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Wealthy Nigerians to Face 25% Personal Income Tax Under New Proposed Law, Says Fiscal Reforms Chairman.√√√Newzspy.

Published

2 years ago

October 15, 2024

In a bold move aimed at enhancing government revenue and ensuring fairness in taxation, Taiwo Oyedele, Chairman of the Presidential Fiscal Policy and Tax Reforms Committee, has revealed that Nigerians earning over N100 million per month could soon be subject to a 25 percent personal income tax rate. The announcement was made during a breakout session at the ongoing 30th Nigeria Economic Summit, held in Abuja on Monday, October 14, 2024.

The proposal, if passed by the National Assembly, would impose a higher tax burden on Nigeria’s wealthiest citizens, while relieving lower-income earners of excessive tax pressures. Oyedele stressed the importance of balancing the nation’s fiscal books by ensuring that the rich contribute a fair share to government finances, while also protecting the less affluent from excessive taxation.

“If you earn N100 million a month, we’re taking up to 25 percent from the rich people. That’s because we need to balance the books,” Oyedele explained during the session. He pointed out that this move is part of a broader strategy to redistribute the tax burden in a more equitable manner, ensuring that the wealthy bear a larger share of the responsibility for funding government programs and services.

Currently, Nigeria’s tax system has been criticized for being skewed, with many wealthy individuals and businesses benefiting from tax loopholes while low-income earners and smaller businesses bear a disproportionate share of the tax burden. The proposed reforms aim to correct these imbalances by ensuring that higher earners contribute more, while relieving smaller businesses and individuals with lower incomes of excessive tax obligations.

In addition to the personal income tax hike for high earners, Oyedele also discussed a significant overhaul of the Value Added Tax (VAT) system. He explained that under the current system, businesses bear the cost of VAT on assets they acquire—whether they are building factories, purchasing equipment like laptops, or buying vehicles. This, in turn, raises the overall cost of goods and services, leading to higher prices for consumers.

However, once the proposed reforms are fully implemented, businesses will be able to claim 100 percent credit on VAT paid for both services and assets. This will alleviate the financial burden on businesses, reduce their operating costs, and allow them to keep their prices more competitive. Oyedele believes this change will spur greater investment and economic growth by reducing barriers for businesses looking to expand or upgrade their operations.

These proposed reforms are a part of a broader fiscal strategy by the Nigerian government to increase revenue and improve the country’s tax system. The government has faced criticism for low tax collection rates, with many experts pointing out that Nigeria’s tax-to-GDP ratio is one of the lowest in the world. Oyedele and his committee have been tasked with developing comprehensive reforms that will help the government generate more revenue without stifling economic growth or burdening vulnerable populations.

If the bill is passed, the new tax measures could have far-reaching effects on Nigeria’s economy. Wealthy individuals may be incentivized to explore tax planning strategies to mitigate the impact, while the government’s increased revenue could be used to fund essential services, infrastructure projects, and social programs that benefit the broader population.

The announcement has sparked debate among economic experts, business leaders, and policymakers, with some applauding the proposed measures as a necessary step towards fiscal responsibility, while others caution that such reforms must be carefully implemented to avoid discouraging investment and entrepreneurship in the country.

As the 30th Nigeria Economic Summit continues, these fiscal reforms are expected to remain a key topic of discussion, with stakeholders closely watching how the government plans to implement these changes and ensure that the benefits are felt across all sectors of the economy. The final outcome will depend on the political will of the National Assembly and the cooperation of key economic players in driving Nigeria towards a more balanced and sustainable fiscal future.

Credit: X/Imran Muhammad, Newzspy.

African Report

Access Bank, Fifth Chukker and UNICEF Renew Commitment to Expanding Educational Opportunities for Nigeria’s Most Vulnerable Children

Published

3 weeks ago

July 10, 2026

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PHOTO CAPTION L- R; Ifeyinwa Osime, Chairman, Access Bank; Ofovwe Aig-Imoukhuede, Co-Founder, Aig-Imoukhuede Foundation; Aigboje Aig-Imoukhuede, Chairman, Access Holdings; Adolfo Cambiaso, a professional polo player; Dikko Umaru Radda, Katsina State Governor; Uba Sanni, Kaduna State Governor, and Mohammed Umar Bago, Niger State Governor. Front Row: , Hamza Bello and Maryam Dauda, students of Access Bank Fifth Chukker School, at the Access Bank UK Polo Day in Windsor, United Kingdom…Saturday

