By Aduragbemi Omiyale

The federal government has assured Nigerians that its economic reforms would begin to yield the expected positive results this year.

The Minister of Information and National Orientation, Mr Mohammed Idris, gave this assurance at the 2025 Third Edition of the Ministerial Press Briefing Session held on Tuesday at the National Press Centre, Abuja.

According to him, the 2025 budget recently signed by President Bola Tinubu is a strategic roadmap for economic resilience, social stability, and national progress.

He said the government was determined to ensure efficient budget implementation, transparency, and accountability in delivering the promises of the Renewed Hope Agenda of President Tinubu.

“The 2025 budget is not just a financial document; it is a bold statement of intent – a roadmap for economic resilience, social stability, and national progress.

“The budget has demonstrated a renewed focus on security, infrastructure, education, health, solid minerals, agriculture, and other key areas that have a direct impact on the well-being and socio-economic development of the country.

“This year, 2025, is set to be the year of consolidation – a year where all the transformative reforms initiated by President Tinubu’s administration begin to bear tangible fruits in the lives of Nigerians.

“Already, we are witnessing a gradual reduction in the prices of foodstuffs, which is bringing much-needed relief to the people.

“Let me give the assurances that the Federal government remains committed to the efficient implementation of this budget in order to maximize its full impact on the lives of our citizens.

“I, therefore, call on all Nigerians to support these efforts and join hands in building a prosperous and united Nigeria,” the Minister said.

By Adedapo Adesanya

A Federal High Court in Abuja on Monday adjourned the suit filed by the Federal Inland Revenue Services (FIRS) against Binance Holdings Ltd over  economic losses allegedly caused by its operations in Nigeria to April 7.

The matter, which was on number 9 on the cause list, could not proceed before Justice Inyang Ekwo.

The development occurred after some cases had be heard by the judge before he went on recess.

FIRS had, in the suit marked: FHC/ABJ/CS/1444/2024, dragged Binance and its executives, Mr Tigran Gambaryan and Mr Nadeem Anjarwalla to court.

In the originating summons dated and filed September 30, 2024, by Mr Kanu Agabi, the country’s’ tax regulatory body sought four questions for determination.

The FIRS prayed the court to determine “whether pursuant to Section 13(2) of the Companies Income Tax (CIT) Act Cap. C21, LFN, 2024 and Order (1)(a) and (c) of Companies Income Tax (Significant Economic Presence) Order 2020, the defendants are not liable to pay annual corporate income tax to the Federal Republic of Nigeria for having had significant economic presence in Nigeria from 2022 to 2023, among others.

The agency, therefore, sought nine reliefs should the court answered its questions in the affirmative.

It wants the court to declare that pursuant to all relevant laws, the defendants are liable to pay annual corporate income tax to the Federal Government for having significant economic presence in the country.

It wants the court to declare that Binance and its representatives are liable to file their income tax to the agency for the year 2022 and 2023 respectively from the time they began to exercise significant economic presence in Nigeria.

FIRS also seeks a declaration that it is entitled, under Section 87(1) of the CIT Act Cap. C21, LFN, 2004; Sections 25(1) and 34(1) of the FIRS (Establishment) Act 2007, to recover from the defendants the cumulative sum of $2,001,000,000.00 being the amount due by way of income tax to the plaintiff from the defendants for 2022 and 2023 respectively.

It also seeks a declaration that pursuant to Section 85(1) of the CIT Act Cap. C21, LFN, 2004 and Section 32(1) of the FIRS (Establishment) Act 2007, the defendants are liable to additional payment of 10 per cent per annum on the tax due but not paid for 2022 and 2023 respectively.

The agency, therefore, sought an order mandating the defendants to pay to the plaintiff the sums of $2,001,000,000.00 for year 2022 and for 2023, being the unpaid income tax due to the plaintiff from the defendants for the year 2022 and 2023 respectively.

“An order mandating the defendants to pay to the plaintiff the 10% addition for non-payment of income tax for year 2022 and 2023 respectively.

“An order mandating the defendants to pay 26.75% interest rate being the prevailing Central Bank of Nigeria (CBN) lending interest per annum from the 1st January, 2023 and 1st January, 2024 respectively when the tax become due and payable until it is fully paid.”

In the affidavit deposed to by Mr Jimada Yusuf, a member, Special Investigation Team from the Office of the National Security Adviser (ONSA), he said he and other officials of FIRS and other regulatory agencies, investigated Binance’s business activities in Nigeria.

Mr Yusuf said the Federal Government discovered that Binance had been operating in Nigeria for over six years without registration.

According to him, this was allegedly confirmed by Gambaryan and Anjarwalla during a meeting with the Securities and Exchange Commission (SEC) in 2024.

He further claimed that in a letter dated February 20, 2024, Binance admitted to having 386,256 active users from Nigeria on its platform, with a trading volume of $21.6 billion and a net revenue of $35.4 million for the calendar year 2023.

He accused Binance and its executives of multiple infractions, including offering financial services without the necessary licenses, operating without required permits, non-compliance with the money laundering Act, providing currency speculation services without proper authorisation, etc.

Mr Yusuf averred that Binance engaged in Virtual Asset Service Provider (VASP) activities in Nigeria, providing trading and custodial services to Nigerian users without proper registration with the relevant regulatory agencies, among others.

FIRS and the Economic and Financial Crimes Commission (EFCC) are also prosecuting the cryptocurrency company in separate charges before Justice Emeka Nwite of the same court.

By Adedapo Adesanya

The Nigeria Extractive Industries Transparency Initiative (NEITI) says it is committed to providing technical inputs, data-driven insights, and policy recommendations to the legislative process of the Tax Reform Bills.

NEITI’s Executive Secretary, Mr Orji Ogbonnaya Orji, made the pledge during a dialogue event convened by NEITI in collaboration with Order Paper Nigeria.

He said the aim is to ensure that the bill strengthens fiscal transparency, enhances accountability, and maximises resource benefits for all Nigerians.

Mr Orji emphasised that the 2024 Tax Reform Bill, currently under legislative review, represents a bold effort to modernise Nigeria’s tax system.

He stated that NEITI has carefully examined the bill and acknowledges its potential to improve tax administration, streamline legal frameworks, and enhance compliance across various industries, including oil, gas, and mining.

The NEITI chief said it has also sent strong recommendations to the National Assembly on addressing concerns raised in the bill.

According to NEITI, key highlights include the consolidation of tax laws to improve clarity and compliance, taxation of digital assets and non-resident entities to align with global best practices, stronger anti-tax avoidance measures, improvements in VAT administration, double taxation relief, and tax incentives for priority sectors.

“While these provisions signal progress, we must also critically assess their impact on NEITI audits, revenue transparency, and sector-specific compliance,” Mr Orji said.

He posed several key questions for consideration, including how the new tax regime would impact transparency and accountability measures championed by NEITI, and how to ensure extractive companies fully disclose their tax obligations.

Mr Orji, however, said that persistent challenges—such as tax evasion, revenue leakages, weak enforcement, and a lack of transparency in fiscal regimes—had continued to undermine the sector’s potential to drive sustainable development.

According to him, the 2024 Tax Reform Bill, currently under legislative review, represents a bold effort to modernise Nigeria’s tax system.

He emphasised the importance of sustained multi-stakeholder engagement, ensuring that civil society organisations (CSOs), the private sector, and the media remain actively involved in tracking the bill’s implementation and impact.