News
Finance Bill Makes TIN Mandatory For Banks’ Account Holders
The Finance Bill 2021 has made it mandatory for commercial banks to demand Tax Identification Number (TIN) from any individual seeking to open an account with them.
The bill also empowers banks to demand TIN from existing customers if they wish to continue to operate their accounts.
The bill also makes it mandatory for non-resident firms such Google and Twitter to pay taxes to the Federal Government of Nigeria.
The Leader of the Senate, Yahaya Abdullahi, stated this in his lead debate on the bill, sent to the National Assembly by President Muhammadu Buhari, last Tuesday.
He said, “Banks will be required to request for Tax Identification Number before opening bank accounts for individuals, while existing account holders must provide their TIN to continue operating their accounts.”
The proposed bill makes provision for payment of tax by foreign firms which derives their profits from Nigeria.
The firms are: Twitter, Google, Facebook and other social media platforms.
The bill read in part, “The bill makes provision for the Accelerate International Taxation Reforms to enhance the taxation of non-resident individuals and companies that nevertheless derive profits from Nigeria.”
Abdullahi also said the bill made electronic mails as the only channel that tax authorities would accept as a formal means of correspondence with taxpayers;
He added that proposed bill prescribes penalty for failure to deduct tax, noting that this would also apply to agents appointed for tax deduction.
Abdullahi said, “This penalty is 10 per cent of the tax not deducted, plus interest at the prevailing monetary policy rate of the Central Bank of Nigeria (CBN). The conditions attached to tax exemption on gratuities have been removed. Therefore, gratuities are unconditionally tax exempt.
“The duties currently performed by the Joint Tax Board as relates to administering the Personal Income Tax Act, will now be performed by the Federal Inland Revenue Service.
“This seems to be an error in the process of amendments to replace the word “Board” as it appears in Federal Board of Inland Revenue.”
He said the penalty for Value Added Tax late filing of returns increased to N50, 000 for the first month and N25, 000 for subsequent months of failure;
He said, “The penalty for failure to register for VAT is reviewed upwards to N50,000 for the first month of default and N25,000 for each subsequent month of default.
“The penalty for failure to notify FIRS of change in company address to be reviewed upwards to N50,000 for the first month of default and N25,000 for each of the subsequent months of default.
“This penalty also covers failure to notify FIRS of permanent cessation of trade or business. Quite significantly, the Finance Bill seeks to introduce sweeping changes to the tax laws covering seven different tax laws.
“Many of the changes are expected to have positive impacts on investments and ease of paying taxes especially for the MSMEs. Going forward, we hope that changes to the tax laws will be on an annual basis to ensure that Nigeria’s tax system continues to evolve in line with economic conditions”
On the Personal Income tax Act, the Senate leader said the amendment clarified that pension contributions would no longer require the approval of the Joint Tax Board to be tax-deductible;
He said, “On the other hand, the bill seeks to remove the tax exemption on withdrawals from pension schemes except the prescribed conditions are met.
News
PDP Kicks As APC Wins FCT Council Polls
The Peoples Democratic Party (PDP) has inaugurated a special legal team to handle election petitions arising from last Saturday’s Area Council elections in the Federal Capital Territory.
This comes as the All Progressives Congress (APC) won in Abaji, Kwali, AMAC, and Bwari Area Councils, while the PDP secured victory only in Gwagwalada.
The Tide reports that the council elections were held on Saturday, February 21, 2026, across all six FCT area councils, including Abaji, AMAC, Bwari, Gwagwalada, Kuje, and Kwali.
Results announced so far by the Independent National Electoral Commission (INEC) show that the All Progressives Congress (APC) won in Abaji, Kwali, AMAC, and Bwari Area Councils, while the PDP secured victory only in Gwagwalada.
In a statement issued yesterday by PDP’s National Publicity Secretary, Ini Ememobong, the party congratulated its candidates, who emerged winners in the chairmanship and councilor elections.
The opposition party acknowledged the victories, noting that the number of wins was lower than expected but significant given the alleged irregularities during the polls.
“We specifically congratulate the Chairman-elect of Gwagwalada Area Council, Mohammed Kasim, and the councillors who have been declared successful by the Independent National Electoral Commission (INEC).
“This victory, though less in number than we anticipated, is particularly gladdening because it is against the background of unprecedented intimidation, high-powered money politics, and brazen executive brigandage,” the statement read.
Ememobong claimed that there are reports and video evidence indicating voter intimidation and unlawful conduct that influenced the outcome of the elections.
