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Business Stories For The Week: Tax Laws Implementation, 2026 Budget Debate

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Business Stories For The Week

Business Stories For The Week: Tax Laws Implementation, 2026 Budget Debate

Business stories for the week: Tax laws implementation, 2026 budget debate. Here are the seven top business stories you need to track this week — December 29 to January 2.
TAX REFORMS DISCREPANCIES PROBE OUTCOME

Taiwo Oyedele, chairman of the presidential fiscal policy and tax reforms committee, has asked Nigerians to wait for the findings of lawmakers regarding the alleged discrepancies in the gazetted tax laws.

On December 17, Abdussamad Dasuki, a member of the house of representatives from Sokoto, claimed that the gazetted tax laws available to Nigerians are different from the laws passed by the national assembly.

In response, the house of representatives constituted a seven-member committee to investigate the alleged discrepancies.
OYEDELE SAYS TAX LAWS WILL BE IMPLEMENTED AS PLANNED

Oyedele also said the implementation of the tax laws will go ahead as scheduled on January 1, 2026.

He announced the resolution after meeting with President Bola Tinubu ahead of the new tax Act, scheduled to take effect from January.

The chairman said the plan to commence the Nigerian Tax Act (NTA) and Nigeria Tax Administration Act (NTAA) on January 1, 2026, will not be halted because the reforms are meant to benefit the people.

FIRS SAYS NIN, CAC NUMBERS WILL BECOME NEW IDS
The Federal Inland Revenue Service (FIRS) has clarified that individuals do not need a physical tax identification (ID) card, saying the national identification number (NIN) will serve as a tax ID from January.

The clarification followed widespread rumours surrounding the implementation of the NTAA.
AIR PEACE CEO SAYS DOMESTIC AIRLINES WILL COLLAPSE IF TAX LAWS ARE IMPLEMENTED
Allen Onyema, Air Peace chief executive officer (CEO), said the new tax laws have brought back charges that the 2020 tax laws removed.

In an interview with Arise News on December 28, Onyema said the taxes include customs duties on imported aircraft, aircraft parts, and engines, as well as VAT on tickets.

He said they will further burden airlines with additional costs.
The Air Peace CEO said the airline industry cannot withstand additional burdens under the new tax laws, adding that Nigerian airlines will collapse in three months if the tax reform laws are implemented.

SENATE PASSES TINUBU’S 58.47TRN 2026 BUDGET FOR SECOND READING
The senate on December 23 passed the N58.47 trillion 2026 appropriation bill of Tinubu for a second reading.

Business Stories For The Week

Business Stories For The Week

The passage followed a lead debate by Opeyemi Bamidele, senator representing Ekiti central and senate leader, who sponsored the bill titled ‘A Bill for an Act to Authorise the Issue from the Consolidated Revenue Fund of the Federation the total sum of ₦58,472,628,944,759 for the services of the Federation for the year ending 31st December, 2026’.

Leading the debate, Bamidele said the bill was the legal instrument for translating the policy direction outlined by Tinubu in his 2026 budget address into enforceable public expenditure.

FG SECURES $1.2BN FINANCING FOR PHASE ONE OF LAGOS-CALABAR HIGHWAY PROJECT
The federal government said it has secured $1.26 billion in financing for the execution of the second section of the first phase of the Lagos-Calabar coastal highway.

Announcing the loan in a statement on December 26, the presidency said Tinubu commended the ministries of finance and works, and the Debt Management Office (DMO) for collaborating on the latest transaction.
CBN RAISES N15TRN VIA TREASURY BILLS TO COVER 2025 BUDGET DEFICIT
The Central Bank of Nigeria (CBN) has raised N15.3 trillion from the Nigerian treasury bills (NTBs) market in 2025 to support the federal government’s effort to bridge its budget deficit, according to data obtained from the apex bank.

According to the regulator, the amount represents a 15.04 percent increase over the N13.3 trillion raised from investors in 2024.

Economy

Lagos Assembly Strongly Seeks Suspension Of Makoko Demolition

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Lagos Assembly

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

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.

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Crime

EFCC Arrests Kannywood Star, Samha Inuwa for Alleged Naira Mutilation In Viral Video

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EFCC Probes Man

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 Probes Man

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

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Economy

Access Bank Gets New Board Chair Ifeyinwa Osime

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National Bank Of Kenya

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.

National Bank Of Kenya

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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