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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)
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INEC set to publish details of 2027 Presidential, National Assembly candidates on August 1
The Independent National Electoral Commission (INEC) will on Saturday, August 1, 2026, publish the particulars of all presidential and National Assembly candidates contesting the 2027 general election for public inspection at its offices across the country.
The publication of the candidates’ details, contained in Form EC9, is in compliance with Section 29(3) of the Electoral Act, 2026, which requires the commission to make the personal particulars of nominated candidates available for public scrutiny within 21 days of receiving them.
Political parties concluded the online submission of the names, personal particulars and other required documents for their presidential and National Assembly candidates on Tuesday, July 14, 2026, after INEC granted a 72-hour extension to the original deadline. ExecutiveBranch
Under the commission’s revised timetable, nominations for presidential and National Assembly candidates were initially scheduled to be submitted between June 27 and July 11, 2026.
Section 29(1) of the Electoral Act, 2026, requires political parties to submit Forms EC9, EC9A, EC9B, EC9C, EC9D and EC9E, containing the names and personal particulars of their nominated presidential and National Assembly candidates, not later than 120 days before the election.
Speaking on whether the 72-hour extension would affect the publication date, INEC Deputy Director of Publicity, Wilfred Osilama Ifogah, said he did not expect any change, although he stressed that he was expressing a personal opinion rather than the commission’s official position.
“I doubt. It might not necessarily affect it. It’s just for the Commission to put the information together and submit it. This is my opinion. I’m not talking officially. When it gets to the time, you will see whether the Commission will publish it or not,” he said.
Meanwhile, the online submission of nominations for governorship and State Houses of Assembly candidates, which commenced on July 18, will continue until August 8, 2026.
INEC has scheduled August 29, 2026, for the publication of the personal particulars of governorship and State House of Assembly candidates through Form EC9.
The commission had earlier conducted party primaries for all elective positions between April 23 and May 30, 2026.
According to INEC’s election timetable, the presidential and National Assembly elections will hold on January 16, 2027, while the governorship and State Houses of Assembly elections are scheduled for February 6, 2027
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CSOs, Youth Groups Push for Inclusive NYSC Reform, Convene National Dialogue
By Gloria Ikibah
A coalition of civil society organisations and youth groups has announced plans to convene a national dialogue on proposed reforms to the National Youth Service Corps (NYSC), seeking to ensure that the review process reflects the views of Nigerians before the Federal Government takes a final position.
The initiative, being organised by the Centre for Equity, Justice and Transparency in partnership with the Save Nigeria Movement, is expected to bring together policymakers, academics, former corps members, youth organisations, security agencies and other stakeholders to examine the future of the scheme and recommend practical reforms.
Convened by legal practitioners Sorkaa Tsembelee and Patrick Agbese, the one-day dialogue aims to generate a comprehensive working document that will be presented to the Federal Government as part of ongoing efforts to review the NYSC Act.
In a statement issued on Friday, the organisers said the forum was intended to provide an inclusive platform where stakeholders could contribute meaningfully to the reform process.
The statementread: “The essence of this dialogue is for critical stakeholders to make input into the proposed NYSC reforms before the President’s administration takes final decisions.
“We will have senior academics, former corps members, youth groups and other members of society to dissect the proposed reforms thoroughly.
“It will thereafter catalyse into a working document for the Federal Government. We will invite the CDS, the Army and others. Let everyone look at it and say their own.”
Established in 1973 after the Nigerian Civil War, the NYSC was designed to promote national unity, encourage integration among young graduates and foster national development through compulsory service outside their states of origin. Over the decades, corps members have played significant roles in education, healthcare, agriculture and community development, particularly in underserved communities.
However, growing concerns over the safety and welfare of corps members, inadequate funding, deployment policies and questions surrounding the relevance of some aspects of the programme have fuelled calls for a comprehensive review.
The organisers said the dialogue will assess whether the scheme still aligns with its founding objectives while identifying legislative and policy changes needed to address present-day realities.
They maintained that while reforms were necessary, the NYSC’s central mission of promoting national cohesion should be preserved alongside efforts to strengthen skills development, entrepreneurship and youth empowerment.
“This is not about tearing down an institution that has served Nigeria well; it is about refining it with the collective wisdom of those who have lived the experience and those who study its impact.
“Former corps members carry practical insights that policymakers often miss, and we want those voices at the table.
“Youth groups and civil society must not be spectators while decisions that will shape the next generation of Nigerian graduates are taken. The dialogue creates the space for genuine, structured input”, it added,.
According to the organisers, discussions will focus on critical issues including corps members’ welfare, security, orientation camp facilities, deployment procedures, funding mechanisms and the effectiveness of the Community Development Service (CDS) programme.
They added that academics will provide comparative analyses of national service models in other countries, while security agencies would offer institutional perspectives on improving the protection of corps members, particularly those posted to areas affected by insecurity.
“We cannot discuss NYSC reforms without hearing from those who secure the environment in which corps members serve. The CDS and the Army have institutional knowledge that is indispensable.
“Their perspectives on logistics, security and inter-agency coordination will enrich the final document.
“Senior academicians will help us situate the proposed reforms within the broader context of nation-building. We need evidence-based contributions, not just opinions”, the said.
The organisers said the ultimate goal was to produce practical recommendations capable of informing both legislative and executive action.
They explained that the final report would reflect contributions from former corps members, scholars, security agencies, youth organisations and civil society groups, providing government with workable proposals for strengthening the scheme without compromising its original mandate.
“The working document that emerges from this dialogue must be something the government can work with.
“It should reflect the views of those who have served, those who teach, those who protect, and those who advocate.
“Anything less would be a missed opportunity. We are calling on all stakeholders to come prepared to engage constructively.
“The future of the NYSC is too important to be decided in isolation. This national dialogue is our contribution to an open, inclusive process”, the statement further read.
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No plans to increase electricity tariffs – Power Minister assures Nigerians
The Minister of Power, Joseph Tegbe, has declared that President Bola Tinubu’s administration has no intention to jerk up electricity tariffs beyond the current level.
He disclosed this during a media briefing in Abuja on Friday.
According to him, the Tinubu administration’s priorities are improving electricity service delivery, expanding access to electricity, and ensuring that Nigerians pay only for the electricity they consume.
The minister said that, over the last two weeks, the country has consistently generated 5,000 megawatts of electricity.
“We are already witnessing encouraging improvements in electricity generation. Over the course of the last two weeks, we have consistently generated 5,000MW.
“Permit me to address two issues that have generated considerable public discussion. First, there is no policy by this administration to increase electricity tariffs beyond the current level. Our priority is not a tariff increase in the immediate term. Our priority is service improvement, universal metering, and ensuring Nigerians pay only for the electricity they actually consume,” he stated.
He added that the objective of the Federal Government is to provide reliable electricity to homes across the country.
“Our ambition is clear: reliable electricity that powers our homes.”
Tegbe’s comments come amid debate over a fresh electricity tariff hike, fuelled by remarks made by Tinubu’s Special Adviser on Power Infrastructure, Sadiq Wanka.
Nigerian electricity consumers have kicked against the proposed electricity tariff hike.
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