Economy
Oyedele Clarifies Transfer of Funds for Tax Reform Committee
By Adedapo Adesanya
The Chairman of the Presidential Fiscal Policy and Tax Reforms Committee, Mr Taiwo Oyedele, has cleared the air regarding recent reports on the transfer of funds to the Joint Tax Board (JTB) by the Federal Inland Revenue Service (FIRS) under the erstwhile chairman, Mr Muhammad Nami, for the tax reform committee.
In a statement on Friday, he revealed that N5 billion was paid to the board to fund activities of the team set up by President Bola Tinubu, noting that “The committee’s budget includes provisions for a national Data for Tax project which the JTB had been championing for over 2 years.”
According to him, the project was presented to the National Economic Council (NEC) in 2022 and was meant to be funded by the federal government and the 36 states. However, this stalled due to lack of funds.
“Given the importance of the project to the effective reform of our tax system, it was included in the Committee’s budget,” he said in a post shared via his X, formerly Twitter, page,
Giving a breakdown of other expenses, he said these included “committee’s budget, which has the approval of the National Assembly, including setting up of offices for the committee in Lagos and Abuja, payment of salaries for the full-time staff engaged by the committee, travels and other logistics for over 70 members representing more than 40 institutions and stakeholder groups mapped to 6 different Subcommittees, more than 30 secretariat personnel and over 40 students across the country.
“In addition, the budget covers planned stakeholder engagements with various sectors and interest groups, as well as international engagements and understudy of some leading tax regimes around the world, and so on. The budget covers a period of one year being the lifespan of the committee.”
He clarified that he was not put on a salary, adding that members of the committee worked on a volunteering basis and were only paid reasonable allowances to cover their personal expenses.
He said, “It should be noted that the committee was not set up simply to produce reports and recommendations, we are also charged with the implementation of recommended and approved proposals which need to be funded.”
“Members of the Committee work on a volunteering basis and are only paid reasonable allowances to cover their out-of-pocket expenses as we cannot afford to pay the commercial value for their time, skills, and experience.
“As the Chairman of the Committee, despite working full time on the assignment, I do not receive a salary,” he added.
He further revealed that all the expenses of the committee are properly documented and available for audit.
“We collect receipts for fuel, stationeries, and virtually every Naira that we spend to the extent possible. Over N4 billion of the said funds transferred by the FIRS to the JTB for the committee’s work is yet to be spent and very much intact in the JTB account,” he stated.
By Adedapo Adesanya
The Nigeria Employers’ Consultative Association (NECA) has expressed its commitment to strengthening the Micro, Small and Medium Enterprises (MSMEs) ecosystem in Nigeria.
The Director-General of NECA, Mr Adewale Smatt Oyerinde, made the commitment while announcing the 2025 edition of the flagship MSMEs Fair scheduled to hold on Tuesday, May 6, 2025, at NECA House, Alausa, Lagos.
Mr Oyerinde said MSMEs are the lifeblood of the economy, noting that the Fair is designed to empower them with the tools, knowledge, and networks needed to thrive.
This year’s Fair will feature a keynote address by Mrs Adenike Adeyemi, CEO of FATE Foundation, a leading organization in enterprise development. Her address is expected to highlight innovative approaches to MSME sustainability and growth in Nigeria’s dynamic economy.
A major highlight of the fair will be the presence of key regulatory agencies, which will engage directly with entrepreneurs to address critical pain points around licensing, compliance, taxation, and business registration. This regulatory dialogue aims to demystify bureaucratic processes and promote a more enabling environment for enterprise development.
Themed Galvanizing MSMEs for Economic Growth and Stability, the event will bring together financiers, tech experts, regulators, and business leaders to offer practical insights, strategic guidance, and real-time business support to participants. Entrepreneurs will have the opportunity to exhibit their products and services, engage with potential investors, and connect with stakeholders across various sectors.
The fair will also feature exhibitions by entrepreneur across sectors, which will give them the opportunity to showcase their products and services to the public.
The programme offers entrepreneurs a platform to be enlightened on business development strategies, digital transformation, access to finance, and market expansion—equipping MSMEs with actionable knowledge for long-term success.
