Progressive Ambassador News

16/02/2026

“NO 25% TAX ON BUILDING MATERIALS OR TRANSACTIONS” — Presidential Fiscal Policy and Tax Reforms Committee Clears the Air on Nigeria Tax Act 2025

𝐂𝐥𝐚𝐫𝐢𝐟𝐢𝐜𝐚𝐭𝐢𝐨𝐧: 𝐓𝐡𝐞 𝐍𝐢𝐠𝐞𝐫𝐢𝐚 𝐓𝐚𝐱 𝐀𝐜𝐭 2025 𝐡𝐚𝐬 𝐂𝐨𝐦𝐦𝐞𝐧𝐜𝐞𝐝 𝐚𝐧𝐝 𝐃𝐨𝐞𝐬 𝐍𝐎𝐓 𝐈𝐦𝐩𝐨𝐬𝐞 𝐚 25% 𝐓𝐚𝐱 𝐨𝐧 𝐁𝐮𝐢𝐥𝐝𝐢𝐧𝐠 𝐌𝐚𝐭𝐞𝐫𝐢𝐚𝐥𝐬 𝐨𝐫 𝐅𝐮𝐧𝐝𝐬

We are aware of a recent video claiming that the new tax laws will commence in 2027 and alleging the imposition of a 25% tax on funds for building materials and other transactions.

Both claims are incorrect. Contrary to the misinformation seeking to create fear, panic and disaffection, the Nigeria Tax Act 2025 has already commenced and does not impose a 25% tax on construction funds, bank balances, or business expenses. Instead, it contains provisions specifically designed to reduce the cost of housing, rent and real estate development.

𝐊𝐞𝐲 𝐏𝐫𝐨𝐯𝐢𝐬𝐢𝐨𝐧𝐬 𝐨𝐟 𝐭𝐡𝐞 𝐍𝐢𝐠𝐞𝐫𝐢𝐚 𝐓𝐚𝐱 𝐀𝐜𝐭, 2025

Relevant provisions to make housing more affordable, encourage real estate development, and support small business property contractors and low-income renters include:

1. 𝑳𝒐𝒘𝒆𝒓 𝑪𝒐𝒔𝒕 𝒐𝒇 𝑩𝒖𝒊𝒍𝒅𝒊𝒏𝒈 𝒂𝒏𝒅 𝑷𝒓𝒐𝒑𝒆𝒓𝒕𝒚 𝑫𝒆𝒗𝒆𝒍𝒐𝒑𝒎𝒆𝒏𝒕

• 𝘝𝘈𝘛 𝘌𝘹𝘦𝘮𝘱𝘵𝘪𝘰𝘯 𝘰𝘯 𝘓𝘢𝘯𝘥 𝘢𝘯𝘥 𝘉𝘶𝘪𝘭𝘥𝘪𝘯𝘨𝘴 (𝘚.185(𝘭)): Land and buildings are now specifically exempt from Value Added Tax (VAT).

• 𝘐𝘯𝘱𝘶𝘵 𝘝𝘈𝘛 𝘊𝘳𝘦𝘥𝘪𝘵𝘴 𝘧𝘰𝘳 𝘊𝘰𝘯𝘵𝘳𝘢𝘤𝘵𝘰𝘳𝘴: Where VAT is chargeable on any materials or service, contractors can now recover VAT on their assets and overhead costs, which lowers overall construction costs.

• 𝘙𝘦𝘥𝘶𝘤𝘦𝘥 𝘞𝘪𝘵𝘩𝘩𝘰𝘭𝘥𝘪𝘯𝘨 𝘛𝘢𝘹 (𝘞𝘏𝘛): A lower 2% WHT rate is applicable on construction contracts, helping to conserve cash flow and reduce financing pressure on developers.

• 𝘓𝘰𝘢𝘯 𝘐𝘯𝘵𝘦𝘳𝘦𝘴𝘵 𝘋𝘦𝘥𝘶𝘤𝘵𝘪𝘰𝘯 (𝘚.30(2)(𝘪𝘷)): Mortgage interest is tax-deductible for individuals developing an owner-occupied residential house.

