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Adedeji: Food, Education, and Transport to Become VAT-Free in 2025
According to Nivo News, Chairman of the Federal Inland Revenue Service (FIRS), Dr. Zacch Adedeji, has assured Nigerians that beginning January next year, the new tax reforms introduced by President Bola Tinubu will make the nation’s tax system fairer, simpler, and more business-friendly.....KINDLY READ THE FULL STORY HERE▶
Adedeji, who marked two years at the helm of the nation’s apex tax authority, said the reforms have already boosted revenue generation, with tax collections contributing nearly 70 percent of allocations shared by the three tiers of government. He explained that the removal of fuel subsidy, floating of the naira, and other bold policies taken by President Tinubu had strengthened the Federation Account, leading to record monthly allocations above N2 trillion.
The FIRS boss highlighted that the new consolidated tax laws, set to take effect from January, will eliminate multiple taxation, simplify compliance, and exempt essential sectors like food, education, agriculture, and shared transportation from Value Added Tax (VAT). He also confirmed that small businesses with annual turnovers of N50 million or less would no longer pay taxes, while low-income earners would benefit from personal income tax adjustments.
Adedeji stressed that the reforms would promote voluntary compliance while reducing opportunities for tax evasion. He noted that under the new Nigeria Revenue Service (NRS), taxpayers can expect a seamless one-stop-shop approach for all tax categories, ensuring efficiency and fairness.
He dismissed speculations about a new petrol surcharge, clarifying that while such provisions exist in law, they cannot take effect without an official commencement order. He further assured citizens that the Tinubu administration remains focused on easing the burden of taxation, citing the removal of VAT on diesel as proof of the government’s compassion.
Reiterating President Tinubu’s philosophy that his government will “tax prosperity and not poverty,” Adedeji said the reforms are designed to encourage businesses to thrive so that the country can benefit when companies expand and profit. He added that Nigeria’s tax-to-GDP ratio has already improved from 10 percent to 13.5 percent, with a target of hitting 18 percent by 2027, surpassing Africa’s average of 15 percent.
He emphasized that the renaming of FIRS to the Nigeria Revenue Service reflects its true mandate as the sole tax authority for all revenues collected on behalf of the Federation, including funds primarily allocated to states.
A faction of the Labour Party (LP) led by the Nenadi Usman Caretaker Committee has suspended 26 members loyal to the Julius Abure-led faction.....KINDLY READ THE FULL STORY HERE▶
Factional Labour Party South-West Vice Chairman, Abayomi Arabambi, has insisted that the party’s 2023 presidential candidate, Peter Obi, will never be allowed to return to the Labour Party.....KINDLY READ THE FULL STORY HERE▶
Arabambi said attempts by the Nenadi Usman-led faction to reintegrate Obi would fail, stressing that the party’s leadership has taken a final position on the matter.
He made the statement during an interview on News Central, saying the decision followed internal consultations involving key figures such as the Julius Abure-led leadership and Abia State Governor Alex Otti.
According to him, the party has also resolved to support President Bola Ahmed Tinubu’s re-election bid in 2027.
Arabambi further blamed Obi and his supporters for contributing to Labour Party’s internal challenges during the 2023 elections, alleging organizational failures during the polls.
He maintained that Obi’s return to the party is completely off the table, insisting that the issue is already settled within the party’s leadership structure.
The New Nigeria Peoples Party (NNPP) has dismissed claims by former Vice President Atiku Abubakar that it is part of the African Democratic Congress (ADC) coalition.....KINDLY READ THE FULL STORY HERE▶
In a statement on Thursday, NNPP National Secretary Ogini Olaposi said the party is not affiliated with the ADC and has no plans to join or merge with the coalition.
He clarified that the involvement of former Kano State Governor Rabiu Kwankwaso and members of the Kwankwasiya Movement in ADC activities does not represent the NNPP as a political party.
Olaposi also claimed that only a minority of Kwankwasiya supporters followed Kwankwaso, insisting that many of them have since joined the APC.
He further accused Atiku of misinformation, stressing that NNPP remains an independent political party focused on contesting elections on its own platform.
According to him, any previous association with the Kwankwasiya Movement ended after the 2023 general elections, adding that Kwankwaso and some associates had already been expelled from the party.
The NNPP maintained that it respects other political parties but has no interest in joining the ADC coalition.
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