Echotitbits – Nigeria News

Tag: Taiwo Oyedele

  • National Revenue Service Clarifies Input Recovery Benefits in New Tax Act

    National Revenue Service Clarifies Input Recovery Benefits in New Tax Act

    According to TVC News, the Nigeria Revenue Service (NRS) has begun an intensive sensitization campaign to explain the benefits of the new Tax Act to skeptical business owners. A key highlight of the new regime is the transition to a 7.5% “full input recovery” system, which now includes services and capital expenditure (capex), unlike the old regime which was far more restrictive. Executive Chairman Zacch Adedeji emphasized that these reforms are intended to reduce the overall tax burden on productive sectors while widening the tax net.

    The new Act also streamlines Personal Income Tax (PIT) and Company Income Tax (CIT) to remove “nuisance taxes” that have historically complicated compliance for Small and Medium Enterprises (SMEs). Despite these explanations, many Nigerians remain wary of the NRS’s expanded enforcement powers. The government, however, insists that the automation of tax collection will reduce human interface and corruption, ultimately leading to a more transparent fiscal environment.

    Validating these updates, Channels TV reported on the public’s mixed reactions to the “full input recovery” clause, with an economic analyst stating, “While the math looks good for big corporations, small businesses still fear the aggressive enforcement stance of the NRS.” The Nation also covered the development, quoting Taiwo Oyedele of the Presidential Tax Reform Committee: “Our goal is to make Nigeria a tax-friendly destination where the system is fair and predictable.”

    Echotitbits take:

    The “full input recovery” is a significant olive branch to the manufacturing and service industries. It essentially means businesses can recoup more of the VAT they pay on operations. However, the success of this policy depends on whether the NRS can actually process these refunds faster than the old, sluggish system.

    Source: Arise – https://www.arise.tv/lirs-activates-power-of-substitution-under-new-tax-law-to-boost-tax-recovery/, February 11, 2026

    Photo credit: Arise

  • National VAT Collections Hit Record N8.61 Trillion as Tax Reforms Yield Fruit

    National VAT Collections Hit Record N8.61 Trillion as Tax Reforms Yield Fruit

    Figures cited by The Punch show that Nigeria’s Value Added Tax (VAT) revenue experienced a historic surge, reaching N8.61 trillion for the 2025 fiscal year. This performance, reported on February 1st, 2026, is being attributed to the aggressive automation of tax collection systems and the broadening of the tax base to include more informal sector participants and digital service providers.

    In a report by The Sun, the Chairman of the Presidential Committee on Fiscal Policy and Tax Reforms, Taiwo Oyedele, noted that the focus has shifted from increasing tax rates to improving the efficiency of collection. “The 2025 figures are a testament to what happens when you simplify the tax code and eliminate multiple levies that previously stifled small businesses,” Oyedele was quoted as saying.

    According to Vanguard News, the Federal Inland Revenue Service (FIRS) has surpassed its revised targets, providing the government with much-needed fiscal space to service debts and fund infrastructure. The report quoted a financial analyst who stated: “While the revenue growth is impressive, the government must now ensure that these funds are transparently utilized to mitigate the impact of inflation on the average citizen.”

    Echotitbits take: This taxation milestone suggests that the government’s fiscal reforms are finally gaining traction. For businesses, the “tax harmonization” agenda is the real story to watch; if the government successfully collapses hundreds of taxes into a few single digits, it could trigger a significant boom in the SME sector by 2027.

    Source: The Punch – https://punchng.com/vat-collections-surged-to-n8-61tn-in-2025/, February 1, 2026

    Photo credit: The Punch

  • Controversy Swirls Around Federal Government’s New Tax Reform Law

    Controversy Swirls Around Federal Government’s New Tax Reform Law

    Vanguard reports that controversy is growing over the exact version of a tax reform law signed by President Bola Tinubu, with claims that the enacted document contains “differentials” from the version debated and passed by the National Assembly.

    The reforms aim to simplify the tax code and improve collection efficiency, but some lawmakers and critics argue alleged discrepancies could impose undue burdens on small businesses and the middle class.

    The Nation and Daily Trust also reported on the dispute, including claims of administrative discrepancies in the final draft and legislative concerns about possible alterations before presidential assent.

    Echotitbits take: If the alleged differentials are material, implementation will face legal and political headwinds—potentially including injunctions and corporate challenges. The fastest de‑risking move is immediate publication of the clean legislative text trail (passed version vs assented version) and an agreed correction mechanism to preserve reform credibility.

    Source: The Punch – https://punchng.com/tax-laws-that-split-abuja-how-tinubus-reforms-sparked-governance-storm/ 2026-01-30

    Photo Credit: The Punch

  • Oyedele says tax ID won’t be required for strictly personal bank accounts under new regime

    Oyedele says tax ID won’t be required for strictly personal bank accounts under new regime

    In a clarification reported by Leadership, Taiwo Oyedele said Tax Identification Numbers (TINs) are not required for strictly personal bank accounts, pushing back against misinformation circulating around the new tax regime.