“Reports and video evidence abound where armed security personnel were used to cart away result sheets in polling units, intimidate voters, and unduly influence the outcome of the elections.”
To address complaints and litigations arising from the polls, he said the party has set up a legal team headed by its National Legal Adviser, Shafi Bara’u, Esq.
The statement urged candidates with legitimate grievances to contact the Legal Adviser promptly, as delays could jeopardise their chances in election petition cases.
“The incredible voter apathy in these polls is a direct response to the anti-people Electoral Act 2026, where the people have completely lost faith in the electoral outcomes from elections conducted under this Act.
“These Local Council polls may just be a foreshadowing of the forthcoming general elections in 2027 if changes are not urgently made,” the statement added.
The PDP called on the National Assembly and the President to take corrective action to safeguard the integrity of Nigeria’s democracy.
News
S’Court Gets New Justice As CJN Swears In Oyewole, Wednesday
The Chief Justice of Nigeria, Kudirat Kekere-Ekun, will on Wednesday swear in Justice Joseph Oyewole as a Justice of the Supreme Court of Nigeria.
The ceremony is scheduled to be held at 2pm at Courtroom Two of the Supreme Court complex in Abuja.
The court urged guests to adhere strictly to the court’s protocols and security measures.
This was contained in a statement issued yesterday by the Supreme Court’s Director of Information and Public Relations, Dr Festus Akande.
The court described Oyewole’s appointment as a step towards reinforcing the capacity of the apex court to deliver fair and timely judgments.
Recall that Oyewole was, until his elevation, a Justice of the Court of Appeal and Presiding Justice of the Enugu Division, and joins the apex court bench as part of ongoing efforts to strengthen the judiciary.
The National Judicial Council recommended Oyewole for the position alongside 35 others for various judicial offices, following its 110th meeting held on January 13, 2026, and presided over by Justice Kekere-Ekun.
The statement partly read, “The Chief Justice of Nigeria, Hon. Justice Kudirat Kekere-Ekun, GCON, will on Wednesday, 25th February, 2026, preside over the swearing-in ceremony of the newly appointed Justice of the Supreme Court, Hon. Justice Joseph Olubunmi Kayode Oyewole, JCA.”
According to the statement, Oyewole served with distinction at the Court of Appeal and as Presiding Justice of the Enugu Division prior to his elevation.
“His appointment underscores the commitment of the Nigerian judiciary to upholding the rule of law, ensuring justice, and strengthening the bench with experienced and dedicated jurists. He brings a wealth of legal expertise and integrity to the apex court to further enhance its capacity to deliver fair and timely judgments,” the statement added.
The apex court further described the swearing-in as “another significant step in rejuvenating the judiciary and ensuring the continued delivery of justice in line with the highest standards of integrity, competence, and impartiality.”
The Supreme Court reiterated its commitment to justice, fairness and judicial independence for the benefit of Nigerians.
News
Fubara Mourns Senator Mpigi
Rivers State Governor, Sir Siminalayi Fubara, has expressed deep shock and sadness over the sudden passage of Senator Barinada Mpigi, the Senator representing South East Senatorial District of Rivers State.
In a tribute to mourn the deceased, Governor Fubara described Mpigi as a brother, a consummate politician and one of the leading lights in Rivers State.
He said that Mpigi died at a critical time when his services were still needed by the people of Rivers State and prayed God Almighty to grant him eternal rest.
The governor commiserated with his immediate family, the Rivers South East Senatorial District and the Senate at large, asking them to take solace in the fact that the deceased lived a good life and impacted positively on the people.
Senator Mpigi died at the age of 64. Until his death, he was the Chairman of the Senate Committee on Works.
-
Maritime3 days ago
Nigeria To Pilot Regional Fishing Vessels Register In Gulf Of Guinea —Oyetola
-
Maritime3 days ago
Customs Declares War Against Narcotics Baron At Idiroko Border
-
Sports3 days agoGombe-Gara Rejects Chelle $130,000 monthly salary
-
Maritime3 days ago
NIMASA,NAF Boost Unmanned Aerial Surveillance For Maritime Security
-
Sports3 days agoTEAM RIVERS SET TO WIN 4×400 ” MORROW” …Wins Triple jump Silver
-
Maritime3 days ago
NIWA Collaborates ICPC TO Strengthen Integrity, Revenue
-
Sports3 days agoNPFL Drops To 91st In Global League Rankings
-
Sports3 days agoNPFL Impose Fines On Kwara United Over Fans Misconduct
