Economy
NAPPS: Edo Private Schools Protest 300% Tax Hike
NAPPS: Edo Private Schools Protest 300% Tax Hike
NAPPS: Edo private schools protest 300% tax hike. He explained that increasing school fees would reflect poorly on Governor Monday Okpebholo’s administration.
The Edo chapter of the National Association of Proprietors of Private Schools (NAPPS) has faulted the state government’s over 300 per cent personal income tax increment for private schools in the state.
The group, which voiced its opposition at a news conference in Benin on Friday, noted that the arbitrary tax increase would negatively impact parents and schools in the state.
Lemmy Pare Russel, the state chairman of the association, said the increase would force private schools to raise their fees, potentially harming their operations.
He explained that increasing school fees would reflect poorly on Governor Monday Okpebholo’s administration, as it could make education less accessible to many families.
Mr Russell also emphasised that the briefing was triggered by the personal income tax assessments recently distributed to private school owners by the Edo State Internal Revenue Service (EIRS).
He stated that the aim of the briefing was to bring the attention of Mr Okpebholo to the sudden and unjustified tax hike on private school owners in the state.
He assured the state government that private schools would continue to pay taxes but demanded a fair tax structure because running a school was social service, not a business.
He mentioned that taxes were typically based on the profits from a business, but private schools were being charged minimum fees per student, adding that this would raise their financial burden significantly.
Mr Russell pointed out that many operational costs, such as local government levies, utility bills, and approval renewals, were not considered in the new tax regime, which added to the challenges faced by private schools.
He expressed concerns that some proprietors, who paid N400,000 in 2024, would now face over N6 million in taxes, indicating an over 1,500 percent increase, which could force some schools out of business.
Mr Russell noted that this increase affected private school owners across all three senatorial districts in Edo State, with tax hikes ranging from 600 to over 1,600 percent in various local governments.
In particular, private school owners in Ikpoba Okha and Oredo Local Governments saw their taxes rose drastically, with some facing increases of over N7 million, threatening their operations.
Mr Russell urged Mr Okpebholo to reduce personal income taxes for private schools to between 5 and 10 percent, as it was before his government took office.
In an interview with several school proprietors, including Peter Odion Okungbowa, Dr Mathew Nosa Omoragbon and Ojeh-Oziegbe Azuka appealed to the governor to intervene and prevent the closure of their schools due to the tax increases.
In his reaction, the executive chairman of the Edo State Internal Revenue Service (EIRS), Oladele Bankole-Balogun, dismissed the claims, explaining that the EIRS does not have the authority to raise taxes arbitrarily.
Mr Balogun emphasised that taxation was governed by law and that no tax could be increased without due legislative process.
“The Revenue Service cannot unilaterally increase taxes for private schools. That claim is false.
“Tax laws are determined by statute, meaning we cannot wake up one day and decide to impose new taxes. Every tax is itemised by law,” he said.
NAPPS
Mr Balogun maintained that complaints about higher tax demands may stem from stricter enforcement rather than any actual increase.
He pointed out that the EIRS was actively ensuring compliance, particularly among individuals and businesses that had previously underreported or evaded taxes.
“The only authority that can increase tax rates for the state is the State House of Assembly, acting on the recommendation of the Executive Governor, and always in line with federal tax laws,” he explained.
He urged Edo residents to embrace taxation as a civic duty, stressing that tax revenue was essential for government projects, including roads, schools, hospitals, infrastructure, and security.
Government Warns Commercial Bus Drivers Against Route Violations, Illegal Parking In Lagos
Government warns commercial bus drivers against route violations, illegal parking in Lagos. Mr Giwa emphasised that all commercial vehicle drivers must restrict their operations to designated bus stops and terminals.
The Lagos State government has warned commercial bus operators, particularly drivers of minibuses, colloquially known as “Korope”, against route violations and illegal parking.
The special adviser to the governor on transportation, Sola Giwa, gave the warning in a statement on Tuesday in Lagos.
The statement was signed by Taofiq Adebayo, the spokesperson for the Lagos State Traffic Management Authority (LASTMA).
“Illegal parking and flagrant route violations have metamorphosed into a grave menace in Lagos, particularly due to the arbitrary conduct of minibus operators.
“Such transgressions, which impede traffic fluidity and endanger public safety, will no longer be condoned,” he said.
Mr Giwa emphasised the importance of unwavering adherence to traffic regulations, particularly regarding unauthorised route deviations.
“This resolute directive is in alignment with the government’s overarching initiative to instil orderliness on Lagos roadways and ensure the uninterrupted flow of vehicular movement across the metropolis,” he said.
