Business

Tinubu’s tax reforms take shape – experts applaud FIRS chairman

Published

Wednesday, 9 April 2025, 7:47 pm

The House of Representatives has passed a series of Tax Reform Bills aimed at overhauling Nigeria’s tax system, a move experts say will bring efficiency, transparency, and economic stability.

The bills, which are expected to be deliberated by the Senate after its recess on April 29, 2025, are designed to modernise tax administration, expand the tax base, and harmonise revenue laws.

Tax analyst Arabinrin Aderonke Atoyebi has hailed the passage of these bills, crediting the success to the leadership of Dr Zacch Adedeji, Executive Chairman of the Federal Inland Revenue Service (FIRS).

According to her, the tax reforms reflect the government’s commitment to driving economic growth.

“After years of inefficiencies, low compliance, and fragmented administration, we are witnessing a structured approach to taxation,” she stated.

“President Bola Ahmed Tinubu made tax reform a priority, and he put the right man in charge: the Tax Boss.”

Under Adedeji’s leadership, the FIRS has implemented crucial reforms, including automating tax return processing and digitising compliance procedures.

“FIRS has automated over 80 percent of returns processing and integrated smarter modules into the TaxProMax system,” Atoyebi noted, highlighting the shift toward a seamless tax payment system.

The four bills—Nigeria Revenue Service Bill, Nigeria Tax Administration Bill, Nigeria Taxation (Consolidation) Bill, and the Joint Tax Board Bill—were developed after extensive consultations with stakeholders, including state governments and tax experts. Public hearings allowed for critical revisions, including the decision to maintain the current Value-Added Tax (VAT) rate rather than introduce hikes.

The reforms are expected to bridge gaps in tax collection, foster economic expansion, and improve Nigeria’s revenue generation without overburdening citizens.

“This is about more than taxation; it’s about national progress,” Atoyebi remarked. “We are not waiting for change; we are making it happen.”

With the Senate set to debate the bills in April, all eyes are now on the final stage: presidential assent.

Analysts believe that once signed into law, these reforms will reshape Nigeria’s economic landscape, enhancing efficiency and compliance.

Atoyebi emphasised that while passing the bills is a crucial milestone, their implementation will be key.

“Dr. Zacch Adedeji has not only championed these reforms but has owned the process with clarity, purpose, and results. If properly executed, this will strengthen the system for everyone—government and taxpayers alike.”

As Nigeria is poised for a tax revolution, stakeholders remain hopeful that these reforms will lay a solid foundation for economic stability and growth.

“The Tax Reform Bills are not just another policy shift. They are here to stay,” Atoyebi concluded.

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Business

Nigeria bids to host 2030 Commonwealth Games

Published

2 hours ago

April 9, 2025

John

Nigeria has declared its intention to host the 2030 Commonwealth Games, with the Nigerian Olympic Committee (NOC) confirming that it

read more Nigeria bids to host 2030 Commonwealth Games

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Business

Latest Forex News Every Nigerian Trader Should Follow

Published

5 hours ago

April 9, 2025

John

Contents

Naira’s Fluctuations and Central Bank Interventions Dangote Refinery’s Currency Policy Shift MTN Group’s Financial Performance Amid Naira Devaluation Pan-African Currency Market Initiative Strategies for Navigating Forex Market Volatility Final Thoughts

As of March 24, 2025, the Nigerian forex market is experiencing major developments that are shaping trading strategies and economic outlooks. Nigerian traders should stay informed about these important events to navigate the fluctuating environment effectively.

Naira’s Fluctuations and Central Bank Interventions

In the latest forex news, the Nigerian naira has faced notable volatility in recent weeks. At the official window, the naira depreciated by 1.25% week-on-week, settling at 1,536.89/$ as of Friday.

In response, the Central Bank of Nigeria (CBN) has implemented strategic interventions to stabilize the currency. These measures include injecting $360 million into the forex market through authorized dealers, aiming to mitigate depreciation risks and maintain exchange rate stability.

Also, the CBN has introduced an electronic FX matching system to enhance transparency and efficiency in forex transactions.

Dangote Refinery’s Currency Policy Shift

A major development impacting the forex news is the Dangote Petroleum Refinery’s decision to temporarily suspend fuel sales in the local naira currency. This move addresses the mismatch between sales in naira and crude oil purchases in dollars.

The 650,000-barrel-per-day refinery’s shift to dollar transactions may lead to increased petrol prices and heightened demand for foreign exchange among local fuel traders.

This policy change underscores the challenges businesses face amid currency fluctuations and foreign exchange constraints.

MTN Group’s Financial Performance Amid Naira Devaluation

The telecom sector has also felt the impact of currency volatility. MTN Group, Africa’s largest telecom operator, reported a 69% decline in full-year earnings, primarily due to the devaluation of the naira and operational challenges in Sudan.

The company’s headline earnings per share fell to 98 cents from 315 cents in the previous year, highlighting the broader economic implications of currency instability on corporate performance.

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Pan-African Currency Market Initiative

On a continental scale, the Pan-African Payments and Settlement System (PAPSS) is set to launch an African currency market platform later this year.

Supported by 15 central banks, this initiative aims to facilitate direct exchanges of local currencies for cross-border trade, reducing reliance on intermediary currencies like the US dollar.

For Nigerian traders, this development could open new avenues for regional commerce and potentially ease some foreign exchange pressures.

Strategies for Navigating Forex Market Volatility

Given the current market dynamics, forex traders are advised to adopt strong risk management strategies. The Association of Bureaux De Change Operators of Nigeria (ABCON) suggests measures such as unifying exchange rates, increasing transparency, and increasing liquidity in the forex market.

Traders should stay informed about regulatory changes and leverage technological advancements to navigate the complexities of the forex landscape effectively.

Final Thoughts

The Nigerian forex market is undergoing major transformations influenced by currency fluctuations, policy shifts, and regional initiatives.

For traders, staying abreast of these developments is crucial for making informed decisions and mitigating risks. Engaging with reliable news sources, understanding central bank policies, and adopting adaptive trading strategies will be essential to profiting in the evolving forex environment in Nigeria.

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