Economy
Tax Committee Tells KPMG: Your Tax Law Review Misunderstood Policy Intent
Tax Committee Tells KPMG: Your Tax Law Review Misunderstood Policy Intent
Tax committee tells KPMG: Your tax law review misunderstood policy intent. The presidential fiscal policy and tax reforms committee has pushed back against KPMG’s critique of the new tax laws.
In a statement on Saturday, the committee said the majority of KPMG’s review reflects “a misunderstanding of the policy intent” and a “mischaracterisation of deliberate policy choices”.
KPMG had said in its newsletter that there are “errors, inconsistencies, gaps, omissions, and lacunae” in the new tax laws that require urgent reconsideration to ensure the achievement of their stated objectives.
However, the committee said a significant proportion of the issues described as “errors”, “gaps,” or “omissions” by KPMG are either the firm’s own errors and invalid conclusions, or matters not properly understood by the firm.
According to the committee, some of the issues also stem from KPMG missing the broader reform context, preferring alternative outcomes to deliberate policy choices made in the new tax laws, or raising clerical and editorial matters already identified internally.
“We welcome all perspectives that contribute to a shared understanding and successful implementation of the new tax laws,” the committee said.
“We acknowledge that a few points raised by KPMG are useful, particularly where they relate to implementation risks and clerical or cross-referencing issues.
“However, the majority of the publication reflected a misunderstanding of the policy intent, a mischaracterisation of deliberate policy choices, and, in several instances, repetitions and presentation of opinion and preferences as facts.”
The committee said KPMG should have engaged directly with it, as other firms have done, rather than framing policy disagreements as errors or gaps.
“It is equally important to distinguish between policy choices designed to achieve the reform objectives and proposals that merely represent a firm’s preference,” the committee added.
‘NEW TAX RULES WON’T TRIGGER 30% FLAT TAX ON SHARE GAINS’
The committee said the new tax rules on share gains will not trigger a 30 percent flat tax, contrary to concerns raised by KPMG.
It explained that applicable rates range from 0 percent to 30 percent, and are set to reduce to 25 percent, and that 99 percent of investors are entitled to unconditional exemption.
According to the committee, KPMG’s proposal for a single commencement date oversimplifies complex transition issues and ignores broader implications for multiple accounting periods, assessments, audits, and transactions.
“Limiting the commencement to a single date for accounting periods would fail to address the intricacies of continuous transactions and other transition matters,” the committee said.
“KPMG’s proposal is therefore not a ‘gold standard’ to be applied to all new laws as suggested.”
The committee also said the new tax on indirect share transfers is intended to block exploited loopholes, aligns with global norms, and is not designed to undermine competitiveness, contrary to claims that it could destabilise the economy.
Tax Committee Tells KPMG
On value-added tax, the committee said KPMG’s call for VAT exemption on insurance premiums is unnecessary, noting that insurance premiums are not “taxable supplies” under Nigeria’s tax law and are already exempt.
‘ISSUES REFLECTING MISUNDERSTANDING BY KPMG’
The committee said the omission of the word “community” from the charging section does not create a gap, as statutory definitions apply throughout the law unless the context requires otherwise.
It added that the composition and role of the Joint Revenue Board (JRB) are deliberate, with a focus on subnational tax perspectives and inter-agency coordination.
Navy Dismantles Illegal Refining Capacity, Destroys Site With 3 Storage Tanks in Rivers
The Nigerian Navy, through FOB BONNY, has dismantled an illegal refining site discovered in Promise Land Community along Nanabie Creek, Bonny Local Government Area of Rivers State, further denying criminal operators the infrastructure required to process stolen crude oil.
Eereporter.com
The site was discovered on 30 September 2026 following credible intelligence and comprised one large cooking pot and 3 large storage tanks intended for illegal refining activities. On 2 October 2026, the Commanding Officer, FOB BONNY, Captain SMC Umeh, led a team to the location, where the illegal refining site and associated equipment were destroyed in accordance with established regulations.
The intervention represents a further disruption of illegal refining capacity within the Bonny area, particularly by removing infrastructure that could be used to process and store stolen crude oil. It also follows recent operations by FOB BONNY under Operation DELTA SENTINEL that uncovered substantial volumes of suspected stolen crude oil and associated illegal refining infrastructure within its Area of Operations
Oil
The Nigerian Navy has continued to strengthen surveillance and monitoring across the area to prevent the establishment or reactivation of illegal refining sites and deny criminal operators the infrastructure required to sustain crude oil theft and related activities.
ABIODUN FOLORUNSHO
Navy Captain
Director Naval Information
Nigerian Navy
Eereporter.com
NNPC Ltd Offers N66 Fuel Discount Throughout the Nation
The Nigerian National Petroleum Company Limited (NNPC Ltd.) has unveiled a nationwide ₦66 fuel discount promotion for customers using the NNPC Fuel App.
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In a post obtained from its X handle on Friday, the promotion, which runs from October 1 to 7, is being held across NNPC stations nationwide as part of activities marking the period.
“The ₦66 Discount Promo is ongoing & the excitement is already happening across our stations nationwide!
