Connect with us

News

Tinubu Woos G-20 Investors, FAAC Meets Over Multiple Taxation

Published

on

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.

Continue Reading

News

Independence Anniversary:  Nigeria Is A Failed Grandfather – Monarch 

Published

on

A first class traditional ruler in Rivers State, His Royal Majesty, King Aaron Ikuru, has described Nigeria at 65 as a grandfather who cannot provide leadership to other African Countries.

The monarch  stated this in an interview at his palace in Ikuru Town, yesterday.

According to him, Nigeria would have been a  developed country to set the pace in the whole of Africa, considering its numerous resources.

“Nigeria is a grandfather but not behaving as a grandfather. Our country, Nigeria, before and from the era of Independence was in the state of becoming a great country, but unfortunately is not becoming anything.

“We should be far ahead with what we have in the country. God blessed us, we have almost what it takes in terms of mineral resources, manpower amongst others that can drive speedy development in the country.

“If we’re able to harness all the things we have, even America by now would have respected us”, he  said.

While blaming the past leaders of the country, the monarch called on the current leadership of the country to redouble efforts in order to narrow the differences in terms of development, exchange rate between naira and foreign currencies.

King Ikuru, who is also the Chairman of Andoni Area Traditional Rulers Council, however, lauded the efforts of the founding fathers, past leaders of the country for the achievements so  far.

He also expressed optimism that Nigeria would be great, calling on the opinion leaders to shun tribalism and political intolerance in the country.

 

“If Nigeria should experience rapid development in all sectors, it means we must shun tribalism and political intolerance, the interest of our country must be our priority.

“We need to fight corruption vigorously, and leaders must show good example of discipline and integrity”, he said.

The monarch used the opportunity to wish Nigeria happy independence anniversary.

By: Enoch Epelle 

Continue Reading

News

FG begins payment of N32,000 pension increment to retirees – PTAD

Published

on

The Pension Transitional Arrangement Directorate has announced the start of implementation of the new pension increments for pensioners under the Defined Benefit Scheme, saying the adjustments will be reflected in the September 2025 payroll cycle.

In a statement signed by Management and posted on its X handle, PTAD said the increase package includes a fixed N32,000 payment alongside percentage increases of 10.66% and 12.95% for eligible categories, which will benefit about 832,000 pensioners under its management.

Recall that PTAD in August announced President Bola Tinubu approved a series of measures, including new welfare benefits for pensioners under DBS.

The approval follows a formal request by PTAD’s Executive Secretary, Tolulope Odunaiya, seeking an emergency budgetary allocation to implement pension reforms and welfare benefits for the scheme’s retirees.

The measures include a N32,000 pension increment, percentage increases for pensioners of defunct and privatised agencies, pension harmonisation for all DBS pensioners, enrolment into the National Health Insurance Scheme, and the settlement of long-standing unfunded pension liabilities.

In a statement yesterday, PTAD said the partial release of N820.188 billion by the Federal Ministry of Finance from the emergency funding has made it possible for pensioners to begin receiving the enhanced payments immediately.

The statement read, “Further to the President’s approval of the emergency budgetary allocation for the payment of the new pension increment rates for Pensioners under the Defined Benefit Pension Scheme (DBS) that was earlier published by the Pension Transitional Arrangement Directorate on Friday, 8th August, 2025, the Directorate is delighted to announce the commencement of the implementation of the 832,000, 10.66% and 12.95% pension increment for eligible pensioners under the management of PTAD, in the September 2025 pension payroll cycle.

“This achievement has been made possible through the partial release of 820.188 billion by the Federal Ministry of Finance, from the initial 845 billion emergency funding approval granted by the Federal Government.

“This milestone clearly reaffirms the Federal Government’s dedication to safeguarding the welfare and entitlements of DBS Pensioners in line with the Renewed Hope Agenda.”

The directorate thanked President Bola Ahmed Tinubu for approving the emergency allocation.

It also acknowledged the role of the Minister of Finance and Coordinating Minister of the Economy, Mr Wale Edun; the Minister of State for Finance, Dr Doris Uzoka-Anite; the Accountant-General of the Federation and key presidential aides and parliamentary committees for their “timely interventions” and support.

The statement also expressed appreciation to organised pension groups, including the Nigeria Union of Pensioners and the Federal Parastatals and Private Sector Pensioners Association of Nigeria, for their cooperation during negotiations and implementation planning.

“We further assure all our DBS Pensioners and Stakeholders that the Directorate will continue to collaborate with the relevant authorities towards release of the outstanding approved funds and subsequent fulfilment of all future obligations relating to the pension increments and the landmark reforms,” the statement added.

The DBS covers pensioners who retired before the introduction of the Contributory Pension Scheme in 2004, including those from defunct public institutions, privatised agencies, and treasury-funded parastatals.

Over the years, many have faced irregular payments, delayed harmonisation, and inadequate healthcare access, challenges that the new reforms are expected to address.

Continue Reading

News

Nigeria At 65: NOA urges citizens to foster unity, progress

Published

on

The National Orientation Agency (NOA) has urged Nigeria. citizens to remain united, peaceful to enhance development of the  nation  as it celebrates 65th independence anniversary.

Mr Mkpoutom Mkpoutom, Director of NOA in Akwa Ibom,  gave the charge in Uyo yesterday while addressing newsmen and stakeholders to mark the anniversary.

Mkpoutom said it was essential to recognise that the strength of Nigeria lay  in its diversity

“With over 250 ethnic groups and an array of languages, the nation embodies a unique blend of heritage.

“This diversity should be seen not as a dividing line but as a unifying force that propels the country toward progress.

“As Akwa Ibom embarks on another year,  it is crucial for all citizens to foster a sense of unity and shared purpose.

“Embrace dialogue, understanding and collaborate with the Renewed Hope Agenda of President Bola Tinubu in its efforts to addressing pressing challenges like poverty, security, education, and healthcare, thereby paving  way for a brighter future for all.”

The state director, however, appealed to Nigerians from all walks of life to renew their commitment to a more prosperous, peaceful, and equitable nation.

“Let this anniversary serve as a reminder of the collective strength that lies in every citizen,” he said.

He urged everyone to contribute positively to the development of a better society.

Mkpoutom urged the people and all citizens to honour the labours of heroes past, as they celebrated the present, while working diligently toward a future filled with hope and opportunities for generations to come.

Continue Reading

Trending