President Bola Ahmed Tinubu has reiterated that his administration’s tax reforms are permanent and will remain a key part of Nigeria’s economic policy. The President made this assertion on Monday night during a presidential media chat aired by the Nigerian Television Authority (NTA). EDITOR’S PICKS Sanwo-Olu Donates N75M to Support Legionnaires and Families of Fallen … Read more
Segun Sowunmi, a prominent member of the Peoples Democratic Party (PDP), has criticised President Bola Tinubu for the strong opposition to the tax reform bills introduced by his administration. EKO HOT BLOG reports that the new tax bills have sparked widespread controversy, with significant pushback from Nigerians, including the 36 state governors under the National … Read more
The Nigerian Senate has formed a committee to address the unclear aspects of the widely debated Tax Reform Bills, with the goal of providing a comprehensive report before the public hearing on the legislation. EKO HOT BLOG reports that the committee will be chaired by the Minority Leader, Senator Abba Moro (PDP, Benue South). The … Read more
Taiwo Oyedele, chairman of the Presidential Committee on Fiscal Policy and Tax Reforms, has explained the reasoning behind the proposal to rename the Federal Inland Revenue Service (FIRS) to the Nigeria Revenue Service (NRS). EKO HOT BLOG reports that the name change is part of the Nigeria Revenue Service Establishment Bill, currently before the National … Read more
The House of Representatives has indefinitely postponed discussions on the contentious Tax Reform Bills, bowing to mounting opposition from the governors of Nigeria’s 19 northern states and their legislative allies. The Clerk of the House, Dr. Yahaya Danzaria, confirmed the suspension in a memo issued on November 30, 2024. EDITOR’S PICKS Japa: Russia Opens Doors … Read more
Senator Ali Ndume, representing Borno South, has identified poor timing as a key factor contributing to opposition against the proposed tax reform bills. Speaking on the floor of the Senate on Thursday, Ndume acknowledged that while the bill could have good potential, introducing it at this time would be problematic due to the current public … Read more
Tensions erupted in the Senate on Wednesday as lawmakers clashed over a motion by Senate Leader Opeyemi Bamidele to suspend the rules and allow Federal Inland Revenue Service (FIRS) Chairman Zaccheus Adedeji and Chairman of the Presidential Fiscal Policy and Tax Reforms Committee, Taiwo Oyedele, to address the chamber. Bamidele argued that the motion was … Read more
Donald Trump has nominated Scott Bessent to serve as the next Secretary of the U.S. Treasury, a key position overseeing tax policy, public debt management, international finance, and economic sanctions. The announcement concludes one of the lengthiest deliberations in Trump’s efforts to finalize his cabinet as he prepares for his second term in office. EDITOR’S … Read more
The federal government is planning to raise the Value Added Tax (VAT) from 7.5 percent to 10 percent. EKO HOT BLOG reports that an executive bill to formalize the increase has already been submitted to the National Assembly. According to a Sunday report by The Cable, the proposed legislation seeks to gradually raise the VAT … Read more
Finance Minister and Coordinating Minister of the Economy, Wale Edun, has dismissed rumours of an imminent increase in the Value-Added Tax (VAT) rate from 7.5% to 10%. In a statement released on Monday, Edun clarified that the VAT rate remains firmly at 7.5%, as stipulated by Nigerian tax laws. EDITOR’S PICKS School Proprietress Allegedly Killed, … Read more