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A New Dawn for Nigeria: How Tinubu’s Tax Reforms are Forging a Path to Prosperity
By Alex Oware, Regional Director, YP4T
In a move widely heralded as a watershed moment for Nigeria’s economic future, President Bola Ahmed Tinubu, on June 26, 2025, signed four landmark tax reform bills into law. These comprehensive reforms, set to revolutionize the nation’s fiscal landscape from January 1, 2026, are not merely adjustments to tax rates; they represent a visionary blueprint for a prosperous and equitable Nigeria, embodying the very essence of bold and compassionate leadership. This historic turning point is poised to reengineer the nation’s economic foundations, championing homegrown prosperity and ushering in an era of renewed hope for every Nigerian.The impact of this new tax regime is nothing short of transformative, particularly for the average citizen. President Tinubu’s administration has demonstrated an acute understanding of the financial pressures faced by millions, delivering a major win for low-income earners and taking a significant stride towards alleviating financial burdens and promoting economic stability. One of the most impactful provisions is the full exemption from Pay As You Earn (PAYE) tax for individuals earning up to N1.3 million per annum. This single measure directly benefits at least 35% of all workers, providing immediate and tangible relief. Furthermore, an additional 60% of the workforce will see reduced PAYE rates, broadening the scope of financial ease. In a commendable gesture recognizing their invaluable service, members of the armed forces will also receive full PAYE tax exemptions, a testament to the government’s commitment to those who defend our nation.Perhaps the most universally felt relief comes from the elimination of Value Added Tax (VAT) on essential goods and services. This groundbreaking policy, which covers approximately 60% of all consumer spending, brings government closer to the grassroots and reaffirms a deeply humane approach to governance. From the daily sustenance of food and vital healthcare services to the foundational pillars of education and the basic necessity of rent and transportation, VAT is now a thing of the past. Beyond these fundamental provisions, the reforms extend to embrace crucial areas like renewable energy and compressed natural gas (CNG), aligning with global efforts towards sustainable development. Critically, essential female-related and childcare items such as sanitary towels and baby diapers are now VAT-free, providing direct and immediate financial relief to women and low-income households – a truly compassionate and forward-thinking measure. The easing of financial burdens is further compounded by tax breaks for wage awards, transport subsidies, and capped taxable benefits-in-kind, demonstrating a holistic approach to improving citizens’ welfare. Moreover, the reforms actively promote affordable housing through targeted VAT and stamp duty exemptions, making the dream of homeownership more accessible for many.Apart from the immediate relief for citizens, these reforms are meticulously designed to ignite the engine of economic growth, increase revenue generation, and enhance effective tax administration, creating a more robust and resilient national economy. A core objective is to restore fairness in the tax system and foster inclusive economic growth. Small companies, now defined by an increased exemption threshold of NGN100 million annual gross turnover, are fully exempt from key taxes. This strategic move is set to unleash the entrepreneurial spirit of the nation, fostering the rapid growth of small businesses, which are the backbone of any thriving economy.A significant innovation is the introduction of a Unified Development Levy, set at 4% of assessable profits. This singular levy consolidates various previous disparate levies, providing a strategic and streamlined funding mechanism for essential development agencies. From TETFUND and the Nigerian Education Loan to NASENI, NBTI, NITDA, the Defence and Security Infrastructure Fund, and the National Cybersecurity Fund, this unified approach ensures consistent investment in critical sectors like technological innovations and indigenous development, laying the groundwork for a knowledge-based economy. The new laws also implement a more progressive Personal Income Tax structure, reinforcing the principle of equitable contribution. While low-income earners below NGN800,000 annually are now exempt, ensuring a just burden on those who can least afford it, the reforms ensure that the wealthy contribute their fair share. Furthermore, a crucial provision establishing a 15% minimum effective tax rate for multinationals is set to ensure Nigeria earns its just share from global commerce, closing long-standing loopholes through measures like a new Capital Gains Tax on indirect share transfers. This commitment to equitable global taxation signals Nigeria’s strong stance on financial sovereignty.The international community and the domestic business environment have responded with overwhelming optimism. As evidenced by statements from prominent business leaders like Femi Otedola, who is “inspired to invest more,” these laws are seen as a “bold, necessary step toward a more transparent, efficient, and