• 𝘋𝘦𝘥𝘶𝘤𝘵𝘪𝘣𝘭𝘦 𝘙𝘦𝘯𝘵𝘢𝘭 𝘌𝘹𝘱𝘦𝘯𝘴𝘦𝘴 (𝘚.20): Property owners who earn rental income can deduct related costs such as repairs, insurance, and agency fees.

2. 𝑫𝒊𝒓𝒆𝒄𝒕 𝑹𝒆𝒍𝒊𝒆𝒇 𝒇𝒐𝒓 𝑹𝒆𝒏𝒕𝒆𝒓𝒔 𝒂𝒏𝒅 𝑻𝒆𝒏𝒂𝒏𝒕𝒔

• 𝘙𝘦𝘯𝘵 𝘙𝘦𝘭𝘪𝘦𝘧 (𝘚.30(2)(𝘷𝘪)): Individuals can claim relief up to ₦500,000 (20% of annual rent), increasing disposable income for low-income earners.

• 𝘝𝘈𝘛 𝘌𝘹𝘦𝘮𝘱𝘵𝘪𝘰𝘯 𝘰𝘯 𝘙𝘦𝘯𝘵 (𝘚.185(𝘭)): The VAT exemption on land and buildings also covers rent which is fully exempt from Value Added Tax.

• 𝘚𝘵𝘢𝘮𝘱 𝘋𝘶𝘵𝘺 𝘙𝘦𝘭𝘪𝘦𝘧 (𝘚.134): Lease agreements with an annual value below ₦10,000,000 (or 10 times the annual minimum wage) are exempt from stamp duty.

3. 𝑰𝒏𝒄𝒆𝒏𝒕𝒊𝒗𝒆𝒔 𝒇𝒐𝒓 𝑰𝒏𝒗𝒆𝒔𝒕𝒐𝒓𝒔 𝒂𝒏𝒅 𝑫𝒆𝒗𝒆𝒍𝒐𝒑𝒆𝒓𝒔

• 𝘊𝘢𝘱𝘪𝘵𝘢𝘭 𝘎𝘢𝘪𝘯𝘴 𝘛𝘢𝘹 𝘌𝘹𝘦𝘮𝘱𝘵𝘪𝘰𝘯 (𝘚.51(1)): Individuals pay no Capital Gains Tax (CGT) when disposing of a dwelling house or an interest in one.

• 𝘙𝘌𝘐𝘛 𝘐𝘯𝘤𝘦𝘯𝘵𝘪𝘷𝘦𝘴 (𝘚.162(𝘤)): Real Estate Investment Trusts (REITs) are exempt from Companies Income Tax (CIT) when distributing at least 75% of their dividend or rental income within 12 months after the financial year-end.

• 𝘗𝘳𝘪𝘰𝘳𝘪𝘵𝘺 𝘚𝘦𝘤𝘵𝘰𝘳 𝘐𝘯𝘤𝘦𝘯𝘵𝘪𝘷𝘦𝘴: Manufacturing of building materials such as iron, steel, and domestic appliances qualifies for specific tax exemption under the economic development incentive scheme for up to 10 years.

• 𝘙𝘦𝘥𝘶𝘤𝘦𝘥 𝘊𝘰𝘳𝘱𝘰𝘳𝘢𝘵𝘦 𝘛𝘢𝘹 𝘙𝘢𝘵𝘦 (𝘚.56): Scope for the reduction of companies income tax rate for large businesses from 30% to 25%.

4. 𝑷𝒓𝒐𝒕𝒆𝒄𝒕𝒊𝒐𝒏 𝒇𝒐𝒓 𝑾𝒐𝒓𝒌𝒆𝒓𝒔 𝒂𝒏𝒅 𝑺𝒎𝒂𝒍𝒍 𝑩𝒖𝒔𝒊𝒏𝒆𝒔𝒔𝒆𝒔

• 𝘊𝘢𝘱 𝘰𝘯 𝘏𝘰𝘶𝘴𝘪𝘯𝘨 𝘉𝘦𝘯𝘦𝘧𝘪𝘵 𝘛𝘢𝘹 (𝘚.14(6)): The taxable value of employer-provided accommodation is limited to the annual rental value, subject to a maximum of 20% of the employee's annual gross employment income, excluding the rental value.

