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Breaking : Presidential Tax committee, says, Those earning ₦25m and less get tax exemption, “They need support to grow economically”

Published

2 years ago

May 12, 2024

The Presidential Fiscal Policy and Tax Reforms Committee (PFPTRC) has revealed plans to revolutionize Nigeria’s tax system, exempting 95% of the informal sector from all taxes.
Chairman of the Committee, Taiwo Oyedele, who revealed this over the weekend while speaking to journalists at the end of the close-out retreat of the PFPTRC in Abuja, explained that this move aims to alleviate the burden of multiple taxation on small businesses and low-income individuals.

According to Oyedele, the informal sector is populated by citizens working hard to earn a legitimate living, adding that the in the view of the committee, people in this category should not be over-burdened with taxation, but rather support to grow economically to a point where they can fit into the more affluent categories before imposing taxes on them.

He further explained that a lot is put into consideration to have come to the recommendation, noting the those who earn between ₦25 million and less per annum should be expected from paying all forms of taxes, including income and value added tax (VAT).

Oyedele emphasised the need for tax reform, stating, “Everybody, even if you’re not a business person, feels the impact of multiple taxation almost everywhere you turn. It affects small businesses even more than large businesses, and the poor and vulnerable population are having to deal with it.

“So we’re using data to inform our decisions, currently if you earn N25 million a year or less, you don’t have to pay company income tax, you don’t have to worry about VAT. We’re looking at increasing that significantly, first to recognize the inflation we’ve had to contend with over the past few years and also because we think that this whole idea and concept of “your money is in the informal sector” is not supported by data.

“We think that the informal sector are people who are trying to earn legitimate living, we should allow them be and support them to grow to a point where they can then have the ability to pay taxes. So we think that 95% of the informal sector should be legally exempted from all taxes; withholding tax, company income tax, even payee on their staff, let them be.

“We can then focus our attention on top 5% of that sector and of course, the middle class and the elites. We think that the days of being above the law in paying taxes are over. The same thing we’re saying to our leaders, whether they are elected or appointed, we think they have to lead by example by showing that they have paid the taxes, not only on time, but correctly to the lawful authorities as contained in the various laws”, he said.

He said the committee’s proposal for tax reforms is expected to be submitted to the National Assembly by the third quarter of this year.

Oyedele revealed that the committee has concluded the proposal phase and is currently consulting with the private sector, with internal approvals expected by the end of June.

He said some executive orders and regulations, such as the new withholding tax regulation exempting small businesses, are ready for implementation and await the Minister’s signature.

Additionally, a new National Tax Policy, Spending Policy, and Borrowing Policy will be introduced before the end of the year, while Constitutional amendments are expected in 2025 and 2026, aligning with the National Assembly’s two-year timeline.

“We just closed out now on the proposal phase, we’re already consulting with the private sector. That consultation we expect will continue for the rest of this month, May, and then the internal approvals, whether it’s FEC, whether it’s NEC, whether it’s any other organ of government, up until the end of June.

“We envisage by the Quarter Three, our documents will be ready to go to the National Assembly and by the end of that Q3, we should have them enacted into law, so we can give reasonable notice to the public, businesses, individuals before commencement for many of them kick off in 2025.

“But where we have executive orders, directive regulations that don’t require enactment into law, like we have a new withholding tax regulation, where small businesses will be exempt from having to deduct withholding tax, that based on the existing law today, you don’t need to enact it into law, we just need the Minister to sign. So it’s ready, we’re waiting for the final signature.

“We also have a new National Tax Policy that communicates this direction of our tax system, how we’re going to be spending our money, we have a Spending Policy now, as well as Borrowing Policy so that the social contract with the people is delivered to them in a meaningful way.

“So all of that will happen before the end of the year, but where we are enacting the law and proposals to amend the Constitution, will happen in 2025, and maybe 2026, in the case of the Constitution because I think the timeline that the National Assembly has is about two years”, he said.

He said the administration is reforming the country’s tax system with the aim to reduce the burden of multiple taxation on small businesses and low-income individuals.

According to him, despite numerous taxes, the country’s tax collection as a percentage of GDP remains low and to address this, the government intends to repeal many taxes, harmonize the remaining ones, and improve tax collection efficiency.

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HabariPay Launches Maiden “HabariPay Impact Report 2025”, Showcasing Its Journey, Business Evolution, and Contributions to Digital Payments

