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National Assembly to accelerate tax reform bills on resumption today

Published

2 months ago

February 4, 2025

National Assembly to accelerate tax reform bills on resumption today

The National Assembly will resume plenary today, with plans to expedite action towards passage of the tax reform bills, Newstrends has learned.

Following its first sitting of 2025 on January 14, both chambers adjourned until January 28, to allow various committees to conclude work on the defence of the 2025 Appropriation Bill presented to the parliament by President Bola Tinubu on the 18th of December, 2024.

However, the resumption was postponed to February 4, to allow committees sufficient time to complete ongoing engagements with Ministries, Departments, and Agencies (MDAs) on the 2025 budget.

Before the legislative chambers went on their Yuletide recess, the four tax reform bills submitted by President Tinubu on October 13, 2024, had been a key focus, with legislators from the North, alongside northern governors and traditional leaders, calling for their withdrawal due to concerns that they would further impoverish the region.

During the recess, the Nigerian Governors’ Forum (NGF) met with the Presidential Committee on Tax Policy and Fiscal Reforms, the promoters of the reforms, and reached a compromise, endorsing the bills with some adjustments.

Among other alterations, the governors proposed allocating 30% of Value Added Tax (VAT) revenue based on derivation, instead of the initially proposed 60%, as part of efforts to address the concerns surrounding the tax reform bills. They also suggested a revised sharing formula, with 50% of VAT revenue shared equally among states and the remaining 20% based on population, to ensure a more equitable distribution of resources.

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Initially, one of the tax reform bills had proposed a 60% VAT revenue share based on derivation, meaning states would receive funds proportional to the VAT generated within their territories. This had led to significant pushback from governors and lawmakers, particularly from the northern region.

Following the compromise, Governor Abdullahi Sule of Nasarawa State stated that the governors would now seek the support of their legislators to ensure the bills’ passage in line with the agreed-upon consensus.

Our reporter learnt from credible sources that various stakeholders including some governors are closely monitoring what would transpire in the National Assembly.

“The communiqué issued by the governors is their position and they look forward to mutual understanding from the legislators,” a source close to one of the governors, said.

Bills set for accelerated consideration

Sources close to the leaderships of the Senate and the House of Representatives informed Daily Trust yesterday that the bills would be given accelerated hearings as lawmakers resume today.

However, it was gathered that the House of Representatives would likely postpone discussion on the bill until Wednesday, as Tuesday’s session would be dedicated to a valedictory session for its late Deputy Chief Whip, Hon. Adewunmi Onanuga, who died on January 15 after a brief illness.

One source revealed that the Senate, which had passed the bill for second reading, would continue to fine-tune the bills in accordance with the agreement reached by the governors.

Earlier, the Senate had forwarded the bills to its committee on finance and mandated it to conduct public hearing within six weeks and revert.

In the House of Representatives, the legislators had suspended indefinitely, the debate on the tax reform bills. The planned debate was called off in a memo signed by the Clark of the House, Dr Yahaya Danzaria as 73 northern lawmakers kicked against the bills.

The lawmakers are aiming to pass the bills as soon as possible, with the target set for completion by the end of March, according to one source.

Earlier, Taiwo Oyedele, Chairman of the Presidential Committee on Tax Policy and Fiscal Reforms, disclosed that the bills are expected to be passed into law in the first quarter of 2025.

Oyedele also mentioned that implementation of the tax reform bills is expected to begin in July.

“I need to talk about the tax reforms. Part of the expectation is that the tax reforms, particularly the tax reform bills, will be approved in 2025. Our expectation is that this will happen before the end of Q1 so we can notify taxpayers to prepare and begin implementation by July 1,” he said in late January.

National Assembly to accelerate tax reform bills on resumption today

Related Topics:Featured national assembly Tax Reform

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Libya nabs three Nigerians over drug trafficking

Published

2 days ago

April 15, 2025

Trends Admin

Libya nabs three Nigerians over drug trafficking

The Samnu Police Department in southern Libya detained three Nigerians for drug trafficking.

According to a statement issued by Migrant Rescue Watch on X (previously Twitter) on Sunday, the suspects were apprehended carrying a quantity of hashish that officials believe was meant for sale.

The arrests were made during a targeted operation in the town of Samnu, Murzuq region, which is known for smuggling and human trafficking due to its proximity to Libya’s southern borders.