• 𝘚𝘮𝘢𝘭𝘭 𝘊𝘰𝘮𝘱𝘢𝘯𝘺 𝘙𝘦𝘭𝘪𝘦𝘧: Suppliers and contractors who qualify as small companies benefit from 0% Companies Income Tax (CIT), exemption from charging VAT and no deduction of Withholding Tax (WHT) from their invoices and payments.

5. 𝑾𝒉𝒂𝒕 𝒊𝒔 𝑵𝑶𝑻 𝒊𝒏 𝒕𝒉𝒆 𝑻𝒂𝒙 𝑳𝒂𝒘

The Act does not:

• Tax money in bank accounts or bank balances.

• Tax transfers for buying building materials.

• Introduce a 25% construction or business cost tax.

• Delay implementation until 2027.

𝐂𝐨𝐧𝐜𝐥𝐮𝐬𝐢𝐨𝐧:

Claims suggesting a new tax on building materials or bank funds are false and misrepresent the law. Rather, the new tax law specifically introduced measures to make housing more affordable, promote real estate development, incentivise manufacturing of building materials, and grant rent reliefs to tenants to enhance their disposable income.

𝐅𝐈𝐍𝐀𝐋 𝐖𝐎𝐑𝐃:

“Fact Not Fear”, evidence beats emotion. If anyone makes an alarming claim or tries to misinform you, ask them “Where is it in the law?”

With the new tax laws, housing should become more affordable and rent should go down NOT up!

— 𝘗𝘳𝘦𝘴𝘪𝘥𝘦𝘯𝘵𝘪𝘢𝘭 𝘍𝘪𝘴𝘤𝘢𝘭 𝘗𝘰𝘭𝘪𝘤𝘺 𝘢𝘯𝘥 𝘛𝘢𝘹 𝘙𝘦𝘧𝘰𝘳𝘮𝘴 𝘊𝘰𝘮𝘮𝘪𝘵𝘵𝘦𝘦

08/02/2026

08/02/2026

Rotimi Amaechi was by far a better Governor than Peter Obi, but we’re not yet ready for that conversation.

08/02/2026

Commander US Africom visits President Tinubu and the Nigerian security chiefs.

First photo and second:
Charge D’Affairs U.S Embassy in Nigeria, Keith Heffern, Commander AFRICOM, General Dagvin Anderson, , President Bola Tinubu, Senior Foreign Policy Adviser , AFRICOM, Amb. Peter Vrooman, Command Sergeant Major Garric M. Banfield, Command Senior Enlisted Leader, United States Africa Command (AFRICOM), when the AFRICOM delegation paid a visit to President Tinubu on Sunday, 8 February 2026, in Abuja.

In the third photo; From left Director-General, National Intelligence Agency, Mohammed Mohammed, Director General, Department of State Service, Tosin Ajayi, Command Sergeant Major Garric M. Banfield, Command Senior Enlisted Leader, United States Africa Command (AFRICOM), , Senior Foreign Policy Adviser , AFRICOM, Amb. Peter Vrooman, Charge D’Affairs U.S Embassy in Nigeria, Keith Heffern, Commander AFRICOM, General Dagvin Anderson, , President Bola Tinubu, National Security Adviser, Nuhu Ribadu, Minister of Defence, Gen. Christopher Musa (Rtd), Chief of Defence Staff, General Olufemi Oluyede, Chief of Army Staff, Lt.-Gen Waidi Shaibu, Chief of Defence Intelligence, Lt.-Gen Emmanuel Uandiandeye.

21/12/2025

Oyo State Progressives

United we stand

05/12/2025

MY REMARKS AT TODAY’S OYO APC STAKEHOLDERS’ MEETING

As the Oyo State Ambassador for Renewed Hope, I reaffirmed our collective commitment to building a stronger, more united, and more effective All Progressives Congress (APC) ahead of the 2027 general elections.

