Business

FG Moves To Reduce Tax Burden On Nigerians

Published

8 years ago

June 8, 2018

The Federal Executive Council (FEC) has approved two Executive Orders and five Amendment Bills to the country’s tax policies aimed at reducing tax burden on Nigerians and boosting ease of doing business.
The Minister of Finance, Mrs Kemi Adeosun, stated this while briefing State House correspondents at the end of the Council’s meeting which was presided over by President Muhammadu Buhari at the presidential villa, Abuja on Wednesday.
The two approved Executive Orders are: Value Added Tax Act (Modification) Order and Review of Goods Liable to Excise Duties and Applicable Rate Order while the five Amendment Bills include the Companies Income Tax Act (Amendment) Bill and Value Added Tax Act (Amendment) Bill.
Others are Customs, Excise, Tariff ETC (Consolidation) Act (Amendment) Bill; Personal Income Tax Act (Amendment) Bill and Industrial Development (Income Tax Relief) Act (Amendment) Bill.
The minister revealed that the approval followed the presentation of a memorandum to seek the consideration and approval of the Council for the report of the National Tax Policy Implementation Committee on Tax Laws Reform.
It would be recalled that FEC had on Feb. 1, 2017, approved the revised National Tax Policy in order to have a robust tax system that would promote investment and improve revenue for sustainable national development.
Adeosun maintained that the new tax policies would remove obsolete, ambiguous and contradictory provisions in the laws, increase government revenue and simplify the process of paying taxes and doing business.
“Majority of the provisions approved today are actually removing the tax burden and clarifying obsolete and ambiguous areas of tax. So for example for VAT there is to be exemption for residential property, leases on rental, transport for the general public and life insurance.
“These are areas that previously were VAT-able and what was approved today was that these areas should be removed, then, they shouldn’t be subject to VAT.
“In the short term of course that means a revenue lost for government. But we think in the long run that is the right thing to do is improving ease of doing business and reducing the tax burden on our people which is really one of the objectives of this government,” she explained.
She disclosed that the government was proposing an amendment to the Company Income Tax aimed at reducing the Right of Tax on Micro, Small and Medium Enterprises (SME) from 20 per cent to 15 per cent.
She said the proposal when approved would also promote Micro, Small and Medium Enterprises and protect most vulnerable persons in the society.
Adeosun also revealed that the Council approved N1.6billion for the procurement of 68 anti-smuggling vehicles for the Nigeria Customs Service.
She expressed the hope that the vehicles would enhance the operational capacity of the organization to effectively police the nation’s borders.
“The operational vehicles currently available for the NCS are grossly inadequate for effective anti-smuggling activities.
“The need to effectively patrol the borders of the country, enhance Customs’ bid to suppress smuggling and increase revenue collection gave rise to the request to purchase 68 operational vehicles,” the minister added.
The Senior Special Assistant to the President on Media and Publicity, Malam Garba Shehu, said the council approved N499million for the procurement of project monitoring vehicles for the Ministry of Power, Works and Housing.
Shehu disclosed that the Ministry of Education also got approval for the construction of a 3-Storey Faculty building for National Open University of Nigeria, at the cost of N711million.

Enoch Epelle

Business

Fidelity Bank To Empower Women With Sustainable Entrepreneurship Skills, HAP2.0

Published

14 hours ago

February 27, 2026

The Tide

Leading financial institution, Fidelity Bank Plc, has announced the launch of the second edition of its flagship women-empowerment initiative, the HerFidelity Apprenticeship Programme 2.0 (HAP 2.0).

According to the report, the programme is designed to equip women with practical, income?generating skills and structured pathways to entrepreneurship.

Accordingly, the HAP 2.0 will build on the success of its inaugural edition held in 2023.

During media chat with journalists to herald the launch of HAP 2.0, the Divisional Head, Product Development, Fidelity Bank Plc, Osita Ede, explained that the initiative has been enhanced to deliver greater impact.

He said HerFidelity Apprenticeship Programme 2.0 reflects their commitment to continuous improvement, having evaluated feedback from the first edition, they have returned with stronger partnerships and deeper mentorship programmes to ensure that women acquire not just skills, but sustainable economic opportunities.

Mr Ede, who said the programme is guided with real?world learning, also said that participants will undergo intensive apprenticeship training under reputable institutions and industry experts across selected fields such as hair styling, shoe making, auto mechatronics, and interior decoration.

Additionally, he said HerFidelity Apprenticeship Programme 2.0 goes beyond skills acquisition by offering participants a wide range of business advisory services.

These include business and financial literacy training, mentorship support throughout the apprenticeship journey, access to Fidelity Bank’s women?focused and SME financial solutions, as well as guidance on business formalisation and growth strategies.

Emphasizing the bank’s vision further, Ede said: “By integrating structured mentorship with entrepreneurial development, Fidelity Bank is positioning women not just as trainees, but as future employers, innovators, and economic contributors within their communities.

