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Tinubu Woos G-20 Investors, FAAC Meets Over Multiple Taxation
President Bola Tinubu has assured international investors from G20 nations that their money is safe within the borders of the country.
The president disclosed this during a panel discussion titled “Fostering Local Value Chains and Investments in Africa — The Role of the German Private Sector at the G20 Compact with Africa Economic Conference, hosted by German Chancellor, Olaf Scholz, in Berlin, on Monday.
He highlighted to the investors that Nigeria has a large market and is ready to leverage all its advantages to become successful.
While the president is trying to woo investors in Germany, the Federation Account Allocation Committee is mulling plans to take decisive actions against multiple taxation in the country.
The Minister of Finance and Coordinating Minister of the Economy, Mr Wale Edun, stated this at the opening of FAAC’s retreat on Monday in Delta. He announced that the government is not set to overburden taxpayers with many new taxes but will rather broaden its tax base while simplifying and streamlining tax administration in the country.
In Germany on Monday, Tinubu said, “Your money is safe… We are eager and ready to partner with you…We have the youngest, largest, and most vibrant youth population in Africa…equally, we have…a well-educated population, a massive market, and the political will to bring it all together under my leadership.”
The Special Adviser to the President on Media and Publicity, Ajuri Ngelale, conveyed this in a statement titled, ‘President Tinubu to investors: Nigerians are the greatest asset and advantage we have over other nations.’ Tinubu further explained to the investors that since he assumed office in May 2023, his administration has embarked on transformative changes, removing all obstacles hindering businesses in the country.
“We are reforming the economy based on the principle and philosophy of good governance,” the President affirmed.
He noted that while promoting the rule of law is crucial for attracting foreign investments, Nigeria’s energetic youth population and well-educated populace represent the most significant incentive for investors toward the mutually beneficial replication of China’s economic resurgence.
“We are eager and ready to partner with you. We have the youngest, largest, and most vibrant youth population in Africa. Equally, we have every ingredient required in making a modern economy: a well-educated population, a massive market, and the political will to bring it all together under my leadership,” he continued.
Tinubu stressed that Africa now fully recognises the relationship between the inflow of investor money and the sanctity of contracts. The president further assured potential investors that Nigeria has moved beyond restrictive policies, and today, capital can be moved in and out of the country freely, providing flexibility for investors.
He also highlighted the socio-political stability in the country, saying, “Nigeria has consolidated its democracy with several consecutive handovers of power.
“There is stability and predictability in the socio-political development of our country, which provides a conducive atmosphere for business operations and investment.”
He affirmed that the Federal Government is also dogged in pursuit of natural gas development. He further disclosed that the country is set to implement tax reforms.
He said, “The world knows Nigeria as a leader in the energy sector. Our vast gas deposits and business-friendly environment make us an attractive investment destination.
“But we are going a step further now. We are creating fiscal responsibility and tax reforms as we reform our financial institutions to accommodate foreign investments expeditiously.”
Meanwhile, in Delta on Monday, the Minister of Finance, Mr Wale Edun, who was represented by the ministry’s Permanent Secretary, Mr Okokon Udo, declared that the government is not set to overburden taxpayers with many new taxes, but will rather broaden its tax base while simplifying and streamlining tax administration in the country.
Edun, who highlighted the government’s target of a tax-to-GDP ratio of 18 per cent by 2026, said, “We all know that achieving tax revenue to GDP target of 22 per cent and tax to GDP of 18 per cent by 2026 are parts of the cardinal objectives of this administration.
“However, in doing that we appreciate the need not to overburden the taxpayers by introducing so many new taxes. What is necessary to be done is to broaden the tax base and simplify and streamline tax administration for ease of collection. That is why, among the prior activities of this government after coming to office, was the constitution of a presidential Committee on fiscal Policy and Tax Reforms. The Committee has already submitted an interim report full of optimism.
“The Federal Government is poised to restore Government revenue, promote fiscal balance and prudent management of government expenditure.”
Multiple taxes have been a bane to Nigerian businesses. Recently, telecommunication operators lamented that they are now faced with 52 different taxes.
The Chairman of the Presidential Committee on Fiscal Policy and Tax Reforms, Mr Taiwo Oyedele, noted that the panel has suggested the merger of over 200 taxes being paid by Nigerian businesses into 10.
He said, “We have over 60 taxes and levies, officially collectible by federal, state, and local governments. Unofficially, those taxes are over 200, making life difficult for our people. So, the taxes at all levels of government combined, we think, should be less than 10.”
Backing the minister’s claim to expand the reduce multiple taxation, the governor of Delta State, Sheriff Oborevwori, who was represented by his Deputy, Mr Monday Onyema, affirmed that taxes are the dividend of a thriving private sector.
He said, “Tax is the dividend of a thriving private sector. For us to reap the benefits, we need to, as a matter of exigency, remove the institutional bottlenecks that make the cost of doing business in Nigeria unbearably high.
“It is only after we have done this that we can realistically expect to widen the tax base and diversify the economy. It is inevitable that where the cost of doing business is frustratingly high, tax evasion and tax avoidance will be pervasive.”
He also declared that the country’s tax-to-GDP ratio is comparatively low, making it vulnerable to disruptions in the global economy. He stated that a strong resilient and competitive economy requires a flourishing private sector.
The United States Embassy in Abuja and the Consulate General in Lagos will be closed today, in observance of Presidents’ Day.
The mission made this known in a notice shared on its official X page, yesterday.
“The U.S. Embassy in Abuja and the Consulate General in Lagos will be closed on Monday, February 16, 2026, in observance of Presidents’ Day,” the post read.
