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Fed Govt Approves Tax Relief To Boost Businesses, Employment

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The Federal Executive Council (FEC) has approved the economic stabilisation bills seeking amendment of tax policies.

The approval was granted during the FEC meeting presided over by President Bola Tinubu on Monday.

In a post on X, Bayo Onanuga, special adviser to the president on information and strategy, detailed the highlights of the FEC meeting held in Abuja.

According to Onanuga, the bills seek to amend the income tax laws, promote the export of goods and services, reform the exchange rate regime and unlock foreign exchange liquidity.

He said one of the bills offers tax relief to companies that generate incremental employment while another offers personal income relief to “people in private and public employment from N200,000 to N400,000”.

On August 8, Wale Edun, minister of finance, said there will be tax breaks for companies that employ more staff.

Edun said the tax breaks will be included in the Inflation Reduction Act.

 

‘FEC APPROVES BILL SEEKING SUSPENSION OF TAXES ON SMES, LIVESTOCK’

Also, Onanuga said another bill seeks federal and state collaboration to “suspend certain taxes on small businesses and vulnerable populations”.

“Among the taxes to be axed are road haulage levies, business premise registration levies, livestock levies, and market taxes and levies,” he said.

Onanuga said with the FEC’s approval, the bills will be transmitted to the national assembly for passage.

On July 7, 2023, Tinubu approved the establishment of the presidential committee on fiscal policy and tax reforms and appointed Taiwo Oyedele, a tax and fiscal policy expert, as its chairman.

The committee was tasked with various aspects of tax law reforms, fiscal policy design and coordination, harmonisation of taxes, and revenue administration.

Tinubu had asked the committee to deliver quick reforms that can be achieved in 30 days.

The ‘quick-win’ report presented to Tinubu on October 24, 2024, heralds the committee’s 20 recommendations for immediate reforms.

The committee’s recommendations include increasing personal income tax exempt threshold and personal relief allowance, tax breaks for the private sector in respect of wage increases to low-income earners, transport subsidy and net increase in employment, among others.

Highlighting the recommendations in a post on X on October 24, 2023, Oyedele said the work of the committee is divided into three phases, quick wins within 30 days, critical reforms within six months, and implementation within one year.

Also, on June 4, 2024, Oyedele said the committee proposed the reduction of the company income tax (CIT) by 5 percent over two years.

He said the tax rate should drop from 30 percent to 25 percent, as it would go a long way to encourage businesses and investors.

According to Oyedele, Nigeria’s CIT is one of the highest in the world.

He said the committee also seeks to reduce the number of taxes in the country to a single-digit tax system through its proposed reforms.

Oyedele said the taxes would be shrunk to just seven, namely: income tax, value-added tax (VAT), property tax, customs duties, excise duty, stamp duties, and special levy.

 

 

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Couple Kidnapped, One Shot In Ondo Estate Attack

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Gunmen suspected to be kidnappers have abducted a couple from their residence in the Iluabo area of Akure North Local Government, Ondo State.

During the attack, which occurred in the early hours of Saturday, February 21, 2026, the assailants shot one person before seizing the victims.

The gunmen had stormed Olaribigba Estate in the community when they whisked Mr Jamiu Olawale and his wife into the bush.

Following the development, which has created tension in the agrarian community, residents protested and barricaded the road leading to the community over the incessant kidnappings and insecurity in the community.

According to sources, the couple had arrived at their residence in an ash-coloured Toyota Camry when they were attacked by the gunmen, who lay in ambush for them.

During the incident, a neighbour of the abducted couple, Patrick Ilumaro, who was seated in front of his residence, was shot by the gunmen while fleeing from the community.

A neighbour of the victims revealed that Ilumaro was swiftly rushed to an undisclosed medical facility where he is currently receiving medical treatment.

While confirming the incident, the Ondo State Police Command disclosed that tactical teams as well as conventional operatives have been deployed to the community.

In a statement issued by the Police Public Relations Officer, Abayomi Jimoh, the operatives are already combing the axis in an effort to rescue the victims and apprehend the perpetrators.

“Concerted efforts are ongoing to ensure the safe return of the abducted persons and bring those responsible to justice.

“Members of the public are urged to remain calm and go about their lawful activities. Meanwhile, the Command urges them to provide credible and actionable information that may assist in the investigation to the nearest police station.”

