Major opposition parties have raised strong objections to President Bola Tinubu’s proposed ₦58.18 trillion 2026 budget.....TAP TO CONTINUE READING

They warned that the spending plan could deepen Nigeria’s debt crisis and increase the hardship already faced by citizens.

The criticism followed the presentation of the 2026 Appropriation Bill to a joint session of the National Assembly.

President Tinubu described the proposal as the “Budget of Consolidation, Renewed Resilience and Shared Prosperity,” while assuring lawmakers that the economy was showing signs of recovery and that the government would enforce fiscal discipline.

However, opposition figures say the budget figures tell a different story. According to them, the proposal relies heavily on borrowing and allocates huge sums to debt servicing, without clear evidence that previous loans have improved living standards.

They argued that inflation remains high, insecurity persists across many parts of the country, and ordinary Nigerians are yet to feel relief despite rising annual budgets.

Speaking on the matter, the National Publicity Secretary of the Social Democratic Party (SDP), Rufus Ayenugba, said his party was alarmed by the size of funds set aside for debt servicing and fresh borrowing.

He described his party’s “major worry is the money being earmarked to service debt and the humongous loan this current administration keeps borrowing.”

Ayenugba questioned the purpose of the loans, noting that Nigerians were still struggling to survive. He said citizens were becoming increasingly agitated because the loans had not translated into better living conditions.

He also raised concerns over repeated large allocations to security, arguing that such spending had become routine without meaningful improvement on the ground.

According to him, security votes were often shielded from scrutiny, yet insecurity continued to spread.

Ayenugba stressed that the real issue was no longer the size of the budget but how effectively it was implemented. He said Nigerians were more interested in whether public spending improved economic life and restored confidence in governance.

He warned that continuous borrowing, protests, and worsening hardship were damaging the country’s image and placing the economy under severe strain.

On his part, the National Publicity Secretary of the Labour Party, Obiora Ifoh, said borrowing had become inevitable because of budget deficits. However, he cautioned that debt servicing was now consuming funds that should go into development.

Ifoh noted that a significant portion of national revenue was being used to service debts, leaving limited resources for infrastructure, healthcare, education, and job creation.

He also spoke about ongoing tax reforms by the government, urging authorities to ensure that new revenue measures did not further burden low-income earners. According to him, economic reforms should protect the most vulnerable Nigerians.

Ifoh described corruption as a persistent challenge to budget implementation. He pointed to recent controversies involving regulatory agencies as evidence that funds were often mismanaged.

He warned that budgetary allocations must be used strictly for their intended purposes and not diverted for personal gain.

While acknowledging that defence and security traditionally receive large allocations, he said the real concern was accountability. He argued that the focus should be on proper utilisation rather than the size of the allocation.

The National Coordinator of the Obidient Movement Worldwide, Dr Yunusa Tanko, took a more critical stance. He said the borrowing pattern of the current administration had not justified even the spending under the outgoing 2025 budget.

Tanko pointed out that the request to extend the 2025 budget suggested that funds were not properly utilised. He accused the government of weak accountability and described the situation as fiscal recklessness.

He also criticised the National Assembly, accusing lawmakers of failing in their oversight responsibilities. According to him, budgets were being passed without effective monitoring of implementation.

In a separate reaction, the Peoples Democratic Party (PDP) rejected the proposal outright. The party described it as a “Budget of consolidated renewed sufferings,” arguing that it prioritised the comfort of the political elite over the welfare of citizens.

In a statement, the PDP said claims of economic growth had not reflected in the daily lives of Nigerians. It maintained that poverty, hunger, and insecurity continued to rise despite government assurances.

The party also raised concerns about the extension of previous budgets, warning that running multiple budgets at the same time undermined fiscal discipline, transparency, and accountability.

Amid the growing criticism, the senator representing Kogi Central, Natasha Akpoti-Uduaghan, urged the President to focus on impact rather than figures. She said Nigerians were more concerned about jobs, infrastructure, healthcare, and education than headline budget numbers.

