The Federal Government has reaffirmed its commitment to grassroots artisans to upgrade local skills to meet both national and international benchmarks and compete in the global markets.

Speaking recently during the Skill-Up Artisans (SUPA) zonal rally, Dr Afiz Ogun, director-general of the Industrial Training Fund (ITF), stated that the initiative is designed to professionalise the sector.

The rally was designed to raise awareness of the programme throughout the North-West region.

The rally saw a diverse turnout of professionals, including those in construction and engineering such as welders, fabricators, plumbers, and carpenters.

Those in the technical service comprised of electrical installers and automobile mechanics, while those in the creative and digital space were fashion designers and ICT technicians.

Represented by Muhammad Aminu, the former zonal director of the ITF, Ogun explained that the SUPA scheme seeks to convert traditional craftsmanship into sustainable livelihoods.

He emphasised that the goal is to transform artisans from job seekers into employers of labour.

“We are calling on artisans across the North-West to embrace the SUPA programme,” Ogun remarked. “This is an opportunity to enhance productivity, increase earnings, and ensure our workforce can compete on a global stage”.

According to the DG, the initiative aligns with President Bola Tinubu’s Renewed Hope Agenda, focusing on restoring dignity to manual and technical work.

He noted that a competent artisan class forms the essential foundation of a productive economy.

He further called upon traditional rulers, community leaders, and trade associations to assist the ITF in disseminating information about the programme to ensure high participation rates.

“We are here to engage the technicians, the tradespeople, and the young talents who serve as the backbone of our economy,” he added.

Nancy Ekong, director of the Technical Vocational Skills Training Department, highlighted the programme’s recent successes. She revealed that over 30,000 artisans were trained and upgraded during the initial SUPA cycle in 2025.

The ITF remains optimistic that the continued expansion of SUPA will bridge the existing skills gap in Nigeria’s industrial sector.

KPMG Nigeria has identified what’s described as “errors, inconsistencies, gaps and omissions” in Nigeria’s tax laws that came into force at the beginning of this year.

The professional services company warns that these issues could undermine the attainment of the tax reforms’ stated objectives if left unaddressed.

The reforms, anchored on the Nigeria Tax Act (NTA) and the Nigeria Tax Administration Act (NTAA), alongside the Nigeria Revenue Service (NRS)  Establishment Act and the Joint Revenue Board (JRB) Establishment Act, are aimed at improving revenue generation, simplifying tax administration, and enhancing competitiveness.

Authorities have repeatedly described the overhaul as critical to strengthening Nigeria’s weak tax-to-GDP ratio and adapting the tax system to changing economic realities.

Capital gains, inflation, and market behaviour

One of the most far-reaching concerns relates to the computation of chargeable gains under Sections 39 and 40 of the Nigeria Tax Act, which require capital gains to be calculated as the difference between sale proceeds and the tax-written-down value of assets, without any adjustment for inflation, analysis by KPMG revealed.

This approach has attracted attention largely because of Nigeria’s inflation environment. Headline inflation has remained in double digits for eight consecutive years, averaging above 18 percent between 2022 and 2025, according to data from the National Bureau of Statistics. Over the same period, asset price movements have been heavily influenced by currency depreciation and general price increases.

Actual market behaviour shows a mixed reaction to tax policy expectations, despite a strong full‑year rally, with the NGX All‑Share Index up more than 50  percent and market capitalisation near N99.4 trillion, the equities market saw significant sell‑offs in late 2025, including a N6.5 trillion drop in market value in November amid uncertainty over the new capital gains tax rules, underscoring investor sensitivity to tax policy shifts.

In its review of the law, KPMG Nigeria noted that taxing nominal gains in a high-inflation environment could result in taxpayers being assessed on inflationary gains rather than real economic value. The firm recommended the introduction of a cost indexation allowance to adjust asset values for inflation when computing chargeable gains.

According to the analysis, such an adjustment would reduce distortions in effective tax rates while still allowing the government to generate additional revenue from genuine capital appreciation.

Indirect transfer rules and foreign investment risks

Another provision drawing scrutiny is Section 47 of the Nigeria Tax Act, which subjects gains from indirect transfers of shares or assets by non-residents to Nigerian tax where such transfers result in changes in ownership of Nigerian companies or assets located in Nigeria.

The provision is being introduced amid weak foreign investment inflows. Data from the United Nations Conference on Trade and Development shows that foreign direct investment into Nigeria remains below pre-2019 levels, reflecting broader investor caution.

While similar indirect transfer rules exist in other jurisdictions, analysts note that such regimes are typically supported by detailed guidance and clear thresholds to reduce uncertainty.

KPMG’s analysis recommended that Nigerian tax authorities issue clear administrative guidance defining the scope, thresholds, and reporting obligations associated with indirect transfers. The firm noted that clarity would reduce the risk of disputes, improve compliance, and mitigate potential negative effects on foreign investment flows.

FX deductions clash with economic realities

Section 24 of the Nigeria Tax Act limits businesses from deducting foreign-currency expenses beyond their naira equivalent at the official CBN rate.