Mr Giwa directed all “Korope” operators to immediately desist from utilising unauthorised routes, underscoring that any act of defiance would attract the full weight of legal sanctions.
He further articulated that LASTMA operatives had been duly mandated to escalate enforcement strategies to curb reckless driving and unlawful practices that hinder urban mobility and disrupt the city’s traffic ecosystem.
Government Warns Commercial Bus Drivers
Additionally, Mr Giwa issued a directive against the indiscriminate occupation of public roadways for unauthorised parking and loading activities. He said these activities significantly aggravated traffic congestion and posed substantial risks to other road users.
Mr Giwa emphasised that all commercial vehicle drivers must restrict their operations to designated bus stops and terminals to avert unwarranted impediments to vehicular circulation.
“Furthermore, strict adherence to designated routes is imperative for security purposes, as it acts as a deterrent against unscrupulous elements who exploit commercial vehicles, particularly ‘Korope,’ for illicit activities,” he said.
CBN: Net FX Reserves Stood At $23.11bn In 2024, Highest In 3 Years
CBN: Net FX reserves stood at $23.11bn in 2024, highest in 3 years. The Central Bank of Nigeria (CBN) says Nigeria’s net foreign exchange (FX) reserves (NFER) stood at $23.11 billion in 2024, marking the highest level in three years.
Net international reserves are defined as the difference between reserve assets and reserve liabilities.
According to the CBN, NFER was $3.99 billion in 2023, $8.19 billion in 2022, and $14.59 billion in 2021.
The NFER, which adjusts gross reserves for near-term liabilities such as foreign exchange (FX) swaps and forward contracts, is considered a more accurate indicator of the country’s ability to meet immediate external obligations.
Additionally, gross external reserves rose to $40.19 billion at the end of last year, up from $33.22 billion at the end of 2023.
The CBN attributed the increase in reserves to strategic policy measures, including a substantial reduction in short-term FX liabilities, particularly swaps and forward obligations.
“The strengthening was also spurred by policy actions to rebuild confidence in the FX market and increase reserve buffers, along with recent improved foreign exchange inflows – particularly from non-oil sources,” the bank said.
“The result is a stronger and more transparent reserves position that better equips Nigeria to withstand external shocks.
“The expansion occurred even as the CBN continues to reduce short-term liabilities, thereby improving the overall quality of the reserve position.”
Olayemi Cardoso, CBN’s governor, described the progress as the result of deliberate policy choices aimed at stabilising the economy.
“This improvement in our net reserves is not accidental; it is the outcome of deliberate policy choices aimed at rebuilding confidence, reducing vulnerabilities, and laying the foundation for long-term stability,” Cardoso said.
“We remain focused on sustaining this progress through transparency, discipline, and market-driven reforms.” CBN noted that reserves have continued to strengthen in 2025.
The bank said while the first quarter figures reflected some seasonal and transitional adjustments, including significant interest payments on foreign-denominated debt, underlying fundamentals remain intact.
CBN
The regulator added that the reserves are expected to continue improving over the second quarter of this year.
“Going forward, the CBN anticipates a steady uptick in reserves, underpinned by improved oil production levels, and a more supporting export growth environment expected to boost non-oil FX earnings and diversify external inflows,” the bank said.
The CBN reaffirmed its commitment to prudent reserve management, transparent reporting, and macroeconomic policies that support a stable exchange rate, attract investment, and build long-term resilience.
Tinubu Sacks NNPCL CEO Mele Kyari, Board, Appoints Bayo Ojulari
Tinubu sacks NNPCL CEO Mele Kyari, Board, appoints Bayo Ojulari. President Bola Ahmed Tinubu, on Wednesday, 2nd April 2025 announced the sack of Mele Kyari, Eunice Thomas and other members of the Nigerian National Petroleum Company (NNPC) Limited board.
The board which was constituted on November 27, 2023 and sworn-in on December 18, 2023 had Dr. Eunice Thomas, a former Commissioner during the Godswill Akpabio governorship era as non-executive director.
In the new board, Austin Avuru takes Eunice Thomas’ place as a non-executive director from the South-South.
Below Is the full press statement issued by the presidential spokesperson, Bayo Onanuga:
STATEHOUSE PRESS RELEASE
PRESIDENT TINUBU RECONSTITUTES NNPC LIMITED BOARD, APPOINTS NEW CHAIRMAN, GROUP CEO
President Bola Ahmed Tinubu has approved a sweeping reconstitution of the Nigerian National Petroleum Company (NNPC) Limited board, removing the chairman, Chief Pius Akinyelure and the group chief executive officer, Mallam Mele Kolo Kyari.
