Uncategorized
Fuel Tax Not Taking Effect Yet, Says Taiwo Oyedele — Cites Harsh Economic Conditions
By: Fabian Apechihin
The Chairman of the Presidential Committee on Fiscal Policy and Tax Reforms, Taiwo Oyedele, has clarified that the proposed 5% fuel surcharge will not be implemented immediately, citing current economic challenges faced by Nigerians.
Speaking at the Haulage and Logistics Magazine Conference and Exhibition in Lagos, Oyedele explained that while the levy is a sound policy designed to fund road maintenance, implementing it now would worsen the financial strain on citizens.
He noted that the surcharge — originally introduced during the administration of former President Olusegun Obasanjo — was intended to allocate part of fuel revenue to road repairs, with 40% directed to federal roads and 60% to state and local government roads.
“The idea is brilliant and is already in practice in over 150 countries,” Oyedele said. “However, introducing it at this time would be insensitive, given the current cost-of-living crisis.”
He revealed that although the Federal Roads Maintenance Agency (FERMA) had proposed activating the levy following the removal of fuel subsidy, the fiscal policy committee turned down the request.
Oyedele further explained that the tax provision exists only in the draft fiscal reform law and cannot be enforced unless the Minister of Finance issues an official directive — a safeguard designed to prevent hasty implementation.
“For me, the right time will be when the naira stabilises or crude oil prices drop so that the surcharge won’t push up pump prices,” he added.
Assuring transport operators and logistics firms, Oyedele said the ongoing tax reforms aim to reduce multiple taxation, lower operational costs, and promote efficiency in the sector.
“We are not introducing new taxes; we are eliminating redundant ones that frustrate businesses and increase the cost of goods and services,” he said.
Under the reform framework, small transport and logistics companies with annual turnover below ₦100 million will be exempt from company income tax, while eligible operators will benefit from VAT refunds and other incentives.
Oyedele concluded that the reforms seek to simplify Nigeria’s complex tax system and ensure transparent, equitable revenue sharing across federal, state, and local governments.
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Seven Killed in Fresh Attack on Benue Community
By: Fabian Apechihin
At least seven people have been confirmed dead following an ആക്രമ by suspected armed herders on Channel One community in Logo Local Government Area of Benue State.
The affected settlement, located along the Arufu–Wukari road near the border with Taraba State, was reportedly invaded late Sunday night. Residents said the attackers stormed the area around 11 p.m., firing indiscriminately and forcing villagers to flee.
A local resident, Amos, who spoke via telephone, said the sudden gunfire caused panic as people ran for safety. A community leader, Joseph Anawah, also confirmed the нападение, initially reporting six fatalities and identifying the victims as Akor Gwakyaa, Msooter Gwakyaa, Aondoungwa Michael, Vershima Michael, Terna Michael, and Msughter Terzungwe.
He added that several others sustained serious injuries and were taken to hospitals in Anyiin, while about seven critically injured victims were transferred to Ugba for further treatment.
According to Anawah, the attackers—believed to be armed Fulani herders—arrived in large numbers on motorcycles and were heavily вооружены. He alleged that they may have come from a camp in Shaor, a deserted village in Logo LGA previously flagged in intelligence reports as a base for armed groups.
The assault has triggered fresh displacement, with residents of the affected and nearby communities fleeing to safer locations over fears of additional attacks.
Chairman of Logo LGA, Clement Kav, confirmed that seven people were killed and four others injured. He said the assailants carried out a swift हमला before retreating.
Kav noted that the incident has been reported to the police commissioner and the state’s Special Adviser on Homeland Security.
Meanwhile, the spokesperson of the Benue State Police Command, DSP Udeme Edet, said she had not yet received full details of the incident but promised to provide updates.
The latest killings add to a growing wave of violence across Benue State. In recent days, multiple attacks have been recorded, including the killing of a traditional ruler and his family in Agatu LGA, as well as the murder of three mourners and abduction of two others in Ushongo LGA.
Community leaders are now urging both state and federal authorities to strengthen coordinated security operations, particularly along border areas, and to dismantle suspected armed camps to prevent further bloodshed.
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Court Orders Accelerated Trial Of Alleged Coup Plot Suspects
By: Fabian Apechihin
A Federal High Court sitting in Abuja has directed that the trial of six individuals accused of plotting to topple President Bola Tinubu’s government be fast-tracked.
In a ruling delivered on Monday, Justice Joyce Abdulmalik approved an accelerated hearing process and scheduled April 29, April 30, May 4, and May 5 for the start of the trial, along with the hearing of bail applications. She, however, stated that proceedings would commence before any bail requests are entertained.
Those standing trial are Mohammed Ibrahim Gana, a retired major-general; Erasmus Ochegobia Victor, a retired navy captain; Ahmed Ibrahim, a police inspector; and Zekeri Umoru, an electrician attached to the Presidential Villa. Also charged are Bukar Kashim Goni and Abdulkadir Sani, a Zaria-based cleric.
The defendants are facing a 13-count charge that includes allegations of treason, terrorism, failure to disclose information, and money laundering. All six pleaded not guilty. One of the charges accuses them of conspiring in 2025 to wage war against the state in a bid to unseat the President.
Attorney General of the Federation, Lateef Fagbemi, informed the court that the prosecution is prepared, with witnesses ready to testify. However, defence lawyers—among them Mohammed Ilayepo, Paul Erokoro, A.I. Yeru, and N.S. Diri—objected to the timeline, citing inadequate notice and the complexity of the case.
