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FG’s Tax Reforms ‘ll end multiple taxation: Financial Expert
Stephen Olufemi Oni, Ilorin
A Financial Expert, Babatunde Salami, has expressed optimism that the new tax reform bills of the Federal Government would go a long way in solving the perennial problem of multiple taxation
According to him, the reform, if accorded wider stakeholders engagement and grey areas of concern addressed, would increase tax net and base in the country.
Salami, a former Regional Manager at First Bank PLC, who spoke in an interview in Ilorin, the Kwara State Capital, described the new reform as progressive, saying that it would make those that earn less than N1 million to be tax exempt and those earning above to pay tax on progressive basis from 7% to 24%.
He explained that the new tax bills would also provide avenues for Smaall Scale businesses that earned less than N50 million to be tax-exempt. This would allow small scale businesses and companies to thrive in the country.
He said: “For individuals that are earning less than N1 million annually, you are exempted from paying tax, and progressively, if you go above N1million, then your tax will start from 7% upward. For companies who will earn less than N50 million annually, they are also exempted from paying tax. This is to provide avenues for companies to continue to thrive in the country.
“We will no longer have the perennial problem of multiple taxation as everything will now be unified rather than different entities doing the collection.
“Nigeria is getting only 6% of tax from commercial activities in the country compared to South Africa, which is 22%. The new reform will help to increase the tax base.”
On the raging acute shortage of cash in the country, the financial expert blamed the Central Bank of Nigeria (CBN) for lacking proactiveness to control the situation.
He said: “The CBN is to be blamed. They are the supervisory organ and they need to be proactive by visiting banks to see what is truly going on themselves. They can ask the banks to open their respective vaults and check if they are hoarding cash or not. The CBN, as the supervisory organ, needs to sanction the banks that are found to be hoarding cash. He says, of what benefit would it be for any commercial bank for not wanting to satisfy their teeming customers with cash when customers come for their cash withdrawals
“The CBN keeps saying that if we don’t get note we should call them and they will try to understand why the bank couldn’t give their customers money but we learnt that the banks always go to CBN to request for cash but they don’t get any.”
Similarly, the President of the Association of Senior Staff of Banks, Insurance, and Financial Institutions, Olusoji Oluwole, attributed the growing cash shortage across the country to the CBN’s failure to meet commercial banks’ cash demands.
However, in a statement recently released by CBN, the Apex Bank blamed the cash scarcity on the rise in cash held outside bank vaults, which have risen by N1.59 trillion year-on-year riseN4.29 trillion.
The bank said over 90 per cent of the currency in circulation has remained outside formal financial institutions in 2024.
The data showed that by October 2024, currency outside banks had reached N4.29 trillion, making up 94.3 per cent of the total N4.55 trillion in circulation.
This marks a notable year-on-year increase of 59 per cent or N1.59 trillion, rising from N2.70 trillion in October 2023, when 89.6 per cent of the total currency was outside banks.
Salami, however, urged the authorities to help rescue the citizens from the untold hardship they are facing, saying, “This cash scarcity is only bringing unnecessary hardship on Nigerians and they have nothing to benefit from it not even in the long run”.
On the concerns raised about the new regime of bank transfer charges, the financial expert said, “Nigerians are beginning to pay more taxes either directly or indirectly. Most of these charges don’t stay in the bank, they go to the Federal Government.
Salami, who also spoke on the effect of poverty on the consumption culture of the Northern States, described the situation as “poverty of the mind” and blamed the political leadership in the region for lack of vision.
He said: “What is in existence in the North is the poverty of the mind, most especially on the part of the leaders (Military, Political and religious leaders) who are unable to look inward before now. During the time of Ahmadu Bello and Tafawa Balewa, North was a predominant productive region, but since then things have gone haywire.
“Lack of vision of leadership in the North, all they care about is coming into office and doing as they pleases without any plans for the people in their respective states, whereas there are steps to be taken.”
