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Tax Reform: Speaker Abbas Assure Youths Will Be Considered

Published

1 month ago

March 4, 2025

By Gloria Ikibah

Speaker of the House of Representatives, Rep. Tajudeen Abbas has assured the various youth groups that their input will be factored in the review of the proposals ahead of their passage of the Tax Reform Bills by the parliament.

Speaker Abbas who was represented by Rep. Leke Abejide (ADC, Kogi), stated this at the National Youth Dialogue on Tax Reform Bills on Monday in Abuja.

According to him, the Tax Reform Bills is a catalysts of economic growth and national progress.

“These bills will prepare the country to be economically viable, technologically independent of other nations,” he said.

In his welcome address, Chairman House Committee on Youths in Parliament, Rep. Ayodeji Alao-Akala said the review of the nation’s tax laws has become necessary to address contemporary challenges in fiscal policies.

Chairman noted that young people, particularly those engaged in micro, small, and medium enterprises (MSMEs), are among the most affected by taxation policies.

Naijablitznews.com recalled that last week, the Senate and House of Representatives held public hearing on the Tax Reform Bills transmitted to the parliament in October 2024 and pledged their readiness to review the proposed legislation in the country’s interest.

He said: “If we get it right with the youth, we get it right with the country, Iurge young Nigerians to contribute meaningful ideas to the bill”

Rep. Alao-Akala sad that most low-income earners in Nigeria are youths, struggling to start businesses, rent homes, or make financial progress.

According to him the proposed tax reforms aim to ease this burden by ensuring fairer policies that support entrepreneurship and economic independence.

The Chairman insisted that delaying reform any further would be detrimental, emphasizing that “tomorrow never comes; the time to act is now.”

Similarly cross section of youth groups at the Public hearing, backed the tax reform bills currently under consideration by both chambers of the National Assembly.

One of the Groups, Alumni Association of the Legislative Mentorship Initiative commended the Federal Government proposals, saying that if implemented, the reforms are capable of changing the nation’s economic narrative.

“This proposed legislation is not merely a collection of fiscal policies; it is a blueprint that will shape the economic trajectory of our nation and more importantly, directly impact the lives of our youth, who largely represent the present and future of Nigeria,” representative of the association, Abubakar Tijani said.

He called for a balanced exchange of views, adding that as good as the bills were, there were areas of uncertainty that needed some clarity for the benefit of Nigerians.

“As we engage in this critical discourse, we must approach the subject with a balanced perspective, acknowledging the bill’s potential benefits while also addressing its areas of concern. Our collective goal must be to ensure that this legislation fosters inclusive growth, empowers our citizens, and lays a solid foundation for sustainable development,” Tijani added.

He listed the positives of the tax reform proposals to include company income tax reduction, support for small businesses, personal income tax relief and VAT exemptions on essential goods and services, among others.

“One of the most notable features of the bill is the proposed reduction in the Company Income Tax rate. The current rate of 30 per cent is set to decrease to 27.5 per cent in 2025, with a further reduction to 25 per cent by 2026. This measure is designed to stimulate business growth, enhance corporate profitability, and attract both domestic and foreign investments.

“By lowering the tax burden on companies, the government aims to encourage reinvestment, innovation, and job creation, all of which are critical for economic expansion. For the youth, this could translate into increased employment opportunities and a more vibrant private sector.

“The bill also introduces a significant exemption for small businesses with an annual turnover of ₦50m or less. These enterprises will no longer be required to pay income tax, a move that alleviates financial pressures on small-scale entrepreneurs and fosters a culture of entrepreneurship.

“Another laudable aspect of the bill is the exemption of workers earning ₦800,000 annually or less from personal income tax. This measure provides much-needed relief to low-income earners, many of whom are young professionals just starting their careers.

By increasing disposable income, the government is not only improving the standard of living for these individuals but also stimulating consumer spending, which is a key driver of economic activity,” he added.

That said, Tijani pointed out grey areas which require legislative intervention given the nation’s fragile economy.

“The bill proposes a gradual increase in the VAT rate, starting from the current 7.5 per cent to 10 per cent in 2025, 12.5 per cent in 2026, and 15 per cent by 2030. While this measure is intended to boost government revenue, it could have adverse effects on consumers.

“An increase in VAT often leads to higher prices for goods and services, which could erode purchasing power and exacerbate inflationary pressures. For the youth, who are already grappling with high unemployment rates, this could further strain their financial circumstances. It is essential to consider the broader implications of this policy on the cost of living and economic stability.

“Another concerning provision is the plan to cease funding for critical agencies such as the Tertiary Education Trust Fund, National Agency for Science and Engineering Infrastructure, National Information Technology Development Agency by 2030.

“These agencies play a pivotal role in advancing education, technology, and innovation, sectors that are indispensable for youth development and national progress. TETFUND, for instance, has been instrumental in improving infrastructure and quality in tertiary institutions, while NASENI and NITDA have driven technological innovation and digital transformation. Cutting funding to these agencies could hinder their ability to deliver on their mandates, thereby hindering progress in areas that are crucial for the youth and the nation’s future.

