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Breaking : Presidential Tax committee, says, Those earning ₦25m and less get tax exemption, “They need support to grow economically”
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.
……Reaffirms Support for Women Entrepreneurs
Tier One Lender, Fidelity Bank Plc, has commenced the disbursement of the Federal Government of Nigeria’s (FGN) MSME Intervention Funds, administered by the Bank of Industry (BOI), to qualified SMES with a strategic focus on empowering women-owned businesses across the country.
The FGN MSME Intervention Fund is designed to provide accessible financing to micro, small, and medium enterprises (MSMEs) across all 36 states of the federation.
The intervention aligns with Fidelity Bank’s commitment to inclusive economic growth and its long-standing support for Nigeria’s SME sector. In this phase of the disbursement, the bank is prioritizing women entrepreneurs, reinforcing its belief in the catalytic role of women-led enterprises in driving sustainable development and job creation.
Speaking on the development, Osita Ede, Divisional Head, Product Development at Fidelity Bank Plc, said, “As a bank deeply committed to the growth of SMEs, we are proud to partner with the Federal Government and the Bank of Industry on this critical intervention. For this phase, we are placing women at the forefront because we recognize their resilience, innovation, and pivotal contributions to wealth creation and employment generation in Nigeria.”
Fidelity Bank has also put in place a robust structure to ensure seamless onboarding and fund disbursement. Leveraging its nationwide branch network, digital banking platforms, and experienced relationship managers, the bank is poised to reach and support entrepreneurs across urban and rural communities.
The bank’s emergence as a critical player in the disbursement of the FGN MSME intervention Fund strongly aligns with its ongoing initiatives as the leading supporter of SMEs in Nigeria. Recently, the Fidelity SME Empowerment Programme (FSEP) was launched at its Gbagada SME Hub in Lagos.
This flagship initiative provided 100 growth-ready SMEs with ERPRev-enabled POS systems, business software, receipt printers, barcode scanners, inventory support, bookkeeping and branding training, three-day masterclasses, and six months of post-installation monitoring—all at no cost.
Earlier in May 2025, Fidelity Bank also signed an MoU with SMEDAN, Nigeria’s Small and Medium Enterprises Development Agency, to deliver SME-friendly low-interest financing, capacity-building support, and market access for SMEs referred under the agreement.
“Our vision goes beyond financing. We are building an ecosystem of support for SMEs by offering capacity-building programs, mentorship opportunities, and market access. Women entrepreneurs, in particular, will benefit from a larger share of the fund as part of our broader strategy to promote gender inclusion,”Ede added.
The FGN MSME Intervention Fund will further advance the bank’s commitment to empowering small and medium-sized enterprises by expanding access to affordable financing and strategic support. Through this fund, Fidelity Bank aims to deepen its impact on Nigeria’s MSME ecosystem, fostering sustainable growth, job creation, and economic resilience across the country.
Ranked among the best banks in Nigeria, Fidelity Bank Plc is a full-fledged Commercial Deposit Money Bank serving over 9.1 million customers through digital banking channels, its 255 business offices in Nigeria and United Kingdom subsidiary, FidBank UK Limited.
The Bank is the recipient of multiple local and international Awards, including the 2024 Excellence in Digital Transformation & MSME Banking Award by BusinessDay Banks and Financial Institutions (BAFI) Awards; the 2024 Most Innovative Mobile Banking Application award for its Fidelity Mobile App by Global Business Outlook, and the 2024 Most Innovative Investment Banking Service Provider award by Global Brands Magazine.
Additionally, the Bank was recognized as the Best Bank for SMEs in Nigeria by the Euromoney Awards for Excellence and as the Export Financing Bank of the Year by the BusinessDay Banks and Financial Institutions (BAFI) Awards.
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Access Holdings and Coronation on Group Unite to Champion Landmark Nigerian Art Exhibition on at Tate Modern
Access Holdings Plc and Coronation on Group Ltd, under the leadership of Chairman Aigboje Aig-Imoukhuede CFR, are proud to announce their joint support of Nigerian Modernism, the “rst major UK exhibition on to trace the trajectory of modern art in Nigeria. Opening at Tate Modern in London this October, the exhibition brings together over 250 works from more than 50 artists, spotlights ng Nigeria’s extraordinary arsc legacy from the 1940s to the turn of the century. This uniquely curated exhibion places Nigeria’s creave legacy “rmly at the centre of global art history.For the two “nancial instuons, this partnership represents more than corporate patronage. It is a strategic investment in cultural restoraon and identy. By acvely supporng Nigerian Modernism, Access Holdings and Coronaon Group rea7rm their belief that Africa’s future will be shaped not only by innovaon in boardrooms and markets, but by imaginaon in studios, classrooms and museums.Aigboje Aig-Imoukhuede CFR, Chairman of both instuons and a Member of Tate Modern’s Internaonal Council, brings a deeply personal commitment to this cause as one of Africa’s foremost patrons of the arts.“The modernist movement in Nigeria tells a story not just of art, but of the cultural awakening of a people who, even in mes of transon and turmoil, used creavity to assert dignity above circumstance and retain their authenc cultural identy,” he said.This commitment re:ects Mr. Aig-Imoukhuede’s philanthropic vision to build enduring African instuons. For him, culture is not separate from progress, rather central to it.
