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POLLUTION: CSO Calls For Setting Up Of Environmental Remediation Bond

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The Environmental Rights Action/Friends of the Earth Nigeria (ERA/FoEN) has called for the setting up of an environmental remediation bond.

ERA/FoEN said the bond, when set up, will be saddled with the responsibility of setting aside funds aimed at tackling environmental issues when such needs come up without waiting for a budgetary approval.

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The Executive Director, ERA/FoEN, Chima Williams, in a statement signed by Elvira Jordan and made available to INFO DAILY, also called for the release of the Ecology Fund earmarked for environmental remediation in communities that have suffered pollution, deprivation and other abuses caused by divesting IOCs.

He also admonished President Bola Ahmed Tinubu to repurpose his policies in the environment sector and start exactly from where his predecessor, former president, Muhammadu Buhari stopped in the Niger Delta, by ensuring the accelerated clean-up of Ogoniland, adding that all bureaucratic bottlenecks to the clean-up should be removed, followed by an environmental audit of the entire Niger Delta.

READ ALSO: Shame Quantity Of Oil Extracted Unknown – ERA Knocks FG

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Speaking on existing and emerging issues in the environment sector under the present administration, Williams stated that several initiatives have been introduced by the new government with varying degrees of impact on Nigerians, and these issues, according to him, have a connection with the environment.

Commenting on the fuel subsidy removal, he stated that the President’s announcement of the decision in his inaugural address was hasty and obviously not well-thought out, adding that the necessary engagement with critical stakeholders in the Nigerian project including representatives of labour, civil society and community representatives was not carried out prior to this decision.

“The implication was immediate and has resulted to spiralling inflation, high cost of food and transportation with Nigerians at the grassroots feeling the pinch more.

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“The subsequent announcement of $500 billion in palliatives which targeted N8,000 (eight thousand naira only) per household was a continuation of the confusion in policy before it was withdrawn in favour of N5 billion for palliatives per state, which has failed to address the real plight of ordinary Nigerians.

READ ALSO: UK Issues New Entry Requirement For Nigerians

“We restate that the solution to the high cost of fuel remains local refining. The rehabilitation of the refineries as promised by the President must be prioritised even as we also demand a probe of the trillions of naira that have gone into turn around maintenance for the nation’s moribund refineries. We equally demand that individuals and companies that have scammed this nation through the subsidies are held accountable, “ he added.

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While speaking on the divestment of oil companies in the Niger Delta, Williams explained that the International Oil Companies (ICOs) have escalated their rhetoric about divestment from the Niger Delta region without reversing the environmental harms caused by oil exploration and extraction in the region.

According to him, over six decades of oil exploration in the Niger Delta region has left the region degraded, with frequent oil spills and gas flaring with grave impacts on man and the environment. These hazards continue to shorten the lifespan of the people of the region.

Unfortunately, national companies have been buying off the oilfields left by the oil majors, without clear provisions about who is liable for historical contaminations and related socio-ecological issues,” he said.

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BREAKING: Renowned Businessman, Aminu Dantata, Is Dead

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Alhaji Aminu Alhassan Dantata, a renowned Nigerian businessman and philanthropist, has passed away at the age of 94.

The news of billionaire businessman’s demise was disclosed via a social media post on Saturday by the Deputy National Treasurer of the Nigerian Association of Chambers of Commerce, Industry, Mines and Agriculture (NACCIMA), Uba Tanko Mijinyawa.

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According to him, details of the Muslim funeral prayer (Jana’iza) for Dantata will be announced in due course.

Inna Lillahi wa’inna ilaihi Raji’un. Allah ya yi wa babanmu Dattijo, Alhaji Aminu Alhassan Dantata, rasuwa. Muna addu’a Allah ya jikan sa, ya gafarta masa. Za a sanar da lokacin jana’izarsa,” Tanko wrote in Hausa language.

READ ALSO: One Dead As Police Foil Kidnap Attempt In Kogi

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Tanko’s message about the late philanthropist, who is also an uncle to Africa’s richest man, Aliko Dangote, was translated as “Indeed, we belong to Allah and to Him we shall return. May Allah have mercy on our father and elder, Alhaji Aminu Alhassan Dantata. We pray for his forgiveness. The time of his funeral will be announced.”

Also confirming the news, his Principal Private Secretary, Mustapha Abdullahi Junaid, disclosed in a statement Saturday morning that the Janazah details will be shared later.

Junaid wrote, “Innalillahi wa inna ilaihi rajiun. Innalillahi wa inna ilaihi rajiun. It is with heavy heart that I announce the passing of our beloved father, Alhaji Aminu Alhassan Dantata. May Allah grant him Jannatul Firdaus and forgive his shortcomings. The Janazah details will be shared later insha Allah.”

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Alhaji Aminu Dantata, who was the founder of Express Petroleum & Gas Company Ltd., is also credited with having played a key role in the establishment of Nigeria’s first non-interest (Islamic) bank, Jaiz Bank.

 

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EYIF: Utilize N2m Grant Provided By The Govt, Edo Deputy Gov Urges Youths

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says 1,500 applicants screened, 30 met requirements

Deputy Governor of Edo State, Hon. Dennis Idahosa, has urged youths in the state to make the best use of the N2 million start-up grant provided by the state government under the Edo Youth Impact Forum (EYIF).

Idahosa added that the youths must be innovative as they tapped into the two million start-up grant.

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In a statement, the Chief Press Secretary to the Deputy Governor, Friday Aghedo, said Idahosa made the remarks during an incubation class of EYIF.

The Edo number two citizen, while noting that EYIF was parts of the government’s drive to build a new generation of entrepreneurs that would impact and shape the state’s financial economy, showed them how to position themselves in the entrepreneurial space to boost the local economy.

