Connect with us

Business and Economy

No More Jan 14 Protest Over Tax Reform Law – NANS

Published

on

Spread the love

By SON TERTSEA, ABUJA

The planned January 24 protest by the National Association of Nigerian Students (NANS) The National Association of Nigerian Students (NANS) over the reformed tax laws has been called off

This decision was announced following the NANS Expanded National Executive Council (NEC) meeting with the Chairman, Presidential Committee on Fiscal Policy and Tax Reforms, Taiwo Oyedele, in Abuja on Tuesday.

Reading the communiqué that emanated from the meeting, NANS National President, Olushola Oladoja, said its decision to back down on the protest followed satisfactory response from relevant government authorities on the import of the law.

According to him, the new Tax Reform Law is a deliberate and well- intentioned aimed at improving Nigeria’s economy, strengthening institutional frameworks for revenue generation, with deliberate provisions to protect low-income earners and vulnerable citizens.

The NANS president explained that the law does not target the poor but strengthens social protection while ensuring that higher-income earners contribute more equitably to national revenue, preventing lopsidedness and unnecessary tax burdens on a few.

Endorsing the law, Oladoja said, “The Law provides for centralised revenue generation with a clear and transparent sharing formula across the Federal Government, State Governments, and Local Governments.

In view of the new understanding, he affirmed “That the National Association of Nigerian Students (NANS) shall serve as ambassadors of public enlightenment, committed to educating Nigerians on the purpose, importance, and benefits of the Tax Reform Law to boost citizens’ confidence and trust in the Federal Government during the implementation of this Law.

See also  Tax Act: Budget DG urges due process

“That ENEC affirms the authenticity of the Tax Reform Law as officially released by the National Assembly following the conclusion of its investigation”.

The members of the Expanded National Executive Council (ENEC) Meeting of NANS are drawn from NANS National Executive Council as well as Presidents and Senate Presidents of National Association of University Students (NAUS), National Association of Polytechnic Students (NAPS), National Association of Colleges of Education Students (NANCES), NANS Zonal Coordinators across the six geopolitical zones of the Federation, Joint Campus Council (JCC) Chairmen across the Federation, among others.

We recall that last week, NANS called for the suspension of the tax laws, saying it would embark on a peaceful mass protest on January 14 and march to the Presidential Villa gate in Abuja. The students’ body then accused the Federal Government of ignoring public concerns and constitutional processes.

However, following the interface with the Chairman, Presidential Committee on Fiscal Policy and Tax Reforms, Taiwo Oyedele, NANS understood the law better hence the need to call off its planned protest.

Business and Economy

Experts Warn Against “informalization of formal employment”

Published

on

By

Spread the love

By Isa Abdul

Economic crunch is gradually reshaping the Nigerian economic landscape, particularly the formal employment system.

According to the Punch, businesses are abandoning traditional fixed salary structures as employers are moving their workers, entirely or partially, to commission-based remuneration models. This is shifting the burden of low sales directly onto their staff.

From retail outlets to tech startups and manufacturing firms, the narrative is uniform: if you do not bring in revenue, you do not get paid.

This is a new survival switch

Years back, monthly pay was the golden standard of employment security in Nigeria.

But with business patronage slowing to a crawl, companies say maintaining a high wage bill is no longer sustainable.

“We had no choice,” says Mr. David Amaechi , the Managing Director of a mid-sized consumer electronics retail chain. He continued that:

“Our foot traffic has dropped by more than 40 percent compared to last year.

“People are prioritizing food and fuel over gadgets.

“We were faced with two options: either shut down operations entirely and lay off all 25 employees, or transition them to a performance-based system.

“We chose to keep them on, but now, a base salary only covers basic transport, while 70 percent of their take-home pay relies purely on the volume of goods they sell.”

He explained that while the decision was painful, it has kept his business afloat.

“It forces the team to be aggressive, but more importantly, it aligns our expenses directly with our actual revenue.

See also  Nigeria seeks $150m World Bank assistance for ACE ProjectBy Aliyu Musa

“If the business doesn’t make money, we cannot afford to pay out millions in fixed wages.”

While business owners view the move as an innovative emergency cushion, employees describe it as a fast track to financial insecurity.

With the cost of transportation, housing, and utilities skyrocketing, an unpredictable paycheck is pushing many urban workers to the brink.

