Business and Economy
NEPC to Setup Cashew Processing Plant in Ogbomosho
The Nigerian Export Promotion Council (NEPC) says it has finalised plans to establish a cashew processing plant in Ogbomosho, Oyo State.
The Executive Director of NEPC, Dr Ezra Yakusak, said this on Monday in Abuja at the presentation of the first half-year progress report on the non-oil export performance for 2023. js">
Yakusak said that the development was in line with the council’s mandate and efforts to strengthen its value-addition campaign.
“NEPC under its export development programme for priority products has concluded plans for the establishment of a cashew processing plant in Ogbomosho, Oyo State on a Public Private Partnership (PPP) arrangement,’’ he said.
According to Yakusak, this is predicated on the fact that Ogbomosho cashew is globally acknowledged as a brand for good quality and thereby highly sought after in the international market.
“We have since commenced processes towards setting up the processing plant,” he added.
On the inclusion of export promotion in the curriculum of Nigerian universities, Yakusak said that a Memorandum of Understanding (MoU) would soon be signed between NEPC and the National Universities Commission (NUC).
The NEPC boss said that the course when introduced would go a long way in enabling undergraduates to become employers of labour and be self-reliant after graduation.
“This initiative will further complement the efforts of NEPC at promoting the “Export4Survival Campaign’’ which is targeted at increasing the export of Nigeria’s non-oil products,” he said.
Pursuant to the Council’s commitment to ensure Nigerian products have easy access to international markets, he said that NEPC inaugurated an Export Trade House (ETH) in Hunan Province, China in April 19, 2023.
According to Yakusak, this is part of NEPC’s efforts to increase the export of Made-in-Nigeria products to China.
He said: “The establishment of the ETH is a collaborative effort between the NEPC and Zeenab Foods Limited under a Public-Private-Partnership arrangement.
“With the opening of the China ETH, the Council has launched and operationalised a total number of four ETHs which are located in Cairo, Egypt, Lome in Togo, Nairobi in Kenya and China.
“Plans are underway to establish another ETH in Dubai, United Arab Emirates (UAE)”.
Yakusak said that NEPC has ensured the disbursement of N308.45billion promissory notes to 199 exporting companies.
“Following the approval of the Federal Government, the disbursement to 199 exporting companies under the Export Expansion Grant (EEG) Scheme has since been completed,’’ Yakusak said.
He said that Nigeria’s non-oil exports in the first half of 2023 generated 2.539 billion dollars as against 2.593 billion dollars for the corresponding period of 2022.
“From these figures, it is apparent that a slight decrease of 0.09 per cent was recorded in the period under review.
“The sector recorded a dip in value of export in the first half-year of 2023 due to the general elections and changes in global economic conditions,’’ Yakusak said.
NAN
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Business and Economy
KGIRS Sensitizes Stakeholders On Implementation Of New Nigeria Tax Act, 2025
From Joseph Amedu, Lokoja
As the new Nigeria’s Tax Act 2025, becomes operational come January, 2026, the Kogi State Internal Revenue Service (KGIRS) on Tuesday, commenced Stakeholders’ Engagement towards full implementation of the law.
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Speaking at the one day Sensitization Programme held at the Lugard House, Lokoja, the Executive Chairman of the KGIRS, Alhaji Sule Salihu Enehe, said that the commencement of the Nigeria’s Tax Act, January next year, is in line with the Federal Government’s tax reform policy aimed at boosting tax administration.
“The Stakeholders’ Engagement is targeted at ensuring better understanding of the Nigeria Tax Act ahead of its full implementation January next year”
He explained that the operation of multiple tax administration law was condensed into one now called “Nigeria Tax Act 2025” to enhance transparency and efficiency in the system.
He also explained that the new law was put in place to avoid the problem of double taxation and duplication in the system.
Alhaji Enehe therefore, urged taxable citizens and critical stakeholders in tax administration sector to embrace the new law in support of President Bola Ahmed Tinubu’s tax reform policy which he said would go a long way in stabilising the nation’s dwindling economy.
The Special Adviser to Governor Ahmed Usman Ododo on revenue generation, Dr. Nasir Rahman Ichanyi, in his speech, commended KGIRS for organising the Stakeholders’ Engagement Forum which has provided avenue for robust dialogue and collaboration for comprehensive understanding of the Nigeria Tax Act 2025.
He described the Stakeholders’ Engagement as timely and proactive measures put in place by KGIRS to achieve the desired success in the implementation of the new law.
Dr. Ichanyi promised that Kogi State Government would not relent in support of President Tinubu’s tax reform policy which he said would enhance the nation’s economy.
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Business and Economy
Revenue Service Tasks Kogi Assembly On Domestication Of Nigeria Tax Act
From Joseph Amedu, Lokoja
Kogi State Internal Revenue Service (KGIRS) has asked the State House of Assembly to domesticate the Nigeria Tax Act and Nigeria Tax Administration Act, for easy implementation in the state.