investment-friendly economy.” This surge in investor confidence is a direct result of the reforms’ clarity, fairness, and commitment to fostering a conducive business climate. To further stimulate employment, employers will benefit from tax incentives designed to encourage the hiring of more workers. In a forward-looking move, the reforms also introduce friendly tax structures aimed at attracting international remote work opportunities for Nigerians, thereby fostering global employment prospects and positioning Nigeria as a hub for talent. The streamlining of the tax system with globally recognized VAT principles, allowing for input VAT recovery and mandatory e-invoicing, further solidifies Nigeria’s commitment to a business-friendly and digitally enabled tax environment, enhancing transparency and ease of doing business.President Tinubu’s Renewed Hope Agenda is not merely a political slogan; it is a profound governance philosophy deeply rooted in economic reform, national inclusion, and institutional revitalization. These transformational tax provisions are a tangible manifestation of this agenda, poised to strengthen economic resilience, significantly improve workers’ welfare, and enhance employment opportunities across the nation. By creating a more equitable financial landscape for all Nigerians, President Tinubu is not just enacting laws; he is laying the foundation for a truly prosperous, inclusive, and globally competitive Nigeria. The future is bright, and with these visionary reforms, Nigeria is undoubtedly on a trajectory towards an era of unprecedented growth and shared prosperity.
The nominee announcement on Sunday has officially kicked off the countdown to the 12th AMVCAs, and as expected, the conversation is split between celebration and the inevitable debate over who didn’t make the cut. While previous years were often dominated by a few blockbusters with double-digit nominations, the 2026 field is defined by how spread out the talent is. With Gingerrr and The Herd leading with nine nominations each, and To Kill A Monkey following with eight, the race to May 9th is wide open. This year’s list shows a clear shift in how African cinema is being viewed. While the AMVCAs have always stood for excellence, this 12th edition has moved toward a much stricter evaluation of craft that looks past how popular a project is on social media.
Under the leadership of veteran actress Joke Silva as Head Judge, the message from the organisers is clear: the bar for entry has become more specialised. In an era where trending on social media is often mistaken for technical brilliance, the AMVCAs is looking deeper into the structural integrity of the work. This explains the takes currently fueling debates online. While a project might dominate the cultural conversation for months or break box office records, the jury’s mandate, backed by the auditing rigour of Deloitte, is to look past the viral numbers and focus on the technical blueprints. A film can be a massive audience success and still find its lighting, sound design, or screenplay structure measured against a new, more rigorous professional rubric.
Out of the 32 categories this year, 18 are now strictly decided by the jury, including the major Best Lead Actor and Best Lead Actress awards. This change moves the recognition of acting talent away from the emotional pull of public voting and puts it into the hands of industry experts. For the stars and directors who didn’t find their names on the list, it isn’t a comment on their talent, but a reflection of a very tight field where there is almost no room for error. The fact that acting awards now sit alongside technical categories like cinematography and editing proves that the Academy is rewarding the quality of the work just as much as the fame of the person.
As voting opens for the remaining 11 public-choice categories ahead of the May 9th ceremony, the tension surrounding the list is actually a sign of industry health. It proves that the volume of high-quality African storytelling has reached a point where being a fan favourite is no longer a guarantee of a trophy.
By prioritising technical precision over social media sentiment, the AMVCAs are forcing a necessary evolution. On May 9, the statues will be handed out, but the real takeaway from Sunday is that Nollywood has moved into an era where the craft must finally match the hype.
Union Bank of Nigeria has issued a statement reaffirming its steadfast position in the course of ongoing regulatory engagements in response to recent media queries at the Central Bank of Nigeria’s (CBN) 304th Monetary Policy Committee (MPC) press briefing.
The bank’s affirmation comes in the wake of Governor Olayemi Cardoso’s clarification on the regulatory framework governing institutions under intervention while speaking on the complexities and structural considerations influencing the recapitalisation timeline.
According to the CBN Governor, institutions currently under regulatory oversight are subject to unique circumstances that necessitate a differentiated approach, distinct from those institutions that have had an extended period to prepare for recapitalisation. This clarification was made in direct response to queries raised by journalists seeking insight into the operational status of banks under intervention.
