New Tax Acts about building trust, not just raising revenue — Oyedele
New Tax Acts Focus on Building Public Trust, Finance Minister Says
By Emma Ujah, Abuja Bureau Chief
The Minister of Finance and Coordinating Minister of the Economy, Mr. Taiwo Oyedele, emphasized that the recently introduced Tax Acts aim not only to enhance government revenue but also to foster trust among the Nigerian populace. He made this statement during a virtual address at the 2026 Annual Conference of the Chartered Institute of Taxation of Nigeria (COTN) in Abuja on Thursday.
Oyedele outlined the government’s objective of increasing revenue but highlighted that achieving this goal requires a foundation of trust. He urged citizens to recognize the importance of tax contributions for the collective well-being.
The minister noted that the updated tax framework simplifies the payment process, reduces the number of applicable taxes, and exempts low-income earners from Personal Income Tax.
He encouraged tax professionals to serve as advisors, interpreting the new regulations for clients and the public.
In a related comment, Dr. Tope Fashua, Special Adviser to the President on Economic Matters, remarked on the necessity for fiscal policies to adapt to changing global circumstances. “Given recent events around the world, it is vital for the government to remain prepared and ensure that fiscal policies evolve,” he stated.
Fashua acknowledged that fiscal reform is a complex process, adding that complaints regarding multiple taxation and local government levies are likely to persist. He pointed out the logistical challenges in transporting goods across the country, highlighting the need for reform in collection practices.
“We are initiating steps to eliminate unnecessary charges, but it is also crucial for Nigerians to act as vigilantes against these practices,” he remarked.
Mr. Innocent Ohagwa, President of the CITN, underscored the significance of this year’s conference theme, which focuses on developing a tax system that is globally relevant, economically competitive, socially equitable, and fiscally sustainable.
In other news, Dangote Cement Plc reported that it has completed 10 clinker shipments from Nigeria to neighboring markets, solidifying its status as Africa’s leading cement exporter. unaudited financial results for Q1 2026 indicate a 13.8 percent year-on-year increase in total sales volumes, with growth driven by an 11.5 percent rise in Nigeria and a 19.5 percent increase across its operations in Africa.
Group Managing Director and CEO Arvind Pathak stated, “We have delivered an outstanding start to 2026, with revenue increasing by 20.4 percent year on year to N1.198 trillion.” He attributed this growth to a rebound in volumes and disciplined cost management.
For the reporting quarter, Dangote Cement recorded a profit before tax of N421.1 billion, reflecting a 35 percent increase compared to N311.9 billion during the same period in 2025. Earnings per share saw a rise to N19.14, up from N12.29.
Pathak also highlighted the rapid growth of the company’s export business, noting a 71.6 percent increase in volumes from Nigeria and the completion of ten clinker shipments. The CEO mentioned ongoing expansion projects, including progress in Côte d’Ivoire, Itori, and Ethiopia, reinforcing the company’s commitment to reaching an 80 million ton production capacity by 2030.
