FG Abolishes Consolidated Relief Allowance Introduces Rent-Based Tax Relief

By Kamal Yalwa August 1, 2025 The Federal Government has scrapped the longstanding consolidated relief and personal relief allowances under Nigeria’s personal income tax system, replacing them with a new rent-based deduction framework, as introduced in the newly enacted Tax Act. According to the law, an individual’s taxable income will now be computed as the total income minus total deductions, with income sources including profits from business or trade, employment and investment income, as well as capital gains from the disposal of chargeable assets. Previously, tax computation included a consolidated relief of ₦200,000 or 1% of gross income (whichever is higher), plus a 20% personal relief of gross income. Under the new provisions, these have been abolished and replaced with a rent relief formula aimed at providing targeted tax benefits. “Rent relief of 20% of annual rent paid, subject to a maximum of ₦500,000, whichever is lower,” the Act states.The relief is limited to tenants, with no provision made for homeowners. New Relief to Favour Low-Income Earners Speaking to TheCable, tax consultant John Nwokolo explained that the new system is designed to favour lower-income earners, while high-income individuals will pay more under the revised Pay-As-You-Earn (PAYE) framework. “Those earning below ₦25 million annually will benefit more from the new structure,” Nwokolo said, “while those earning above ₦25 million will face higher tax burdens compared to the previous law.” For example, a person earning ₦6 million annually and paying ₦1 million in rent will receive a rent relief of ₦200,000 (20% of rent), making the taxable income ₦5.8 million, and a tax of ₦834,000.Under the old law, with ₦1.2 million in total relief, the taxable income would have been ₦4.6 million, leading to a tax of ₦896,000—₦62,000 more in taxes than under the new law. Key Provisions of the New Tax Act The Federal Inland Revenue Service (FIRS) and state tax authorities are expected to issue further guidance on the implementation of the new tax provisions.

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Fuel Subsidy Removal: 7 Ingenious Ways Nigerians Are Surviving the Hardship

When President Bola Ahmed Tinubu declared “fuel subsidy is gone” on May 29, 2023, few Nigerians fully grasped the financial shockwave that would follow. Within hours, fuel prices soared from ₦185 per litre to over ₦800, forcing many to abandon their vehicles and search for alternative means to navigate daily life. But in true Nigerian fashion, resilience and ingenuity have taken center stage. From increased walking to embracing electric mobility, Nigerians are finding creative — and often humorous — ways to adapt. Here are seven notable ways Nigerians are surviving the fuel subsidy removal: 1. The Trekking Revolution: ‘Subsidy Cardio’ Goes ViralWith transport costs rising, many urban dwellers have taken to walking long distances daily. What started as a necessity has now become a form of fitness.“I used to drive from Jakande to Lekki Phase 1. Now I walk part of the journey, and my jeans fit better,” says Nkem, a makeup artist in Lagos.A survey by SBM Intelligence revealed that 38% of urban Nigerians now walk more frequently to cut transportation expenses. 2. Okadas and Kekes Replace Ride-Hailing AppsAs Uber and Bolt fares become unaffordable for many, Nigerians are returning to motorcycles (okadas) and tricycles (kekes) for quicker, cheaper movement — even if it means squeezing three people onto one bike during rush hour. 3. Office Sleepovers Become Cost-Saving StrategyTo avoid the daily transportation burden, some workers are opting to sleep at the office. In sectors like tech and banking, employers have reportedly provided mats and basic amenities for staff who now go home only on weekends.“I only go home on weekends. It saves me ₦14,000 weekly,” says Uzo, a financial analyst based in Victoria Island.A Channels TV report estimates that transportation now consumes up to 50% of some Lagosians’ monthly income. 4. Remote Work Gains New PopularityThe fuel crisis has accelerated the shift to remote work, especially in startups, NGOs, and even religious institutions.“Fuel subsidy killed our physical Monday devotions. Now we pray on WhatsApp voice note,” says Lekan, a church administrator.Zoom, WhatsApp, and Telegram have effectively become digital offices across the country. 5. Electric Scooters and Bicycles Gain TractionElectric mobility is emerging as a trendy alternative, particularly in Lagos and Abuja. Young professionals now use electric scooters and bikes for short commutes, cutting fuel costs entirely.“I plug it at night, ride to work in the morning. I’ve not bought petrol in three weeks,” says Tope, a software developer in Yaba.Brands like Solar Taxi and MAX.ng are expanding their footprint in Nigeria’s e-mobility sector. 6. Transport WhatsApp Groups Build CommunityIn cities like Lagos, WhatsApp has become a tool for daily ride coordination. Residents from areas such as Isolo, Berger, and Surulere have created groups to share danfos, kekes, and even private car rides.“It’s not just about saving money — it’s vibes and survival,” says Joy, a human resource executive in Surulere. 7. Charging Gadgets at Work Becomes NormWith irregular power supply and longer hours spent outside the home, people now carry portable power banks religiously. Others opt to charge all devices — from phones to mini-fans — at their workplaces.“Fuel is gold. If NEPA takes light, I wait till I get to the office to charge anything,” says Mustapha, a graphic designer. Conclusion: Nigerian Resilience in ActionThe removal of fuel subsidies has undoubtedly reshaped daily life in Nigeria, but it has also showcased the nation’s remarkable adaptability. From trekking to remote work, and electric scooters to ride-sharing communities, Nigerians are once again proving that Naija no dey carry last. Are you also finding creative ways to cope with the subsidy era? Share your survival story — because in Nigeria, even hardship can’t stop the hustle.

