Economy
Senate Passes 2 Out Of 4 Tax Reform Bills, Retains VAT At 7.5%
Senate Passes 2 Out Of 4 Tax Reform Bills, Retains VAT At 7.5%
Senate passes 2 out of 4 tax reform bills, retains VAT at 7.5%. The Senate has passed two out of four major tax reform bills proposed by President Bola Tinubu.
However, the upper chamber rejected a proposal to increase the value-added tax (VAT) to 10 percent, opting to retain the current rate at 7.5 percent.
The bill allows VAT input claims on fixed assets, overhead costs and administrative services.
The two bills passed are the Nigeria Revenue Service Establishment bill, which repeals the Federal Inland Revenue Service, and the Joint Revenue Board Establishment bill, which seeks to harmonise tax collection.
Two bills which the senate has scheduled for consideration and passage on Thursday are the Nigeria Tax Administration bill and the Nigeria Tax bill.
The passage of two bills on Wednesday followed a clause-by-clause consideration of the bills in the committee of the whole and a third reading on the floor of the senate.
President Tinubu transmitted the bills to the senate as part of efforts to modernise and overhaul the country’s tax framework.
Senate President Godswill Akpabio commended the progress and said the reforms would strengthen governance and improve revenue collection.
“These bills will add immense value to governance and transform how taxes are collected and shared in Nigeria,” Akpabio said.
He also said the senate is ready to extend its sitting to conclude work on the remaining bills.
“We are committed to concluding the outstanding bills tomorrow, even if we have to stay here until 10 pm,” he added.
Apart from the rejection of a proposal to increase VAT from 7.5 to 10 percent, Akpabio, who read the resolutions, said the senate also rejected the proposed phasing out of funding for some agencies.
The agencies include the Tertiary Education Trust Fund (TETFUND), the National Information Technology Development Agency (NITDA) and the National Agency for Science and Engineering Infrastructure (NASENI).
Instead, Akpabio said the red chamber introduced a 4 percent development levy to sustain funding for the agencies.
“These agencies of government are essential for human capital and overall economic development of the country,” he said.
“Phasing out their funding can lead to stagnation in education and the country losing out on technological evolutions and advancements.”
According to the bill, the development levy will be distributed as follows: TETFUND (50%), Nigerian Education Loan Fund (15%), NITDA (10%), NASENI (10%), National Cybersecurity Fund (5%) and Defence Security Fund (10%).
The company income tax rate is pegged at 30 percent.
Speaking during the plenary, Deputy Senate President Barau Jibrin praised the maturity displayed by lawmakers in resolving earlier disagreements.
“It is time to congratulate the entire senate and in particular, the committee on finance and the elders committee for the wisdom and leadership that have been shown in these bills,” he said.

Senate
“Initially, there were disagreements and there were rancours here and there. But the senate, standing on its position as the highest assembly in the land, decided to establish this committee, a committee of elders, to look at all those areas of contention and hear the views of religious leaders, regional organisations and other stakeholders.
“Now, thank God, the committee also in its wisdom sat with all, had a very robust public hearing and got to where we are now. And thank God, all these areas have been resolved.”
The four bills have already been passed by the house of representatives.
Economy
Lagos Assembly Strongly Seeks Suspension Of Makoko Demolition
Lagos Assembly Strongly Seeks Suspension Of Makoko Demolition
Lagos assembly strongly seeks suspension of Makoko demolition. The Lagos state house of assembly has called for the suspension of demolition activities in Makoko, Oko-Agbon and Shogunro waterfront communities following protests by displaced residents and growing public concern over the exercise.
The call was announced on Tuesday by Noheem Adams, chairman of an ad hoc committee set up by Mudashiru Obasa, speaker of the house, during a stakeholders’ meeting held at the Lateef Jakande auditorium.
Adams called on all state ministries to cease demolition work and promised compensation to the affected residents.
“On behalf of the speaker and all 40 members of the house, we are directing that all demolitions in Makoko, Oko-Agbon, and Shogunro communities should stop from today until further notice,” New Telegraph quoted Adams as saying.
He called for transparency by demanding the full list of taskforce members and the criteria used for engagement, insisting that residents must be actively involved in the process.
“That the taskforce that was constituted, we want to see the list of the taskforce because we want the residents to be duly involved and to be carried along. So we want to have the schedule of those task forces and the criteria for those that we are inviting,” Adams added.