Access Bank, Fifth Chukker and UNICEF Renew Commitment to Expanding Educational Opportunities for Nigeria’s Most Vulnerable Children

IMG-20260706-WA0006-1024x682 Access Bank, Fifth Chukker and UNICEF Renew Commitment to Expanding Educational Opportunities for Nigeria’s Most Vulnerable Children

London, United Kingdom – July 6, 2026: The transformative power of collective action in expanding access to education took centre stage in London as Access Bank UK, Fifth Chukker, UNICEF and the Kaduna State Government reaffirmed their shared commitment to creating brighter futures for Nigeria’s most vulnerable children.

Hosted by Access Bank UK, Access UK Polo Day celebrated more than 15 years of impact driven by a shared vision to expand educational opportunities for underserved children. What began as a modest initiative has evolved into one of Africa’s most impactful education programmes, with the Access Bank Fifth Chukker School in Kaduna State and its associated interventions positively impacting more than 14,000 children across underserved communities in Northern Nigeria.

At the heart of this transformation is the Access Bank Fifth Chukker School, where investments in educational infrastructure, learning resources and student support have created lasting opportunities for thousands of children. Between 2018 and 2026 alone, the school recorded 2,538 graduates, with female pupils accounting for more than 54 per cent of the total, underscoring the programme’s contribution to advancing girls’ education and promoting inclusive access to learning.

More than 1,000 pupils benefit from the school’s internationally recognised foundational learning programme each year, contributing to improved literacy and numeracy outcomes and a reported 15 per cent increase in learning performance. Students continue to secure admission into leading secondary schools, while teachers receive ongoing professional development and digital learning support. Enhanced infrastructural facilities and expanded learning resources have further strengthened the overall learning environment, helping to sustain the programme’s long-term impact.

This year’s event reinforced a compelling message: Every pledge should lead to a classroom, every classroom should empower a child, and every child should have the opportunity to shape a brighter future.

Speaking at the event, the Managing Director and Chief Executive Officer of Access Bank Plc, Roosevelt Ogbonna, reflected on the remarkable growth of the initiative and the unwavering commitment of its supporters.

“What began as a dream to transform the lives of 100 children has grown into a movement that has positively impacted more than 14,000 young people. We want to return next year talking about 28,000 children. Education remains the greatest leveller, giving every child a genuine opportunity to realise their potential and contribute meaningfully to society.”

Ogbonna expressed appreciation to donors and partners whose support has sustained the initiative, noting that investment in education creates lasting intergenerational impact.

Kaduna State Governor Uba Sani described education as one of the most valuable investments any society can make. He praised the longstanding alliance between Access Bank, Fifth Chukker and UNICEF, noting that it has restored hope and opportunity to thousands of children from underserved communities.

Highlighting Kaduna State’s ongoing education reforms, the Governor revealed that approximately 300,000 out-of-school children had been returned to classrooms over the past year through partnerships with organisations including UNICEF and other development partners. He also announced plans to construct an additional 120 classrooms at the Fifth Chukker Access Bank UNICEF School, enabling even more children to access quality education.

“What we are doing here is about humanity. By giving children access to quality education, we are empowering them to dream, to lead and to build a better future for themselves and their communities.”

Governor Sani also paid tribute to the late Herbert Wigwe, acknowledging his vision, leadership and enduring commitment to improving educational outcomes for underserved populations.

For Aigboje Aig-Imoukhuede, Chairman of Access Holdings, the true success of the initiative is reflected in the lives being transformed.

“The most meaningful measure of success is not the number of buildings we construct, but the opportunities we create. Every child who receives an education, every young person who discovers their potential, and every community strengthened through learning represents the lasting impact of this partnership. Together, we are proving that when purpose meets collaboration, we can create opportunities that change lives for generations.”

Welcoming guests, Jamie Simmonds, Chief Executive Officer of The Access Bank UK, described the gathering as polo with purpose, a celebration not only of sport but of a shared mission to create opportunity through education. He highlighted the institution’s commitment to supporting initiatives that deliver sustainable social impact and broaden access to learning for underserved children.