“The bill also proposes imposing taxes on businesses operating in Free Trade Zones. These zones have historically enjoyed tax exemptions as an incentive to attract investments and stimulate economic activity. By introducing taxes, the government risks deterring investors and undermining the competitiveness of these zones.

“This could lead to reduced economic activity, job losses, and a decline in foreign direct investment. For the youth, who often benefit from employment opportunities in these zones, this could have far-reaching implications,” he further said.

The association recommended the retention of the current VAT rate and urged the Federal Government to continue to fund agencies like TETFUND, NASENI and NITDA which he said are needed to thrive in a rapidly evolving global economy.

In its contribution, the Centre for African Policy Research Advisory, called for the involvement of Nigerians in the implementation of the bills when they are eventually passed into law.

Speaking on behalf of the Centre, Segun Adebayo emphasised the need for the protection of the nation’s tax sovereignty.

“Tax sovereignty refers to a nation-state’s right to control its tax policies. It is closely tied to a country’s ability to govern effectively and democratically,” he said.

One of the lead partners in the dialogue, Project Sprint, in its contribution, said the bills hold the potential to reduce the budget deficit, decrease government dependence on borrowing, curtail tensions across socioeconomic strata, and attract foreign investments.

Coordinator of the group, Isreal James in his speech, pointed out areas of concern in the proposed reforms, saying, “One critical aspect to consider is the microeconomic implications of personal income tax on labour supply.

“Many youths in Nigeria fall within the wage bracket of 70,000 to 150,000 naira per month. Taxing this demographic could have detrimental effects, especially for those on the verge of paying off academic loans and starting their lives.

“As we navigate the modern era, it is crucial to recognise that services such as telecommunications and digital transactions are essential. To disregard these services as non-essential would be a step backwards in our progress.

“We advocate for a reduction in VAT to between 3.5 per cent and 5 per cent to better reflect our GDP per capita. While encouraging states to compete economically to improve their VAT collection is commendable, it is equally important for the Federal Government to empower states to effectively manage their economies. One way to achieve this is through the decentralisation of port construction, ensuring that states have the necessary infrastructure to thrive,” he said.

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SAD! Woman Reportedly Poisons Boyfriend To D3ath For Cheating On Her

Published

2 hours ago

April 5, 2025

ADMIN

…conceals Body Under Bed

A young woman allegedly poisoned her boyfriend to d3ath for cheating on her in Iyo Polo community, Marine Base, Port Harcourt, Rivers State.

It was gathered that after k!lling the deceased, she hid his body under the bed inside his room for three days.

According to local reports, residents of the area became suspicious after noticing a foul odor emanating from the victim’s residence.

Concerned neighbors attempted to reach the deceased but received no response.

Their suspicions grew when they observed the suspect acting strangely and refusing entry into the apartment.

Upon notifying law enforcement, officers arrived at the scene and forced their way into the room, where they discovered the decomposing body of the victim.

The suspect was immediately arrested and taken into police custody for further investigation.

Authorities have yet to release an official statement regarding the motive behind the alleged m8rder.

However, preliminary findings suggest that the incident may have stemmed from a domestic dispute.

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Protesters call for suspension of FUOYE VC over alleged sexual harassment

Published

6 hours ago

April 5, 2025

Admin

A group of protesters have converged on the Federal Ministry of Education in Abuja, calling for the suspension of Professor Abayomi Fasina as Vice-Chancellor of the Federal University, Oye-Ekiti (FUOYE), to allow proper investigation into sexual harassment allegation.

Protesters armed with placards-bearing slogans such as ‘Ekiti Deserves Better’ and ‘Protect Our Women,’ argued that the Vice-Chancellor cannot remain in office while facing investigation for sexual harassment allegations.

The embattled VC has been under investigations over allegations made in a leaked voice note regarding a sexual harassment case against one of his married subordinates.

Speaking to journalists after submitting a petition to the Minister of Education, Tunji Alausa, the leader of the protesters under the aegis of Coalition of Civil Society Organisations Against Corruption, Victor Adetola, said suspending the VC would give room for thorough investigations into the matter.

Adetola said: “We have looked at the developing story that has been going on in that university as an organisation that is fronting for the welfare of Nigerian students and the community or the educational community generally.

“The issue will be festering if there is no thorough investigation, and we need that place to be sanitised. Honestly, currently there is a disciplinary action investigation that is going on that was first given a three-week ultimatum.

“After that, they requested for another three weeks ultimatum, even inclusive of the governing council. And for the past six months, nothing has been done. We see that a lot of undiagnosed, a lot of corruption has been festering.

“In fact, one of the most critical issues happening is the sexual harassment that has happened to one of the married assistant directors in that school.

