Finance
Ugwuanyi inaugurates committee on fiscal transparency


BY: Ikenna Oluka
Governor Ifeanyi Ugwuanyi of Enugu State has inaugurated a 20-member steering committee of the Enugu Open Government Partnership (OGP).
Open Government Partnership Nigeria is a programme anchored by the office of the Attorney-General of the Federation and Minister of Justice towards upholding the principles of fiscal transparency in the areas of open budgeting, open contracting, tax transparency, and ease of doing business as well as anti-corruption, access to information and citizen’s engagement.
Consequently, Enugu State government in keeping with its commitment to fiscal discipline, transparency and accountability was recently admitted into OGP to promote the set objectives of the programme.
Inaugurating the committee comprising governmental and non-governmental members, Gov. Ugwuanyi who was represented by his deputy, Hon. Mrs. Cecilia Ezeilo stated that the multilateral initiative was aimed at securing “concrete commitments from governments to promote transparency, empower citizens, fight corruption and harness new technologies to strengthen governance”.
The governor disclosed that “the state has also taken steps to fulfill all other requirements that would ensure her full participation and representation in the initiative”, adding that “part of these measures is the constitution and inauguration of the steering committee, Enugu OGP and DFID-PERL Support to Enugu OGP”.
The committee’s membership include the Commissioner for Information, Hon Ogbuagu Anikwe, who serves as Co-Chairman; Head of Service, Mr Chidi Ezema; Commissioner for Intergovernmental Affairs, Hon Aloysius Ogbodo; Commissioner for Justice, Hon. Miletus Eze, Esq.


Others include, Commissioner for Commerce and Industry, Ogbu Sam Nwobodo, Esq; Commissioner for Finance, Mrs Eucharia Uche Offor; Commissioner for Chieftaincy Matters, Hon Emeka Okeke;
ALGON Chairman, Hon Frank Ugwu; Special Adviser to the Governor on SME and Investments, Hon. Anayo Agu; and VEC Directorate, Dr Eric Oluedo.
Non-Governmental members of the committee include, Barr. Chibuzor Crownwell from the Civil Society Organization, who also serves as Co- Chairman; Prof Eddy Nwobodo from the Acadamia; Dr Daniel Ochi, Director-General, Nsukka Chamber of Commerce, Industry, Mines and Agriculture; Rex Arum, Chairman, Nigeria Union of Journalists, Enugu; Ijeoma Ezeaso from the Manufacturers Association of Nigeria, Enugu.
Others include, Barr. Pauly Ezeh Coordinating Chairman, Presidents-General of Town Unions; Barr. Chukwudi Ojielo, Ogechukwu Enwelum, and Igboke Onyebuchi from the Civil Society Organization and Samuel Obiefuna (representing People with Disabilities).
The governor expressed confidence that the committee members will discharge their responsibilities effectively and satisfactorily given their background and positions.
Responding, the Co-Chairman, Hon Anikwe on behalf of the members thanked the governor for the honour and privilege to serve in the steering committee.
He stated that “what is being witnessed today is a reflection of His Excellency’s commitment to the OGP partnership, particularly from the values that it espouses, especially fiscal transparency, accountability and citizen’s participation”.
Hon Ogbuagu noted that in the area of accountability, that there are federal laws with concurrent application that are already domesticated or subscribed into practise in the state such as the declaration of assets by public officials and access to information by citizens and the media.
Finance
Tinubu Launches Personal Income Tax Calculator to Improve Compliance, Fairness
By ORJI ISRAEL


President Bola Tinubu has launched a Personal Income Tax Calculator to help Nigerians work out their tax obligations under the new tax law.
The tool is expected to make compliance easier and improve transparency in the system.
In a post on his X page, the president said the calculator shows how the recent reforms protect low-income earners while ensuring fairness.
“A fair tax system must never punish poverty or weigh down the most vulnerable. With the new tax laws I recently signed, taking effect from January 2026, we have lifted this burden and created a path of equity, fairness, and true redistribution in our economy,” Tinubu said.
Some months ago, he signed four major tax bills into law to bring Nigeria’s scattered tax system under one framework. These include the Nigeria Tax Administration Law, which sets out a uniform process for tax administration across federal, state, and local governments; the Nigeria Revenue Service (Establishment) Bill, which replaces the current Federal Inland Revenue Service Act with a stronger, more independent revenue agency; and the Nigeria Revenue Service (NRS) and Joint Revenue Board (Establishment) Bill, which creates a formal structure for cooperation between revenue bodies at all levels.
The introduction of the tax calculator, together with these reforms, is expected to reduce confusion for both individuals and businesses, while also making it easier for them to meet their obligations and contribute to national growth.
Tinubu added that the reforms are part of building renewed hope for the economy and urged Nigerians to trust in the country’s future for themselves and their families.