The event concluded with a renewed commitment from all stakeholders to deepen investment in education as a catalyst for national development and social progress. The Access Bank Fifth Chukker School continues to demonstrate the impact of sustained collaboration among the private sector, government and development partners, delivering measurable outcomes for vulnerable children in Northern Nigeria.

Screenshot_20240317-230340-1024x289 Access Bank, Fifth Chukker and UNICEF Renew Commitment to Expanding Educational Opportunities for Nigeria’s Most Vulnerable Children

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HumanManager Equips UNILAG Students with Practical Digital HR Skills Through NextGen HR Initiative

Published

4 weeks ago

July 4, 2026

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Photo Caption: HumanManager Equips Future HR Leaders at UNILAG L-R: Renee Julius-Pollyn, Customer Experience Consultant, HumanManager Limited; Dr. Ekwoada Joy Onyinyechi, Senior Lecturer, Department of Employment Relations & Human Resource Management, UNILAG; Dr. Mariam Gbajumo-Sheriff, Senior Lecturer, Department of Employment Relations & Human Resource Management, UNILAG; Jerry Adeyeri, Lead, Brands & Marketing, HumanManager Limited; and Dr. Dayo Badejo, Senior Lecturer, Department of Employment Relations & Human Resource Management, UNILAG, at the HumanManager NextGen HR Initiative 2026, held at the University of Lagos, on Wednesday, June 17th, 2026

HumanManager Equips UNILAG Students with Practical Digital HR Skills Through NextGen HR Initiative

image-1024x471 HumanManager Equips UNILAG Students with Practical Digital HR Skills Through NextGen HR Initiative

HumanManager, a leading HR and payroll technology company, has reaffirmed its commitment to developing Nigeria’s future workforce through the 2026 edition of its NextGen HR Initiative, a capacity development programme designed to equip future HR professionals with practical digital skills. Held on Wednesday, 17 June 2026, at the Faculty of Management Sciences, University of Lagos (UNILAG), the event exposed participants to hands-on training using HumanManager’s HR software, bridging the gap between classroom learning and workplace practice.
Now in its third consecutive year at the University of Lagos, the initiative was delivered under the theme, “HR in a Digital-First World: From HR Theory to Digital Practice.” Through practical simulations and live demonstrations, participants explored digital HR workflows, automation, employee data management, leave administration, attendance management, reporting, compliance and other technology-driven processes that are transforming how organisations manage their workforce.
Speaking during the programme, Jerry Adeyeri, Lead, Brands & Marketing at HumanManager Limited, said the initiative demonstrates the company’s commitment to building a future-ready workforce while giving back to society through meaningful corporate social responsibility.
“The world of work is changing rapidly, and today’s HR professionals need more than theoretical knowledge. They must understand the digital systems that power modern organisations. Through the HumanManager NextGen HR Initiative, we are bridging the gap between what students learn in the classroom and what they will encounter in the workplace by giving them practical exposure to HR technology. Ultimately, this is our way of investing in society, strengthening Nigeria’s talent pipeline and helping young professionals graduate with the skills employers increasingly expect,” He noted.
Throughout the interactive workshop, students explored how technology is transforming modern human resource management through live demonstrations of HumanManager’s HR platform. Commending the initiative, Dr Mariam Gbagumo-Sheriff, Senior Lecturer, Department of Employment Relations and Human Resource Management, University of Lagos, described HumanManager as a dependable industry partner whose sustained commitment has significantly enriched students’ learning experience.
“HumanManager has supported this practical training for several years, and it has been invaluable. Teaching Human Resource Information Systems without access to a live platform would be extremely difficult because students need practical experience, not just theory. What stands out is the consistency of the partnership. This year, HumanManager reached out to us before we even made contact, demonstrating a genuine commitment to preparing our students for the realities of the workplace. Our students consistently provide positive feedback after every session, and experiences like these make their transition into the workplace much easier,” She acknowledged.
Sharing his experience, Ayeni Damilare, a 300-Level student and Class Governor, said the programme transformed his understanding of modern HR practice, noting that: “The session completely changed my perception of HR. We experienced practical functions such as leave management, reporting and auditing on a live platform, showing us how technology simplifies HR operations. It gave us a clearer understanding of how HR works in the real world and the skills we will need, whether we build our own businesses or work within established organisations.”
Temitope Obidike, Products Lead at HumanManager, also shared insights into how artificial intelligence is reshaping HR technology. She noted that the company is “actively exploring AI capabilities across recruitment, employee database management and payroll processing through strategic partnerships and in-house innovation, ensuring it continues to evolve in line with global AI trends while delivering greater value to organisations and HR professionals.”
As organisations increasingly embrace automation, artificial intelligence and digital workforce management, initiatives such as this are helping ensure that tomorrow’s HR professionals graduate with both theoretical knowledge and practical workplace competence. Through sustained collaboration with academic institutions, HumanManager continues to contribute to a future-ready workforce while advancing the adoption of modern HR technology across Africa.
About HumanManager
HumanManager is a leading HR and payroll technology platform powering workforce operations across Africa. With over 30 years of experience, the platform helps organisations streamline employee data, manage payroll and compliance, and build operational confidence as they grow. HumanManager supports businesses of all sizes across multiple African countries, enabling efficient, compliant and people-centred workplaces.

