills which are before the 10th Senate. Its Executive Director, Is’haq Akintola, stated this as videos of northern Islamic clerics preaching against the Bills are trending on social media. The Bills, which have passed second reading in the Senate, are the Joint Revenue Board of Nigeria (Establishment) Bill, 2024 -SB.583; The Nigeria Revenue Service (Establishment) BILL, 2024- SB.584; The Nigeria Tax Administration Bill, 2024-SB.585, and the…

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North will not be party to Tinubus Tax Reform Bills Gov. Zulum

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Gov. Zulum on Tax Reform Bills

Borno State governor, Babagana Zulum, has stressed that President Bola Tinubus Tax Reform Bills, currently before the National Assembly, will have detrimental effects on the North and other parts of the country if passed. In an interview on a British Broadcasting Corporation (BBC) Hausa service programme yesterday, which was posted on X, Zulum stressed that the North will not be party to the proposed legislation, warning that the tax reforms would lead to economic decline, hunger, poverty, and insecurity, especially in the northern region. The governor also questioned the rush…

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