The Federal Inland Revenue Service (FIRS) says that no fewer than 1,000 companies, representing 20% of total eligible firms, have begun integrating its newly launched electronic invoicing (e-invoicing) system less than two weeks after it went live.
The FIRS e-invoicing platform, which went live on August 1, 2025, after a successful pilot phase that began in November 2024, was designed to modernise Nigeria’s tax administration, curb evasion, and enhance transparency in revenue generation. It also provides the FIRS with real-time visibility into commercial transactions, ensuring authenticity and completeness of invoices.
According to a statement by Dare Adekanmbi, special adviser on Media to FIRS Chairman Zacch Adedeji, at least 1,000 companies, representing 20% of more than 5,000 eligible firms, have already adopted the system and begun integrating with the FIRS platform.
Adekanmbi noted that the initiative, also known as the Merchant-Buyer Model, will be rolled out in phases. “Large taxpayers, which are companies with annual turnover of N5 billion and more, are expected to be the first to be onboarded on the platform,” he said.
FIRS revealed that MTN Nigeria was the first taxpayer to transmit live electronic invoices to the platform, while Huawei Nigeria and IHS Nigeria have concluded test transmissions and are expected to go live soon.
The agency added that the initial compliance deadline of August 1, 2025, has been extended by three months to accommodate companies currently facing onboarding challenges. The new deadline is now November 1, 2025.
Finance
NGX Boss, Umaru Kwairanga, to Chair Business Journal Fintech Roundtable 2025
By Our Correspondent


Dr. Umaru Kwairanga, Group Chairman, Nigerian Exchange Group (NGX) will Chair the 2nd Business Journal Fintech & Financial Inclusion Roundtable 2025 scheduled for Friday, August 29, 2025 at Oriental Hotel, Lekki, Lagos. Time is 10-am prompt.
The theme of the Roundtable is: Fintech & Financial Inclusion: The Opportunities & Challenges for Nigeria.
In a statement, Prince Cookey, Publisher/Editor-in-Chief of Business Journal Media Group said the choice of Umaru Kwairanga to chair the event is a reflection of his immense and chequered journey in the Nigerian economic system over the years.
“Dr. Umaru Kwairanga is a noted player in the Nigerian economy and financial services sector. Over the years, he has carved a positive niche in driving the narrative in national policy formulation, implementation and review. He remains a worthy point of reference and role model to current and future players in the Nigerian economy.”
Alhaji (Dr.) Umaru Kwairanga, Sarkin Fulani Gombe and Group Chairman, Nigerian Exchange Group (NGX), is a notable player in the Nigerian corporate world, a thorough-bred professional and a prominent community leader in Gombe State and the North East region.
He has served at the highest levels of the banking, pension, investment, manufacturing and commercial sectors of Nigeria’s economy. He is the current Chairman of the Nigerian Exchange Group Plc, Nigeria’ oldest stock exchange and also Chairman of Tangerine General Insurance Limited.
The NGX Chairman is also a Director on the Boards of First Bank Senegal Limited, Tangerine Apt Pensions Limited and the Group Managing Director of Finmal Finance Services Limited.
He is a past Chairman of Ashaka Cement plc and previously served on the Boards of Jaiz Bank Plc, Central Securities Clearing System Plc, Lafarge Africa Plc and First Bank Mortgages Limited to mention a few.
Professionally, Alhaji Kwairanga is a Fellow of the Chartered Institute of Stockbrokers, Chartered Institute of Directors of Nigeria, the Certified Pension Institute of Nigeria and the Abuja Commodities and Securities Exchange.
He is also a Council Member of the Chartered Institute of Stockbrokers; the Chartered Institute of Directors and he is the current President of the Certified Pensions Institute of Nigeria.
Kwairanga is a holder of the prominent traditional title of Sarkin Fulani Gombe and has led several initiatives for peace and development in Gombe State and the North East region in general.
He has also been involved in policy and strategy formulation in the public sector as a Member of the Vision 2020 Committee, the Presidential Advisory Committee on the Nigerian Industrial Revolution Plan and several committees of the Securities and Exchange Commission (SEC).
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