Screenshot_20240317-230340-1024x289 HumanManager Equips UNILAG Students with Practical Digital HR Skills Through NextGen HR Initiative

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Access Bank UK Polo Day Drives Global Support for Education of Vulnerable Children

Published

1 month ago

June 30, 2026

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Access Bank UK Polo Day Drives Global Support for Education of Vulnerable Children

London, United Kingdom – June 30, 2026: For many children, the biggest barrier to success is not talent; it is access. Across parts of Nigeria and other underserved communities, the absence of basic educational resources continues to limit what is possible for thousands of young people. Access Bank UK Polo Day has, over the years, positioned itself as a platform designed to address that gap.

Scheduled for July 4, 2026, in Windsor, the event will convene a global audience of business leaders, philanthropists, royalty, and high-net-worth individuals. While it remains one of the most anticipated fixtures on the social calendar, its focus is clear: to mobilise resources and partnerships that support education for vulnerable children.

What sets the Polo Day apart is how it converts visibility into impact. The event brings together a network of influence and directs it towards practical outcomes, funding classrooms, supporting learning programmes, and enabling children to stay in school. Through its collaboration with UNICEF and local partners, funds generated have supported education initiatives that target some of the most pressing challenges, including access to facilities, materials, and consistent schooling. These interventions have helped thousands of children continue their education despite economic and social barriers.

The objective for 2026 is to extend this reach, raising more support and improving the scale and quality of interventions. At its core, the initiative is driven by a simple idea: that education should be accessible, regardless of circumstance.

This year’s event will also host His Royal Highness, Alhaji Abdulmumini Kabir Usman, as Special Guest of Honour. He will present the Emir’s Cup, adding a layer of heritage and continuity to the occasion.

A respected figure in both sport and community leadership, the Emir represents a long-standing polo tradition in Nigeria and a broader commitment to social development. His participation reflects the event’s broader purpose: connecting influence, legacy, and impact.

Jamie Simmonds, Managing Director of The Access Bank UK, highlighted the importance of the initiative: “This event is about using our platform to create access

where it is most needed. By bringing together the right partners and supporters, we are able to deliver outcomes that can make a real difference in the lives of many children.”

Over time, the Polo Day has evolved into more than an annual event. It has become a consistent channel for mobilising support and delivering measurable social impact, demonstrating how corporate platforms can be used to address real challenges.

As preparations continue, the significance of the 2026 edition lies in what it enables. At the end of it all, the real outcome is simple: more children in school, more opportunities created, and better futures made possible.

Screenshot_20240317-230340-1024x289 Access Bank UK Polo Day Drives Global Support for Education of Vulnerable Children
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IMG-20260508-WA00321-1000x1000-1 Access Bank UK Polo Day Drives Global Support for Education of Vulnerable Children

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African Report

Access Bank, Fifth Chukker and UNICEF Renew Commitment to Expanding Educational Opportunities for Nigeria’s Most Vulnerable Children

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African Report

Access Bank, Fifth Chukker and UNICEF Renew Commitment to Expanding Educational Opportunities for Nigeria’s Most Vulnerable Children

Business

HumanManager Equips UNILAG Students with Practical Digital HR Skills Through NextGen HR Initiative

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Access Bank UK Polo Day Drives Global Support for Education of Vulnerable Children

Customs Begins New Chapter in Strategic Communication, as NIPR Inducts 70 Public Relations Officers

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