Finance
Governors move against LGs’ financial autonomy, write Buhari


BY: Oliseama Okwuchukwu
The Nigeria Governors’ Forum (NGF) has petitioned President Muhmmadu Buhari over the released guidelines by the Nigerian Financial Intelligence Unit (NFIU) on granting financial autonomy to Local Governments.
The NGF in a letter signed by Chairman and Governor of Zamfara, Abdulaziz Yari, and made available to newsmen on Sunday in Abuja, expressed “dismay and angst” over NFIU action as attempt to dabble into a matter that was beyond its mandate.
Yari accused the NFIU of “stoking mischief and also deliberately seeking to cause disaffection, chaos and overheat the polity”.
The NFIU, which was excised from the Economic and Financial Crimes Commission (EFCC), set June 1, 2019, as the takeoff date of the new order, making it compulsory for all local council allocations to go straight to their respective bank accounts.
The decision is contained in a guideline released by the NFIU after a meeting with officials of commercial banks in Abuja.
Yari said in the letter, dated May 15, that the guideline was not only illegal but was also an attempt by the NFIU to show total disregard for the Constitution of the Federal Republic of Nigeria (1999) as amended.
He said Section 7 (6) (a) and (b) of the Constitution confered on the National Assembly (NASS) and the Stale House of Assembly, the powers to make provisions for statutory allocation of public revenue to the local councils in the Federation and within the State, respectively.
“Similarly, Section 162 (6) of the Constitution expressly provides for the creation of the State Joint Local Government Account (SJLGA) into which shall be paid all allocations to the Local Government Councils of the State from the Federation Account and from the Government of the State.
“Section 162 (7) of the Constitution goes on to canter on the NASS the power to prescribe the terms and manners in which funds from the SJLGA may be disbursed and in Subsection (8), the Constitution empowers the State House of Assembly to prescribe the manner in which the amount standing to the credit of the Local councils in the State shall be distributed.”
The governor said that nothing in the NFIU Act 2018 gave the unit the powers that it sought to exercise in the recently released Guidelines.
He added that in doing that, the Unit had acted In excess of its powers and in complete disregard to the constitution of the country.
“The so-called Guidelines are in our view an exercised in mischief-stoking and one calculated to cause chaos and overheat the potty. The Guidelines have nine (9) previsions including two (2) sections covering sanction, penalties. powers that they clearly do not possess.
“The NFIU in proposing far reaching guidelines of this nature ought to have consulted widely and carried all stakeholders along.”
Yari urged Buhari to call to order, Director of the NFIU, saying such “reckless guidelines had the potential to cause disaffection in the country.
He said that in principle the NFIU should concentrate on its core mandate of Anti-money Laundering (AML) activities and Combatting Financing Terrorism (CFT) as prescribed in the Act establishing it and should desist from encroaching on or even breaching constitutional provisions.
The NFIU, according to Yari, was the Nigerian arm of the global Financial Intelligence Units (FIUs) once domiciled within the EFCC but now for the purpose of institutional location domiciled in the Central Bank of Nigeria.
“This means the NFIU is only mandated to trace or track laundered money that finds its way into terrorism financing and report such to the nation’s security agencies.”
Yaro advised the NFIU that it should seek to comply with those standards on combating Money Laundering and Financing of Terrorism and its proliferation as stipulated and not dabble into matters that were both constitutional and beyond NFIU purview.
“We invite Mr President to note that the Local Government is a creation of the Constitution and is neither a financial institution nor a Reporting entity and cannot be brought under the NFIU in the manner contemplated by the guidelines.
“Finally, Mr President may recall the role played by the Governors in getting the country out of recession and our contributions in strengthening the democratic experience In Nigeria.
“The NGF identifies with Mr President’s efforts to combat corruption, money laundering and terrorism amongst other social ills and will use our best endeavours in ensuring that our financial system is preserved through our concerted and individual efforts at fighting these ills.
“However, due process and constitutionalism are major planks in our journey to sustainable democracy.
“We appeal to Mr President to direct that the said Guidelines be disregarded in view of its unconstitutionality and total disregard for due process,” the petition read in part.
The letter was copied the Attorney General of the Federation, acting EFCC Chairman, Governor of CBN, Director General of DSS and the 36 State Governors. (NAN)
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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