Lagos Assembly
“To the residents of Makoko, Oko-Agbon and Shogunro communities, as your representatives, we are giving you all assurances that they will stop demolitions henceforth and there will be compensations for all those whose properties have been demolished.”
Stephen Ogundipe, member of the ad-hoc, said there is need for clear communication, adding that residents targeted for relocation or redevelopment must be informed of the government’s plans in advance.
Babatunde Olajide, special adviser to governor of Lagos on E-GIS and urban renewal, confirmed that $2 million had been earmarked since 2021 to transform Makoko into a modern, internationally compliant water city.
He said enumeration of affected properties is underway and reiterated the administration’s commitment to handling the situation with a human face, prioritizing resident safety and fair compensation.
Yusuf Sagra, baale of Makoko, described the assembly’s decision as a “word of peace,” while Orioye Ogungbure, another leader of the community, praised the “democratic responsiveness” of the government.
Crime
EFCC Arrests Kannywood Star, Samha Inuwa for Alleged Naira Mutilation In Viral Video
EFCC Arrests Kannywood Star, Samha Inuwa for Alleged Naira Mutilation In Viral Video
EFCC arrests Kannywood Star, Samha Inuwa for alleged naira mutilation in viral video. The Kano Zonal Directorate of the Economic and Financial Crimes Commission, EFCC, on Tuesday, February 3, 2026 arrested a Kannywood Star, Samha Inuwa over alleged Naira mutilation.
Inuwa was arrested following a viral video circulated on social media platforms where she was seen conspicuously cleaning mucus from her nose using Naira notes.

EFCC
Following the release of the viral video, the Commission swung into action by tracing and subsequently arrested her to answer questions.
She is currently being held at the Commission’s detention facility while investigation is ongoing.
The suspect will be charged to court upon conclusion of investigations.
Dele Oyewale
Head, Media & Publicity
February 3, 2026
Economy
Access Bank Gets New Board Chair Ifeyinwa Osime
Access Bank Gets New Board Chair Ifeyinwa Osime
Access Bank gets new board chair Ifeyinwa Osime. Access Bank Plc has appointed Ifeyinwa Osime as chair of the board of directors, following the retirement of Paul Usoro, on January 29.
Access Bank Plc has appointed Ifeyinwa Osime as chair of the board of directors, following the retirement of Paul Usoro, on January 29, according to a statement to the Nigerian Exchange Ltd. on Monday.
Ms Osime, a legal practitioner, joined Access Bank’s board in November 2019 as an independent non-executive director and had chaired its Human Resources and Sustainability Committee and the Governance, Nomination, and Remuneration Committee. This role made her contribute significantly to the bank’s corporate governance, leadership development, and sustainability initiatives.
Additionally, Ms Osime is a director at Ebudo Trust Ltd. and a partner at McPherson Legal Practitioners, where she advises on corporate and commercial matters and contributes to strategic leadership.
She is also a member of the Nigerian Bar Association, the Women Corporate Directors, Nigeria Chapter, and the Chartered Institute of Directors, Nigeria, where she serves on the Executive Committee of the Women Sectoral Group.

Access Bank Gets New Board Chair Ifeyinwa Osime
Beyond her professional responsibilities, Ms Osime is committed to mentoring youths and is actively involved in the Autism and Developmental Delays Support Community, reflecting her dedication to inclusion and social impact.
Speaking on her appointment, the group chairman, Aigboje Aig-lmoukhuede, said, “Mrs Osime is a principled and experienced leader with a deep understanding of the Bank’s strategy and values.
“She has demonstrated strong commitment to the bank’s vision and mission, and I am confident that, under her leadership, the bank will continue to advance its strategic objectives of delivering sustainable value to shareholders and other stakeholders in the pursuit of its vision to become the world’s most respected African bank.”
Mr Aig-lmoukhuede also congratulated Mr Usoro on the completion of his tenure and on his exemplary leadership, dedication, and significant contributions to the group, saying he remains a valued member of the Access family.
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