The Federal Government has scrapped the 5% excise duty tax previously imposed on telecommunications services, including voice calls and data usage.

The National Orientation Agency made this known in a post via its official X (formerly Twitter) page on Thursday.

The post said the Executive Vice Chairman of the Nigerian Communications Commission, Dr. Aminu Maida, disclosed that President Bola Tinubu ordered the removal of the tax during discussions on the recently passed Finance Act.

The NCC boss noted that the move is expected to ease cost pressures for millions of mobile users in the country.

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Maida added that the President’s intervention was aimed at preventing additional financial strain on citizens while supporting the digital economy.

“The development is expected to bring relief to over 171 million active telecom users across the country, many of whom have faced a 50% tariff increase implemented earlier this year,” he added.

According to The PUNCH, the tax, which applies to both voice calls and data subscriptions, was introduced under the administration of late former President Muhammadu Buhari.

The 5% excise duty, which was first announced in 2022, had faced widespread criticism from both telecom operators and consumer rights groups, who warned it would worsen the financial burden on Nigerians amid rising living costs.

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The government’s justification then was part of its effort to boost revenue generation amidst dwindling oil earnings.

The Ministry of Finance at the time argued that the levy was in line with global taxation practices.

Telecom operators, under the umbrella of the Association of Licensed Telecom Operators of Nigeria, however, warned that the policy would be counterproductive.

The ALTON noted that Nigeria already had one of the highest tax burdens on the telecommunications sector in sub-Saharan Africa.

BUA Foods Plc has announced a dividend of N13 per share for its shareholders following the company’s 4th Annual General Meeting on Thursday in Abuja.

According to a press statement issued after the AGM on Thursday by the Director of Marketing and Corporate Communications for BUA Foods, Adewunmi Desalu, this payout represents a significant 136 per cent increase from the N5.50 paid the previous year.

The dividend was declared after BUA Foods reported a profit after tax of N265.9bn for the 2024 financial year, marking a 137 per cent growth from N112bn in the prior year.

The statement read, “BUA Foods Plc, a frontrunner in Nigeria’s Food manufacturing Industry and the most capitalised Business on the Nigerian Exchange Limited, held its 4th Annual General Meeting in Abuja at the Transcorp Hilton Hotel.

“At the meeting, shareholders approved a dividend of N13 per share, representing a 136 per cent increase from N5.50 paid in the previous year,” the statement read.

In the statement, the Chairman of BUA Foods, Abdul-Samad Rabiu, expressed gratitude to the shareholders for their unwavering support.

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He highlighted the company’s progress in tackling food supply challenges and advancing food security.

“We remained steadfast in our operations and achieved notable progress on key strategic initiatives geared towards addressing food supply challenges and promoting food security,” Rabiu was quoted in the statement.

Rabiu also provided insight into the company’s growth plans, including the expansion of its pasta production facility, which will introduce nine new long-cut pasta lines, doubling the company’s annual capacity.

Also, BUA Foods is set to enhance its flour division with the construction of four state-of-the-art wheat milling plants, significantly increasing its milling capacity.

He further noted that the company’s sugar agricultural project remains on track for completion.

Managing Director of BUA Foods, Ayodele Abioye, attributed the company’s growth to strategic investments in production systems, market penetration, and product diversification.

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He emphasised that these efforts had been key to the company’s resilience amid a volatile economic environment.

Abioye also expressed gratitude to shareholders, employees, suppliers, and customers for their roles in the company’s continued success.

The statement also included comments from various shareholders who praised the company’s performance.

The National Coordinator of the Pragmatic Shareholders Association, Mrs Bisi Bakare, commended the Chairman for his leadership and expressed satisfaction with the dividend payout.

The President of the Association of the Advancement of the Rights of Nigerian Shareholders, Dr Faruk Umar, noted BUA Foods’ remarkable growth, citing the company’s N1.5tn revenue as an outstanding achievement.

The President of the New Dimension Shareholders Association, Patrick Ajudua, also lauded the company’s consistent delivery of value to shareholders and encouraged other investors to consider adding BUA Foods shares to their portfolios.

At the AGM, all resolutions were approved by shareholders, including the re-election of directors and the approval of remuneration policies.

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The PUNCH observed that in the firm’s 2024 financial results, BUA Foods reported growth across key performance metrics.

The company’s revenue soared to N1.53tn, an increase from N729.4bn in 2023.

The earnings before interest, tax, depreciation, and amortisation stood at N481.7bn, a rise from N215.7bn the previous year.

The company’s EBITDA margin also improved, rising to 31.5 per cent from 29.6 per cent in 2023.

The company’s earnings per share for the year were N14.78, an increase from the N6.23 recorded in 2023.

Also, BUA Foods reduced its net debt to N360.5bn, down from N551.5bn in 2023. Total assets grew to N1.09tn from N1.07tn the previous year, further highlighting the company’s solid financial standing.

In terms of capital expenditure, BUA Foods allocated N31.6bn for the year, although this was a decrease from the N37.1bn spent in 2023. Free cash flow also decreased to N31.3bn from N99.6bn in 2023.

