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New tax law: Presidential aide vows to die if reforms fail
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The Chairman of the Presidential Committee on Fiscal Policy and Tax Reforms, Taiwo Oyedele, has said that he can die for Nigeria as a reformer.
Oyedele, who spoke against the backdrop of the alleged threats he claimed he got over the Nigeria Tax Administration Act (NTAA), 2025, at the Cowry Quarterly Economic Discourse at the Capital Club, Lagos, themed, ‘Nigeria in 2026: Will Politics Trump Economic Reform?’, explained key provisions of Nigeria’s capital gains tax regime and ongoing fiscal reforms.
According to him, the law already provides automatic capital gains tax exemptions for individuals whose total proceeds from asset disposal do not exceed N150 million, provided the gain is not more than N10 million within a 12-month period.
“The law says everyone is entitled to an exemption on capital gains tax. If the proceeds are not more than N150 million and the gain is not more than ?10 million in 12 months, the exemption is automatic; no explanation, no conditions attached,” Oyedele said.
He further noted that pension fund administrators and real estate investment trusts also enjoy exemptions, subject to reinvestment of proceeds, stressing that the tax regime is structured to encourage long-term investment and market activity.
Oyedele explained that high-net-worth individuals only become liable to capital gains tax when they choose to exit investments permanently without reinvesting.
“This reform cannot fail; we don’t have a scenario for when it fails but how to make it better. President Bola Tinubu is taking the political risk while I am taking the other risk, including from people who are looking for my address to beat up my family. After all, there are Nigerian soldiers who died while protecting the country. I can’t die for Nigeria as a soldier, maybe I should die for Nigeria as a reformer. Mr. President is committed to the reform while those who do not want the reform are cooking up lies. They started fighting it as at the time we were drafting the bill,” he said.
Speaking on the forgery allegation, he said: “They hanged on to alteration and Nigerians were calling for the suspension of the law innocently while the people who started the conspiracy have a different motive. So, we were not moved and we asked them to point out the alteration when they find it. Nigerians have made the sacrifices from fuel subsidy removal, electricity subsidy removal, naira floatation and a lot of pain and sacrifice. The tax reform is coming in the middle of those reforms to help us accelerate on how we transform those outcomes into our micro reality.”
The Director General, Lagos Chambers of Commerce and Industry (LCCI), Chinyere Almona, noted that while there are positive feelings about 2026, it’s also clear that businesses are still struggling, with the cost of doing business still high.
“Businesses are struggling because of the cost of power, which affects every other thing. We don’t have the right infrastructure in place; so businesses can’t operate to their best capacities.
The Nigeria infrastructure stock today is about 30 per cent of the GDP while the World Bank expects that emerging economy should be about 60-70 per cent and developed countries should be about 80 per cent and above but we are only 30 per cent; which means businesses will have to self-provide for things the state should provide,” Almona stated.
Also speaking, the GMD of Cowry Asset Management Limited, Johnson Chukwu, said there’s a misalignment between macro and micro economies, adding that the micro environment has not caught up with the macro.
“There’s an increase in government revenue. So, the key thing we should look into is how do we drive improved household consumption? For this reform to be sustained, people must see improvement of their conditions.” (The Guardian, but headline rejigged)
President Bola Tinubu has endorsed the immediate dismantling of the Presidential Implementation Committee (PIC) on the Alienation of Federal Government Properties.
The president directed that all matters relating to the activities of the Committee will henceforth be coordinated by the Attorney General of the Federation and Minister of Justice, Lateef Fagbemi (SAN).
On March 22, 2001, the Federal Executive Council (FEC) approved the establishment of a panel of inquiry to produce a White Paper to guide the implementation of its recommendations.
The panel worked for 21 months before submitting its report.
The presidency, in a statement by Tinubu’s media aide, Bayo Onanuga, after careful consideration, the government had noted that the activities of the PIC had extended beyond its original mandate, resulting in multiple litigations across the country, and the continued existence of the committee was no longer justified.
“Accordingly, the President directed the dissolution of the PIC and that the Attorney General of the Federation coordinate its activities with effect from November 5, 2025.
“Following the President’s directive, the PIC stands dissolved, and the erstwhile Secretary, B. S. Dutsin-Ma, is hereby further directed to cease acting on behalf of the committee and the Federal Government on related matters.
The PIC was established in 2000 during the administration of former President Olusegun Obasanjo to oversee the privatisation, sale, and lease of Federal Government landed assets under the government’s monetisation policy.
Its membership comprised the then Minister of Housing as chairperson, alongside representatives from the ministries of transportation, justice, health, agriculture, and the Nigeria Police Force.
Then a Deputy Director in the Office of the Secretary to the Government of the Federation, P. T. Ahire, served as the pioneer Secretary.
Other members were drawn from both the public and private sectors.
The Secretary to the Osun State Government, Teslim Igbalaiye, has finally regained freedom after being released by the Osun State Police Command.
Igbalaiye’s release was announced by the spokesperson for the Imole Campaign Council, the campaign organisation for Governor Ademola Adeleke’s re-election bid, Pelumi Olajengbesi.
Olajengbesi disclosed the development in a post on his verified Facebook page on Thursday.
He expressed appreciation to the Inspector General of Police and the Commissioner of Police, Osun State Command, for responding to public calls and facilitating the release of the SSG following what he described as an unlawful arrest.
Olajengbesi stated that the Nigeria Police Force serves the nation best when it upholds justice, the rule of law and resists oppression.
He also welcomed Igbalaiye back, describing his release as a victory, and commended what he called the SSG’s courage and sacrifice for the people of Osun State.
A High Court in Kano State has sentenced a newlywed woman, Saudat Jibril, to death by hanging after finding her guilty of killing her husband, Salisu Idris, just nine days after their wedding.
The verdict followed the conclusion of the trial, during which the court heard evidence presented by both the prosecution and the defence.
The incident occurred in May 2025 in Farawa, a community in Kumbotso Local Government Area of Kano State, where the couple had been married for only nine days before the husband was killed.
The prosecution, led by Barrister Lamido Abba Soron Dinki, counsel to the Kano State Government, called three witnesses in support of its case.
The defence counsel, Barrister Abdulfatah Muhammad, presented Saudat Jibril as the sole witness in her defence.
Delivering the judgment, Justice Maryam Sabo held that the prosecution had proved its case beyond reasonable doubt and accepted the evidence presented by the prosecution while rejecting the defendant’s testimony.
“The court finds the defendant guilty as charged and hereby sentences her to death by hanging,” Justice Sabo ruled.
Following the judgment, correctional service officials escorted Saudat Jibril from the courtroom to begin serving her sentence, pending any appeal.
Tinubu dismantles Presidential C’ttee on federal properties with immediate effect
Just in: Osun SSG finally regains freedom
Kano newlywed woman gets death sentence for killing husband nine days after marriage
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