READ ALSO: Idahosa Optimistic Shaibu Will Perform As National Sports Institute DG

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Idahosa encouraged the youths to put behind their challenges and make the best of the opportunity provided by the Senator Monday Okpebholo-led government.

According to him,
though 1,500 applicants got screened ahead of the finale scheduled for July 2, 2025, only 30 met the requirement and thus scaled the initial process.

“This number has again been pruned to 10 participants today and will eventually be reduced further to five finalists at the end of the day.

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“Irrespective of who emerges as finalists, I want you to know that you are all winners. We are here as a government to encourage the youths because any society that strives to grow must have an active youth involvement,” Idahosa reiterated.

Earlier, the Special Adviser to the Governor on Finance, Investment and Revenue Generation, Mr. Kizito Okpebholo, presented the participants to the deputy governor.

 

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Things To Know About Nigeria’s New Tax Laws

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President Bola Tinubu on Thursday signed four new tax laws aimed at modernising and streamlining the country’s tax system.

In the new tax law, the Value Added Tax rate remains at 7.5 per cent despite initial proposals to increase to 12.5 per cent, but its scope is expanded.

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Essential items—such as food, education, healthcare, public transport, residential rent, and exports—are zero-rated to ease inflationary pressure.

For revenue allocation is restructured: now 30 per cent of VAT proceeds are distributed based on consumption (rather than contribution), 50 per cent equally among states, and 20 per cent to population-based allocation.

With the latest development, it is expected that state revenue streams will increase, and it will also discourage tax evasion.

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Overview of the four new laws

Nigeria Tax Act: Consolidates various tax rules into a single, simplified code, eliminating over 50 small, overlapping taxes. This reduces complexity and duplication, making it easier for businesses to comply.

READ ALSO:Nigerian Lawmakers Approve Tinubu Tax Reform Bills

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Tax Administration Act: Establishes uniform rules for tax collection across federal, state, and local governments, ensuring consistency and reducing administrative conflicts.

Nigeria Revenue Service Act: Replaces the Federal Inland Revenue Service with the independent Nigeria Revenue Service, aiming for greater efficiency and autonomy in tax administration.

Joint Revenue Board Act: Enhances coordination between different government levels and introduces a Tax Ombudsman and Tax Appeal Tribunal to handle disputes fairly.

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Key objectives of the new tax rules

Simplify Tax System: Reduces bureaucratic hurdles and overlapping taxes to make compliance easier, especially for small businesses and informal traders.

Increase Revenue Efficiency: Aims to boost Nigeria’s tax-to-GDP ratio from 10% (below the African average of 16–18%) to 18 per cent by 2026 without raising taxes on essential goods.

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Reduce Financial Burden: Provides relief for low-income households and small businesses while ensuring high-income earners and luxury consumers contribute more.

READ ALSO:Senate Passes Two Tax Reform Bills

Fund Public Services: Increased revenue will support infrastructure, healthcare, and education, reducing reliance on borrowing.

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Who benefits and how
Low-Income Households:
Individuals earning up to ₦1 million ($650) annually receive a ₦200,000 rent relief, reducing taxable income to ₦800,000, exempting them from income tax.

VAT exemptions on essential goods and services (food, healthcare, education, rent, power, baby products) lower living costs.

Small businesses:

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Businesses with an annual turnover below ₦50 million ($32,400) are exempt from company income tax.
Simplified tax filing without requiring audited accounts reduces compliance costs.

Large businesses:

Corporate tax rates drop from 30 per cent to 27.5 per cent in 2025 and 25 per cent thereafter.
Tax credits for VAT paid on expenses and assets allow businesses to recover the 7.5 per cent VAT.

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Charitable, educational, and religious organisations:

READ ALSO:FG Sues Binance For $81.5bn In Economic Losses, Back Taxes

Tax incentives for non-commercial earnings, encouraging community-focused activities.
Impact on different groups
Low-Income Earners: Benefit most from income tax exemptions and lower costs for essentials, increasing disposable income.

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Small Businesses and informal traders: Simplified rules and tax exemptions encourage compliance and reduce financial strain, potentially formalising more businesses.

High-income earners and luxury consumers face higher VAT on luxury goods and premium services, plus capital gains tax on large share sales.

Government: Expects increased revenue for public services without overburdening vulnerable citizens.

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Why reforms were needed

Nigeria’s tax system was outdated, inefficient, and disproportionately harsh on low-income groups.
The low tax-to-GDP ratio (10%) limited funding for critical services like healthcare and infrastructure.
Overlapping taxes and complex rules deterred compliance, especially among small businesses and informal traders.
Public and expert reactions

READ ALSO:JUST IN: Tax Reforms Here To Stay, Says Tinubu

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Positive sentiment: Small business owners welcome tax exemptions but seek clarity on enforcement to avoid unexpected levies.

Low-income earners appreciate relief on essentials but remain cautious about implementation.
Taiwo Oyedele, head of the Presidential Fiscal Policy and Tax Reform Committee, claims 90% public support, emphasising that success depends on awareness and trust.

The reforms align with Tinubu’s administration’s goal to reduce economic inequality and boost fiscal capacity without overburdening citizens.

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By encouraging voluntary compliance and reducing reliance on loans, Nigeria aims to strengthen its economy and fund development projects.

These reforms mark a significant step toward a fairer, more efficient tax system, with a focus on supporting vulnerable groups while fostering economic growth. However, their success hinges on transparent enforcement and public trust. For further details, you can refer to official statements from the Nigerian government or credible news sources covering the reforms.
(PUNCH)

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