In practice, this means a company importing goods, paying foreign software subscriptions, or settling overseas vendor invoices cannot claim as tax-deductible any amount they spent above the official exchange rate.

For many companies, this is a real problem. Access to official foreign exchange is limited, forcing businesses to pay higher rates on the parallel market. Under the law, the extra cost becomes non-deductible, effectively increasing taxable profits and raising their tax bills.

KPMG warns that while the rule aims to curb speculative foreign exchange activity, it fails to account for supply shortages. The firm recommends that deductibility should reflect the actual cost incurred, provided proper documentation, so businesses aren’t penalized for circumstances beyond their control.

VAT-linked expense disallowances

Section 21(p) of the Nigeria Tax Act disallows deductions for expenses on which value-added tax has not been charged, even where such expenses were incurred wholly for business purposes.

This intersects with Nigeria’s VAT compliance challenges. The informal sector accounts for a significant share of economic activity, and VAT compliance gaps remain wide, according to assessments by tax authorities and development institutions.

Analysts note that the provision effectively transfers part of the VAT enforcement burden to compliant taxpayers, who may be penalised for supplier non-compliance.

KPMG recommended that Section 21(p) be deleted or substantially modified, arguing that deductibility should depend solely on whether an expense was wholly, exclusively, and necessarily incurred for business purposes. The firm noted that VAT compliance should instead be enforced directly through audits and penalties on defaulting suppliers.

Non-resident taxation and compliance ambiguity

Uncertainty also surrounds the compliance obligations of non-resident companies. While Section 17 of the Nigeria Tax Act provides that withholding tax constitutes final tax for certain non-resident payments where there is no permanent establishment or significant economic presence, the Nigeria Tax Administration Act does not clearly exempt such entities from registration or filing requirements.

Nigeria has signed over a dozen double taxation treaties (DTTs), including the UK, South Africa, Canada, and France, which align with the principle that final WHT extinguishes further tax obligations in the absence of a taxable presence. Experts say harmonizing the NTA and NTAA with these treaties is critical to avoid conflicts and deter foreign investors.

KPMG recommended that the relevant provisions of the Nigeria Tax Act and the Nigeria Tax Administration Act be harmonised, with explicit exemptions for non-resident companies whose Nigerian tax obligations have been fully discharged through withholding tax. According to the firm, such alignment would reduce compliance friction and improve Nigeria’s attractiveness for cross-border transactions.

As Nigeria enacts its most comprehensive tax overhaul in decades, the path to success will depend on clarity, alignment with international best practices, and swift adoption of recommended amendments. Without these measures, businesses may face higher costs, non-residents could be discouraged from investing, and capital markets may remain volatile. For policymakers, the challenge is not just raising revenue but ensuring that the reforms strengthen competitiveness and sustainable economic growth.

American billionaire businessman Bill Gates, has paid $8 billion to his ex-wife, Melinda French Gates’ charity, five years after their split over his affairs with other women.

Bill Gates and Melinda French Gates

Gates made the $7.88 billion donation to Melinda French Gates’ Pivotal Philanthropies Foundation in 2024, The New York Times revealed.

The sum, one of the largest public donations ever recorded, was revealed in a new tax filing, which shows the first specific financial terms of the couple’s high-profile split in 2021.

Melinda resigned from The Bill and Melinda Gates Foundation in May 2024. Despite leaving the charity, she suggested her ex donate $12.5 billion to a new charitable foundation she intended to create.

A representative for Pivotal told the Times the $12.5 billion agreement has been fulfilled, and the nearly $8 billion donation was part of that agreement.

Melinda set up her Pivotal Philanthropies Foundation in 2022, the year after the divorce. At the end of 2023, it had $604 million on hand.

The billionaire pair split after 27 years together in 2021, embarking on what is considered the most expensive divorce settlement in the world. Melinda later received approximately $76 billion in assets.

Months later, details of Gates’ affair with a Microsoft employee were exposed.

The woman penned a letter to the company’s board in 2019, divulging details about the fling which began in 2000 and demanded that his wife, Melinda “read it”.

Microsoft’s board investigated the women’s claims and deemed the relationship “inappropriate”, the Wall Street Journal reported at the time.

Gates suddenly quit the board in March 2020 while the investigation was still in progress – and before the board could make a formal decision on the matter.

Two further bombshell reports were then revealed, alleging Gates had routinely hit on staffers at Microsoft and at the philanthropic foundation he founded alongside his wife.

A separate shocking report claimed that Gates had sought marriage advice from Jeffrey Epstein, with whom he reportedly shared a “close” relationship, having first met the convicted sex offender in 2011.

Gates’ and Epstein’s friendship first came to light in 2019, months after Epstein killed himself in his Manhattan jail cell while awaiting trial on charges of child sex trafficking.

The two men reportedly spent time together on multiple occasions, flying on Epstein’s private jet – dubbed the “Lolita Express” – and attending late-night gatherings at his Manhattan home.