This aligns with our mandate to help individuals grow, businesses thrive, and economies prosper”.

It is noteworthy that interested participants are encouraged to indicate their interest by visiting https://bit.ly/Apprenticeshipbyherfidelity.

It is important to note that Fidelity Bank Plc is ranked among the best banks in Nigeria, with a full-fledged Commercial Deposit Money Bank serving over 10 million customers through digital banking channels, with 255 business offices in Nigeria and United Kingdom subsidiary, FidBank UK Limited.

It is reported that the Bank is a recipient of multiple local and international Awards, including the 2024 Excellence in Digital Transformation & MSME Banking Award by BusinessDay Banks and Financial Institutions (BAFI) Awards, the 2024 Most Innovative Mobile Banking Application award for its Fidelity Mobile App by Global Business Outlook, and the 2024 Most Innovative Investment Banking Service Provider award by Global Brands Magazine.

By: Nkpemenyie mcdominic, Lagos

Business

President Tinubu Approves Extension Ban On Raw Shea Nut Export

Published

14 hours ago

February 27, 2026

The Tide

President Bola Ahmed Tinubu has approved the extension of the ban on the export of raw shea nuts for a further one year, from February 26, 2026, to February 25, 2027.

Bayo Onanuga, Special Adviser to the President on (Information and Strategy) who disclosed this on Wednesday, February 25, 2026 stressed the Federal Government remains committed to policies that promote inclusive growth, local manufacturing, and position Nigeria as a competitive participant in global agricultural value chains.

The decision underscores the administration’s commitment to advancing industrial development, strengthening domestic value addition, and supporting the objectives of the Renewed Hope Agenda.

The ban aims to deepen processing capacity within Nigeria, enhance livelihoods in shea-producing communities, and promote the growth of Nigerian exports anchored on value-added products.

To further these objectives, President Tinubu has authorised the two Ministers of the Federal Ministry of Industry, Trade and Investment, and the Presidential Food Security Coordination Unit (PFSCU), to coordinate the implementation of a unified, evidence-based national framework that aligns industrialisation, trade, and investment priorities across the shea nut value chain.

He also approved the adoption of an export framework established by the Nigerian Commodity Exchange (NCX) and the withdrawal of all waivers allowing the direct export of raw shea nuts.

The President directed that any excess supply of raw shea nuts should be exported exclusively through the NCX framework, in accordance with the approved guidelines.

By: Nkpemenyie Mcdominic, Lagos

Business

Crisis Response: EU-project Delivers New Vet. Clinic To Katsina Govt.

Published

15 hours ago

February 27, 2026

The Tide

A Non – Governmental Organisation (NGO), Mercy Corps, has handed over a newly constructed Veterinary Clinic and a rehabilitated structure in Danmusa Local Government Area (LGA), to the Katsina State Government.

The project, which included a 20,000-litre capacity upgraded solar-powered borehole, was executed under the European Union-funded Conflict Prevention, Crisis Response and Resilience (CPCRR) project.

The initiative is being implemented in collaboration with the International Organisation for Migration (IOM), and the Centre for Democracy and Development (CDD).

Speaking during the handover ceremony, Wednesday, the Commissioner for Livestock and Animal Husbandry in Kastina State, Prof Ahmed Bakori, commended Mercy Corps and its partners on such commitment to support peace and development in the state.

While praising the state government for restoring peace and stability, the said project would improve livestock services and the welfare of farmers who depend on animal health services for livelihood.

Bakori buttressed that improved security in the state had enabled development partners to implement meaningful interventions in communities affected earlier.

He said, “Recently, Gov. Dikko Radda was in South Africa to explore strategies for boosting livestock production and strengthening the livestock value chain in line with the government’s economic development agenda.”

In his remarks, Mercy Corps Senior Programme Manager, Mr Philip Ikita, expressed satisfaction on the timely and successful implementation of the project in Danmusa.

He stated that although Mercy Corps began its operations in the state in 2023, security challenges, had initially prevented the organisation from accessing some areas, including Danmusa.

Ikita said that the project would improve access to essential services, strengthen livelihoods and contribute to sustaining peace in the community.

“The project involves the upgrade of a veterinary clinic from a two room structure into a fully functional six office facility, embarked on to strengthen livestock healthcare services in the area.

“The programme builds on the success of the Conflict Mitigation and Community Reconciliation (CMCR) project and seeks to promote long-term peace and stability in Northwest Nigeria.

“It works across 48 communities in Zamfara and Katsina States, addressing the root causes of conflict, enhancing community resilience, and strengthening socio-economic recovery,” he said.

Also, the District Head of Danmusa, Ahmadu Abubakar, expressed appreciation to Mercy Corps and its partners for the intervention, describing the projects as timely and beneficial.

Earlier, the Chairman of Danmusa LGA, Ibrahim Na-Mama, represented by his Deputy, Musa Muhammad, expressed appreciation for the projects, assuring that the council would support efforts to safeguard them.