Newsextra24.com

President Bola Tinubu has stated that his emergence as Nigeria’s president was part of a divine plan.

Tinubu made the declaration while reiterating his commitment to good governance, adherence to the rule of law, and the preservation of democratic values in the country.

The president spoke at the Presidential Villa in Abuja during an interfaith iftar where he hosted members of the National Working Committee of the All Progressives Congress (APC) alongside leaders of the Inter-Party Advisory Council (IPAC).

Nigeria’s New Tax Reforms: Fear vs. Reality

Nigeria's Nigeria Tax Act 2025, signed by President Tinubu in June 2025 and effective January 1, 2026, has sparked anxiety across social media, with many fearing blanket tax hikes on bank accounts, SMEs, and everyday earners.

What's Sparking the Worry?
Rumours of taxing every transaction or punishing the poor have spread fast on Facebook and Twitter, leaving salary workers, market traders, and small shop owners feeling squeezed in tough economic times.

Yet these fears often stem from misinformation rather than the law itself, as official clarifications lag behind viral posts.

The Real Changes
The reforms consolidate old laws, exempt low earners (up to ₦800,000-₦1.2 million annually or national minimum wage) from PAYE, raise small business thresholds to ₦100 million turnover, and cut taxes for 98% of citizens while targeting high earners at up to 25%.

They aim to plug leakages, digitize compliance, and ease burdens on informal traders—no new punitive taxes for most.

Why Trust Is Low
Past reforms promised better roads, schools, and hospitals but delivered little, so folks hesitate to pay more without seeing potholes fixed or clinics stocked.
Nigeria's tax-to-GDP ratio hovers around 9.5-13.5%, far below global averages, starving public services we all need.
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Path Forward
Success hinges on clear town halls, simple apps for filing, and quick wins like visible infrastructure spends to prove value.

Nigerians aren't anti-tax; we just want fairness, exemptions for the vulnerable, and roads we can drive on without fear.

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