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95% Of Informal Sector To Receive Tax Relief Under New Plan — FG

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Taiwo Oyedele, chairman of the presidential fiscal policy and tax reforms committee, says the federal government is working on a system that will provide tax relief to 95 percent of the informal sector.

Oyedele delivered a speech on Sunday during the committee’s last meeting in Abuja.

According to Oyedele, the idea is to free companies with annual revenue of N25 million or less from the different levies that are impeding their development.

‘’So, we think that 95 percent of the informal sector should be legally exempted from all taxes; withholding tax, company income tax, even payee on their staff,” he said.

‘’We’re using data to inform our decisions. Currently, if you earn N25 million a year or less, you don’t have to pay company income tax, you don’t have to worry about VAT.

‘’We think that the informal sector are people who are trying to earn legitimate living, we should allow them to be and support them to grow to a point where they can then have the ability to pay taxes.”

Oyedele said the new reforms being proposed would focus on the top 5 percent of that sector, the middle class, and the elite for taxes.

The tax expert said the committee is drafting the laws to effect the necessary changes in the fiscal policy and tax reform ecosystem of the country.

The new laws, he said, would ensure that reviews become sustained by all governments coming in, adding that “we don’t want this whole effort to go down the drain, after one or two years”.

On compliance, the committee chairman urged

all stakeholders to fully cooperate with the government in implementing a new fiscal and tax policy that would be used for the general good of the citizens.

“We think that the days of being above the law in paying taxes are over. The same thing we’re saying to our leaders, whether they are elected or appointed,” he said.

“We think they have to lead by example by showing that they have paid the taxes, not only on time, but correctly to the lawful authorities as contained in the various laws.”

Oyedele said some of the taxes complained about by Nigerians are those already in the constitution, which the committee has looked at and called for their review.

He said the committee report would be made to pass through the normal process of legislation in order to give it the full legal backing.

“So, our expectation is, as we progress now from ideation, proposal to implementation, you’ll see less and less of those issues and then you’ll see harmony in the direction of the fiscal system,” he said.

‘’Not only in the number of taxes we collect, you will also see an improvement in how those monies are being spent.

Oyedele added that the committee has been working with the sub-nationals and the local government councils in its task of harmonising the taxes into a single-digit system.

“So, we’re convinced, and that’s what the data tells us, that the right path we need to follow is the path where we repeal many of these taxes, harmonise whatever is left,” he said.

“We think we can keep that within single digits across local, state and federal governments combined, and then improve the efficiency of collecting those taxes.

The tax expert said he is convinced that Nigeria needs to increase the threshold of exemption for small businesses, for low income earners “because if they cannot make ends meet, the last thing you want is someone asking you to pay tax”.

BIG STORY

Forgive Fubara Like Sanwo-Olu, Reinstate Him In The Spirit Of June 12 — Bode George To Tinubu

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Bode George, a chieftain of the Peoples Democratic Party (PDP), has appealed to President Bola Tinubu to “reinstate Siminalayi Fubara,” the “suspended governor of Rivers,” in the “spirit of the June 12 celebrations.”

In an open letter addressed to Tinubu, George said since the president recently “forgave Babajide Sanwo-Olu,” governor of Lagos, the “same gesture should be extended to Fubara.”

George, a former PDP deputy national chairman (south-west), said the president should “reinstate Fubara” to “honor the memory of the June 12 struggles.”

“If Tinubu could forgive Governor Babajide Sanwo-Olu of Lagos State, then he should extend the same gesture to Fubara,” he was quoted as saying by NAN.

“On June 12, we will be celebrating Democracy Day. This is a reminder of the true meaning of democracy — the will of the people.

“Since Tinubu has forgiven Sanwo-Olu, then it makes a lot of sense, spiritually, to also forgive Fubara and let him return to office. I am talking as an elder.

“He (Tinubu) later joined NADECO to fight for democracy. Some of those who fought alongside him for democracy have died. It is not of his making that he is alive today.

“So, he should thank God, honour the memory of those who fought alongside him for democracy and return Fubara to office immediately.

“I also appeal to him, in the spirit of my maternal grand uncle who founded the first political party in Nigeria in 1922, Herbert Macaulay, to please reinstate Fubara.

“Tinubu should listen to and honour this appeal in memory of all those who died in the journey to our democracy.”

