May 2, 2025

The President of the Trade Union Congress (TUC), Mr. Festus Osifo, has voiced strong opposition to the Federal Government’s proposed tax bills, arguing that they place undue financial strain on workers’ already limited allowances. Speaking at the 2025 May Day celebration held in Abuja on Thursday, Osifo criticised the tax proposals, stating they unfairly target workers while allowing the wealthy and large corporations to escape similar burdens. He condemned the bills as “anti-worker,” stressing that they were developed without any input from labour representatives. “These tax proposals heavily impact our modest benefits — such as housing, transportation, and medical allowances — yet they fail to establish a fair taxation system that ensures the affluent contribute proportionately,” Osifo said. In particular, he denounced the plan to set the minimum taxable income at ₦800,000 annually, pointing out that this figure is only slightly below the new National Minimum Wage of ₦840,000 per year (₦70,000 per month). “How can you expect someone earning barely enough to afford eight 50kg bags of rice a year to pay tax? This policy blatantly disregards the harsh realities faced by Nigerian workers, especially in the context of rising inflation and economic distress,” he argued. Osifo also criticised proposals to broaden the Value Added Tax (VAT) to include essential goods and introduce new levies, warning that such measures would further drive up the cost of living and disproportionately hurt low-income earners. He raised concerns about the informal sector, warning that small-scale traders and artisans would be subjected to presumptive taxation and overwhelming compliance demands. “We demand the immediate withdrawal of these anti-worker tax bills,” Osifo declared. “Nigeria needs a just and inclusive tax regime—one that exempts basic necessities from VAT and genuinely supports the informal economy.” Turning to political issues, the TUC President called for comprehensive electoral reforms, citing a “crisis of political legitimacy” in the country. He urged President Bola Tinubu and the National Assembly to spearhead an inclusive reform process. “This transcends party politics—it is a patriotic responsibility. All stakeholders, including workers, civil society, political groups, and youth, must collaborate to reform our electoral system, ensuring it is transparent, accountable, and genuinely representative,” he said. Osifo emphasized that free and fair elections are vital to building a fair, just, and progressive nation. For professional advice on Accountancy, Transfer Pricing, Tax, Assurance, Outsourcing, online accounting support, Company Registration, and CAC matters, please contact Sunmola David & CO (Chartered Accountants & Tax Practitioners) at Lagos, Ogun state Nigeria offices, www.sunmoladavid.com. You can also reach us via WhatsApp at +2348038460036.

The Director-General of the Securities and Exchange Commission (SEC), Dr. Emomotimi Agama, has cautioned Nigerians against trusting investment firms that are not registered or regulated by the SEC, stressing that registration with the Corporate Affairs Commission (CAC) and possession of a SCUML certificate from the Economic and Financial Crimes Commission (EFCC) do not constitute proper regulatory approval. Speaking to journalists on Wednesday during a sensitisation tour against Ponzi schemes at Garki Market in Abuja, Agama emphasized the need for Nigerians to verify the legitimacy of investment platforms before putting their money at risk. “It is disheartening that some individuals and foreign entities are actively defrauding Nigerians. The government cannot stand by and allow this to continue,” he said. “This is why SEC is engaging directly with the public—to raise awareness and protect people from falling victim to fraudulent schemes. If something sounds too good to be true, it probably is.” Agama highlighted the new legal framework under the Investments and Securities Act, recently signed into law by the President, which prescribes a ₦20 million fine and up to 10 years imprisonment for those found guilty of running Ponzi schemes. He noted that the sensitisation campaign is part of SEC’s broader effort to inform the public, support victims, and expose red flags in illegal schemes. “We are here to help people confirm which investments are legitimate. We feel their pain, and through education, we are empowering them to make safer financial decisions,” he said. Agama warned that promotional training programmes used by fraudulent operators to lure victims are also illegal. “CAC registration and EFCC certification do not equal SEC approval,” he reiterated. “Always verify before investing.” Supporting the initiative, SEC’s Assistant Director in the Enforcement Department, Tope Onwionoko, stressed the Commission’s commitment to financial literacy, especially in curbing the spread of Ponzi schemes, which he described as a growing threat to society. For professional advice on Accountancy, Transfer Pricing, Tax, Assurance, Outsourcing, online accounting support, Company Registration, and CAC matters, please contact Sunmola David & CO (Chartered Accountants & Tax Practitioners) at Lagos, Ogun state Nigeria offices, www.sunmoladavid.com. You can also reach us via WhatsApp at +2348038460036.

At the 2025 Ministerial Press Briefing, Lagos State Commissioner for Economic Planning and Budget, Ope George, disclosed that the state government invested ₦130 billion in social intervention programmes in 2024, impacting over 18.5 million residents. These interventions included targeted transport subsidies to ease the burden of fuel subsidy removal, and the Ounje Eko food programme, which has improved access to affordable food for low-income households across the state. The Commissioner also reported a strong fiscal performance, revealing that Lagos State generated over ₦1 trillion in Internally Generated Revenue (IGR) last year, contributing to a total revenue of ₦2.08 trillion. The government has now set an ambitious revenue target of ₦2.968 trillion for 2025. From a public finance perspective, George highlighted key fiscal management strategies, including: The Lagos State government also trained 400 enumerators to improve data collection at the local level — a move that supports data-driven planning and revenue forecasting. Commending Governor Babajide Sanwo-Olu’s administration, George reiterated Lagos’ commitment to inclusive growth and prudent fiscal governance. With an estimated GDP of $259 billion, Lagos remains one of Africa’s leading sub-national economies — a promising indicator for investors and financial analysts alike. For professional advice on Accountancy, Transfer Pricing, Tax, Assurance, Outsourcing, online accounting support, Company Registration, and CAC matters, please contact Sunmola David & CO (Chartered Accountants & Tax Practitioners) at Lagos, Ogun state Nigeria offices, www.sunmoladavid.com. You can also reach us via WhatsApp at +2348038460036.