She stressed that public scrutiny was essential and warned that budgets should not remain impressive documents without real benefits for citizens.

As deliberations move to the National Assembly, opposition parties insist that the success of the ₦58.18 trillion budget will be judged by its ability to reduce hardship, control debt, and rebuild trust in how public resources are managed.

Osun State Governor, Ademola Adeleke and the governorship candidate of the All Progressives Congress, APC, for the 2026 election in Osun State, Bola Oyebamiji, have exchanged words over the condition of the state’s health sector.....TAP TO CONTINUE READING

Oyebamiji had earlier pledged to undertake a comprehensive overhaul of the health sector if elected, alleging that health facilities across the state were in a moribund condition.

He described the state of healthcare infrastructure as a major setback to development in Osun State.

Oyebamiji, through his campaign movement coordinator, Adebayo Adedeji, insisted that the health sector had deteriorated under the current administration.

In a statement issued on Saturday, Adedeji said criticism of Oyebamiji would not alter facts he said were already in the public domain.

He cited a report by CheckMyPHC.org, which revealed “significant workforce gaps in Osun’s primary healthcare centres and that 73 per cent of PHCs in the state reportedly lack adequate staffing, with many operating with between zero and one personnel, while 44 per cent were said to have no staff at all.”

The report also noted that “several centres lack clean water, functional toilets and basic hygiene facilities, hindering effective healthcare delivery.”

Adedeji recalled that during the administration of former Governor Adegboyega Oyetola, under whom Oyebamiji served, more than 300 of the state’s 600 primary healthcare centres were renovated, accusing the Adeleke administration of failing to sustain the initiative.

Governor Adeleke, however, dismissed the claims, describing them as baseless and a deliberate attempt at disinformation.

The governor said Osun currently ranks first in the South-West in the provision of primary healthcare services.

According to Adeleke, his “administration has renovated more than 200 primary healthcare centres across the state since assuming office.”

He further alleged that Oyebamiji, “while serving under the previous APC administration, was a member of a committee that mismanaged a $20 million World Bank grant earmarked for the renovation of primary healthcare centres.

“Osun will not return to the days of insensitive leadership.”

Chairman of the Presidential Committee on Fiscal Policy and Tax Reforms, Mr. Taiwo Oyedele, has allayed widespread fears among Nigerians over the impending tax reforms scheduled to take effect from January 1, 2026, insisting that the exercise is not designed to overburden citizens with higher tax rates or arbitrary revenue targets.....TAP TO CONTINUE READING

Speaking at the 2025 Nigeria Media Merit Award (NMMA) ceremony in Lagos last weekend, Oyedele said tax reform goes beyond rates and revenue, stressing that it is fundamentally about rebuilding trust between citizens and the state. “Tax reform is not just about loss, rates, or revenue generation.

At its core, it’s about the social contract of trust between citizens and the state. People ask simple but powerful questions: Why should I pay tax? How is my money being spent? Is the system fair, such that everyone pays their fair share or is it just me paying?” he said.

According to him, such questions cannot be addressed by government alone, but require credible, independent and informed media engagement, noting that tax policy is particularly vulnerable to misinformation because of its direct impact on livelihoods.

”A credible tax system requires fair laws, honest administration, voluntary compliance, and vigilant public scrutiny of how taxpayers’ money is spent.

On our part, we remain committed to reforms that are fair, inclusive, and worthy of public trust,” Oyedele assured. Against this backdrop, the committee has responded to frequently asked questions by Nigerians on the Nigeria Tax Act (NTA) 2025, which becomes operational in 2026.

Key Questions and Answers on the New Tax Law

1.Which individuals does the Nigerian Tax Law apply to? It applies to all individuals who earn income in Nigeria — workers, traders, content creators, influencers, remote workers — and to Nigerians earning income abroad if they are tax residents in Nigeria.