On “June 8,” during a “meeting with the Governor’s Advisory Council (GAC) and other Lagos stakeholders,” Tinubu said he had “forgiven Sanwo-Olu.”

“June 12” has been declared as a day to “commemorate democracy in Nigeria” to “posthumously honor MKO Abiola,” presumed winner of the “June 12, 1993, presidential election.”

BACKGROUND

On “March 18,” Tinubu declared “emergency rule” in the “oil-rich Rivers” over the “political crisis and instability” in the state.

He also “suspended Fubara,” his “deputy, Ngozi Odu,” and “all members of the Rivers assembly” for an “initial period of six months.”

The president immediately appointed Ibok-Ete Ibas, a “retired naval chief,” as the “state’s sole administrator.”

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BIG STORY

NIHOTOUR Calls For Calm Engagement After Field Officer Provoked During Lagos Compliance Exercise

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On Tuesday, June 10, 2025, during a “scheduled compliance and standardization exercise” by the “National Institute for Hospitality and Tourism (NIHOTOUR)” at the “Federal Palace Hotel, Victoria Island, Lagos,” a “moment of tension arose” between a “hotel staff member” and a “law enforcement officer” attached to the NIHOTOUR delegation who was “striped off his uniform” by the hotel staff.

The misunderstanding—which “does not reflect the tone of the broader engagement”—escalated when a “hotel staff physically confronted the officer,” resulting in “damage and striping of his official police uniform.”

The officer, “caught off guard” and “naked with only his pants trousers,” got “visibly provoked” and responded with a “slap,” which made “direct contact with the staff member’s face.”

While the incident is “regrettable and avoidable,” it serves as a “sober reminder” of the importance of “composure, clarity, and professionalism” during such exercises.

The Institute reiterates that its mandate is anchored on “collaboration, capacity enhancement, and stakeholder engagement”—”not hostility or confrontation.”

Commenting on the situation, NIHOTOUR’s Director of Inspection and Enforcement, Barrister Chike Ukuekwe, urged practitioners and operators in the industry to “shun aggressive and combative engagement” when officers of the law arrive at their premises for a “compliance exercise.”

He further emphasized the “need for mutual understanding” and a “professional approach to enforcement efforts.”

“Our collective mission is the upliftment of Nigeria’s hospitality, tourism, and travel sectors through standardization and compliance. These exercises are not meant to antagonize operators but to align practices with national expectations and global standards,” he said.

“We commend establishments like Eko Hotel, Sojourner Hotel, Marriot Hotel, Radisson Blu Hotel VI, Black Diamond Hotel, Four Points By Sheraton and others that open their doors to these engagements, and we urge all stakeholders to embrace dialogue, not disruption. It would interest you to know that most of the hotels visited, the compliance issues were resolved within the premises of most hotels, and our team left peacefully after assurances were made by most management of those hotels to comply within 7 days’ time.”

As “Nigeria’s lead institution” for the “standardization of the hospitality, tourism, and travel industry practice,” NIHOTOUR remains “committed to ensuring a professional and safe operational environment.”

“Initiatives such as the ongoing national compliance drive” are designed to “reinforce quality, ethics, and service excellence” across the board.

Moving forward, NIHOTOUR is taking “deliberate steps” to “enhance communication protocols” and “on-site preparedness” during field exercises, ensuring “clarity of purpose and mutual respect” among all parties involved.

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BIG STORY

Democracy Day: President Tinubu To Address Nigerians At 7am Tomorrow

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To commemorate the 2025 Democracy Day, President Bola Tinubu is scheduled to deliver a nationwide broadcast on Thursday at 7am.

This was disclosed in a statement released on Wednesday by the Inter-Ministerial Committee on Democracy Day.

Abdulhakeem Adeoye, who signed the statement on behalf of the committee’s Director, Information & Public Relations, stated that following the address, the president will participate in a joint session of the National Assembly at noon.

The session is expected to include speeches about the State of the Nation, reflections on Nigeria’s democratic evolution, and calls for greater unity and reform across the country.

Later in the evening, a public lecture titled “Consolidating on the Gains of Nigeria’s Democracy: Necessity of Enduring Reforms” is set to take place at 4pm at the State House Conference Centre in Abuja.

In contrast to previous celebrations, there will be no Democracy Day parade this year.

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