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HON. JA’AFARU YAKUBU HONOURED WITH DOUBLE TRADITIONAL TITLES OF CHIROMAN GASSOL AND MARAFAN BAKUNDI BALI
The Member representing Bali/Gassol Federal Constituency in the House of Representatives, Hon. Ja’afaru Chiroma Yakubu (ADC), has been conferred with two prestigious traditional titles — Chiroman Gassol and Marafan Bakundi Bali — in recognition of his exemplary leadership, commitment to public service, and immense contributions to community development.
The traditional honours were officially bestowed on the federal lawmaker by the revered traditional ruler of Bakundi Chiefdom, His Royal Highness, Alhaji Kabiru Muhammad Gidado Misa, the 10th Lamdo of Bakundi, during a colourful coronation ceremony attended by members of the royal family, community leaders, political associates, supporters, and well-wishers.
The conferment of the dual traditional titles has continued to attract widespread commendation from stakeholders across Taraba State and beyond, with many describing the recognition as a reflection of Hon. Ja’afaru Yakubu’s growing influence, grassroots connection, and unwavering dedication to the wellbeing of his people.
In a congratulatory message issued by his Special Assistant on Media and Publicity, Comrade Bashir Umar Dali, the lawmaker was described as a courageous, humble, and visionary leader whose commitment to humanity and community advancement has remained outstanding.
According to the statement, the titles Chiroman Gassol and Marafan Bakundi Bali are symbolic recognitions of the lawmaker’s selfless service, people-oriented representation, and tireless efforts towards promoting unity, peace, and sustainable development across Bali/Gassol Federal Constituency.
The statement further noted that Hon. Ja’afaru Yakubu has consistently distinguished himself through impactful representation, empowerment initiatives, and developmental interventions aimed at improving the lives of the people.
“Your commitment and selfless contributions to the growth and progress of the people continue to inspire many across Bali/Gassol Federal Constituency and beyond,” the statement read.
Comrade Bashir Umar Dali also prayed for greater wisdom, strength, honour, and divine guidance for the federal lawmaker as he continues to shoulder greater traditional and leadership responsibilities in service to the people.
Observers have described the conferment of the two traditional titles as a major endorsement of Hon. Ja’afaru Yakubu’s leadership credentials and his increasing relevance in the socio-political and traditional landscape of Taraba State.
The titles Chiroman Gassol and Marafan Bakundi Bali are regarded as highly respected honours within the traditional institution, reserved for individuals who have demonstrated exceptional character, loyalty, service, and commitment to the development and unity of their communities.
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EID-EL-KABIR: BELLO BABAYO BELLO COMMENDS TINUBU, SHETTIMA, GOMBE GOVERNOR AS HE FELICITATES WITH MUSLIMS NATIONWIDE
The Executive Director, Networks, Niger Delta Power Holding Company Limited (NDPHC), Engr. Bello Babayo Bello, FNSE, has extended warm felicitations to Muslim faithful across Nigeria, particularly the people of Gombe State, on the occasion of the 2026 Eid-el-Kabir celebration, urging citizens to continue promoting peace, unity, love, and national development.
In a goodwill message released to journalists on the occasion of the Islamic festival, Engr. Bello described Eid-el-Kabir as a sacred celebration that reflects the virtues of sacrifice, obedience, faith, compassion, and gratitude to Almighty Allah as demonstrated by Prophet Ibrahim (AS).
He called on Muslims to use the spiritual significance of the season to strengthen the bonds of brotherhood, support one another, and continue praying for the peace, stability, and prosperity of Nigeria.
Engr. Bello also commended the leadership of President Bola Ahmed Tinubu, GCFR, for his commitment to national development, economic reforms, infrastructural advancement, and efforts aimed at strengthening unity and progress across the country.
According to him, the administration of President Tinubu has continued to demonstrate determination in laying foundations for long-term growth and national transformation through bold policies and strategic governance initiatives.
The NDPHC Executive Director equally praised Vice President Kashim Shettima, GCON, for his loyalty, dedication, and support toward the actualization of the Renewed Hope Agenda of the Federal Government.