Will transfers and deposits into my bank account be taxed? No. Moving money through POS, bank transfers, deposits or withdrawals is not a taxable event. Only income earned is taxed.
Will the money I keep in my bank account be taxed from 2026? No. Simply holding money in a bank account is not taxable. Only income such as salary, business profit or interest is taxed.
I am a student with no job. Do I pay tax? No. If you have no taxable income, you won’t pay tax.
Will tax authorities monitor bank accounts more closely? Yes. Authorities will find it easier to track compliance, but bank balances themselves will not be taxed only profits and income.
Will I pay tax on loans borrowed from Fairmoney or other lenders? No. Loans are not income and are therefore not taxable. However, the interest earned by the lender will be taxed.
I run a one-man business. Do I pay personal or company income tax? If registered as a business name (enterprise), you pay Personal Income Tax (PIT). If registered as a limited liability company, you pay Company Income Tax (CIT).
If I sell shares and make a profit, will I pay tax? No, provided the value of shares sold does not exceed N150 million and the gain is not above N10 million. Gains above this threshold become taxable.
I am a pensioner. Will my pension be taxed? No. Approved pension and retirement benefits remain tax-exempt.

10. Are military salaries taxable? No. Salaries of military officers are now exempt from tax.

11.Do creatives still enjoy tax exemptions on foreign income? No. Authors, musicians, sportsmen and other creatives must now pay Nigerian tax on income earned both within and outside Nigeria.

12. Are crypto gains taxable? Yes. Profits from crypto assets, NFTs and other digital assets are taxable.

13. Who is exempt from Personal Income Tax? Individuals earning the national minimum wage or less, and those earning below N800,000 annually.

14. New Progressive Tax Bands (From 2026) First N800,000 @ 0% Next N2.2 million @ 15% Next N9 million @ 18% Next N13 million @ 21% Next N25 million @ 23% Above N50 million @ 25%

15. Will severance packages be taxed? Severance pay of N50 million or less is tax-free. Any excess above N50 million will be taxed using the progressive tax bands.

16. Will Nigeria tax dividends or rent earned abroad? No. Dividends, interest, rent and royalties earned abroad are exempt if repatriated to Nigeria through approved banking channels.

17. Are disability pensions for injured soldiers taxable? No. Disability pensions for members of the armed forces are completely tax-exempt.

18. Will agricultural companies be taxed? No. Agricultural companies engaged in crop production, livestock, forestry, dairy or cocoa processing will enjoy a five-year tax holiday from the commencement of operations.

19. Is income from Federal or State Government bonds taxable?

No. All government bonds are tax-exempt.

20. What is rent relief under the new law?

From 2026, individuals can claim rent relief of 20% of annual rent, capped at N500,000. Actual rent must be declared and verified.

21. I earn N6 million yearly. Will I be better off?

Under the new law, tax payable drops from N896,000 to N780,000, resulting in savings of N116,000 and higher take-home pay.

22. If my company’s turnover is below N50 million, will it pay by tax?

No. Small companies with a turnover below N50 million are exempt.

23. As a remote worker in Nigeria for an international organisation, will I pay tax?

Yes, if your income is exempt in the organisation’s home country under a treaty or diplomatic arrangement.

24. Will a foreigner earning a salary in Nigeria be taxed?

No, if the employer is a start-up or operates in tech or creative industries, and the income is already taxed in the foreigner’s country of residence.

Will I be denied access to my bank account if I do not have TIN by January 1?

No. Any person without Tax Identification of Number, TIN, can still have access to its bank account, but will be asked to supply it as time goes on.

However, those who want to open a new bank account without TIN may not be allowed.

Oyedele reaffirmed that the reforms are structured to protect low-income earners, expand fairness, and improve voluntary compliance, while ensuring that Nigeria’s tax system supports growth, inclusion and accountability.