“Specifically, it’s necessary that the leader of the university steps down first, or the governing council relieves him of that position first, so that independent investigation can be carried out on all the petitions that we have written.”

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NJC, NBA raises concerns as Uzodimma names Nzeukwu Imo’s acting Chief Judge

Published

6 hours ago

April 5, 2025

Admin

The National Judicial Council (NJC) has distanced itself from the purported appointment by Governor Hope Uzodinma of Justice Theophilus Nnamdi Nzeukwu as the acting Chief Judge of Imo State.

The NJC, in a statement by its Deputy Director (Information), Mrs. Kemi Ogendengbe said it was yet to consider a request by Uzodinma to appoint Justice Nzeukwu, who is currently number four in the hierarchy of judges’ seniority in Imo State High Court.

The statement reads: “The attention of the council has been drawn to the news making rounds that the Governor of Imo State, His Excellency, Senator Hope Uzodimma, CON, had purportedly appointed Hon. Justice Theophilus Nnamdi Nzeukwu, who is number four in the hierarchy of judges seniority in Imo State High Court, as the acting Chief Judge of the state, in view of the recent disciplinary action taken against the erstwhile Chief Judge of the state.

“The National Judicial Council, by this press release, wants to clarify to the public that the Governor of Imo State had earlier written to the council requesting for its approval to appoint Hon. Justice Theophilus Nnamdi Nzeukwu, who is number four in the hierarchy of seniority as acting Chief Judge of the state.

“The governor in his said correspondence to the council, gave reasons why in his own view, the three most senior judges are not appointable.

“The council is informing the public that the said letter is yet to be considered, as deliberation on the request is slated for the next council meeting, which is scheduled to hold on 29th and 30th April, 2025.

“The council is therefore, by this press release, informing the public that the governor’s request is yet to be considered by the council.

“The council has not given approval to the governor for the appointment of the acting Chief Judge.

“The council is not a party to the process of the purported appointment of Hon. Justice Theophilus Nnamdi Nzeukwu as the acting Chief Judge.”

The NJC had, at its 107th meeting held between November 13 and 14, 2024 recommended the compulsory retirement of the then Chief Judge of Imo State, Justice T. E. Chukwuemeka Chikeka over alleged age falsification.

It said Justice Chikeka was recommended to the Imo State Governor for compulsory retirement with effect from October 27, 2021, with all salaries and allowances the judge received in excess from the said date refunded to the council.

The NJC added: “The recommendation was pursuant to the findings of the Council that His Lordship has two different dates of birth: 27 October 1956 and 27 October 1958.

“However, 27 October 1956 appeared to be the consistent date of birth, but in 2006, the Chief Judge swore to an affidavit changing the date of birth to 27 October 1958.”

Meanwhile, the Nigerian Bar Association (NBA) Owerri Branch has expressed serious concerns over the appointment.

Speaking after swearing in the new Acting Chief Judge, Governor Uzodimma recalled the disgraceful manner the former Chief Judge was removed from office by the NJC, and the events that followed thereafter, and warned against a repeat of what he described as “dishonourable incident where a Chief Judge is suddenly removed from office for such an ugly indictment of age falsification.”

Reacting to the appointment, the NBA urged Governor Uzodimma to adhere to due process in the appointment of a new Chief Judge, emphasising the importance of following established protocols to ensure transparency and legitimacy.

According to the NBA, Nzeukwu’s appointment violates the provisions of the 1999 Constitution, which stipulates that the most senior judge of the High Court should be appointed as Acting Chief Judge in the event of a vacancy.

“We insist that due process must be followed in the appointment of the Acting Chief Judge,” Chairman of the NBA Owerri Branch, Chief Chris U. Ihentuge and the Secretary, Daniel O. Odiba, said in a statement yesterday.

According to the statement: “If the most senior judge or judges were bypassed, the rationale for this deviation must be immediately justified.”

Failure to do so, they warned, will further erode public confidence in the judiciary.

The NBA demands that Governor Uzodimma takes immediate action to address this situation and reverse the appointment, which they deem inconsistent with the Constitution.

The statement reads in part: “The Nigerian Bar Association, Owerri Branch demands that the Governor should, immediately, take steps to address this situation and reverse this action which is inconsistent with the Constitution. Failure to do so will further erode public confidence in the judiciary at a time when trust in our institutions is already fragile. The Bar shall also take all steps necessary in the circumstance.

“The Nigerian Bar Association, Owerri Branch, reiterates that it has no interest in any particular individual holding the office of the Chief Judge, but it is deeply committed to the protection of due process, the rule of law, and the sanctity of the Constitution.

“The NBA Owerri Branch has communicated its concerns to the Imo State Attorney General and Commissioner for Justice, the Body of Senior Advocates of Nigeria (BOSAN), Imo State Chapter, the Judicial Service Commission (JSC) of Imo State, the President of the Nigerian Bar Association, and the National Judicial Council (NJC).”