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The Executive Chairman of the Service, Dr Salihu Enehe who led his team to the Assembly Complex in Lokoja said the awareness meeting with the Assembly has become imperative.
He described the Nigeria Tax Act as a compressed compendium of various tax laws hitherto operating in the country into a single document with a view to addressing issues of multiple taxation and promotion of transparency in tax administration in the country.
He commended President Bola Ahmed Tinubu for taking the bold step on embarking on the tax reforms to enable harmony in the tax ecosystem.
Enehe said that implementation of the new tax laws, scheduled to take effect from January, 2026, would enhance transparency in administration and transactions, investments and proffer measures against tax evasions.
“On 26th of June this year, the President of the Republic of Nigeria signed four laws, and these four laws have caused disruptions going forward into the future, in terms of tax and Administration”, he said.
“With these disruptions come a great opportunity and great threat. A great opportunity for those who are ready and prepared to abide and adhere to the laws but a great threat for those want to remain in the past and resistant to change.”
According to him, the four laws include the Nigeria Tax Act, the Nigeria Tax Administration Act, the Joint Revenue Board Establishment Act, and the Nigeria Revenue Service Establishment Act.
He noted that implementation of the Nigeria Tax Act and the Nigeria Tax Administration Act operational at states level would be fair to low income earners, reduction for middle level and tough on high income earners.
The Executive Chairman pointed out that under the new tax laws, which would be operational from January, 2026, people earning gross annual income of less than N1.3 million would be exempted from tax while middle level earners of between N1.3 million and N3 million would have their taxes reduced.
He further explained that higher gross annual income above N3 million, would attract higher taxes meaning that “Big men” and business organisations would pay more.
A Consultant with the KGIRS, Barrister Henry Ojuola in his remark, urged the House not bother with making new laws on the matter even though the Acts provides that they could enact or implement.
Barrister Ojuola, a former member of the Assembly however advised the Assembly and the Service to rely on the Acts in their implementation saying Chapter 5 of the Tax Administration Act has specified many offences as well as punishments for the Tax Tribunal to handle.
“Ensure your Tax Tribunal is effective by ensuring that “Unpurchaseable persons” are members. Ensure that the people you send to collect taxes are not dishonest Nigerians’, Legal Practitioner advised.
In his closing remarks, Chairman of the House standing Committee on Finance, Hon. Akus Lawal appreciate the KGIRS Chairman and his team for initiating the engagement.
The Lawmaker expressed optimism that in no time Kogi would be rated as the number three state among the 19 Northern states After Kano, Kaduna, Kogi State and number one in North-Central in terms of Internally Generated Revenue drive.
Hon. Lawal, representing Ankpa I Constituency, said the legislators were now better informed on the issue of revenue and tax administration in Nigeria and are looking forward to receiving the two tax laws to “do the needful”.
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Business and Economy
Ododo Unveils N820.49 Billion 2026 Draft Budget
From Joseph Amedu, Lokoja
Governor Ahmed Usman Ododo of Kogi statte has unveiled the 2026 draft budget, titled “Budget of Shared Prosperity,” totaling N820.49 billion. The announcement was made following a meeting of the State Executive Council in Lokoja.
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The budget represents a 35.7% increase over the 2025 revised budget, signaling the state government’s focus on sustainable growth, inclusive development, and enhanced service delivery.
Commissioner for Finance, Budget, and Economic Planning, Asiwaju Asiru Idris, briefed journalists after the council meeting, highlighting that the 2026 budget is designed to strengthen internal revenue, improve debt recovery, foster a business-friendly environment, and deepen public-private partnerships.
“The 2026 budget proposals reflect a robust and balanced financial strategy emphasizing enhanced revenue generation, strategic expenditure control, and a strong commitment to capital investment,” Idris said.
He added that the significant rise in both recurrent and capital expenditure underscores the government’s determination to expand infrastructure and improve public service delivery. The total estimated revenue and expenditure for the 2026 draft budget is N820,490,585,443, reflecting a fully balanced fiscal plan.
The meeting also addressed other critical issues, including access to clean water, road safety, and land administration reforms. Commissioner for Information and Communication, Kingsley Fanwo, noted that Governor Ododo directed all commissioners to sink three boreholes each in their respective local government areas and tasked the council with taking over land consent authority to curb fraudulent transactions.
The inclusive meeting, which included former commissioners, reflected Governor Ododo’s commitment to unity and collective progress. Former Commissioner Hon. Salisu Sani Ogu praised the governor’s leadership style, saying, “He has shown a desire to carry everyone along and build on the foundation laid since 2016.”
The 2026 draft budget aligns with the state government’s long-term goals of infrastructure expansion, improved public services, and economic diversification, aiming to create a more prosperous environment for Kogi residents.
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