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Senate Gives NNPCL 21 Days to Explain N210 Trillion in Unreconciled Funds

Senate Gives NNPCL 21 Days to Explain N210 Trillion in Unreconciled Funds

The Nigerian Senate has issued a 21-day ultimatum to the Nigerian National Petroleum Company Limited (NNPCL) to provide explanations for N210 trillion in unreconciled financial records flagged in its audited accounts. The directive was handed down to NNPCL Group Chief Executive Officer (GCEO), Bayo Ojulari, on Monday during a session with the Senate Committee on Public Accounts. Ojulari appeared before the committee after previously failing to honor four separate invitations. Committee Chairman Senator Ahmed Wadada (Nasarawa West) disclosed that the discrepancies were identified in 19 audit queries raised by the Office of the Auditor General for the Federation. The flagged figures span the years 2017 to 2023 and comprise N103 trillion in liabilities and N107 trillion in assets. “The committee has not said the N210 trillion was stolen or missing,” Wadada clarified. “This is part of our constitutional mandate to examine the audited accounts of public institutions.” Ojulari, who has been in office for just over 100 days, apologized for his earlier absences and asked for more time to review the complex financial queries. He initially requested a four-week extension, but the committee granted him three weeks. “I still need time to do further digging,” he said. “Your explanation now changes my perspective about the issues.” He is expected to submit written responses and appear again before the committee, along with other top officials of the NNPCL. Lawmakers emphasized the gravity of the matter, stressing the importance of transparency in the operations of the national oil company. “NNPCL is in possession of Nigeria’s economic prosperity. We must ensure transparency,” said Senator Victor Umeh (Anambra Central). Senator Babangida Hussaini (Jigawa North West) described the audit findings as “germane and critical,” while Senator Tony Nwoye (Anambra North) called for a fair hearing, noting that some of the discrepancies might be due to errors in the audit process.

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CAC to Delist 100,000 Inactive Companies Over Non-Compliance

By Kamal Yalwa – July 29, 2025 The Corporate Affairs Commission (CAC) has announced plans to delist no fewer than 100,000 companies from its register due to prolonged inactivity and failure to comply with statutory obligations under the Companies and Allied Matters Act (CAMA) 2020. In a public notice issued by the Commission, the affected companies were flagged for either not carrying on business, being inactive for over a decade, or failing to meet key regulatory requirements, particularly the filing of annual returns and disclosure of Persons with Significant Control (PSC). The CAC has provided a 90-day window from the date of the notice for affected companies to regularize their records or risk being struck off the register. Compliance Steps for Affected Companies To avoid delisting, companies are required to: The Commission warned that “it shall be unlawful for any company struck off the Register of Companies to continue carrying on business unless it is restored by an order of the Federal High Court.” This move is not without precedent. A similar exercise was conducted last year, where companies that failed to comply following a July 2024 notice were formally delisted in November 2024. Legal Basis and Consequences The CAC noted that it is exercising its powers under Section 692(4) of the Companies and Allied Matters Act (CAMA) 2020 to delist companies that have defaulted on their statutory obligations for at least 10 years. Companies delisted through this process are deemed legally dissolved from the date of publication. The Commission warned the public against doing business with any company that has been struck off the register, noting that “it is illegal to enter into any transaction or deal with a company that has been dissolved.” Understanding Annual Returns Annual returns are a mandatory filing that confirms a company is still active and compliant. For companies, annual returns must be filed within 42 days after each incorporation anniversary, while business names must file by June 30 each year. Failure to comply attracts penalties, including fines, additional filing fees, and the ultimate risk of being struck off the CAC register. The full list of affected companies is available on the Commission’s official website.