He explains that through this partnership with Tate, Access Holdings and Coronaon Group are helping to democrase access to African art, ensuring it is seen, studied and celebrated by the world. “This is how we inspire the next generaon. Not just of arsts, but of Africans who know that our stories ma;er and their voices are heard throughout history. I believe we all carry a sacred duty to protect and share our cultural legacy. The stories told by the artworks are living testaments to our ingenuity and global contribuon as Africans in the modern world,” he said.Tate Modern Director, Karin Hindsbo, said “This landmark exhibion is a powerful celebraon of the arsts who shaped a powerful vision of African Modernism. It brings long-overdue internaonal a;enon to their work and tells a visual story of cultural innovaon and exchange. We’re thrilled to be presenng this show at Tate Modern and to share the richness of Nigeria’s arsc legacy with audiences here in the UK and around the world.”Mr. Aig-Imoukhuede calls Nigerians everywhere, whether at home or part of the country’s vast and vibrant diaspora, to celebrate Nigerian Modernism as a cultural homecoming and a catalyst for conversaons that challenge outdated narraves.“The power of art transcends borders, connecng hearts and minds to inspire and drive change. This exhibion reminds us to reconnect with our roots and invites the world to see us through our own lens: rich, diverse and unapologecally African,” said Mr. Aig-Imoukhuede
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GTCO Plc Releases 2025 Half Year Audited Results ……. Reports Profit Before Tax of ₦600.9billion
Guaranty Trust Holding Company Plc (“GTCO” or the “Group”) has released its Audited Consolidated and Separate Financial Statements for the period ended June 30, 2025, to the Nigerian Exchange Group (NGX) and London Stock Exchange (LSE). The Group recorded profit before tax of 600.9billion on the back of strong performance on core earning lines₦ of interest income and fee income, which grew y-o-y by 31.5% and 33.0%, respectively. The strong core-earning performance doused the impact of the 493.01bn fair value gains recognised in H1-2024 which did not₦ recur in H1-2025, thereby narrowing y-o-y dip in PBT to 40%.The Group recorded growth across all its asset lines and continues to maintain a well-structured, de-risked, and diversified balance sheet in all the jurisdictions wherein it operates a Banking franchise, as well as across its Payments, Pension and Funds Management business verticals. Total assets and shareholders’ funds closed at 16.7trillion and 3.0trillion, respectively. Capital Adequacy Ratio (CAR) remained very robust and strong,₦ ₦ closing at 36.2%. Asset quality also improved as evidenced by IFRS 9 Stage 3 Loans which closed at 3.2% at Bank level and 4.5% % at Group in H1-2025 (Bank -3.5% (Group- 5.2% in December 2024) and Cost of Risk (COR) improved to 1.7% from 4.9% in December 2024. In specific term, the Group’s loan book (net) grew by 20.5% from 2.79trillion position of December 2024 to₦ 3.36trillion in June 2025. Similarly, deposit liabilities grew by 16.6% from 10.40trillion to 12.13trillion during₦ ₦ ₦ the same period. The Board approved an interim dividend of 1.00 per share for H1-2025.₦Commenting on the results, the Group Chief Executive Officer of Guaranty Trust Holding Company Plc, Mr. Segun Agbaje, said: “Our half year performance reflects the strength of our core business and the progress we are making in building a truly diversified financial services ecosystem. Beyond the extraordinary one-off gains of last year, we are now driving sustainable growth with recurring earnings that highlight the resilience and scalability of our model. A key driver of this momentum is our continued investment in technology, particularly the comprehensive upgrade of our core banking systems, which is already delivering stronger uptime, greater efficiency, and increased capacity to scale as our customer base grows.”He added: “Across Banking, Funds Management, Pension, and Payments, we are leveraging a fully de-risked balance sheet to reinforce our market position while maintaining strategic flexibility for growth. This foundation positions us to take advantage of emerging opportunities and deliver lasting value for all stakeholders.”Overall, the Group continues to post one of the best metrics in the Nigerian Financial Services industry in terms of key financial ratios i.e., Pre-Tax Return on Equity (ROAE) of 60.4%, Pre-Tax Return on Assets (ROAA) of 10.6%, Capital Adequacy Ratio (CAR) of 36.2% and Cost to Income ratio of 30.1%. Guaranty Trust Holding Company Plc (GTCO Plc) is a leading financial services group with operations across Africa and the United Kingdom. Renowned for its strong corporate governance, innovative financial solutions, and customer-centric approach, GTCO Plc provides a wide range of banking and non-banking services including payments, funds management, and pension fund administration. The Group is committed to delivering long-term value to stakeholders while driving growth and development across its markets.
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