Nation
95% Of Small Businesses Should Be Off Tax – Oyedele
The Federal Government is working on a system that will provide tax relief to 95 per cent of the informal sector of the economy in the country.
Mr Taiwo Oyedele, Chairman of the Presidential Fiscal Policy and Tax Reforms Committee, said this at the closing session of the committee on Sunday in Abuja.
He said this would be achieved through the exemption of businesses earning N25 million a year or less from the various taxes hindering their progress over time.
‘’So, we think that 95 per cent of the informal sector should be legally exempted from all taxes; withholding tax, company income tax, even payee on their staff.
‘’We’re using data to inform our decisions. Currently, if you earn N25 million a year or less, you don’t have to pay company income tax, you don’t have to worry about VAT.
‘’We think that the informal sector are people who are trying to earn legitimate living, we should allow them be and support them to grow to a point where they can then have the ability to pay taxes,” he said.
Oyedele said the new reforms being proposed would focus on the top 5 per cent of that sector, the middle class and the elite for taxes.
He said the committee was drafting the laws to effect the necessary changes in the fiscal policy and tax reform ecosystem of the country.
According to the chairman, the new laws will ensure that reviews become sustained by all governments coming in, adding that: “we don’t want this whole effort to go down the drain, after one or two years.”
On compliance, he urged all stakeholders to fully cooperate with the government in implementing a new fiscal and tax policy that would be used for the general good of the citizens.
‘’We think that the days of being above the law in paying taxes are over. The same thing we’re saying to our leaders, whether they are elected or appointed.
‘’We think they have to lead by example by showing that they have paid the taxes, not only on time, but correctly to the lawful authorities as contained in the various laws,” he said.
He said explained that some of the taxes complained about by Nigerians were those already in the constitution, which the committee had looked at and called for their review.
Oyedele said the committee report would be made to pass through the normal process of legislation in order to give it the full legal backing.
‘’So, our expectation is, as we progress now from ideation, proposal to implementation, you’ll see less and less of those issues and then you’ll see harmony in the direction of the fiscal system.
‘’Not only in the number of taxes we collect, you will also see an improvement in how those monies are being spent.
‘’In terms of priority of spending, in terms of the efficiency of spending and in terms of focusing on what impacts on the lives of majority of our population that live in multi-dimensional poverty,” he said.
Oyedele added that the committee had been working with the sub-nationals and the local government councils in its task of harmonising the taxes into a single digit in the country.
‘’So, we’re convinced, and that’s what the data tells us, that the right path we need to follow, is the path where we repeal many of these taxes, harmonise whatever is left.
‘’We think we can keep that within single digit across local government, state and federal government combined, and then improve the efficiency of collecting those taxes.
‘’We are also very convinced that we need to increase the threshold of exemption for small businesses, for low income earners because if you can’t make ends meet, the last thing you want is someone asking you to pay tax.
‘’We think in fact, when our nation gets to the level we need to be, we should be able to even add money to those who have very little or nothing,” said Oyedele.
At the ceremony, Vice-President Kashim Shettima restated President Bola Tinubu’s commitment to revitalise revenue generation in the country.
“Our aim remains the revitalisation of revenue generation in Nigeria, while sustaining an investment-friendly and globally competitive business environment.
“Contrary to speculations in some quarters, we are not here to frustrate any sector of our economy but to create an administrative system that ensures the benefits of a thriving tax system for all our citizens,” he said.
He said the dynamics of the nation’s fiscal landscape prompted the Tinubu administration to pause and reconsider the direction it was going.
“I am confident that both the Federal and State Governments stand ready to ensure the effective implementation of your reform proposals.
“We shall provide the institutional framework to guarantee the adoption of the consensus of this committee, aligning them with our economic agenda,”said Shettima.
The Alliance Française Port Harcourt recently hosted a- 4 Day programme in conjunction with the 3rd United Nations Oceans Conference ( UNOC:3) to mark the World Environment Day, 2025.
The Programme which was supported by the Embassy of French in Nigeria was focused on ocean protection and held from 9 to 13 June, 2025 at the premises of the Alliance Franchise.
The Tide News reports that the week long event was inspired by the Educational booklet “Understand Ocean And Act” created by the French Development Agency (AFD),was free and open for all.
The exhibition adapts complex environmental challenges into engaging educational contents for learners of all ages. It also placed special focus on French Language Learners at the beginner level( A1-A2) and school students.