At the Enlarged Stakeholders Meeting, I emphasized that our central objective is to unify all party stakeholders and improve on our 2023 presidential performance by achieving at least a 35% increase in total votes for President Asiwaju Bola Ahmed Tinubu in 2027.

Unity remains the foundation of every meaningful political achievement. No political strategy, no matter how brilliant, can succeed in an atmosphere of division. Our guiding principle must be One APC, One Tinubu Project.

I reiterated that the Renewed Hope agenda—aligned with President Tinubu’s expectations—demands harmony, collaboration, and well-coordinated mobilisation across all levels of our party. Oyo State will not only align with this national direction but will lead as a model of strategic organisation and teamwork.

I also stressed the urgent need to rebuild and strengthen APC structures statewide, ensuring the full activation of party organs from the State Executive down to all 33 Local Governments, 351 Wards, and every polling unit.

Our grassroots must be vibrant, functional, and deeply connected to the people. Every ward, every unit, and every community must feel the presence and impact of the APC. This is how we consolidate our gains and deliver an even more decisive victory for President Tinubu in 2027.

I reaffirm my unwavering commitment to working closely with our leaders, stakeholders, and the Renewed Hope Team to ensure Oyo State becomes a national example of inclusive, disciplined, and effective political mobilisation.

Teslim Kolawole Folarin Bayo Adelabu

10/11/2025

FG Approves Three Key Policies to Transform Civil Service and Boost Productivity

The Federal Government has approved three landmark policies aimed at overhauling the Federal Civil Service: the Rewards and Recognition Policy, the Incentive and Consequence Management Policy, and the Civil Service Mentoring Policy.

The decision, approved by President Bola Ahmed Tinubu during the Federal Executive Council meeting, is designed to create a performance-driven, accountable, and future-ready civil service that delivers efficient, citizen-centric results.

Head of the Civil Service of the Federation, Mrs. Didi Esther Walson-Jack, described the policies as critical pillars under the Federal Civil Service Strategy and Implementation Plan (2021–2025), aligning with the President’s vision of an efficient and incorruptible workforce.

The Rewards and Recognition Policy seeks to motivate excellence and innovation, while the Incentive and Consequence Management Policy ensures fairness by rewarding top performers and addressing underperformance. The Mentoring Policy focuses on developing future leaders and preserving institutional knowledge across ministries.

Mrs. Walson-Jack reaffirmed that these reforms will strengthen professionalism, reward dedication, and build a world-class civil service capable of meeting Nigeria’s development goals.

— Kamorudeen Yusuf
Personal Assistant on Special Duties to the President

10/11/2025

*Time for change, time for progress - choose a leader who won't back down. Choose TKF

Teslim Kolawole Folarin 💙❣️🫶

10/11/2025

Weekly Highlights from the Senate Chambers

Under the astute leadership of the Senate President, lawmakers engaged in robust deliberations on critical issues affecting the nation, including national security, economic development, and institutional reforms. Notably, Senator Sharafadeen Abiodun ALLI , PhD, representing Oyo South Senatorial District, made impactful contributions, demonstrating his commitment to the progress and welfare of Nigerians.

Key Developments This Week:

Confirmations:
1. Professor Tella Adeniran as INEC Resident Electoral Commissioner
⁠
2. Dr. Musa Babayo as FERMA Chairman

3. Chief Idris Olorunibe as NCC Chairman

Legislative Activities:

10 Bills were presented for First Reading, including crucial amendments aimed at enhancing governance and public accountability.

Service chiefs and top security officials appeared before the Senate for briefings on national security, reinforcing the chamber’s dedication to safeguarding the nation.

The 10th Senate remains resolute in its mission to strengthen security, drive reforms, and ensure sustainable progress for all Nigerians.

God bless the Federal Republic of Nigeria.
God bless Oyo State.
God bless Oyo South.

10/11/2025

Omo Folarin Ni Ibadan

Teslim Kolawole Folarin