Published

5 days ago

June 11, 2026

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HabariPay Limited, the fintech subsidiary of Guaranty Trust Holding Company Plc (“GTCO” or the “Group”), has unveiled its maiden HabariPay Impact Report 2025, providing stakeholders with a comprehensive account of the company’s evolution, innovation journey, business performance, and impact on the digital payments landscape.The report captures HabariPay’s transformation from a newly established fintech venture into one of Nigeria’s leading payment infrastructure providers, highlighting the milestones, strategic decisions, and investments that have shaped its growth. It showcases the company’s contributions to enabling digital commerce, supporting businesses, strengthening payment infrastructure, and expanding financial access through technology-driven solutions.The HabariPay Impact Report 2025 also highlights the company’s strong financial and operational performance, the growth of the Squad platform, and the development of infrastructure that powers payment acceptance, switching, transfers, merchant services, and value-added solutions. The publication further explores the role of innovation, talent development, and ecosystem partnerships in driving the company’s success.Speaking on the launch of the report, the Managing Director of HabariPay, Eduofon Japhet, said: “As a technology-driven company, we believe that impact extends beyond financial performance. It is reflected in the businesses we enable, the merchants we support, the infrastructure we build, and the opportunities we create for the next generation of innovators. The HabariPay Impact Report 2025 captures this journey and demonstrates our commitment to creating sustainable value for customers, partners, and the broader economy.”She further added: “The HabariPay Impact Report 2025 represents more than a reflection on our achievements; it is a testament to the deliberate investments we have made in building sustainable payment infrastructure, empowering businesses, fostering innovation, and creating long-term value for our stakeholders. As we look ahead, we remain committed to expanding our capabilities, deepening our impact, and shaping the future of digital payments through technology-driven solutions that are secure, scalable, and inclusive.”The report also showcases HabariPay’s investments in innovation through initiatives such as the Take on Squad Hackathon and the Squad Hackademy, both of which are helping to develop future technology talent and accelerate the creation of practical solutions to real-world challenges.Looking ahead, the publication outlines HabariPay’s vision for the future, including continued investment in payment infrastructure, merchant solutions, digital innovation, and intelligent technologies that will shape the future of financial services.
To access the HabariPay Impact Report 2025, please click the below: https://squadco.com/impact-report/About HabariPayHabariPay Ltd is the fintech subsidiary of Guaranty Trust Holding Company Plc (GTCO), one of the largest financial services institutions in Africa with direct and indirect investments in a network of operating entities located in 10 countries across Africa and the United Kingdom.Licensed by the Central Bank of Nigeria (CBN), our goal is to support SMEs, micro merchants, large corporations, and other fintechs (Tech Stars) with the tools they need to thrive in an evolving digital economy and expand beyond their current market reach. HabariPay’s solutions include Squad, a full-scale digital payments toolkit to make in-person and online payments simpler, HabariPay Storefront, an e-commerce website to facilitate online purchases, Value-Added Services to help merchants access cost-effective and flexible airtime and data bundles to run their businesses, as well as a switching infrastructure that enables tech-focused businesses to optimise cost and make transactions more efficient.HabariPay’s contributions to Accelerating Digital Acceptance in Africa have not gone unnoticed–it received Mastercard’s Innovative Mobile Payment Solution Award at TIA 2022 for its innovative payment solution, SquadPOS.

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ZENITHBANKPARTNERSLAWMA,LASWATOCOMMEMORATEWORLDENVIRONMENT DAY 2026 WITH TWO-PHASE LAGOS CLEAN-UP

Published

1 week ago

June 5, 2026

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Inlinewithitscommitmenttoenvironmentalsustainabilityandresponsiblebusinesspractices,

ZenithBankPlchascommemoratedthe2026WorldEnvironmentDaywithatwo-phase

environmental clean-up initiative in LagosState, held under theglobal theme “Inspired by Nature.

For Climate. For Our Future.”

The first phase was a morning clean-upconducted by staff of the Bank on Wednesday,3 June

2026, along Ajose Adeogun Street, Victoria Island, Lagos. The exercise mobilised employees to

clear waste, sensitise residents on proper disposal practices, and reinforce the Bank’s culture of

community service and environmental stewardship.

Thesecondphase,onThursday,4June2026,featuredawaterwaysclean-upattheFalomo

Waterways, Ikoyi, Lagos, executed in collaboration with the Lagos Waste Management Authority

(LAWMA)andtheLagosStateWaterwaysAuthority(LASWA).Thejointeffortfocusedon

removingmarinedebris,promotingcleanerwaterways,andsupportingtheState’sbroader

climate-resilience agenda.

Speakingontheinitiative,DameDr.AdaoraUmeoji,OON,GroupManagingDirector/CEOof

Zenith Bank Plc, said: “At Zenith Bank, sustainability is integral to how we operate. Clearing our

streetsandourwaterwaysisapracticalreminderthatprotectingtheenvironmentisashared

responsibility – and one we are proud to take up alongside LAWMA and LASWA. Through these

exercises, we aretaking deliberate action topreserve our communities,support climate action,

andinspireotherstoact.Ouroperationswillcontinuetoalignwithglobalenvironmental

standards as we build a more sustainable future for Nigeria and Africa.”

ZenithBankremainscommittedtoembeddingEnvironmental,SocialandGovernance(ESG)

principles across its operations, investing in green initiatives, energy efficiency, and community-

focused programmes. These efforts advance the United Nations Sustainable Development Goals

–particularlySDG7(AffordableandCleanEnergy),SDG11(SustainableCitiesand

Communities)andSDG13(ClimateAction).Sustainabilityremainsanoperationalimperative

across the Bank’s Nigerian base and its broader African, UK and European footprints

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ZENITH BANK RENEWS COMMITMENT TO CHILDREN WITH EDUCATION, INCLUSION & OPPORTUNITY AT THE CORE

Published

3 weeks ago

May 26, 2026

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Much more than commemorating the annual Children’s Day marked every May 27, Zenith Bank Plc is championing the

narrativethatchildrenarethetrueleadersoftomorrow.TheBankhasdeepeneditsinvestmentincarefullycurated

initiativesthatelevatechildrenacrosseducation,financialliteracy,health,digitalinclusion,andsocialprotection,

building a generation equipped to thrive and lead. For Zenith Bank, every child matters, and the Bank’s footprint reflects

a deliberate, pan-African strategy to nurture potential from the earliest age.

