Economy
Reps Pledges Thorough Scrutiny Of Tax Reform Bills To Protect Nigerians’ Interests
Reps Pledges Thorough Scrutiny Of Tax Reform Bills To Protect Nigerians’ Interests
Reps pledges thorough scrutiny of tax reform bills to protect Nigerians’ interests. The Speaker of the House of Representatives, Abbas Tajudeen, has assured Nigerians that the proposed tax reform bills will be carefully examined to ensure they align with the best interests of citizens and the nation’s economy.
Speaking at a public hearing organized by the Special Committee on Tax Reform Bills in Abuja, Mr. Tajudeen acknowledged the concerns raised by Nigerians regarding the bills.
He emphasized that while the government seeks to enhance revenue through tax reforms, the House remains committed to ensuring that these reforms are fair, transparent, and beneficial to the public.
The proposed bills under review include:
Nigeria Tax Bill
Nigeria Tax Administration Bill
Nigeria Revenue Service Establishment Bill
Joint Revenue Board Establishment Bill
The Need for Tax Reform
Mr. Tajudeen highlighted that Nigeria’s current tax-to-Gross Domestic Product (GDP) ratio stands at just six percent, significantly lower than the World Bank’s recommended minimum of 15 percent for sustainable development.
He noted that tax revenues are essential for funding critical sectors such as education, healthcare, infrastructure, and security.
Despite Nigeria being Africa’s largest economy, tax compliance remains low, with only about 35 million Nigerians paying taxes and just nine percent of registered companies in the tax net.
The Speaker stressed that addressing these gaps is crucial to reducing reliance on debt financing and ensuring long-term fiscal stability.
Balancing Revenue Growth with Public Interest
While acknowledging the government’s goal of streamlining and broadening the tax base, Mr. Tajudeen reiterated that taxation must be fair, transparent, and justifiable.
He assured that the House of Representatives will thoroughly scrutinize the bills, making necessary amendments to safeguard Nigerians from undue tax burdens.
“We owe this duty to Nigerians, and as the people’s representatives, we must always be accountable to them,” he stated.
Call for Stakeholder Engagement
The Speaker urged all stakeholders, including tax experts, business owners, and the general public, to contribute meaningfully to the discussions.
He emphasized that public input is vital in shaping tax policies that will foster economic growth while ensuring that taxation remains equitable.
Similarly, James Faleke, Chairman of the Special Committee on Tax Reform Bills, stressed the urgency of tax reforms, citing data that shows Nigeria lags behind countries like South Africa (21.6%), Kenya (14.1%), and Senegal (19.1%) in tax-to-GDP ratio.

Reps
He noted that the country requires $3 trillion (₦1.8 quadrillion) over the next 30 years to bridge its infrastructure deficit, making tax reform a critical national priority.
As the House of Representatives continues its deliberations, Nigerians are encouraged to stay informed and actively participate in shaping a tax system that supports economic development while safeguarding citizens’ interests.
Stay tuned to StoryFlow Media for more update on tax reform bill and other political news!
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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