NewStats: 3,263,953 , 8,182,072 topics. Date: Monday, 09 June 2025 at 02:37 AM 1d596s

…Taps 30% of Tetfund income to fund NELFUND

…To deploy tax tools to drive jobs, exports

The federal government is making plans to bring more eligible individuals and entities into the tax net to increase its revenues and meet obligations to the citizens. It aims to actualise this objective through a project named, “Tax Identification Consolidation and Collaboration (TICC).”

The project will widen the tax net and the tax base in line with the newly proposed Economic Stabilisation Bills (ESB) set to be sent to the National Assembly. The initiative is part of the 15 bills set for amendment as approved by the Federal Executive Council (FEC) on Monday, Taiwo Oyedele, chairman of the Presidential Fiscal Policy and Tax Reforms Committee, said on his X handle.

“Part of the plan is the introduction of ‘Tax Identification Consolidation and Collaboration (TICC)’ initiative to expand the tax base, widen the tax net, and create a level playing field for businesses,” he noted.

Collaboration with States
The government is also planning to collaborate with state governments to suspend certain taxes on small businesses and vulnerable population to give them a breath of fresh air.

The federal government intends to woo states to eliminate taxes such as road haulage levies and other charges on transportation of goods; business premises registration; animal trade and produce sales tax; bicycle, truck, canoe, wheelbarrow, and cart fees; shops, kiosks and market taxes and levies.

“The ESB seeks to amend about 15 different tax, fiscal, and establishment laws to facilitate economic stability and set the country on the path for sustained inclusive growth,” Oyedele said. Other objectives contained in the proposed bills include changes designed to achieve inflation reduction and price stability.

The proposed bills are also expected to promote fiscal discipline and consolidation, enhance job creation and poverty alleviation, as well as serve as catalyst for export promotion and diversification. The key changes to be made to the various laws include amendments to the income tax laws to facilitate employment opportunities for Nigerians in Nigeria within the global value chain, including the digital economy.

FG eyes TETFUND’s 30% revenue
On the amendment to the Tertiary Education Trust Fund Act, Bayo Onanuga, special adviser to President Bola Tinubu on information and strategy, told journalists in Abuja on Wednesday that the government has successfully pushed an amendment to the Tertiary Education Trust Fund (TETFUND) Act, which provides for the deduction of 30 percent of revenue accruable to the agency to fund the newly established National Education Loan Fund (NELFUND).

“There is an amendment to the TETFUND 2011 Act, which now says it shall fund the disbursement of NELFUND. This means that TETFUND, before it disburses the amount in its fund, shall set aside an initial one-third of the amount to be transferred to the Nigeria Education Loan Fund, This is 30 percent of whatever TETFUND gets from the federation . The amount will now be ed on to a readymade source of fund to NELFUND,” he said.

Onanuga confirmed an amendment of the Nigerian Maritime istration and Safety Agency (NIMASA) Act and that of the Nigeria Ports Authority (NPA) such that all their fees, charges, levies, fines and other monetary accruals will now be paid in naira at the applicable exchange rate.

“You will recall that, hitherto, those agencies were charging their fees in dollars. So, those agencies can now collect naira.
This affirms that the government wants to place emphasis on our national currency instead of dollarising our economy.”

Nigeria’s Poor Fiscal Position
Nigeria wants to generate more revenue not just by raising taxes but by bringing more persons and entities into the net.
The nation’s revenue to the gross domestic product (GDP) stood at 9.4 percent in 2023, but it was a decline from 10.9 percent in 2021, according to the International Monetary Fund (IMF).

South Africa’s revenue to GDP stood at 25.1 percent in 2023, according to South Africa Revenue Service (SARS). Ghana’s tax to GDP is estimated at 14 percent. Rwanda is currently at 24 percent, while Kenya’s is 14.3 percent, says the World Bank. Nigeria’s total public debt stood at N121. 67 trillion in the first quarter of 2024, from N97. 34 trillion in the fourth quarter (Q4) of 2023.

Bill Gates, co-chair of Bill and Melinda Gates Foundation, in his recent visit to Nigeria said, “Nigeria’s economy has stagnated. Earlier this year, your debt exceeded 50 percent of your GDP for the first time since 2001.”