He noted that the Vice President has continued to play a vital role in promoting stability, inclusion, and effective coordination within government.
Engr. Bello further applauded the Governor of Gombe State, Muhammadu Inuwa Yahaya, CON, for what he described as purposeful leadership and remarkable strides in infrastructural development, healthcare, education, youth empowerment, and peaceful coexistence in the state.
He said the governor’s developmental policies and inclusive style of governance have continued to attract admiration and confidence from the people of Gombe State and beyond.
“Eid-el-Kabir remains a season of reflection, gratitude, sacrifice, and devotion to Almighty Allah. It is also a period that reminds us of the importance of unity, compassion, tolerance, and service to humanity. As we celebrate, we must continue to pray for our leaders and for the continued peace, progress, and prosperity of our dear nation,” he stated.
Engr. Bello urged Muslim faithful to extend love and kindness to the less privileged, widows, orphans, and vulnerable members of society during the Sallah festivities, stressing that charity and generosity are central teachings of Islam.
He also commended the people of Gombe State for sustaining the culture of peaceful coexistence, harmony, and mutual respect among diverse communities.
The engineering professional and public administrator expressed optimism that Nigeria would continue to witness greater development, unity, and economic advancement under the leadership of President Tinubu.
He prayed for Allah’s continued guidance, wisdom, protection, and blessings upon the President, Vice President, Governor Inuwa Yahaya, and all leaders across the country.
Engr. Bello finally wished Muslim faithful in Gombe State and across Nigeria a peaceful, joyous, and spiritually fulfilling Eid-el-Kabir celebration.
News
Dogara Celebrates Eid El-Adha, Urges Nigerians to Embrace Unity, Sacrifice, and Compassion
Rt. Hon. Yakubu Dogara, former Speaker of the House of Representatives and Chairman of the Board of National Credit Guarantee Company Limited (NCGC), has extended heartfelt felicitations to Muslims across Nigeria and around the world on the occasion of Eid El-Adha.
In his Eid message, Dogara described the festival as one of the most profound moments in the Islamic faith — a sacred season that embodies the enduring virtues of sacrifice, obedience, faith, and total devotion to God, as demonstrated by Prophet Ibrahim (AS). He noted that beyond its spiritual significance, Eid El-Adha serves as a powerful reminder of the values of compassion, generosity, and love for humanity.
According to him, the celebration offers an opportunity for reflection and renewal, urging Nigerians to recommit themselves to the ideals of unity, peace, and mutual understanding. He observed that the true essence of Eid lies not merely in celebration, but in the willingness to serve others selflessly and uplift the less privileged.
“Eid El-Adha reminds us that greatness is found in sacrifice, service, and compassion for one another. It is a season that calls us to strengthen the bonds of brotherhood, extend kindness to those in need, and renew hope for a better and more united nation,” Dogara stated.
The former Speaker stressed that the lessons of Eid should transcend religious and ethnic boundaries, especially at a time when Nigeria needs collective commitment to peace, justice, and national cohesion. He called on citizens to rise above division and work together in the spirit of patriotism and shared destiny.
“As we celebrate this sacred festival, may the spirit of sacrifice inspire us to build bridges of understanding, promote harmony across our communities, and work collectively for a more peaceful, just, and prosperous Nigeria,” he added.
Dogara further prayed that the blessings of Eid El-Adha would bring joy to families, healing to communities, and progress to the nation. He encouraged the faithful to use the occasion as a time for spiritual renewal, deeper devotion to God, stronger family ties, and renewed commitment to the common good.
“As families gather in prayer and celebration, may this Eid remind us of our shared humanity and our collective responsibility to serve with humility, love, and sincerity. May the Almighty accept our prayers and sacrifices, bless our homes with peace and happiness, and guide our nation toward greater unity and prosperity,” he concluded.
Dogara wished all Muslim faithful a peaceful and joyous Eid El-Adha celebration filled with divine blessings, love, hope, and renewed faith in the future of Nigeria.
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