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This operation is part of a larger security effort to combat drug-related crimes and cross-border trafficking of migrants.

The suspects’ identities have not yet been made public. Authorities acknowledged that the case had been turned over to the public prosecutor for further investigation and judicial action.

The statement said. “Samnu Police Dept. arrested 3 #migrants of Nigerian nationality on charges of drug trafficking. The trio were found in possession of a quantity of hashish earmarked for sale. The case was referred to public prosecution.”

Libya nabs three Nigerians over drug trafficking

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NIS expands contactless passport renewal to United States, others

Published

3 days ago

April 14, 2025

Trends Admin

NIS expands contactless passport renewal to United States, others

The Nigeria Immigration Service (NIS) has announced the expansion of its Contactless Biometric Passport Application System to several countries in the Americas.

In a recent statement by ACI AS Akinlabi, Service Public Relations Officer at NIS Headquarters in Abuja, confirmed that the service under Comptroller General Kemi Nandap is rolling out the next stage of implementation across Brazil, the United States, Mexico, and Jamaica this month.

The contactless system, which enables Nigerians living abroad to renew their travel document without physically visiting passport offices for biometric enrollment, went live in the United States on April 11. Mexico, Brazil and Jamaica are scheduled to gain access on April 14.

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“This expansion represents our commitment to innovative and efficient service delivery to Nigerians anywhere in the world,” said ACI AS Akinlabi, Service Public Relations Officer at NIS Headquarters in Abuja.

The application system is currently available on the Google Play Store as “NIS Mobile” and allows passport renewal without in-person biometric enrollment. An iOS version for Apple devices is under development and will be released soon, alongside an enhanced version of the Android app to improve user experience and accessibility.

The NIS further confirmed that the Contactless Passport App is now operational in Canada, the USA, Mexico, Jamaica, Brazil, Europe, and Asia. Australia and Nigeria itself remain pending, with implementation dates to be announced in the future.

NIS expands contactless passport renewal to United States, others

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Tariff: NACCIMA warns against economic instability, job losses

Published

3 days ago

April 14, 2025

Trends Admin

President of NACCIMA, Dele Oye

Tariff: NACCIMA warns against economic instability, job losses

The Nigerian Association of Chambers of Commerce, Industry, Mines, and Agriculture (NACCIMA) has expressed fear that unless the Federal Government takes deliberate steps to increase Nigeria’s non-export earnings, the current global tariff war may lead to job losses, low foreign exchange inflow, and economic instability.

This was the position of the President of NACCIMA, Dele Oye, as the chairman at the Vanguard Economic Discourse 2025 with the theme, “Nigeria’s Economic Outlook 2025: Hardship and Pathways to Sustainable Recovery”, held last week in Lagos.

Among other things, Oye who is also the Chairman of the Organised Private Sector of Nigeria (OPSN), emphasized the need for a viable and affordable homegrown democracy.

His words: “In this pivotal moment, we must recognize and confront the significant challenges before us—challenges that have been magnified by the advent of America’s “America First” policy.

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“This paradigm shift in global trade, driven by protectionism and tariffs, presents a unique and formidable array of obstacles for developing nations such as ours.

“The world we once knew, one characterized by cooperative, rules-based trading systems under the World Trade Organization, has given way to an environment fraught with uncertainty. This transformation not only disrupts global markets and supply chains but poses an acute threat to our competitive standing in international trade.

“The recent implementation of a 14% tariff on Nigerian exports to the United States directly jeopardizes what has historically been a critical market for our key goods, including crude oil, liquefied natural gas, and agricultural products. “The ripple effects of reduced demand could precipitate job losses, economic instability, and a decline in vital foreign exchange inflows, particularly for our non-oil sectors”.

“Indeed, the ramifications of current U.S. policies go beyond tariffs. We are witnessing a significant decrease in funding for initiatives that empower Africa’s burgeoning start-ups. The $51 million cut from the United States Development Fund, which affects countries like Nigeria and Kenya, exemplifies the broader challenges we face. The grants previously allotted to our SMEs are critical for nurturing innovation and entrepreneurship within our local economies”.

In the face of these challenges, Oye said Nigeria must act decisively and strategically to reshape its economic destiny where adversity can give rise to opportunity.