News

Oyedele Clarifies Policy Intent, Counters KPMG’s Critique on New Tax Laws

Published

10 months ago

January 10, 2026

Summary:
The Presidential Fiscal Policy and Tax Reforms Committee has firmly defended Nigeria’s newly gazetted tax framework, dismissing KPMG’s recent report of “errors” as a misinterpretation of deliberate strategic choices aimed at economic competitiveness and closing loopholes.

The debate over Nigeria’s evolving fiscal architecture has intensified, with the Federal Government pushing back against a critical assessment by KPMG Nigeria regarding the newly gazetted tax laws. Taiwo Oyedele, the Chairman of the Presidential Fiscal Policy and Tax Reforms Committee, has emphatically stated that what the audit firm identified as gaps and inconsistencies are, in fact, intentional policy decisions designed to align the country with global best practices.

In a detailed rebuttal issued on Saturday, Oyedele argued that while constructive criticism is vital for successful implementation, the bulk of the concerns raised by the consulting firm stemmed from a misunderstanding of the policy intent. He noted that characterizing deliberate legislative choices as “errors” misrepresents the government’s strategy to create a self-sustaining and competitive economic environment.

Clarifying Investment and Market Concerns
Addressing fears regarding the stock market, the Committee assured investors that the new framework is investor-friendly. Oyedele clarified that the tax structure on shares ranges from 0% to a maximum of 30%, with a scheduled reduction to 25%. Crucially, he emphasized that “99% of investors are entitled to unconditional exemption,” effectively debunking fears of a market sell-off.

On the issue of the indirect transfer of shares, the Chairman described the current provision as a necessary alignment with Base Erosion and Profit Shifting (BEPS) initiatives. This move is specifically aimed at closing loopholes long exploited by multinationals to avoid tax obligations in Nigeria.

Forex and Compliance Measures
The Committee also stood firm on its decision to disallow deductions on foreign exchange transactions made at parallel market rates. Oyedele described this not as an oversight, but as a fiscal policy tool meant to complement monetary policy and discourage the use of unofficial currency markets. Furthermore, linking tax deductibility to Value Added Tax (VAT) compliance was highlighted as a deliberate anti-avoidance measure to broaden the tax net.

Addressing Ambiguities
The statement also cleared the air on several technical definitions:

Insurance Premiums: These remain free from VAT as insurance is not classified as a taxable supply under the Nigeria Tax Act.
Dividend Taxation: The differential treatment between foreign and local company dividends is a fundamental policy choice based on their distinct tax purposes.
Non-Resident Obligations: Foreign entities must register for tax purposes to ensure broader compliance, even if their income is subject to a final withholding tax.

While acknowledging that minor clerical inconsistencies would be resolved through administrative regulations, Oyedele urged stakeholders to move from “static critique to dynamic engagement.” He insisted that the reforms represent a bold step forward, prioritizing fairness and revenue generation over the status quo.

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Foreign

US Envoy Explains Nigeria Visit, Outlines Meetings with EFCC, Police and Other Officials.

Published

57 minutes ago

November 2, 2026

Emmanuel Ikechukwu

The United States and Nigeria have strengthened their cooperation against financially motivated sextortion, romance scams and other forms of transnational cybercrime.

Michael Gonzales, the United States Deputy Assistant Secretary of State for International Narcotics and Law Enforcement Affairs, highlighted the progress during his visit to Abuja. His trip coincided with Nigeria’s Cybercrime Awareness Week and focused on advancing shared security priorities.

Gonzales met with senior officials from the Economic and Financial Crimes Commission, the Office of the National Security Adviser, the National Drug Law Enforcement Agency and the Nigeria Police Force. Discussions centred on expanding joint investigations and improving coordination against cyber-enabled offences.

He noted that cybercrime crosses borders within seconds and urged law-enforcement agencies to ensure that international cooperation moves equally swiftly. Recent extraditions, he said, demonstrate the effectiveness of combining investigative, diplomatic and legal capabilities.

In August, Nigeria extradited two alleged cybercriminals to the United States. They face separate charges involving financially motivated sextortion cases connected to American minors who died by suicide. Since 2022, the FBI Legal Attaché Office in Abuja has worked with the EFCC on 41 extraditions, including five completed in 2026.

Gonzales commended the EFCC, the Federal Ministry of Justice and the Office of the Attorney-General of the Federation for supporting the investigations and extradition process. He also stressed that swift and visible accountability is essential to deterring criminals and protecting vulnerable victims.

The visit reaffirmed that the strength of US-Nigeria security cooperation is measured not only by funded programmes, but also by practical results and sustained institutional collaboration.

News

Apostle Okoriko Urges Tinubu to Tackle Boko Haram.

Published

1 hour ago

November 2, 2026

Emmanuel Ikechukwu

Evangelist Apostle John Okoriko of Akwa Ibom State has urged President Bola Tinubu to deploy the nation’s available resources and security architecture to combat Boko Haram.

Speaking during a monthly interactive session themed “The Power of Belief,” Okoriko attributed the sect’s activities to a destructive religious belief system. He warned that such beliefs, alongside other retrogressive cultural practices, could undermine Nigeria’s stability and development if left unchecked.

According to him, education drives technological advancement and economic growth. He therefore expressed concern that Boko Haram’s opposition to education, particularly in northern Nigeria, could severely damage the country’s future.

Okoriko also urged Nigerians to maintain faith in their country despite insecurity, economic hardship and limited technological progress. He stressed that a nation unable to uphold the rule of law or believe in its own future risks collapse.

He called on the Federal Government to confront Boko Haram decisively, promote education and discourage beliefs that hinder national development.

News

NIMC Arrests Suspects in Illegal NIN Enrolment Operation.

Published

2 hours ago

November 2, 2026

Emmanuel Ikechukwu

The National Identity Management Commission (NIMC) has arrested individuals allegedly involved in illegal National Identification Number (NIN) enrolment in Gwagwalada, the Federal Capital Territory, and other locations nationwide.

The arrests were made by the Commission’s Inspectorate Compliance and Enforcement Unit, which also confiscated equipment used for the unauthorised activities.

In a statement issued by its Head of Corporate Communications, Kayode Adegoke, NIMC said the operation formed part of its ongoing campaign against unauthorised enrolment, illegal data modification and the extortion of applicants.

The Director-General, Abisoye Coker-Odusote, reaffirmed the Commission’s zero tolerance for extortion and unprofessional conduct. NIMC urged Nigerians to complete enrolment only at approved centres and use its official self-service platform for data modifications.

The Commission also advised the public to avoid unauthorised agents, download the NINAuth app for security features such as NIN protection and slip printing, and report complaints through its toll-free line: 0800 0616 462.