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Brake Failure Leaves One Dead, Four Rescued At Abule-Egba

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One person died and four others were rescued following a road accident at Ekoro Junction, Abule-Egba, on Friday evening, according to a statement from the Lagos State Traffic Management Authority.

The Director, Public Affairs and Enlightenment Department of LASTMA, Adebayo Taofiq, made this known in a statement issued on the agency’s X handle on Saturday.

According to the agency, the crash occurred at about 7:30 p.m. when an empty MACK tanker suffered a sudden brake failure, lost control and rammed into a Toyota Corolla before crashing into a roadside shop.

LASTMA said the tanker, with registration number EKY 900 XY, collided with a Toyota Corolla marked AAA 823 AY.

The impact caused extensive structural damage to the shop and triggered panic among traders and pedestrians in the area.

“The magnitude of the collision led to the immediate confirmation of one fatality at the scene, while four other trapped persons were extricated from the wreckage through coordinated emergency rescue efforts,” the agency stated.

The authority said it immediately activated its Rescue and Recovery Protocol, deploying specialised operatives to manage the situation.

“Personnel implemented strategic traffic diversion, vehicular evacuation procedures and crowd management in synergy with other emergency responders to forestall secondary incidents and guarantee unobstructed access for rescue operations,” LASTMA added.

It stated that emergency teams carried out rescue operations and provided medical attention to the injured victims.

According to the agency, a heavy-duty tow truck was later deployed to evacuate the damaged tanker and clear debris from the road to restore normal traffic flow.

The agency disclosed that the tanker driver fled the scene shortly after the crash and security operatives have since launched efforts to apprehend the driver and initiate legal proceedings.

“Security personnel from the Nigeria Police Force, Ekoro Division, responded expeditiously, maintaining public order, securing the accident perimeter and assisting in investigative processes aimed at establishing the precise sequence of events that culminated in the mechanical failure and subsequent collision.

“The incident precipitated considerable traffic congestion extending across adjoining routes toward Abule-Egba, necessitating robust traffic management interventions by LASTMA officials who remained on ground directing vehicular movement and implementing diversion strategies to alleviate the backlog,” it said.

According to the agency, its General Manager, Olalekan Bakare-Oki, expressed condolences to the family of the deceased and urged transport operators, particularly drivers of articulated vehicles, to prioritise routine vehicle maintenance.

“Preventable mechanical deficiencies remain a significant contributory factor in severe road traffic crashes,” Bakare-Oki said.

He also advised motorists to exercise vigilance, obey traffic regulations and maintain responsible driving practices, especially within densely populated commercial corridors.

Bakare-Oki assured the public that security agencies would conduct a thorough investigation to determine the immediate and remote causes of the incident and ensure that anyone found culpable would be prosecuted in accordance with extant laws.

The agency said other emergency responders at the scene included the Lagos State Emergency Management Agency, the Lagos State Fire and Rescue Service, the Lagos State Ambulance Service, the State Environmental Health Monitoring Unit and officers of the Nigeria Police Force, collaborated to coordinate rescue, medical response and environmental safety measures.

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Court Sets Feb 25 For El-Rufai’s Arraignment In DSS Cybercrime Case

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The Department of State Services (DSS) will arraign former Governnor of Kaduna state, Nasir El-Rufai, on February 25 over alleged cybercrime and breach of national security.

Justice Joyce Abdulmalik of the Federal High Court has fixed the date for the arraignment of the former Governor on a three-count criminal charge filed by the Department of State Services (DSS) after the Chief Judge, Justice John Tsoho assigned the case to her.

NAN earlier reported that the DSS, on Monday, filed a three-count criminal charge against El-Rufai following his alleged involvement in wiretapping the telephone lines of the National Security Adviser (NSA), Mallam Nuhu Ribadu.

The charge, instituted by the Nigerian secret police, is marked FHC/ABJ/CR/99/2026.

The service accused El-Rufai of breaching the Cybercrimes Prohibition Act (2024) and the Nigerian Communications Act (2003.)

In court, El-Rufai was alleged to have, on Feb. 13, while appearing as a guest on Arise TV station’s Prime Time Programme in Abuja, admitted during the interview that he and his cohorts unlawfully intercepted the phone communications of the NSA, Mr Ribadu.

The offence is said to be contrary to and punishable under Section 12(1) of the Cybercrimes (Prohibition, Prevention, etc.) Amendment Act, 2024.

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