    The explanation is aimed at reducing panic and preventing unnecessary barriers to everyday banking, especially for low-income users and informal-sector participants.

    Policy experts stress that the real issue is how rules are implemented across banks and agencies: unclear guidance can still lead to inconsistent enforcement and customer frustration.

    Stakeholders are calling for a single, authoritative implementation circular—covering thresholds, exemptions and documentation—so banks can apply requirements consistently.

    Echotitbits take: The reform conversation is being distorted by misinformation. Watch for official FAQs, bank circulars and enforcement guidance—those documents will determine lived reality.

    Source: The Punch – https://punchng.com/oyedele-clarifies-tax-id-rules-for-bank-accounts/ 11 January 2026

    The Punch 2026-01-11

    Photo Credit: The Punch

  • Aviation Regulator Pushes Back as Airlines Blame Taxes for Rising Airfares

    Aviation Regulator Pushes Back as Airlines Blame Taxes for Rising Airfares

    2025-12-30 09:30:00

    Reporting by Punch indicates the NCAA challenged claims that multiple taxes are the main driver of high airfares, as public debate grew around new tax laws and ticket pricing.

    The row followed warnings by Air Peace chairman Allen Onyema that aviation costs could worsen and fares could rise sharply if tax burdens persist.

    Regulators and tax-reform officials argue the reforms are meant to simplify and reduce certain burdens, while operators insist the broader levy-and-charge ecosystem remains heavy.

    Vanguard quoted Onyema saying, “The Nigerian airlines are heavily overburdened by taxes, levies and all manner of charges.” P.M. News quoted Taiwo Oyedele saying, “Eliminating this burden is a major structural relief for the sector,” as he explained tax changes affecting aviation.

    Echotitbits take: This will turn into a data contest—operators will cite cashflow strain, regulators will cite reform details. Watch for NCAA’s consumer-protection actions and a clear aviation-specific implementation note on VAT/WHT and leasing-related taxes.

    Source: The Punch — December 29, 2025 (https://punchng.com/airfares-hike-ncaa-tackles-air-peace-boss-rejects-tax-claim/)

    The Punch 2025-12-29

    Photo Credit: The Punch

  • Tax Reform Faces New Headwinds as Reps Minority, Students Demand Suspension

    Tax Reform Faces New Headwinds as Reps Minority, Students Demand Suspension

    2025-12-30 10:00:00

    In an update published by Punch, Nigeria’s newly enacted tax laws hit fresh turbulence after the House Minority Caucus and the National Association of Nigerian Students urged the Federal Government to halt rollout amid claims of post‑passage alterations.

    The report said the FCT High Court fast‑tracked hearing in a suit challenging the Acts’ authenticity and a proposed January 1, 2026 start date. Lawmakers warned that enforcement under disputed texts would undermine legislative integrity.

    Punch also reported that NANS threatened protests unless implementation is suspended, while the House set up an ad hoc committee to investigate the alleged alterations.

    Ametrocopy summarised the dispute and reported that the court ordered accelerated hearing, echoing that opponents want implementation paused while the text controversy is investigated, describing the case as moving on a “fast track.” Punch’s editorial stance also captured the tension, urging authorities to “correct the alleged errors and sustain the January 1, 2026, take‑off date.”

    Echotitbits take: This is a credibility test for reform. If the public believes the gazetted text differs from what lawmakers passed, compliance will crater. Watch for (1) the ad hoc committee’s findings, (2) publication of Clerk‑authenticated copies, and (3) whether government negotiates a short implementation shift to rebuild trust.

    Source: The Punch — December 30, 2025 (https://punchng.com/tax-laws-reps-caucus-opposes-rollout-court-battle-begins-wednesday/)

    The Punch 2025-12-30

    Photo Credit: The Punch

  • Tax reform countdown: Manufacturers upbeat as Labour and SMEs warn of backlash

    Tax reform countdown: Manufacturers upbeat as Labour and SMEs warn of backlash

    Photo Credit: The Punch
    2025-12-28 09:00:00

    Reporting by Punch indicates Nigeria’s new tax reform laws are still slated to take effect on January 1, 2026, despite widening pushback from some labour and SME stakeholders.

    Industry groups say the package could simplify compliance and reduce distortions, while critics argue implementation timing and transparency concerns around the final gazetted text could trigger new disputes.

    Government-linked reform advocates have framed the rollout as a shift toward fairness—targeting relief for most workers and smaller firms—while signalling willingness to fix drafting or referencing issues through the legislature without shifting the start date.

    Channels Television quoted committee chairman Taiwo Oyedele saying, “The implication of not implementing the new tax laws by January 1, 2026, is that the bottom 98 per cent of workers remain overtaxed.” AIT Live also reported the government “has affirmed that there will be no reversal in the planned implementation… scheduled to take effect on January 1, 2026.”

    Echotitbits take: The political test is whether implementation becomes a trust-building exercise (clear gazette, plain-language guidance, phased enforcement) or another elite policy fight. Watch the National Assembly’s re‑gazetting process and how quickly tax authorities publish compliance guides for SMEs.

