Business

Old Tax Laws Made Nigerians Poor — Tinubu Defends New Reforms

Published

4 months ago

April 15, 2026

Preport

President Bola Ahmed Tinubu has said that outdated, colonial-era tax laws contributed significantly to economic hardship and poverty among Nigerians.

The President made the remark during the commissioning of the 16-storey headquarters of the Nigeria Revenue Service (NRS) in Abuja, according to a statement issued by his Special Adviser on Information and Strategy, Bayo Onanuga.

Tinubu noted that the tax reforms introduced by his administration are aimed at replacing obsolete structures with a more inclusive and growth-driven system.

“On my inauguration day, I made a solemn pledge that we will move Nigerians from the dimness of uncertainty into the clear light of renewed hope,” he said. “I committed to confronting structural weaknesses, restoring financial stability, and building an economy anchored in discipline, equity, and opportunity.”

According to the President, the new tax system, which became fully operational in January, is designed to strengthen the country’s fiscal foundation while promoting long-term economic growth.

He described the reforms as a deliberate effort to build a transparent, efficient, and people-centred revenue system capable of restoring public trust and supporting national development.

Addressing public concerns, Tinubu said the new framework would simplify taxation, eliminate distortions, and promote fairness, while also protecting vulnerable citizens.

“The reforms are designed to simplify our system, eliminate distortions and create a fair, transparent and investment-friendly environment,” he stated. “Our direction is clear: to have a revenue system that rewards enterprise, supports growth, and ensures that every contribution to the national cause is matched by feasible value for the people.”

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Plateau Strengthens Technical Education, Prepares NITT Centre for September Take-Off

Published

19 minutes ago

August 19, 2026

Preport

The Plateau State Government has taken a major step towards expanding access to specialised transport education and practical technical training with the handover of facilities at the Government Science Technical College, Bukuru, to the Nigerian Institute of Transport Technology (NITT), Zaria.

The facilities, comprising part of the college’s Mechanical Workshop, five classrooms and a residential quarter, will serve as the NITT Learning Centre and Compressed Natural Gas (CNG) Conversion Centre, providing students, technicians and professionals with opportunities to acquire practical skills in modern transportation technology, CNG conversion and logistics.

The Plateau State Government was represented at the handover ceremony by the Commissioner for Transport, Hon. Davou Gyang Jatau, who said the initiative reflects the administration’s commitment to strengthening technical education, skills development and the adoption of modern transportation technologies.

Jatau said the Mechanical Workshop would provide a practical environment for CNG conversion training, while the classrooms would support theoretical instruction, professional development and capacity-building programmes.

He added that the residential accommodation would improve the welfare of personnel and learners who would be associated with the centre.

The commissioner expressed confidence that NITT would make effective and sustainable use of the facilities to expand educational and technical opportunities for people in Plateau State.

“We are confident that NITT Zaria will make effective and sustainable use of these facilities for the benefit of Plateau State and Nigeria at large.”

Also speaking, the Permanent Secretary, Ministry of Transport, Mrs Jummai Shekarau, described the handover as an investment in technical education, innovation and human capital development, rather than simply the provision of infrastructure.

She said the CNG Conversion Centre would provide young people with practical skills that could improve their employability and enable them to take advantage of opportunities emerging in the CNG value chain.

According to her, the centre would also encourage entrepreneurship and job creation while supporting the transition from petrol and diesel to cleaner and more affordable energy alternatives.

The Registrar of NITT, Zaria, Dr Maina Williams Tarfa, commended the Plateau State Government for providing facilities beyond what the institute had initially requested.

Tarfa said the intervention would enable NITT to establish a strong educational presence in Plateau State and bring specialised transport training closer to residents.

He expressed confidence that the centre would commence operations by September, providing training opportunities for local government technicians and other professionals across the state.

He explained that NITT would introduce programmes including Advanced Diploma, Graduate Diploma and Master’s programmes in Transport and Logistics, while deploying its technical experts to deliver quality training and practical services.

Tarfa said the centre would help bridge the gap between theoretical education and practical skills by giving learners direct exposure to modern transport technologies.

Dr Sani Barau, Special Adviser to the Director General/Chief Executive of NITT, said the handover marked the transition from planning to implementation after concerted efforts to secure and prepare the facilities.

Barau stressed the need for a clear and speedy activation plan to ensure that the centre becomes operational as soon as possible.

He said the initiative would involve local technical stakeholders, create investment opportunities and strengthen the skills base required for the development of Plateau State’s transport sector.

The officials subsequently toured the facilities to inspect the progress of rehabilitation works at the institution ahead of the planned commencement of operations in September.

The establishment of the NITT Learning Centre is expected to strengthen technical and vocational education in Plateau State, giving students, technicians and professionals access to practical training and advanced qualifications in transport, logistics and emerging vehicle technologies.

Business

Africa’s biggest bank targets stake in OPay ahead of IPO

Published

4 hours ago

August 19, 2026

Preport

Africa’s largest bank by assets, Standard Bank Group is in negotiations with Nigerian fintech company OPay ahead of the latter’s planned initial public offering (IPO) in the United States.

OPay is working with Citigroup, Deutsche Bank AG and JPMorgan Chase & Co to help list the company in New York, which is expected to take place later in 2026, according to Bloomberg.

The amount Standard Bank intends to invest and the stake it is seeking in OPay remain unknown as the fintech, backed by SoftBank Group Corp and Sequoia Capital, targets a US IPO valuation of $4 billion.

The potential investment in OPay followed Standard Bank Group’s disclosure that it plans to increase its investments in companies across Africa in June.

The lender said it would deploy $15.4 billion to tap opportunities in Nigeria and other key markets across the continent.

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Since it was created in 2018, OPay has grown into one of Nigeria’s largest digital financial platforms, offering payment, savings, credit and other financial services as a mobile money operator.

In previous years, it has expanded beyond Nigeria into emerging markets across Africa and Asia, including Indonesia, Pakistan, and Egypt.

OPay is one of Nigerian fintech companies, including Moniepoint and Flutterwave, that have raised funding through foreign means over the years to finance growth and expand their operations beyond the continent.