Zenith Bank has been the financial institution partner to Kiddies Corner on Inspiration 92.3FM Lagos for over three

years, anchoring the Tuesday edition and Zenith Financial Literacy Friday show. The programme blends spelling bee

contestswithfinancialliteracyquestions,creatingawarenessandonboardingchildrenintotheZenithChildren’s

Account (ZECA). This partnership came alive at the Inspiration FM Children’s Day Carnival on Saturday, May 23, 2026,

whereZenithBankhostedover1,000childrenandtheirparents,celebratingZECAwinnerswithgames,skits,and

Zenith Bank branded gifts.

The Bank’s Zenith Financial Literacy Week, held quarterly, takes this mission into select schools across all 36 states

andtheFCT.Studentsaretrainedonsavings,budgeting,basicinvestments,anditsretailproducts,withthetop

performer in each school awarded N50,000. Complementing this is the Bank’s nationwide Financial Literacy Program

undertheCBN-mandatedGlobalMoneyWeek,whichin2025alonereached3,622studentsacross22LGAs,

deploying 137 bank employee volunteers as educators.

In alignment with the United Nation’s (UN) Sustainable Development Goal (SDG) 4 on Quality Education, Zenith Bank

hasdonatedstate-of-the-artICTcentresandcomputersystemstoschoolsanduniversitiesnationwide,includinga

ComputerCentretoBamainaAcademy,Dutse,JigawaState.Itstransformativeinterventionsincludefullyequipped

libraries,vocationalfacilities,andlarge-scaleschoolrenovations,fromOjotaSecondarySchoolandVictoriaIsland

Secondary School in Lagos to Hugallawa Primary School in Jigawa. Targeted financial support further breaks barriers

with N1 million cash donation to Louisville Girls High School, Ijebu-Itele, supporting girl-child education; infrastructure

upgrades at Maryland Comprehensive Secondary School; a N1 million scholarship endowment for St. Francis Catholic

Secondary School; and support for the North-East Children’s Fund to aid education in conflict-affected communities.

Through its Primary Healthcare Centre Initiative across all 774 LGAs, Zenith Bank educates parents on early childhood

savings during routine visits, linking health and financial well-being. The “PAD-A-QUEEN” Initiative commemorates the

International Day of the Girl Child, reaching5,000 girls in 10 schools withsanitary pads, hygiene kits, and menstrual

health education to keep girls in school and promote SDGs 3, 4, and 5.

The Bank’s compassion extends to the most vulnerable. At Bethesda Home and School for the Blind, Idi Oro, Lagos,

Zenith donatedbraille materials,food, and toiletries.For the2026 InternationalDay forStreet Children,it partneredwith

Bosco Child Protection Centre on medical check-ups, food, clothing, and counseling. Annual Christmas Charity Visits to

orphanagesdelivercash,toys,andessentialsupplies,whilesupportfortheSmileandShineChildrenFoundation’s

Strive Conference empowers over 2,000 adolescents with life skills and leadership training.

Commenting on the Bank’s intentionality towards the development of children, Dame Dr. Adaora Umeoji, OON, Group

Managing Director/CEO, ZenithBank Plc, said, “AtZenith Bank, weare deliberate about initiativesthat elevate children

becausetheyarenotjustourfuture,theyareourpresentresponsibility.AsWhitneyHoustonsopoignantlysang,‘I

believethechildrenarethefuture,teachthemwellandletthemleadtheway.’Thatisthephilosophydrivingour

investmentsineducation,financialliteracy,health,anddigitalinclusion.FromKiddiesCornertoICTcentres,from

PHCs to orphanages, we are teaching them well, equipping them early, and giving them the tools to lead. Zenith Bank

renews its commitment to every Nigerian child, to nurture their dreams, protect their dignity, and secure their tomorrow.”

Championing youth expression, the Zenith Annual Youth Parade, hosted by the Bank for 19 years, stands as a flagship

Corporate Social Responsibilityinitiative. Bringing togetherthousands of childrenand teenagers in avibrant showcase

of unity and discipline, the parade has remained dedicated since inception to the vital mission of supporting, nurturing,
andempoweringtheNigerianchild,reinforcingtheBank’sbeliefthatleadershipislearnedearlythroughteamwork,

confidence, and celebration of young Nigerian identity.

ForZenithBank,Children’sDayismorethanadateonthecalendar.Itisadailypledgetoempower,protect,and

prepareNigeria’schildrenforleadership.Fromclassroomstocommunities, the Bank’s initiatives are teaching them well

and letting them lead the way because the future belongs to children who are equipped today.