According to the embassy, Presidents’ Day was originally established to honour the birthday of the former US President, George Washington, but has evolved into a day to celebrate all U.S. presidents and their leadership in shaping the country’s history.
The embassy noted that the holiday also recognises the influence of U.S. presidents on global affairs.
In a related message, the mission highlighted that Washington created the first “Badge of Military Merit,” which later became the Purple Heart. The medal still bears Washington’s image today.
Presidents’ Day is observed on the third Monday of February annually in the United States as a federal holiday.
News
Guterres Backs Nigeria’s Bid For UN Security Council Seat …Hails Tinubu’s Reforms, Regional Security Role
United Nations Secretary-General, António Guterres, has charged Nigeria with spearheading Africa’s quest for a restructured global order, describing the country as uniquely positioned to lead the continent toward superpower status.
Guterres, who backed Nigeria’s bid for the world body’s security council seat, also praised the economic reforms of the President Bola Tinubu-led administration as well as Nigeria’s leadership in stabilising the Sahel and ECOWAS regions, despite facing its own security challenges.
The UN scribe made the remarks last Friday night during a high-level bilateral meeting with Vice President Kashim Shettima on the sidelines of the 39th African Union (AU) Summit in Addis Ababa, Ethiopia.
Speaking during the meeting, Guterres said Nigeria’s large population, sustained democratic governance, vast natural and human resources, and longstanding commitment to multilateralism placed it in a unique position to lead Africa in the evolving global order.
“Given Nigeria’s demographic strength, democratic continuity and deep resource base, the country stands a real chance of leading Africa to becoming the next superpower in the evolving global architecture,” he said.
The UN Secretary-General and the vice president discussed key developments in Nigeria and the country’s expanding leadership role in promoting regional stability across West Africa and the Sahel.
Guterres commended the remarkable and outstanding reforms of the administration of President Tinubu, noting that Nigeria’s bold economic restructuring and security commitments have strengthened its continental standing.
The meeting focused on strengthening Nigeria–UN collaboration to advance global economic growth, peace and security, sustainable development, and a coordinated humanitarian response across Africa.
In his remarks, Shettima thanked the UN Secretary-General for his leadership in advancing global peace, noting that Africa has benefited immensely from his tenure, even as the United Nations undergoes internal restructuring.
“We remain committed to multilateralism and to deepening our partnerships with the United Nations and other global institutions,” the vice president said.
Shettima also reiterated Nigeria’s longstanding call for comprehensive reform of the United Nations system to reflect evolving global realities.
He emphasised that Africa must have stronger representation in global decision-making structures and declared that Nigeria deserves a permanent seat on the United Nations Security Council.
Both leaders pledged to deepen cooperation, with Guterres reaffirming the UN’s support for Nigeria’s reform agenda and its growing leadership role in advancing peace, security, and development across Africa.
A Rivers State High Court sitting in Port Harcourt has convicted and sentenced four persons to death by hanging over the gruesome killing of the former Divisional Police Officer of Ahoada East Police Division, SP Bako Angbashim.
The presiding Judge, Justice Sika Aprioku, in a landmark judgment, last Thursday, found the quartet guilty of conspiracy, murder, membership of a secret cult group and robbery, saying the prosecution proved its case beyond reasonable doubt.
Those sentenced to death by hanging are Robinson Sonabari, identified as a native doctor; Bright Okparawo; Precious Amaeze, popularly known as Selina; and Loveday Jack, also known as Ragged Excess. The court ordered that they be hanged by the neck until they are confirmed dead.
Justice Aprioku also convicted the sixth defendant, Samuel Nwadinma, and sentenced him to three years imprisonment for conspiracy.
The third accused person was, however, discharged and acquitted of the four-count charge.
In the same vein, the court discharged Famous Okechukwu, Samuel Uchendu, Oyekachi Ikonwa, Godbless Nnamdi and Marshall Daniel, who were earlier found guilty of membership of a secret cult group, on the grounds that they had already served the maximum terms prescribed by law in the correctional facility.
The court held that among those convicted was the native doctor who allegedly prepared the charm used in the killing of the late DPO.
Speaking with newsmen shortly after the judgment, the lead prosecution counsel from the Rivers State Ministry of Justice, Chigozie Amadi, alongside a representative of the police legal team, Celestine Dickson, commended the judiciary for ensuring that justice was served.
Dickson, who represented the Nigeria Police Force in the joint prosecution, expressed concern that officers saddled with the responsibility of protecting lives and property had increasingly become targets of criminal elements.
He, however, expressed optimism that the judgment would serve as a strong deterrent to would-be offenders.
Also reacting, the elder brother of the late DPO, Akasco Angbashim, who travelled from Nasarawa State to witness the judgment, said the verdict had healed a long-standing wound inflicted on the family since the brutal murder of their brother.
He commended the judiciary, the Rivers State Government and the police for their commitment to justice, stressing that the judgment sends a clear message that no individual has the right to unlawfully take another person’s life.
The four convicts were among 72 persons initially arraigned before the State High Court by a joint prosecution team comprising the Department of Public Prosecutions and the Rivers State Police Command over the murder.
During the trial, 61 accused persons, including the Eze Ekpeye Logbo, Eze Kelvin Anugwo, and a former Ahoada East Council Chairman, Cassidy Ikegbidi, were discharged and acquitted for lack of evidence, leaving 13 defendants to face judgment.
SP Angbashim was gruesomely murdered on September 8, 2023, during a police operation in Odemude community, Ahoada East Local Government Area.
His killing sparked tension in the area, prompting a joint security operation that led to the death of the suspected cult leader, David Okparanwo, popularly known as 2Baba.
By: King Onunwor
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