“All over Nigeria, our customers are getting in on the action & there’s still time for you to benefit!
The promo runs from 1–7 October on the NNPC Fuel App,” the post read.
NNPC said customers across the country have already begun participating in the promotion, with highlights from the first day showing activities at several stations.
“Keep fueling, keep transacting and keep your eyes on our pages,” the post read.
NNPC
NNPC also shared moments from the first day of the promotion and said more pictures and activities from stations across the country would be released.
The company urged customers not to miss the opportunity to participate before the promotion ends on October 7.
The ₦66 discount offer is available through the NNPC Fuel App during the stated promotional period.
Eereporter.com
President Tinubu Tells EFCC: You Have Justified my Confidence in You
President Bola Ahmed Tinubu has applauded the efforts and performance of the Economic and Financial Crimes Commission, EFCC, in tackling economic and financial crimes and other acts of corruption in the country, stressing that it has justified the confidence reposed on it.
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He gave this commendation on Friday, October 2, 2026 in Awka, Anambra State at the commissioning of a new Zonal Directorate of the EFCC. The President pointed out that there are evidential proofs of the success of the Commission in convictions, recoveries and other landmark achievements
Represented by Honourable Tajudeen Abbas, Speaker, House of Representatives, Tinubu noted that “supporting the EFCC is not particularly difficult. The agency has consistently demonstrated that the confidence reposed on it is well founded. Without mincing words, the evidential proof of the EFCC’s success speaks loudly in convictions secured, assets and properties recovered”
He affirmed that the strides of the Commission are in tandem with the Renewed Hope Agenda of his administration.
“When we came in three years ago, I highlighted nine major focal areas of my administration. Two of which are reforming the economy for sustained and inclusive growth and promotion of good governance. The anti-graft agency compliments this agenda as they are focused on accountability and transparency and appropriate deployment of resources”, he said.
At the commissioning, the Executive Chairman of the EFCC, Mr. Ola Olukoyede restated the commitment of the Commission to preventive frameworks in tackling economic and financial crimes and other acts of corruption in the country.
According to him, the Commission will continue its focus on making corrupt practices difficult by blocking avenues through which they may happen.
“This new Directorate will not only enforce the law professionally and courageously, it will be high on corruption prevention. It will engage government institutions, businesses, financial institutions, professional bodies, schools, markets, civil society organisations, traditional institutions, religious bodies and communities. It will educate stakeholders, build relationships and mobilise the people to own the fight against all forms of corrupt practices in the zone”, he said
He assured Nigerians that the EFCC would not relent in the pursuit of its mandate, recalling the achievements of the Commission in the last 34 months and describing them as impressive progress.
“The pursuit of our mandate has been our dominant engagement and in the past few years, we have made impressive progress. Between October 2023 and July 2026, the Commission received 49, 673 petitions, investigated 39, 615 cases, filed 14, 476 cases in court and secured 10, 872 convictions. This gives a conviction-to-filing ratio of 75.1 percent. In the first half of 2026 alone, we recorded 1, 370 convictions from 1, 889 filings. The Commission also recorded recoveries of N1, 233, 612, 040, 411. 11, $684, 478, 457. 32, £373, 905. 78, €9, 343, 803. 66 inn addition to recoveries in other currencies”, he said.
He noted that at the institutional level, the Commission has made radical reforms that have been yielding optimal results as there are consequential improvements in the agency’s processes and procedures, which partly explains the impacts the EFCC has made and will continue to make in all the matrices of law enforcement.
“Reforms that have strengthened the Commission during the period include new guidelines on arrest and bail, a review of sting operations, the establishment of the Department of Fraud Risk Assessment and Control, the Security Department, the Immigration and Visa Section and the Cybercrime Rapid Response Centre”, he said.
While charging Ndi Anambra on whistleblowing, the anti-graft czar said that the Commission has established channels through which members of the public can submit petitions and provide information. He noted that the Commission’s Eagle Eye App allows citizens to provide details of suspected wrongdoing and makes the provision of an informant’s personal details optional. “However, whistleblowing must be responsible and based on facts. It must not become an instrument for settling scores”, he said.
EFCC
He thereafter said that Anambra and Imo States deserve effective and responsive institutional presence as they are renowned for enterprise, innovation, commerce and an extraordinary culture of industry, adding that these legitimate activities must be protected from fraud, cybercrime, money laundering, investment fraud, diversion of public resources and other forms of economic and financial crimes. “Therefore, our coming to Awka is beyond geographical expansion. It is about taking the mandate of the EFCC closer to the people and closer to the economic activities we are meant to protect”, he said.
In their remarks, His Excellencies, Professor Chukwuma Soludo, Governor of Anambra State and Senator Hope Uzodinma, Governor of Imo State said that they were pleased with the activities and management of the EFCC under the leadership of Olukoyede. They pledged their support to the Commission as it opened a new Zonal Directorate in their domain.
The commissioning of the new Directorate witnessed massive turn out of distinguished Nigerians, including members of the National Assembly, civil society organisations, community leaders, students, media among others.
Eereporter.com
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