Economy
Tax Reforms To Unlock N3.4trn Input VAT Credits For Businesses: Taiwo Oyedele
Tax Reforms To Unlock N3.4trn Input VAT Credits For Businesses: Taiwo Oyedele
Tax reforms to unlock N3.4trn input VAT credits for businesses: Taiwo Oyedele. Taiwo Oyedele, chairman of the presidential fiscal policy and tax reforms committee, says businesses will be eligible to claim about N3.4 trillion in input tax credits under Nigeria’s new tax laws.
Input value added tax (VAT) credit allows businesses to recover VAT paid on goods and services used in their operations.
Oyedele spoke at a media parley in Lagos on Friday.
From January, Oyedele said the new law enables eligible recipients to claim input credit, which he described as “receiving money back into your account”.
“So, from next year, input VAT on assets, overheads, and inventory, which can be currently claimed, is also sustained in the new law,” he said.
“Do you know how much this translates to? It is N3.4 trillion based on 2024 VAT collection. This is what the government is giving back to businesses next year by way of input credit.”
Oyedele said one of the most significant aspects of the tax reform package is the overhaul of how VAT is applied to essential goods.
He explained that under the current framework, staples such as bread are exempt from VAT, meaning producers do not charge VAT at the point of sale.
However, Oyedele noted that this exemption carries hidden costs. He said because exempt goods are ineligible for input VAT recovery, bakers must absorb VAT on nearly all business inputs.
Oyedele said these include raw materials such as flour, sugar, and butter, as well as equipment, fuel, delivery vehicles, phones, and airtime — a structure that ultimately and quietly drives up prices for consumers.
“The current system says ‘that is your problem to deal with.’ So, bakers add those VAT costs to the price of bread, making it more expensive for consumers,” Oyedele said. “That structure will change from January. Bread and other essential items will move from VAT-exempt to zero-rated status.
“While producers will still charge VAT at 0 percent, they will now be able to reclaim the full VAT paid on their inputs, a shift designed to lower production costs and ease price pressures.”
He added that food, education, and healthcare are now zero-rated.

Tax
“Schools from kindergarten to universities will charge 0 percent VAT and recover VAT on laptops, boards, computers, and other inputs. This will help bring down the cost of education,” Oyedele said.
“Not all essential sectors will fall under the zero-rating regime. Transportation and rent will remain VAT-exempt, largely due to the complexity of administering VAT in those areas.
“Together, however, they form part of the five core expenses that dominate household spending: food, housing, transport, healthcare, and education. There is no luxury in those five items.”
Oyedele added that it “does not make sense for a country to be taxing people” on essential commodities that “they need to survive”.
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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