President Tinubu removed all other board members appointed with Akinyelure and Kyari in November 2023.
The new 11-man board has Engineer Bashir Bayo Ojulari as the Group CEO and Ahmadu Musa Kida as non-executive chairman.
Adedapo Segun, who replaced Umaru Isa Ajiya as the chief financial officer last November, has been appointed to the new board by President Tinubu.
Six board members, non-executive directors, represent the country’s geopolitical zones. They are Bello Rabiu, North West, Yusuf Usman, North East, and Babs Omotowa, a former managing director of the Nigerian Liquified Natural Gas( NLNG), who represents North Central.
President Tinubu appointed Austin Avuru as a non-executive director from the South-South, David Ige as a Non-executive director from the South West, and Henry Obih as a non-executive director from the South East.
Mrs Lydia Shehu Jafiya, permanent secretary of the Federal Ministry of Finance, will represent the ministry on the new board, while Aminu Said Ahmed will represent the Ministry of Petroleum Resources.
All the appointments are effective today, April 2.
President Tinubu, invoking the powers granted under Section 59, subsection 2 of the Petroleum Industry Act, 2021, emphasised that the board’s restructuring is crucial for enhancing operational efficiency, restoring investor confidence, boosting local content, driving economic growth, and advancing gas commercialisation and diversification.
President Tinubu also handed out an immediate action plan to the new board: to conduct a strategic portfolio review of NNPC-operated and Joint Venture Assets to ensure alignment with value maximisation objectives.
Since 2023, the Tinubu administration has implemented oil sector reforms to attract investment. Last year, NNPC reported $17 billion in new investments within the sector. The administration now envisions increasing the investment to $30 billion by 2027 and $60 billion by 2030.
The Tinubu administration targets raising oil production to two million barrels daily by 2027 and three million daily by 2030. Concurrently, the government wants gas production jacked to 8 billion cubic feet daily by 2027 and 10 billion cubic feet by 2030.
Furthermore, President Tinubu expects the new board to elevate NNPC’s share of crude oil refining output to 200,000 barrels by 2027 and reach 500,000 by 2030.
The new board chairman, Ahmadu Musa Kida, is from Borno State. He is an alumnus of Ahmadu Bello University, Zaria, where he received a degree in civil engineering in 1984. He also obtained a postgraduate diploma in petroleum engineering from the Institut Francaise du Petrol (IFP) in Paris
He started his career in the oil industry at Elf Petroleum Nigeria and later joined Total Exploration and Production as a trainee engineer in 1985.
Musa became Total Nigeria’s Deputy Managing Director of Deep Water Services in 2015. Last year, he became an Independent Non-Executive Director at Pan Ocean-Newcross Group.
Apart from his oil industry career, Ahmadu Musa Kida is a former basketballer and the president of the Nigerian Basketball Federation(NBBF) board.
Ojulari, the new NNPC Limited Group CEO, hails from Kwara State. Until his new appointment, He was Executive Vice President and Chief Operating Officer of Renaissance Africa Energy Company. His Renaissance recently led a consortium of indigenous energy firms in the landmark acquisition of the entire equity holding in the Shell Petroleum Development Company of Nigeria (SPDC), worth $2.4 billion.
Tinubu Sacks NNPCL CEO
Like Kida, Ojulari is also an alumnus of Ahmadu Bello University, Zaria. He graduated with a degree in Mechanical Engineering. He worked for Elf Aquitaine as the first Nigerian process engineer to begin a stellar career in the oil sector. From Elf, he joined Shell Petroleum Development Company of Nigeria Ltd in 1991 as an associate production technologist.
Apart from working in Nigeria, he worked in Europe and the Middle East in different capacities as a petroleum process and production engineer, strategic planner, field developer, and asset manager. In 2015, he became the managing director of Shell Nigeria Exploration and Production Company (SNEPCO).
During his career, he was chairman and member of the board of trustees of the Society of Petroleum Engineers (SPE Nigerian Council) and a fellow of the Nigerian Society of Engineers.
President Tinubu thanked the old board members for their dedicated service to NNPC Limited, particularly their efforts in rehabilitating the old Port Harcourt and Warri refineries, which enabled them to resume petroleum product production after prolonged shutdowns. He wished them well in their future endeavours.
Bayo Onanuga
Special Adviser to the President
(Information & Strategy)
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