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More Knocks for Buhari as He Signs Finance Bill into Law
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The Organised Private Sector on Monday warned the government against fleecing the people and endangering productivity.
They spoke in response to the signing of the Finance Bill into law by the President Muhammadu Buhari in Abuja.
The law heralds a new regime of Value Added Tax rate of 7.5 per cent, up from five per cent.
The Nigeria Employers’ Consultative Association warned the government against seeing the private sector as a cash cow in its drive to increase revenue.
On the other hand, the Lagos Chamber of Commerce and Industry expressed worry over the increase in VAT; even it said that it was inappropriate to compel loss-making firms to pay tax, no matter how little.
The Director General, NECA, Dr Timothy Olawale, noted that overburdening the private sector with taxes would further impoverish the citizens Buhari promised to take out of poverty.
He said, “The government should not see the private sector as a ‘cash cow’ in its drive to raise revenue, as it will do more harm to the already burdened private sector and further impoverish citizens that the president promised to take out of poverty.
“The common man will definitely be at the receiving end of the increase in VAT. Even if businesses are taxed more through likely illegal levies and rates outside the provisions of the law, they will naturally pass the cost to the customers whose purchasing power is already at the lowest ebb.
“The government should put mechanisms in place to eliminate leakages as a large chunk of the Internally Generated Revenue realised does not find its way into government coffers.
“They should drastically cut the cost of governance. Several aides kept at prohibitive cost are needless.”
He acknowledged that the government had made provisions in the law that were meant to benefit the masses while reforming the local tax laws in line with global best practices.
The new law amended the Petroleum Profit Tax Act, Customs and Excise Tariff Act, Company Income Tax Act, Personal Income Tax Act, Value Added Tax, Stamp Duties Act and the Capital Gains Tax.
Olawale said, “Apart from the increase in VAT, some other changes would include a situation where Nigerians who want to open or maintain accounts with the deposit money banks will not have to provide their Tax Identification Number to do so, which is commendable.
“Again, the fact that the Federal Government has raised the threshold from which stamp duty will be charged for online transactions from the current N1, 000 to N10,000.”
He recommended aggressive taxpayer enlightenment and expansion of the tax net to capture more citizens as it had been reported that less than 40 per cent of Nigerians were tax compliant.
Director General of the LCCI, Dr Muda Yusuf, said, “The increase in VAT from five per cent to 7.5 per cent amounts to additional burden on investors.
“Already businesses have been grappling with multiple taxation, high import duty, high regulatory charges, exclusion from the official forex market and high energy cost.
“It is also disturbing that in Nigeria, VAT is not treated as consumption tax. Most often it is imposed on the entire value chain of production and investment. This is why investors will worry about the review.”
The LCCI boss urged the government to scale up its commitment to the creation an enabling environment for investment, adding “this should be from the perspective of policy, regulatory and macroeconomic environment.”
Buhari had announced the signing of the bill through his verified personal twitter handle, @MBuhari.
“I am pleased to announce that this morning, I signed into the law the Finance Bill, 2019,” he tweeted.
The finance bill provides several revenue windows for the Federal Government to source funds, especially for the immediate financing of the 2020 budget.
The country’s budget for the year is N10.59tn, with a huge deficit of over N2tn.
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Leading financial institution, Fidelity Bank Plc, has reaffirmed its commitment to strengthening Nigeria’s Small and Medium-sized Enterprises (SMEs) through improved access to affordable financing, business advisory services and capacity-building initiatives.
The bank restated this commitment at the Abuja edition of its quarterly SME Business Forum, themed “Built to Compete: Positioning Abuja Businesses for Sustainable Growth”. The forum brought together entrepreneurs, industry stakeholders and regulatory representatives to address key issues affecting business competitiveness and growth.
Speaking at the event, Executive Director, North Directorate, Fidelity Bank Plc, Sufiyanu Garba, reiterated the bank’s commitment to supporting entrepreneurs with financing, knowledge, connections and solutions, while urging business owners to strengthen their financial discipline, structures and use of technology.
“A business may record strong sales and still struggle with cash flow. Sustainable growth requires business owners to understand what drives profitability, manage costs and working capital effectively, keep reliable records and use technology to make better decisions. These are the disciplines that position businesses to access finance, pursue larger opportunities and compete successfully,” he said.
He emphasized that Fidelity Bank provides financing solutions covering working capital, overdrafts, term lending, asset and equipment finance, trade finance and structured lending, tailored to businesses’ funding needs and operating cycles.
Garba further disclosed that the bank was collaborating with on-lending institutions to facilitate access to intervention funds at interest rates ranging from 10 to 16 per cent, depending on the applicable scheme.
“Access to affordable finance remains critical to SME growth. At Fidelity Bank, we are working with intervention funding partners to provide eligible businesses with financing at significantly reduced interest rates. Our goal is to ensure that promising businesses have the financial support they need to grow sustainably,” He said.
He added that the initiative was designed to ease financing pressures on entrepreneurs, particularly women-owned businesses, youth-led enterprises and businesses operating in green sectors.
The forum also provided a platform for entrepreneurs to engage regulatory stakeholders on taxation, customs procedures, importation, exportation and other issues affecting business operations.
Commending the initiative, Secretary of the Iron Dealers Association, Mararaba, Okwuchukwu Okolo, described the forum as a valuable opportunity for entrepreneurs to engage directly with the bank and relevant regulatory agencies.
“The Fidelity Bank SME Business Forum provided useful clarification on multiple taxation and customs procedures. It is encouraging to have a platform where business owners can raise concerns, receive practical guidance and better understand their regulatory obligations,” Okolo said.
