Facts to note about President Tinubu’s controversial Reform Bills including benefits
The proposed tax reform bills took a significant step forward on Thursday, passing their Second Reading in the Senate despite notable objections from some lawmakers.
Presenting the lead debate on the Executive Bill, Senate Leader, Michael Opeyemi Bamidele described the legislation as “a significant move to overhaul the country’s tax system.”
He said, “These bills aim to simplify the tax landscape, reduce the burden on small businesses, and streamline tax collection.”
The tax reform bills, introduced by the Presidential Committee on Fiscal and Tax Reform led by Taiwo Oyedele, have sparked widespread debate in recent weeks.
Tribune Online examines 10 facts about the proposed tax reform bills in this article.
1. Key Bills Introduced
The reform package includes four main bills: the Nigeria Tax Bill, the Nigeria Tax Administration Bill, the Nigeria Revenue Service (Establishment) Bill, and the Joint Revenue Board (Establishment) Bill. Each bill addresses specific aspects of tax administration, compliance, and enforcement.
2. Major Benefits
The proposed bills aim to ensure uniformity in tax revenue administration across Nigeria, eliminate double taxation, use taxation to encourage private sector investment in critical industries and boost disposable incomes through targeted tax exemptions.
3. Reduction of Tax Burden
A notable feature of the reforms is the proposal to reduce the corporate income tax rate from 30% to 25% over the next two years. This reduction seeks to alleviate financial pressures on businesses and foster investment.
4. Derivation Principles in VAT Revenue Distribution
The bills propose a significant shift in VAT revenue distribution, allocating revenues based on the states where goods and services are consumed rather than pooling them centrally for redistribution. The Federal Inland Revenue Service (FIRS) Chairman, Zacch Adedeji, explained that this approach aligns VAT with its nature as a consumption tax.
5. Exemptions for Low-Income Earners
The reforms propose exempting individuals earning below the minimum wage from the Pay As You Earn (PAYE) tax. Similarly, small businesses with annual turnovers of N50 million or less would be exempt from paying taxes.
6. Harmonisation of Tax Administration
The Nigeria Tax Administration Bill aims to standardise tax rules across federal, state, and local levels. This measure seeks to reduce taxpayer confusion and compliance costs, thereby enhancing transparency and efficiency in tax collection.
7. Creation of the Nigeria Revenue Service
The Nigeria Revenue Service (Establishment) Bill proposes transforming the Federal Inland Revenue Service (FIRS) into a centralised agency responsible for tax collection nationwide. This rebranding aims to improve accountability and streamline revenue generation processes.
8. Joint Revenue Board for Taxpayer Rights
The establishment of a Joint Revenue Board is proposed to replace the existing Joint Tax Board. This new body would focus on protecting taxpayer rights and resolving disputes, with representatives from all tax authorities promoting a unified approach to tax administration.
9. Supporting Private Sector Investment
The reforms position taxation as a strategic tool to attract private sector investment into critical industries, contributing to Nigeria’s broader economic development goals.
10. Second Reading Approved in the Senate
The proposed bills advanced to their Second Reading in the Senate despite some lawmakers’ reservations regarding stakeholder consultations and the derivation principle. The Senate Committee on Finance has been mandated to review the bills and report back within six weeks.
News
Two men docked for allegedly defiling underaged girl
Two men docked for allegedly defiling underaged girl
The police in Lagos on Friday, charged two men before an Ikeja Chief Magistrates’ Court for allegedly defiling an 11- year-old girl.
The defendants are: Prince Tomnyie, 40, a businessman, who resides at Agege, and Micheal Adenuga, 24, a furniture maker, who resides at Atere Street in Lekki.
They are standing trial on charges of defilement, and had each pleaded not guilty to the charges.
The prosecutor, ASP Adegoke Ademigbuji told the court that they committed the offence sometimes in December 2024, and September 2025, at Langbasa Ajah and Igbara Lekki, Lagos .
The prosecutor alleged that the victim’s father, had taken his daughter for medical check and it was discovered that the minor had been defiled.
The prosecution alleged that the victim had told her father that his friend, Tomnyie, defiled her sometimes ago.
Ademigbuji alleged that the victim also mentioned the second defendant’s name who lives in their neigbourhood.
The offence contravenes the provisons of section 137 of the Criminal Law of Lagos, 2015.
The Chief Magistrate, Mr L. A Owolabi, granted the defendants bail in the sum of of N600,000 each, with two sureties each in like sum.
He adjourned the case until March 5, for mention. (NAN)
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Report any officer asking for money for release of suspect as Police insist bail is free
Report any officer asking for money for release of suspect as Police insist bail is free
The Police Command in the Federal Capital Territory (FCT) has insisted that bail is free, and called on the public to report any officer asking for money to release a suspect on bail.
The Police Public Relations Officer in the FCT, SP Josephine Adeh, said this in an interview with the News Agency of Nigeria (NAN) on Friday in Abuja.
Adeh spoke in reaction to public outcry that some police officers were demanding money to release suspects on bail in the territory.
She said the report of the erring officers would serve as a deterrent to others, adding that it was fraudulent to demand for money to release a suspect on bail.
Adeh blamed the yielding to such fraudulent demand on ignorance on the part of the victims who refused to stand on their rights.
“A similar case was reported where an officer demanded money to release a suspect on bail and when the matter was reported, we requested for evidence from the victim.
“The evidence was provided because the money was transferred to the officer’s account and actions are being taken on the issue.
“So, I encourage the public to take advantage of the FCT Police Complaint Response Unit (CRU) lines on 08107314192 to report such misconduct with evidence,” she said.
Adeh urged the public to always insist on their rights and refuse any form of payment to release a suspect on bail.(NAN)
News
Former President sentenced to five years in prison by Court
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South Korea’s former president Yoon Suk Yeol was on Friday sentenced to five years in prison for obstruction of justice.
The Seoul Central District Court found that the 65-year-old conservative, with the help of the presidential security service, had tried to prevent his own arrest and deleted multiple documents related to the investigation against him.
Yoon shocked the nation by imposing martial law on December 3, 2024, amid a budget dispute with the opposition, plunging the country into a political crisis.
He justified the drastic measure as necessary to protect South Korea’s democratic order and accused the left-leaning opposition of being infiltrated by communists with ties to China and North Korea, though he provided no evidence for these claims.
In a separate trial, prosecutors have sought the death penalty for Yoon on charges of incitement, with a verdict expected on February 19.
While the death penalty remains legally in force in South Korea, it has not been carried out for nearly 30 years.
Yoon’s actions previously alarmed international investors and led to withheld investments, damaging the reputation of South Korea as a political and economic model for the region.
Since last summer, South Korea has been led by President Lee Jae Myung, a left-leaning centrist and long-time political rival of Yoon. (dpa/NAN)
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