    Source: The Punch — December 28, 2025 (https://punchng.com/four-days-to-tax-reform-manufacturers-excited-labour-smes-threaten-revolt/)

    The Punch 2025-12-28

  • House Panel Fast-Tracks Probe Into Alleged “Gazette” Tax-Law Discrepancies

    House Panel Fast-Tracks Probe Into Alleged “Gazette” Tax-Law Discrepancies

    Photo Credit: The Punch
    2025-12-25 10:00:00

    Reporting by Punch indicates Nigeria’s House of Representatives panel investigating alleged inconsistencies between tax laws passed by lawmakers and versions later gazetted has promised to finish quickly and submit a report without delay.

    The panel, chaired by Muktar Betara, was constituted after lawmakers raised concerns that provisions in the gazetted laws may differ materially from what the National Assembly approved—raising questions about legislative integrity and the reliability of statutes being implemented.

    The controversy has also drawn political pressure, with Senator Ali Ndume urging President Bola Tinubu to pause implementation of disputed tax reform measures slated for January until independent verification is completed.

    Elsewhere, The Guardian reported that the committee pledged to submit its findings once work is concluded, while quoting Taiwo Oyedele calling for patience: “let’s wait for the investigation to establish what indeed happened.” BusinessDay similarly reported the House set up a seven-member committee to investigate “alleged discrepancies” between gazetted tax laws and the versions passed by the National Assembly.

    Echotitbits take: This is becoming a credibility test for Nigeria’s fiscal reform push. If the “gazette vs passed copy” gap isn’t resolved transparently, enforcement will face legitimacy challenges, litigation risk, and compliance pushback. Watch for whether the panel publishes a side-by-side reconciliation of disputed clauses—and whether implementation timelines shift.

    Source: The Punch — December 25, 2025 (https://punchng.com/house-begins-tax-law-probe-ndume-pushes-for-suspension/?utm_medium=web&utm_source=top-story)

    The Punch 2025-12-25

  • Nigeria’s Tax Agencies Can’t Just Debit Your Account — Oyedele Warns

    Nigeria’s Tax Agencies Can’t Just Debit Your Account — Oyedele Warns

    Photo Credit: The Punch
    2025-12-25 09:00:00

    According to The Punch, Presidential Fiscal Policy and Tax Reforms Committee chair Taiwo Oyedele says tax authorities cannot simply “dip hands” into bank accounts without going through due legal process. He explained that while a “power of substitution” process exists, it is not a shortcut to bypass the courts.

    Oyedele said the typical pathway requires an assessment, notice, and (where disputed) a legal determination before any enforcement action against a taxpayer’s funds. He framed the issue as a rule-of-law matter that protects both citizens and businesses from arbitrary action.

    The comment comes amid recurring complaints from individuals and SMEs about sudden debits and bank restrictions linked to tax compliance disputes, with Oyedele urging taxpayers to understand their rights and challenge improper actions through lawful channels.

    Separately, BusinessDay quoted Oyedele saying, “Nobody will debit your bank accounts without a court order,” while TheCable reported him stressing, “Even if you have N1 billion in your account… nobody can debit your bank account without a court order.”

    Echotitbits take: This is an important signal to calm public anxiety around tax enforcement. Watch what FIRS and state IRS agencies do next—policy clarity is one thing; operational compliance across banks and tax offices is another. Expect more taxpayer education, and possibly stronger complaint-resolution channels, if the reforms team wants legitimacy.

    Source: The Punch — December 25, 2025 (https://punchng.com/tax-agency-cant-debit-accounts-without-court-order-oyedele/)

    The Punch 2025-12-25

  • Experts say Lagos could unlock ₦1tn yearly from property tax—if data gets fixed

    Experts say Lagos could unlock ₦1tn yearly from property tax—if data gets fixed

    Photo Credit: The Punch
    2025-12-24 07:33:00

    Figures cited by PUNCH show that Lagos could generate as much as ₦1 trillion annually from property tax if the state builds credible property registers, accurate valuations, and transparent enforcement systems.

    Speakers at a tax reform summit argued that property tax is one of the most stable revenue anchors because it grows with urban development and is harder to evade when the register is accurate.

    The policy push is shifting from rhetoric to implementation—enumeration, valuation, harmonisation, and building trust that revenue collected translates into visible public services.

    Taiwo Oyedele said: “Property taxation is one of the most underutilised yet stable revenue sources available to states and local governments.” Governor Babajide Sanwo-Olu added: “Taxation is ultimately a social contract. People comply willingly when they trust that the government is responsible, accountable, and responsive.”

    Echotitbits take: The upside is huge, but the politics are delicate. Watch for a transparent register, clear rates, dispute-resolution for valuations, and visible reinvestment in services—otherwise compliance will be resisted.

    Source: The Punch— December 24, 2025 (https://punchng.com/lagos-can-generate-n1tn-yearly-from-property-tax-oyedele/)
    The Punch 2025-12-24