“And while your revenue-to-GDP ratio has grown, it’s still lower than what it was 15 years ago. The result is that Nigeria spends less per-capita on its people than other African countries with a fraction of your wealth.”

He further said that the Nigerian government must demonstrate that it is properly utilising tax revenues before propping the citizens to pay. Taxes are never popular. That’s true in America too. But they’re part of a social compact. People are more likely to pay them when they see the government spending that money to give Nigerians a better life.”

The Nigerian Economic Society (NES) recently warned that Nigeria’s slowing revenue generation may pose significant challenges to its economic growth and social wellbeing of its citizens.This is contained in a report presented by Adeola Adenikinju, president of NES, at the 65th annual conference of the economic group in Abuja. Adenikinju noted that with the level of revenues generated in the country, Nigeria may find itself among countries with lowest revenue collection, raising concerns over its economic sustainability.

“Nigeria’s fiscal performance benefited from the foreign exchange liberalisation in 2023, but the country still suffers a revenue problem and could remain among the bottom 10 countries with the lowest revenue in the medium-term,” NES president warned.

https://businessday.ng/news/article/nigeria-to-widen-tax-net-over-revenue-shortfall/

Since Bill Gates came and talked about tax, the FG has seen a yardstick to keep taxing Nigeria yet no development!

“No nation ever grew more prosperous by taxing its citizens beyond their capacity to pay.” - former British Prime Minister Margaret Thatcher

Bill Gates further said that the Nigerian government must demonstrate that it is properly utilising tax revenues before propping the citizens to pay. Taxes are never popular. That’s true in America too. But they’re part of a social compact. People are more likely to pay them when they see the government spending that money to give Nigerians a better life.”

“Nigeria’s economy has stagnated. Earlier this year, your debt exceeded 50 percent of your GDP for the first time since 2001. And while your revenue-to-GDP ratio has grown, it’s still lower than what it was 15 years ago. The result is that Nigeria spends less per-capita on its people than other African countries with a fraction of your wealth.”

They engaged in reckless borrowing while looting same thereby mortgaging the nation into chronic financial distress and indebtedness.

Something else he said in 2019.

He said rather than increasing taxes, the tax net should be saddened so that those who are not playing will be included and it will increase government expenditure.

That speech was cut and misrepresented.


https://www.youtube.com/watch?v=YZA_vYoWXQg?si=mqv7Yl2hyhXI_uPu

2019.

Like him or not, he is doing the things he said he will do.

Mynd44:
Something else he said in 2019.He said rather than increasing taxes, the tax net should be saddened so that those who are not playing will be included and it will increase government expenditure. Like him or not, he is doing the things he said he will do.

Then he is very wicked. Do you know how many families that are being affected nationwide with this his neck constricting but spendthrift lifestyle that has put a serious strain on the economy of this nation? Spending for frivolities.

Mynd44 deleting comments you think are not palatable to your likening is unhealthy and not good for a public forum like this. A lots of journalists write articles criticising the ill policies, decisions, and undertakings of this profligate govt but the government goes against them. This does not obliterate the truth for being truth.

Collecting enough money to overspend others in 2027 election

chatinent:
Since Bill Gates came and talked about tax, the FG has been a yardstick to keep taxing Nigeria yet no development!

But you should know President Tinubu spoke about this in 2019.

It was also what he based the tax laws in Lagos on.

We as a country want development, we want to grow but government earnings is very low. Which is why our National budget is ridiculous compared to other countries.

Government has to earn more the do more, but atleast in this case, the tax is not being increased, it is a matter of bringing in those who do not pay before to start paying. This isn't a burden on those already paying

Instead of criticizing this government, let's all hands to them to scatter the country since they have taken over power at all costs. It will be better to have a scattered country than this patch patch we are doing.

Mynd44:
Something else he said in 2019.

He said rather than increasing taxes, the tax net should be saddened so that those who are not playing will be included and it will increase government expenditure.

That speech was cut and misrepresented.


https://www.youtube.com/watch?v=YZA_vYoWXQg?si=mqv7Yl2hyhXI_uPu

2019.

Like him or not, he is doing the things he said he will do.

Something like widening the tax net and reducing the purchasing power of the people 

Also, let the poor breathe. Don't suffocate them. 

