The House of Representatives in Nigeria has approved President Bola Ahmed Tinubu’s tax reform bills following months of heated debate. Sunday Dare, the presidential spokesperson and Special Adviser on Media and Public Communications, announced the approval in a statement via his official X account on Thursday. While he did not provide specific details, Dare confirmed…
The Arewa Consultative Forum (ACF) has presented a report to the National Assembly, detailing its perspectives and suggestions regarding the Tax Reform Bills. This report was prepared by a specialized committee of experts. In a statement released yesterday by its National Publicity Secretary, Tukur Muhammad-Baba, the ACF emphasized that “the proposed tax reforms will have…
The chairman of the Presidential Committee on Fiscal Policy and Tax Reforms, Taiwo Oyedele, has explained the essence of the tax reform bills proposed by President Bola Tinubu. Oyedele said the essence of the tax reform bill is not to generate revenue. Speaking during the Tax Reform Bills Town Hall meeting on Monday, he said…
On Thursday, Tinubu’s proposed tax reform bills made significant progress, successfully passing their Second Reading in the Senate despite some lawmakers’ objections. Senate Leader Michael Opeyemi Bamidele, who led the debate on the Executive Bill, characterized the legislation as a crucial step towards overhauling Nigeria’s tax system. He stated, “These bills are designed to simplify…
Zacch Adedeji, Chairman of the Federal Inland Revenue Service (FIRS), has stated that the four tax bills currently under consideration by the National Assembly pose no threat to the existence of any government agency or the jobs of individuals. Adedeji provided this reassurance on Wednesday in Abuja during a meeting with the chief executive officers…
In a significant development, Group First Bank Chairman, Femi Otedola and the Chairman of the African Union Bank (UBA), Tony Elumelu, have expressed support for the Federal Government’s new forex windfall tax. This decision follows President Bola Tinubu’s motion on July 17 in the National Assembly to amend the Finance Bill, 2023, which unilaterally imposes…
FCMB Group Plc grew deposits, loans, assets under management, revenue and earnings and improved its environmental, social, and corporate governance scorecard. The Group recorded a profit before tax of ₦104.4 billion, a 186% year-on-year (YoY) increase compared to ₦36.6 billion in 2022 and earnings growth across its business segments: Banking Group 212.6%, Consumer Finance 67.3%,…
