Connect with us

Headline

Tax Laws: Govt Won’t Debit Your Account, Oyedele Assures Nigerians

Published

on

The Federal Government has reassured Nigerians that the new tax reforms set to take effect from January 1, 2026, will not involve automatic debits from personal bank accounts, and individuals do not need to provide explanations for transfers.

Chairman of the Presidential Committee on Fiscal Policy and Tax Reforms, gave the assurance on Channels Television’s end-of-year special, 2025 In Retrospect: Charting a Pathway to 2026, which focused on politics, security, economy, and tax Policy

Addressing widespread misconceptions surrounding the reforms, Oyedele explained the process, emphasising its simplicity and transparency.

“People think that the government will debit their bank accounts from next year, and how they even came up with that, I have no idea. Nobody will debit your account for any amount you transfer. Whether it’s a billion or one thousand naira, at the end of the year, you tell the government yourself,” he explained.

Oyedele said the new tax system simplifies reporting and ensures fair taxation for small businesses, without burdening the vulnerable.

“You know what constitutes your income and what doesn’t. So you tell the government: ‘This is my income and here is the tax.’ If you are exempted, you simply declare: ‘This is my income, and I am exempted from tax.’ It is a very simple process that we are simplifying further.

“One of the biggest benefits is that if you run a small business as a sole proprietor, an enterprise, or you are just hustling, the system will no longer be regressive, taxing the vulnerable more. We’ve made it progressive,” he said.

Earlier on Tuesday, President Bola Tinubu confirmed that the implementation of the new tax laws will commence as scheduled, despite criticisms from political figures, opposition groups, and labour unions.

In a statement, Tinubu said the laws are not designed to increase taxes but to support a structural reset, promote harmonisation, protect citizens’ dignity, and strengthen the social contract.

“The new tax laws, including those that took effect on June 26, 2025, and the remaining acts scheduled to commence on January 1, 2026, will continue as planned.

“These reforms are a once-in-a-generation opportunity to build a fair, competitive, and robust fiscal foundation for our country,” he said.

The president called on all Nigerians to support the reforms as they take effect in the coming days.

The reforms, signed into law in June 2025, aim to simplify Nigeria’s tax system, broaden the tax base, and protect low-income earners and small businesses.

Key provisions of the tax reforms include full personal income tax exemption for those earning ₦800,000 or less, while higher earners face progressive rates capped at 25 per cent.

Small businesses with turnover under ₦100 million are exempt from company tax, VAT, and the new development levy, and corporate tax for larger firms drops from 30 to 25 per cent.

VAT remains at 7.5 per cent with exemptions for essentials, and revenue collection will be centralised under the Nigeria Revenue Service.

Despite some controversy and court challenges, the government has clarified that ordinary citizens will not face automatic debits or new taxes, and exemptions cover minimum wage earners, pensions, gifts, remittances, and diaspora Nigerians.

The reforms are designed to ease tax burdens, support small businesses, and promote a fairer, more transparent tax system while driving economic growth, it said.

Loading

Continue Reading
Advertisement

Headline

Africa Practices Winner-Takes-All Democracy, Needs Rethink – Obasanjo

Published

on

Former President Olusegun Obasanjo has criticised the model of democracy practised across much of Africa, saying it lacks African context and content and has created a winner-takes-all approach to politics.

Obasanjo said the Western liberal democracy inherited by many African countries was not designed around the continent’s realities, likening its adoption to wearing a dress that was not made to fit.

He argued that the model has created a political culture in which election winners often disregard those who lose.

The former president spoke on Tuesday at the 2026 Goodluck Jonathan Foundation Democracy Dialogue in Bauchi, the Bauchi State capital.

“The Western liberal democracy that we inherited pulls from monarchy, hence we can have government and loyal opposition, loyal to the monarchy. But when you talk about loyal opposition in an African setting and I have gone into many of African languages, opposition means enemy, that is the word. Then do you have a loyal enemy? So, what do you do with your enemy? You crush him and destroy him and that is what we have.

“The democracy we practice has no African context, no African content and if you try to use what is not meant for you to serve your purpose, it is like a dress for which you are not measured, you try to put it on, it is either too small for you or too big for you. It will not fit and it will not serve your purpose. In practice, we have winner takes all, first path post. If you beat me by one vote then you take it all and whatever I have does not matter,” Obasanjo said.

The former Nigerian leader also lamented what he described as poor management of diversity, warning against a democracy that completely disregards the importance of diversity.

He said diversity remained central to African and other societies and must be deliberately protected and nurtured.

“Nigeria is what it is because of our diversity. Remove diversity out of Nigeria you will probably have Republic of Oduduwa, that will not be Nigeria or Republic of Danfodio, that will not be Nigeria. That diversity must be nourished and be taken care of,” he said.

Obasanjo also decried the growing influence of money and other forms of inducement in politics, saying they had been increasing “by leaps and bounds.”

While acknowledging that widespread poverty and illiteracy do not help democracy, the former president also criticised gender imbalance in Nigerian politics since the beginning of the Fourth Republic.