Similarly, Chief Executive Officer, Febesth Global Resources Limited, Abuja, Folake Olufemi, applauded Fidelity Bank for facilitating knowledge-sharing and networking opportunities.
“I gained valuable insights into importation procedures and the appropriate channels for resolving customs-related complaints. The forum also created opportunities to network and engage directly with the bank on challenges affecting our businesses,” she said.
With successful editions held in Lagos, Kano, Port Harcourt and Abuja, the Fidelity SME Quarterly Business Forum forms part of the bank’s broader commitment to equipping Nigerian entrepreneurs with the financing, knowledge, market access and strategic connections required to build resilient and competitive businesses.
Ranked among the best banks in Nigeria, Fidelity Bank Plc is a full-fledged Commercial Deposit Money Bank serving over 10 million customers through digital banking channels, its 255 business offices in Nigeria and United Kingdom subsidiary, FidBank UK Limited.
The Bank is a recipient of multiple local and international awards, including the 2025 Development Bank of Nigeria (DBN) Innovation Award for MSME support; Best Retail and SME Bank Award from Independent Newspapers; Best Bank for Export & Trade Finance and Most Innovative Bank of the Year at the 2025 BusinessDay Banks and Financial Institutions (BAFI) Awards; and Nigeria’s Best Private Bank at the 2025 Euromoney Awards. The Bank also received the inaugural Most Improved Commercial Bank of the Year award by Nairametrics, the SME Bank of the Year award by NewsDirect, and the Straight-Through Processing (STP) Excellence Award by Citi Group, in addition to recognition by Global Brands Magazine for Excellence in Community Empowerment.
Leading financial institution, Fidelity Bank Plc, has reaffirmed its commitment to environmental sustainability and climate resilience through its support for environmental education and community-based conservation at the 20th edition of the Walk for Nature in Lagos.
The bank reaffirmed this commitment at this year’s event, organised in partnership with the Nigerian Conservation Foundation (NCF) and the Lagos State Government, held on Saturday, October 17, 2026, at Lagos State University (LASU), Ojo, Lagos.
Speaking at the event, themed, “Inspired for Climate Action”, Divisional Head, Brand and Communications Division, Fidelity Bank Plc, Dr Meksley Nwagboh, described the milestone event as a testament to the power of sustained partnerships in advancing environmental conservation and encouraging responsible environmental practices.
“At Fidelity Bank, we recognise that environmental sustainability is integral to building resilient communities and supporting long-term economic growth. Our commitment goes beyond advocacy to practical initiatives that promote cleaner energy, environmental awareness and responsible resource management,” Nwagboh said.
Reaffirming the bank’s commitment to environmental preservation, Nwagboh highlighted Fidelity Bank’s continued support for renewable energy solutions, environmental education, tree-planting programmes, recycling initiatives and community beautification projects.
“The theme, ‘Inspired for Climate Action” reminds us that environmental awareness must translate into practical action. Every individual has a role to play, whether through conserving resources, reducing waste, planting trees or adopting more sustainable lifestyles. By working together, we can build a cleaner, greener and more resilient Nigeria for future generations”. He said.
Nwagboh also commended the Nigerian Conservation Foundation and the Lagos State Government for their longstanding collaboration with the bank, noting that meaningful progress in addressing environmental challenges required sustained commitment from public and private sector stakeholders.
Delivering the keynote address on behalf of Lagos State Governor, Mr. Babajide Sanwo-Olu, the Permanent Secretary, Office of Environmental Services, Lagos State Ministry of the Environment and Water Resources, Dr. Gaji Omobolaji Tajudeen, stressed the importance of protecting wetlands, mangroves and waterways to reduce flooding risks.
He disclosed that the state was targeting the planting of 20,000 trees in 2026 to improve environmental quality and strengthen urban resilience.
“Protecting our wetlands, waterways and green spaces is essential to reducing flooding and building a climate-resilient Lagos. Residents must also take responsibility by disposing of waste properly and adopting environmentally friendly practices,” Dr. Gaji said.
In a goodwill message, environmental advocate and Founder of Green Education for the Youth, Chief Olufunso Amosun, urged young people to champion environmental conservation beyond organised events.
“Environmental protection requires consistent action. Young people can make a difference by educating their peers, promoting sustainable habits and becoming ambassadors for conservation in their communities,” Amosun said.
The Walk for Nature partnership forms part of Fidelity Bank’s broader commitment to environmental sustainability and community development, reflecting its continued efforts to promote responsible environmental practices through strategic partnerships and stakeholder engagement.
Ranked among the best banks in Nigeria, Fidelity Bank Plc is a full-fledged Commercial Deposit Money Bank serving over 10 million customers through digital banking channels, its 255 business offices in Nigeria and United Kingdom subsidiary, FidBank UK Limited.
The Bank is a recipient of multiple local and international awards, including the 2025 Development Bank of Nigeria (DBN) Innovation Award for MSME support; Best Retail and SME Bank Award from Independent Newspapers; Best Bank for Export & Trade Finance and Most Innovative Bank of the Year at the 2025 BusinessDay Banks and Financial Institutions (BAFI) Awards; and Nigeria’s Best Private Bank at the 2025 Euromoney Awards. The Bank also received the inaugural Most Improved Commercial Bank of the Year award by Nairametrics, the SME Bank of the Year award by NewsDirect, and the Straight-Through Processing (STP) Excellence Award by Citi Group, in addition to recognition by Global Brands Magazine for Excellence in Community Empowerment.