Chioma Nnaji, a sales representative at a drycleaning service company, shared her recent struggles under the new payment structure.

“Two months ago, management announced that our basic salary was being cut by 60 percent, and the rest would be made up via a five percent commission on a number of clothes washed.

“But the customers are simply not coming. Some days, we don’t make a single sale.

“Those that come leave their clothes for months before coming to collect them.

“Last month, I went home with less than half of what I used to earn. My rent is due, food prices are rising daily, and I cannot even predict what I will earn next week.”

Labor experts warn that this trend could trigger widespread job dissatisfaction and a mental health crisis among the workforce.

The pressure to convert window-shoppers into paying clients in a depressed economy is turning workplaces into high-stress environments.

Economic analysts note that while commission structures are standard practice in sectors like real estate and insurance, their sudden adoption in conventional retail, hospitality, and corporate services reflects a deeper structural crisis.

“What we are seeing is the informalization of formal employment,” Dr. Abiodun Shonubi, a labor economist, said.

“Employers are effectively outsourcing their market risks to their employees. When consumer patronage slows because disposable income has been wiped out by inflation, it is unfair to penalise the floor worker who has no control over macroeconomic policies.

See also  BREAKING FROM THE CROWD

“While it helps businesses survive short-term cash flow crunches, it ultimately dampens aggregate demand because workers have less money to spend, creating a vicious cycle for the economy.”

However, given the scarcity of alternative job openings, many employees feel powerless to challenge the changes.

As the business landscape remains volatile, the commission-based salary model appears poised to stay.

For Nigerian employers, it is a necessary life support machine. For the average worker, it is another heavy layer of uncertainty in an already challenging economic climate.

Continue Reading

Business and Economy

NBTI Receives, Presents Nigeria’s 7 Shining Stars in Lahore, Pakistan to Science and Tech Minister

Published

on

By

Spread the love

By Seyi Balogun

Seven Nigerian entrepreneurs who proudly represented the nation and distinguished themselves at the SEE Pakistan 2026 World Startup Championship in Lahore, Pakistan have been received by the Management of the National Board for Technology Incubation (NBTI), led by the Director-General/Chief Executive Officer, Dr. Kazeem Kolawole Raji.

The remarkable international performance of the Nigerian entrepreneurs represents another compelling demonstration of the depth of talent, creativity, enterprise and technological ingenuity embedded within Nigeria’s emerging innovation ecosystem. SEE Pakistan 2026 brought together startups, entrepreneurs, investors, mentors and innovation stakeholders through a major international platform designed to promote entrepreneurship, innovation, visibility and global collaboration.

Following their reception at NBTI, the seven champions were presented to the Honourable Minister of Innovation, Science and Technology, Dr. Kingsley Tochukwu Udeh, SAN, where their outstanding international achievement was formally showcased as part of the Federal Government’s continuing efforts to strengthen Nigeria’s technology, innovation and entrepreneurship ecosystem.

The achievement is particularly significant against the backdrop of the transformative economic direction of the administration of President Bola Ahmed Tinubu whose bold economic and institutional reforms are designed to reposition Nigeria for sustainable growth, productivity, investment and prosperity.

President Tinubu’s administration has articulated the ambition of building a $1 trillion Nigerian economy by 2030, with technology, innovation, productivity, enterprise development and a skilled youthful workforce forming important components of that transformation agenda. The Federal Government’s Nigeria First Policy, in particular, places emphasis on strengthening Nigerian businesses, promoting domestic products and services, creating employment and enhancing the competitiveness and innovative capacity of Nigerian enterprises.

See also  Nigeria seeks $150m World Bank assistance for ACE ProjectBy Aliyu Musa

The NBTI Management commends President Bola Ahmed Tinubu, GCFR, for providing a policy environment in which Nigerian entrepreneurs, innovators and technology-driven enterprises can increasingly aspire to compete beyond the shores of Nigeria.

The Board recognises that the transformation of Nigeria into a globally competitive, innovation-driven economy requires more than policies alone. It requires deliberate investment in people, institutions, technology, entrepreneurship, research, product development, incubation, commercialisation and access to international markets.

It is within this broader national vision that NBTI continues to strengthen its Technology Incubation Centres and support mechanisms for entrepreneurs across the country.