According to the Director of Alliance Française Mrs Marina Lacal, 130 pupils from six schools in Port Harcourt and additional 60 students from local Universities participated in the guided visit and interactive activities.
Schools that took part in the Programme include Cornerstone International school, Vine, International, Greenoak, Gold gate Montessori, Helm Bridge and Virgo Praedicanda International school.
Others are the University of Port Harcourt,(UNIPORT) Rivers State University (RSU)and the Ignatius AJuru University of Education (AUE)
Mrs Lacal further said that through this initiative Alliance Française Harcourt and its partners have reaffirmed their commitment to educating younger generations and promoting global awareness through language, culture and environmental engagement
However, the exhibition witnessed interactive tools such as French-Language game, quizzes, memory challenges, fill-in -the -blanks. It also provides a platform to explore major ocean issues including climate change,biomliversity loss, plastic pollution, sustainable fishing and climate induced migration all through a linguistic and civic lens.
In line with it’s eco conscious approach , all displayed banners used for the exhibition will be recycled into eco friendly souvenirs such as(key chains) that would be given to participants after the event, to further help reinforce the message that every action counts.
It would be recalled that all snacks and drinks provided during the visit were served with low plastic packaging in line with the environmental message of the event.
The Deputy Commandant General of the Nigeria Forest Security Service (NFSS) Anti- Bunkering Agency, Amb Wachukwu Adah, has expressed gratitude to President Bola Ahmed Tinubu for signing into law the Nigeria Forest Security Service Bill, describing the gesture as a right step in the right direction. The operatives of the NFSS are known as forest guards.
Amb Adah, who made the commendation during the official structuring of the Nigeria Forest Security Service Anti-Bunkering team and induction of legionnaires in Omoku Town, headquarters of Ogba/Egbema/Ndoni Local Government Area of Rivers State on Friday, described President Tinubu as the best President of Nigeria following his monumental achievements in office.
He said the Local Government Autonomy Bill recently signed into law by the President Tinubu administration has tremendous impacts on the lives of the average Nigerians, especially those at the grassroots level.
He noted that by this singular gesture, the President had hit the ground running, for the meaningful development of the country.
Amb Adah reiterated that Rivers youths would utilise the opportunity to serve the country to the best of their ability, acknowledging their readiness to do the needful by ensuring that the forests across the nation are adequately secured.
The Deputy Commandant General also applauded the transformation of the Federal Capital Territory by the Minister of the Federal Capital Territory, Chief Nyesom Wike, saying, the Minister has turned Abuja to London.
He, however, appealed to the Minister to assist Rivers youths to get sensitive positions in the new Nigeria Forest Security Service ,saying, there is need for him and other leaders to assist the youths who are interested in jobs at the NFSS to secure them, as it is done elsewhere.
“ We need your backing on securing the jobs at NFSS”, he said.
Amb.Adah, who represented the National Commandant, Amb Joshua Osatimehia, said the youths are fully ready to contribute to the security, progress and growth of the nation, and emphasised the essence of character, professionalism and quality service delivery at the NFSS.
In his address, the Administrator of Ogba/ Egbema/ Ndoni Local Government Council, Dr Ndu Ajie assured the security outfit of the total support of the council.
Dr Ajie, who was represented by the Secretary of the council ,Mr.Onyedibia Ndulaka, praised the determination and sacrifices made by the security operatives in ensuring and fostering the peace and security of the State.
On their part, heads of security agencies in the local government area, including the Joint Task Force(JTF); the Police; the Nigeria Security and Civil Defence Corps(NSCDC); and the Federal Road Safety Corps(FRSC), commended the efforts of the security outfit in the security of national assets, assuring them of collaboration to achieve common goals.
During the event, the 23 LGA commanders and other ranking officers were commissioned.
Recall that President Tinubu had commissioned the Nigerian Police, the Department of State Services (DSS) and a committee to work out modalities on the operations of the NFSS.
The former State Commander of NFSS, Chief Will Wegwu showered encomiums on the Deputy Commandant General for his sacrifices and untiring efforts to keep the flag flying.
Chief Wegwu assured the participants that the officers and men would continue to support the Deputy Commandant General to succeed in his assignment.
The Omoku Police Area Commander, ACP Mahe Mohammed; and the Divisional Police Officer (DPO) of Omoku Police Division, CSP John Landan, were among a host of other security chiefs and personalities that graced the occasion.