Mynd44, be truthful with yourself; tell yourself some hard truth; if not for any other thing, at least let it be for your sanity. Mynd44, How do you sleep at night?

You just have to come to with the fact that Tinubu is a collosal failure. His first seventeen months should be able to tell you that Tinubu has absolutely nothing to offer. No president in the history of this country has been this disastrous.

You can't continue defending Tinubu. This is not patriotism.
"A patriot must always be ready to defend his country against his government."

Nobi people wey don eat u go tax 😂😂😂😂

Mynd44:

But you should know President Tinubu spoke about this in 2019.

It was also what he based the tax laws in Lagos on.

We as a country want development, we want to grow but government earnings is very low. Which is why our National budget is ridiculous compared to other countries.

Government has to earn more the do more, but atleast in this case, the tax is not being increased, it is a matter of bringing in those who do not pay before to start paying. This isn't a burden on those already paying

the ripple effect is going to affect those already paying negatively.

symbianDON:
the ripple effect is going to affect those already paying negatively.

How please if I may ask?

All these noise about NELFUND, they have only spent N2.5billion ($1.5m).. money that one governor would use to pay his children's school fees in one session abroad.. 🤔🤔 a governor in this country used over 600k Dollars to pay for his children school fees in kindergarten, even paid for unborn kids in advance.

If politicians and civil servants stop stealing the country money because they can, their would be enough funds to cater for the citizens..

But we are not ready for that conversation yet.

Stop the Stealing!!

bolt000:

How please if I may ask?

Explain how taxing someone who earns a miserable salary is going to have negative effect on them?

Racoon:

Bill Gates further said that the Nigerian government must demonstrate that it is properly utilising tax revenues before propping the citizens to pay. Taxes are never popular. That’s true in America too. But they’re part of a social compact. People are more likely to pay them when they see the government spending that money to give Nigerians a better life.”

You're spot on, I would have given you a billion like for well thought comment if possible

That's tinubu's model.

Instead of looking inwards, reduce govt corruption, enforce modest living at the highest levels and save funds, the guy wants to widen the tax net in the poverty capital of the world, despite worsening economic conditions among most Nigerians.

The best thing is that it would also touch you that voted for him for ethno-religious reasons.

Make dem wide am

Una go see pepper

Mynd44:
Something else he said in 2019.

He said rather than increasing taxes, the tax net should be saddened so that those who are not playing will be included and it will increase government expenditure.

That speech was cut and misrepresented.


https://www.youtube.com/watch?v=YZA_vYoWXQg?si=mqv7Yl2hyhXI_uPu

2019.

Like him or not, he is doing the things he said he will do.

Rest, What do you know !

Mynd44:

But you should know President Tinubu spoke about this in 2019.

It was also what he based the tax laws in Lagos on.

We as a country want development, we want to grow but government earnings is very low. Which is why our National budget is ridiculous compared to other countries.

Government has to earn more the do more, but atleast in this case, the tax is not being increased, it is a matter of bringing in those who do not pay before to start paying. This isn't a burden on those already paying

Why have you guys been led to believe that it's the citizens who must continue to pay for the reckless profligacy of politicians?
The citizens must sacrifice while the political elites keeps spending recklessly yet still going cap in hand to beg for more loans.
How long must we continue like this till we realize these guys don't mean well and have never meant well for this country?
More taxes simply means More revenue for the rogues to steal through budget paddings and kickbacks.
If they want more money they should cut down on the bogus salaries and allowances paid to those rogues at the corridors of power.

Sapiosexuality:
Explain how taxing someone who earns a miserable salary per is going to have negative effect on them?

Define miserable salary please? Once your earn, you should automatically be taxed based off of what you’re earning. It’s pretty simple.
If you’re earning, presumably you should be paying tax. It’s not rocket science.

Tinubu's wife spent over N700M on foreign travels in just three months.

Imagine how much she would spend in four years.

That's where your taxes are going.

When will they start taxing oxygen we breathe?

Zombies will still defend that one.

The ones already paid is being mismanaged.

What a struggle trying to understand this government

bolt000:

Define miserable salary please? Once your earn, you should automatically be taxed based off of what you’re earning. It’s pretty simple.
If you’re earning, presumably you should be paying tax. It’s not rocket science.

Lol. Are these people not already been taxed? How do you tax a broke person and not create ripple effects?