Speaking at the reception, the Director-General/CEO of NBTI, Dr. Kazeem Kolawole Raji, congratulated the entrepreneurs for their resilience, professionalism, determination and exceptional representation of Nigeria on the international stage.

Dr. Raji described their achievement as a powerful reflection of the enormous creative and entrepreneurial capacity of Nigerian youths and innovators.

He stated that the success of the entrepreneurs was not merely an individual accomplishment but also a demonstration of what can be achieved when innovation, incubation, mentorship, institutional support and entrepreneurial determination are brought together.

Continue Reading

Business and Economy

Reduce Food Waste, Mrs Tinubu urges Nigerian Households, Communities

Published

on

By

Spread the love

By Nick Ibe

A call to reduce food waste and adopt sustainable practices to protect the environment has been made by the First Lady, Senator Oluremi Tinubu in a message marking the 2026 World Cleanup Day.

The day was observed on Sunday with the theme, “From Clean Plates to Clean Cities.”

She said the focus on food waste was particularly apt as climate change, conflicts and other global challenges continue to disrupt food production and supply. In her words:

“This year’s focus on food waste is particularly important at a time when climate change, conflicts, and other global challenges continue to disrupt food production and supply.”

She urged Nigerians to become more responsible in how they purchase, prepare, consume, and preserve food.

“I encourage households, businesses, and communities to reduce food waste, dispose of refuse properly, and adopt more sustainable practices that protect our environment,” she added.

Tinubu said collective efforts were needed to build cleaner and healthier communities for present and future generations.

“Through our collective efforts, we can build cleaner, healthier communities for present and future generations,” she said.

See also  FAAC Allocation: 3 Tiers of Govt Get 22% Less as N2.34trn is Shared in August
Continue Reading

Recent

General News16 hours ago

Death of 37 Miners in Custody: Ajia Calls for Independent Investigation, Accountability

Spread the loveA chieftain of the All Progressives Congress (APC) and the Dan Amanan Fune Emirate of Yobe State. Alhaji...

Education1 day ago

Body Operating With Name National PTA, Unknowed to Edu Ministry

Spread the loveBy Son Tertsea, Abuja The body operating under the name National Parent-Teacher Association (PTA) of the Federal Unity...

General News1 day ago

Peter Obi Distances Self From Purported Letter to Obi of Onitsha

Spread the loveBy Nick Ibe A letter purportedly written by him to the Obi of Onitsha, Igwe Nnaemeka Achebe, against...

General News1 day ago

2027 Elections: Police Must Never Be Seen As Political Tool, Tinubu Warns

Spread the loveBy Felix Umande President Bola Ahmed Tinubu has charged the Nigeria Police Force to maintain the highest standards...

President Bola Ahmed Tinubu PBAT President Bola Ahmed Tinubu PBAT
General News1 day ago

Tinubu To Return At Weekend After Extended Working Vacation In London, Paris – Presidency

Spread the loveBy Felix Umande President Bola Ahmed Tinubu will return to Nigeria at the weekend following the extension of...

General News1 day ago

Benue Govt Suspends Muslim Pilgrims Board Chairman, Secretary Over Alleged Mismanagement

Spread the loveBy Felix Umande The Benue State Executive Council has approved the suspension of the Chairman and Executive Secretary...

General News1 day ago

BUILDING A BUSINESS: He Started an eBay Side Hustle at 14 – Then Grew It Into a $92 Million

Spread the loveKey TakeawaysLior Pozin started dropshipping on eBay at 14.By age 21, he was making $6,000 per month dropshipping,...

General News1 day ago

Plateau Imposes Curfew on 3 LGAs, Bans Use Of Motorcycles

Spread the loveBy Michael Lim, Jos A dusk-to-dawn curfew on Barkin Ladi, Bokkos and Mangu Local Government Areas of Plateau...

General News2 days ago

Tinubu Praises Kaduna Gov Uba Sani’s Free CNG Mass Transit … As Benue Increases Fares for Commuters

Spread the loveBy Son Tertsea President Bola Ahmed Tinubu has praised Kaduna state government for deploying Compressed Natural Gas, CNG,...

Health2 days ago

Foreign Medical Tourism to Drop as Nigeria Records First Tele-robotic Surgery Success in West Africa

Spread the loveBy Son Tertsea Nigeria’s first tele-robotic surgery on September 20, 2026 at the Redeemer’s Health Village (RHV), in...