Union Bank’s Chief Brand and Marketing Officer, Mrs Olufunmilola Aluko, explained that the CBN Governor’s remarks align with Union Bank’s consistent messaging to stakeholders. She reiterated that Union Bank remains a going concern with stable operations, resilient franchise and uninterrupted service delivery.
“The Governor’s remarks reinforce what has consistently been our position in all engagements with stakeholders. Union Bank remains under strong regulatory oversight and active supervisory engagement. The Bank is a going concern with a resilient franchise, stable operations and uninterrupted service delivery across all channels.
We have maintained, and continue to maintain, that all customer deposits are safe and secure. That position has not changed. The Bank continues to operate within the established regulatory framework, working transparently and constructively with the Central Bank of Nigeria towards full compliance in line with the applicable structure.”
The bank is working constructively with the Central Bank towards full compliance, as part of a system-wide recapitalisation programme aimed at strengthening Nigeria’s banking sector. Union Bank will provide updates as regulatory engagements progress while maintaining its commitment to customer protection, financial stability and service continuity.
• In addition to schools, parents and guardians can now also register their wards for the competition.
• Over N40m worth of scholarships up for grabs.
Interswitch, Africa’s leading technology company focused on creating solutions that enable individuals and communities prosper, has opened nationwide registration for the eighth edition of InterswitchSPAK, its flagship National Science Competition where senior secondary school students across Nigeria are invited to apply and demonstrate their academic excellence on a national stage.Designed to empower young minds in the Science, Technology, Engineering, and Mathematics (STEM) areas, InterswitchSPAK identifies, nurtures, and rewards students while equipping them with the skills and knowledge required to excel in STEM fields and drive innovation.Registration for InterswitchSPAK 8.0 is now open and will close on Friday, May 24, 2026. For the first time ever, in addition to group registrations through schools, parents can also register their individual children for the competition.This year’s edition features a scholarship pool exceeding ₦40 million, with Interswitch expanding the prize structure to ensure broader impact. The overall winner will receive a ₦15 million tertiary scholarship including monthly stipends. The first runner-up will be awarded a ₦10 million scholarship including monthly stipends; while the second runner-up will receive a ₦5 million scholarship, also including monthly stipends. All scholarships are payable over a 5-year period. In addition, the top 9 finalists will all receive brand new laptops and other exciting prizes.In addition to the top prizes, Season 8 introduces enhanced rewards for student finalists ranked 4th to 9th, as well as increased recognition for teachers supporting qualifying students from 1st to 9th place. This expanded structure reinforces Interswitch’s commitment to rewarding academic excellence and recognising the critical role educators play in shaping student success.Speaking on the launch, Cherry Eromosele, Executive Vice President, Group Marketing and Communications, Interswitch, reaffirmed the company’s long-standing investment in education and youth development.“At Interswitch, we strongly believe that Nigeria’s future will be shaped by how well we nurture today’s young minds. InterswitchSPAK goes beyond competition, it is a long-term commitment to empowering students and supporting teachers who are laying the foundation for innovation, problem-solving, and national development. As we launch Season 8, we remain focused on creating opportunity, rewarding merit, and inspiring excellence across Nigeria.”Over the past seven seasons, InterswitchSPAK has positively impacted thousands of students across the country, offering full university scholarships, mentorship opportunities, and national recognition for outstanding academic performance. Beyond these rewards, the programme has consistently reinforced the importance of STEM education as a critical driver of innovation, problem-solving, and sustainable national development.Through a transparent, technology-enabled selection process, InterswitchSPAK has also promoted educational equity by providing students from diverse socio-economic backgrounds with equal access to opportunity, ensuring that performance and merit remain central to success.As Season 8 begins, Interswitch calls on students, parents, teachers, school administrators, and education stakeholders to actively encourage participation, recognising their vital role in helping students seize opportunities that can shape their academic and professional futures.Eligible senior secondary school students are to register online at www.interswitchspak.com on or before May 24, 2026.Through InterswitchSPAK, Interswitch continues to invest in Nigeria’s education ecosystem, empowering the next generation of scientists, engineers, and innovators to compete, excel, and lead on both national and global levels.
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