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Reps Approve N1.485trn Rivers 2025 Budget

The House of Representatives has approved a budget of N1.485 trillion for Rivers State for the 2025 fiscal year. The approval followed the presentation and adoption of the report by the House Ad-hoc Committee on Rivers State during Tuesday’s plenary session. According to the budget breakdown, N256 billion is allocated for personnel expenses, N162.5 billion for overhead costs, while capital expenditure will take the largest share with N1.06 trillion earmarked for developmental and infrastructural projects. The legislation, titled: “Bill for an Act to Authorise the Issue from the Rivers State Government Statutory Revenue Fund of the Rivers State Account, the Total Sum of N1.485 Trillion for the Year Ending 31 December 2025”, was considered and approved at the Committee of Supply chaired by the Speaker. After consideration, the House reverted to plenary, suspended its rules, and passed the Rivers State Appropriation Bill, 2025 through the third and final reading.

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FG Shifts Opening of Paramilitary Recruitment Portal to July 21

The Federal Government has announced a temporary suspension of the recruitment application portal for key paramilitary agencies, including the Nigeria Immigration Service (NIS), Nigerian Security and Civil Defence Corps (NSCDC), Nigeria Correctional Service (NCoS), and the Federal Fire Service (FFS). The portal, earlier scheduled to go live on Monday, July 14, 2025, will now open on Monday, July 21, 2025, according to a statement signed by Maj. Gen. Abdulmalik Jibrin, Secretary of the Board of the paramilitary agencies. The suspension affects the official recruitment portal, https://recruitment.cdcfib.gov.ng, which serves as the central platform for applications under the Civil Defence, Correctional, Fire and Immigration Services Board (CDCFIB). The government explained that the adjustment is aimed at ensuring a smooth, transparent, and fair recruitment process, adding that the overwhelming interest from young Nigerians underscores the strong desire to serve the country through these agencies.

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Nigeria Immigration Service Launches Digital Platform for CERPAC Applications

The Nigeria Immigration Service (NIS) has introduced a new digital platform to streamline the application process for the Combined Expatriate Residence Permit and Automated Card (CERPAC). The portal, accessible at https://cerpac.immigration.gov.ng, will allow applicants to complete and submit their CERPAC applications entirely online, eliminating the need for physical paperwork and reducing processing delays. According to the NIS, the initiative aims to enhance transparency, boost efficiency, and improve the overall user experience for expatriates and businesses engaging foreign personnel in Nigeria. The move aligns with the Federal Government’s ongoing digital transformation agenda, which seeks to modernize public services, promote ease of doing business, and strengthen compliance within Nigeria’s immigration system. Officials say the platform will also incorporate features for real-time tracking, automated notifications, and secure payment options, ensuring a more seamless process for applicants and employers alike. The NIS advised all prospective CERPAC applicants to access the portal via the official link and follow the outlined procedures to avoid fraudulent intermediaries.

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Ex-President Buhari To Be Buried on Monday

Former President Muhammadu Buhari will be buried in Daura, Katsina State on Monday in accordance with Islamic rites. The late former President’s media aide, Garba Shehu, disclosed this after announcing his death on Sunday at about 4:30pm in London during an illness. Meanwhile, President Bola Tinubu has directed Vice President Kashim Shettima and Chief of Staff Femi Gbajabiamila to proceed to the United Kingdom to accompany Buhari’s body back to Nigeria. Buhari was Nigeria’s President between May 29, 2015 and May 29, 2023. He was also a former military ruler of the country.

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