Despite the concerns raised, the court instructed all parties to cooperate in ensuring a swift trial.
The session was held under heavy security, with journalists barred from the courtroom. Officials, backed by operatives of the Department of State Services, asked reporters to leave shortly before proceedings began.
Meanwhile, a separate military tribunal involving 36 serving officers allegedly connected to the plot is scheduled to resume on May 8. The Defence Headquarters confirmed that the officers are being tried under military law at a tribunal in Abuja.
The parallel civilian and military proceedings highlight the scale of the alleged plot, which authorities say involves both civilians and active-duty personnel.
Former Bayelsa State Governor Timipre Sylva, who was named in several counts but not formally charged, is said to be at large.
The six accused persons had earlier been arraigned and remanded in DSS custody as investigations into the alleged coup plot continue.
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Policy Summersaults Threat To Nigeria’s Growth: CRC Boss
Stephen Olufemi Oni, Ilorin
Nigeria’s quest to build a vibrant entrepreneurial economy is under serious threat due to inconsistent government policies, weak infrastructure and fragmented data systems, Managing Director of CRC Credit Bureau Limited, Dr Ahmed Babatunde Popoola, has said.
Popoola raised the alarm while delivering a lecture at the Kwara State University (KWASU), Malete, where he stressed that access to finance alone cannot drive business growth without trust, reliable data and coordinated policy direction.
According to him, Nigeria must urgently strengthen three key pillars—financial services, financial infrastructure and socio-economic systems—to compete with leading entrepreneurial economies globally.
“We must develop all these three in Nigeria to join the league of entrepreneurial economies,” he said.
He expressed concern that frequent policy changes by successive administrations have weakened the impact of government interventions on small businesses and consumers.
“At the public policy level, a coherent access to finance framework for consumers and SMEs needs to be developed. We have observed that different administrations embark on different policies and continuity is not guaranteed. This is a major challenge in Nigeria,” Popoola stated.
The CRC boss also decried the dominance of informal credit systems, warning that millions of Nigerians, including users of unregulated digital lending platforms, remain outside the formal financial ecosystem.
“A lot of credit activities take place informally outside the formal financial system. A robust finance framework would connect these fragmented sources to the formal system and enhance financial inclusion,” he said.
On identity management, he called for the harmonisation of multiple identification platforms under the National Identification Number (NIN), proposing a unified system for all Nigerians.
“We need to accelerate the fusion of tax ID, passport, BVN, driver’s licence and voter’s card with the NIN. It should be the only unique number for everyone,” he added.
Popoola further warned that rising digital financial transactions have increased exposure to fraud and data breaches, urging stricter enforcement of data protection laws.
“Data is central to the success of the financial system. It must be protected from abuse and unauthorised access. Strict compliance with data protection regulations should be enforced,” he said.
He also urged government to unlock critical data held by telecom firms, power distribution companies, insurers and tax authorities to support credit bureaus in improving lending decisions.
“With the right data, credit bureaus can unlock access to credit for consumers and small businesses. Today, data is locked up in silos and not useful to the economy,” he noted.
Highlighting infrastructure gaps, Popoola described poor electricity supply as a major obstacle to industrialisation and enterprise development.
“I do not think any nation can achieve greatness if access to electricity remains as poor as we currently have it in Nigeria,” he said.
He challenged universities to conduct impact assessments on government-backed SME programmes, noting a lack of evidence on whether such interventions are achieving desired outcomes.
“Rigorous research should determine whether these supports are achieving expected outcomes. As of now, we have little research activities in this area,” he added.
Popoola, however, acknowledged progress in Nigeria’s digital ecosystem, citing the growth of fintech firms such as Flutterwave, OPay, Interswitch and MoniePoint as evidence of emerging trust infrastructure.
“Government direct financial support is a form of subsidy and cannot materially address the gaps in access to finance. The promotion of financial infrastructure will move the needle faster,” he said.
He emphasised that improving education and healthcare systems is critical to unlocking the potential of Nigeria’s youthful population.
“When we build the capacity of people through quality education and accessible healthcare, we will unleash opportunities for our youthful population to live lives of dignity and prosperity,” Popoola said.
Meanwhile, the Vice-Chancellor of Kwara State University, Professor Shaykh-Luqman Jimoh, reaffirmed the institution’s commitment to bridging the gap between academia and industry through strategic partnerships.
Jimoh said the collaboration between the university and CRC Credit Bureau Limited would enhance students’ employability through internships, research and industry exposure.
“This lecture is one way we as a university are forging synergy with industry,” he said.
“Our students stand to benefit from structured internships, industry exposure, and targeted employability training, while our faculty will engage in joint research and knowledge exchange that strengthens both academic output and industry practice,” Jimoh added.
He noted that the partnership, formalised in January 2026, focuses on finance, data science and credit management, positioning the university as a driver of economic transformation.
“For us, theory must meet practice on our campuses while practice must reflect grounded theories in our communities. This is the only way universities can contribute meaningfully to national development,” he said.
Also speaking, the Dean of the Faculty of Management and Social Sciences, Dr Rahman Mustapha, underscored the importance of trust in building a sustainable financial and entrepreneurial ecosystem.
“The future of finance and entrepreneurship in Nigeria rests on your shoulders, and trust remains the currency that will sustain your endeavours,” Mustapha told students.
He described the lecture as timely, noting that stronger collaboration between academia and industry is essential for preparing students for real-world challenges and driving national development.
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