By Dipo Olowookere
The need to make the Nigerian stock market more attractive to retail investors has again been emphasised by a business enthusiast and food expert.
The chief executive of UAC Foods, Mr Oluyemi Oloyede, said efforts must be made by the regulators to ensure the man on the street understands the stock exchange and the capital market like the back of his hand.
In a post on Sunday, Mr Oloyede specifically gave this task to the Nigerian Exchange (NGX) Limited, noting that it should educate Nigerians on how to trade equities so as to make the space robust, which he insinuated would be good for the economy.
This, he said, can be achieved through an intensive investor education to further improve confidence in the market.
“The Nigerian stock exchange needs to bring the market to the streets, to social media, to the commonplaces where Nigerians can understand what the market is about and break down big concepts to simple, everyday languages. People are putting hard earned money in wrong places,” he said in the post yesterday.
The NGX has been churning out some activities to carry retail investors along, including organising workshops to explain how the market works.
It also recently introduced a cutting-edge web application known as NGX Invest, which is designed to transform the primary market equity capital-raising process, specifically public offers and rights issues.
This online capital-raising platform has been approved by the Securities Exchange Commission (SEC) and was introduced in line with NGX Group’s commitment to market development.
The platform was created to boost retail participation in the capital market, promote financial inclusion and further deepen the pool of available capital in the market by enhancing its capabilities to fulfil the needs of Issuers and other market stakeholders.
Last year, the NGX released a new edition of a unique comic book, StockTown, designed to promote financial literacy among the younger generation of Nigerians.
By Adedapo Adesanya
The Nigerian government has stopped the issuance of waivers for the importation of threaded pipes, a key component in oil and gas operations that drains Nigeria’s foreign reserves by over $1 billion annually, as part of efforts to plug capital flight and boost local manufacturing.
The Minister of State for Petroleum Resources (Oil), Mr Heineken Lokpobiri, announced this at the commissioning of Monarch Alloys Limited’s coating plant in Lagos.
He said Nigeria does not justify importing pipes when local capacity is being developed, stressing that investments like Monarch Alloys must be patronized to stimulate industrialization, reduce import dependency, and create jobs for Nigerians.
“Let me state clearly today: no more waivers for the importation of threaded pipes into this country. We have a duty to support our industries to grow. We will not allow dumping of pipes or such things anymore.
“It makes no sense for Nigeria to continue spending hard-earned forex on products we now have the capacity to produce locally. This is why we are stopping waivers immediately,” he stated.
The directive was handed to the Nigerian Content Development and Monitoring Board (NCDMB), which oversees compliance with the Nigerian Oil and Gas Industry Content Development Act.
The newly commissioned plant boasts an annual external coating capacity of two million square meters and one million square meters for internal coating. It is designed to meet the needs of both onshore and offshore pipeline projects, including high-spec applications that demand advanced corrosion protection.
Also speaking, the Minister of State for Industry, Trade and Investment, Mr John Owan Enoh, described the facility as a transformative development.
“This investment is a strong testament to Nigeria’s industrialization drive. It reduces our dependence on imports, creates jobs, and expands the value chain,” he said, noting that Monarch Alloys is a model for public-private collaboration and pledged continued government support to ensure a thriving investment environment.
On his part, the Executive Secretary of NCDMB, Mr Felix Omatsola Ogbe, praised the initiative as a strategic win for local content, warning that sourcing key elements like pipeline coatings from abroad saps the economy of opportunities and value.
“This facility is aligned with the Nigerian Content Equipment Certificate scheme under the NOGICD Act. It gives companies like Monarch Alloys priority consideration during technical bid evaluations in the oil and gas industry.
“That era must end. This facility introduces high-performance 3LPE and concrete weight coating capability into Nigeria, keeping technical and economic value within our borders.”
“The economic implications are significant including job creation, skills development, stimulation of local manufacturing, and logistics. Monarch Alloys is not just meeting a sectoral need; it is contributing to national development,” Mr Ogbe added, urging operators in the industry to prioritize partnerships with local manufacturers.
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