“In Nigeria, you call this one fourth republic, we have not elected a female governor in more than 24 years. And yet the people we are electing, most of them lack character, the lack attributes and values that can endure and can uplift.”

On the way forward, Obasanjo said Nigeria needed more than simply borrowing political parties and judicial structures, stressing that democracy was a continuous process rather than a destination.

He said the countries from which African nations adopted Western liberal democracy were themselves reconsidering aspects of the system, questioning why Africans should not also reassess the model.

“Call it what you like, just make sure it has history, culture and values that are African. You can call it democracy if you like, you can call it African democracy. In that case it will be African with African context and African content,” he said.

The dialogue, chaired by Obasanjo, was attended by former President Goodluck Ebele Jonathan and former Vice President Namadi Sambo.

Bauchi State Governor Bala Mohammed hosted the event, which also brought together constitutional experts and civil society voices from across the continent.

Loading

Continue Reading

Headline

Professors Now Aid Rigging, Peter Obi Laments Decline In Democratic Principles

Published

on

The presidential candidate of the Nigeria Democratic Congress (NDC) in the 2027 election, Peter Obi, has decried what he described as the erosion of democratic principles in Nigeria, saying the country is facing a crisis.

The former Anambra State governor spoke on Tuesday at the 2026 Goodluck Jonathan Foundation Democracy Dialogue in Bauchi, the Bauchi State capital, where he reflected on the state of democracy and governance in the country.

Obi recalled spending three years in court challenging his election as Anambra State governor, noting that judges he had never met previously delivered judgments in his favour.

He said such an experience would be difficult to replicate in Nigeria today.

“I was in court for three years challenging my election, five judges that I never met for one day gave judgement in my favour, it cannot happen in Nigeria of today. I went to Court of Appeal, five judges I never met gave judgement in my favour.

“So, if you look at that and look at what is happening today in Nigeria where professors are now aiding illiterates to rig elections, where our lawmakers have removed forgery as an offence in electoral matters, and Senior Advocates of Nigeria are defending forgery. Our religious leaders are now praying for criminal politicians for blessings. We have a crisis. And above all, our judges are now singing on your mandate,” Obi said.

He urged Nigerians to examine the direction of the country and question the state of its democratic institutions.

Obi said Nigerians must reject the normalisation of practices that undermine democracy, warning that their consequences could be inherited by future generations.

According to him, “We need to reverse this because the abuse we are allowing today will take its revenge on our children.”

This year’s GJF Democracy Dialogue is anchored on the question: “Beyond elections, can political parties and the judiciary save African democracy?”

The event was chaired by former President Olusegun Obasanjo and attended by former President Goodluck Ebele Jonathan and former Vice President Namadi Sambo.

Bauchi State Governor Bala Mohammed hosted the event, which also brought together constitutional experts and civil society voices from across the continent.

Loading

Continue Reading

Headline

Osun: Outrage as Fadahunsi slams Accord Party, tells followers to kill opposition

Published

on

Outrage has trailed a viral video showing the lawmaker representing Osun East Senatorial District, Francis Fadahunsi, instructing members of the All Progressives Congress to “kill” opposition supporters while condemning Accord Party in Ilesa, Osun State.

The federal lawmaker was addressing some of his supporters and APC members in Ilesa on Tuesday.

Speaking in Yoruba, Fadahunsi, one of the top campaigners of the APC candidate in the August 15, 2026 governorship poll, Bola Oyebamiji, dared the people at the gathering to video-record him and share it on social media.

He said, “If you see any of them from now on to the day of the election, kill them.”

His statement was met with loud cheers from his followers who wore APC fez caps.

Fadahunsi’s statement has since been condemned by many as inciting and anti-democratic.

Pelumi Olajengbesi, a spokesman for the campaign council of Governor Ademola Adeleke, slammed Fadahunsi for the vitriolic order to his followers.

Olajengbesi said, “This is a serious threat to lives and the peaceful conduct of the August 15 election.

“Mr. Inspector-General of Police, this must be addressed immediately. Nobody has the right to kill an Accord member or any citizen. Nobody has the right to stop Osun people from voting. Enough is enough!”

An Osun State indigene, Wale Akintoye, on Facebook, wrote, “Nigeria Police Force Osun CP won’t arrest this man now but will go after people of the opposition party.

“Has it got to this that openly a death sentence is passed by a senator? This is shameful. Politics is not a do-or-die affair, but leaders that are in position are calling for the killing of Osun people.”

Adenike Bekky said, “All because of politics, he seems to have forgotten that it was our votes that gave him the mandate and positioned him where he is today. Why should anyone be threatened or harmed simply because they chose not to decamp with you? Politics should never be a matter of life and death. We cannot all face the same direction, and political differences should never be a reason to threaten the lives of citizens.”

Also, Bukky Stephen said, “Even telling people to record him and send it out means he is above the law. Nigerian police should act on this if they are not biased.”

Loading

Continue Reading

Recent Posts




JOIN US ON FACEBOOK

&m

Trending