The stability in the distribution and availability of petroleum products being enjoyed by Nigerians is about to be aborted as a result of the seeming cold war between the management of the Dangote Refinery and one of the umbrella unions of workers in the oil industry, the Nigeria Union of Petroleum and Natural Gas Workers (NUPENG).

NUPENG, in a statement jointly signed by Comrades Williams Akporeha and Afolabi Olawale, President and General Secretary, respectively of NUPENG and issued to newsmen in Abuja on Friday, the Union accused the management of Dangote Refinery of alleged anti-labour practices, inimical to the survival and means of livelihoods of its members under its Petroleum and Tanker Drivers Branch.

The Union specifically expressed strong reservations about the position of Chairman of Dangote Refinery, Aliko Dangote, that drivers recruited for operations of its 10,000 Compressed Natural Gas (CNG) Trucks imported into the country would not be allowed to join any trade union.

The Union described the position taken by the management of Dangote Refinery as an affront on the right of association, guaranteed under the 1999 Constitution, and a breach of relevant international labour laws to which Nigeria is a signatory.

The NUPENG recalled several meetings it initiated, jointly with the leadership of the Nigerian Association of Road Transport Owners ( NARTO), to prevail on Aliko Dangote to rescind his stance not to allow its drivers to join trade unions. The Union expressed regret that its appeals fell on deaf ears.

READ ALSO:NUPENG Tanker Drivers Announce Strike Over CNG Trucks Dispute

“Arising from the unfortunate outcome of the meeting, the leadership of the Union has made several efforts to get relevant institutions of the country to make Alhaji Aliko Dangote and his cousin, Alhaji Sayyu Ali Dantata, follow the line of global best practices and decency, but all to no avail.

“To our utmost shock, Alhaji Sayyu Aliu Dantata’s MRS commenced the recruitment of drivers for the imported CNG Trucks on Friday, 29th August 2025. “The drivers being recruited are being forced to sign an undertaking not to belong to any existing union in the Oil and Gas Industry.

“NUPENG is seriously concerned and disturbed with the unconscionable business practices of Alhaji Sayyu Aliu Dantata and Alhaji Aliko Dangote, who are scared of allowing unions to exist in their business outfits. To us, amassing wealth on the basis of enslavement, depriving workers of a union and a voice, amounts to creating filthy wealth.

“NUPENG will not stand idly by while these billionaires seek to destroy the livelihoods of thousands of workers, including tanker drivers.

“NUPENG stood in solidarity with Dangote Refinery during its construction and commissioning.

“We did so in good faith, in expectation that it would create jobs, strengthen local capacity, and benefit the Nigerian people, under a conducive atmosphere for unions to thrive.

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“Unfortunately, Alhaji Aliko Dangote has chosen to betray that trust by scheming to monopolise distribution, crush competition, and enslave the sector and raise prices, which would ultimately result in an attack on the living standards of the masses of ordinary Nigerians.

“This is not philanthropy, it is economic sabotage!”
While appealing to relevant oil industry regulatory agencies to wade into the unfolding crisis, the Union dropped the hint that it would call on its members to down tools and shun loading of petroleum products, effective from Monday, September 8.

“We call on the Nigerian Midstream & Downstream Petroleum Authority (the Authority, for
short) to invoke its powers under Section 32(u) & (aa) of the Petroleum Industry Act (PIA). Under those two provisions, the Authority is empowered to promote competition and private sector participation in the midstream and downstream petroleum operations.

“The Authority has responsibility to identify, investigate, and prevent abuse of dominant positions and
restrictive business practices with regard to midstream and downstream petroleum operations.

“Nigeria is a member of the international community and a member state of the International Labour Organisation. Nigeria has ratified Convention No. 87 of 1948, the Convention on Freedom of Association and Protection of the Right to Organise, 1948. This Convention had
been ratified by Nigeria as far back as 17th October 1960. Under the Convention, workers have the right to join unions of their choice, for the protection of their employment and trade union rights, and without prior authorization of any employer or authority.

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“Indeed, by virtue of section 254C (2) of the Constitution of Nigeria, a ratified ILO Convention is a constitutional provision.

“Therefore, any practice or policy by any employer that seeks to deprive workers of the right of association is an affront to the Constitution.

“Above all, the rights of association, including membership of trade unions, are guaranteed by Section 40 of the Constitution. Alhaji Aliko Dangote and his cousin, Alhaji Sayyu Aliu Dantata, should not be allowed to enslave Nigerian workers. They should be made to be lawful business persons and not lawless individuals or business outfits. Nigeria is a country of laws, not a lawless society.

“By this statement, we call on the Federal Government of Nigeria and its agencies, including well-meaning segments of the Nigerian society, to call the two trillionaire businessmen to order. They should be told to obey the laws of Nigeria. If they persist in their anti-union, tyrannical attitudes, NUPENG is set and ready to mobilise its forces to fight within the framework of the law.

“Meanwhile, since Alh Aliko Dangote and his cousin have resolved to replace all Petroleum Tanker Drivers in Nigeria, and no one or institution can stop them, the members of the Petroleum Tanker Drivers Branch of NUPENG will, from Monday, 8th September 2025, start
looking for alternative employment/skills and sources of livelihoods.

“We plead with the general public to bear any inconveniences our struggle against this tyranny and indecency may cause.“
(TRIBUNE)