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The National Economic Council (NEC) has approved the release of over 83 billion naira under the Anticipatory Action Trust Fund (AATF) to address the recurring challenge of flooding across Nigeria.
The approval was granted at the NEC meeting chaired by Vice President Kashim Shettima at the Council Chamber of the State House, Abuja.
While addressing State House correspondents shortly after the meeting, the Governor of Cross River State, Bassey Otu, said a total of over 166 billion naira had initially been proposed for the Anticipatory Action Trust Fund.
However, he disclosed that NEC approved the sum of 83.2 billion naira.
The fund is expected to support proactive measures, including early warning systems, emergency preparedness, and other flood mitigation initiatives designed to reduce the devastating effects of seasonal flooding.
In addition, the Council noted the importance of the AATF in addressing disasters and emergencies across the country, underscoring the fact that NEC cannot continue to be seen as always taking reactionary measures with regard to emergency and disaster management.
Speaking at the meeting, Shettima said the President Bola Tinubu administration’s reform agenda must now produce visible results across the federation.
Shettima noted that the Council’s work must be judged by what changes in the lives of ordinary Nigerians, especially farmers, manufacturers, vulnerable citizens, unemployed young people and children who will inherit the country.
According to him, the agenda before the Council was not a new conversation, but a continuation of the national assignment with greater pressure for action and results.
On exports and production, he said Nigeria must stop relying on the export of raw materials while importing finished products from other countries.
He maintained that the country’s economic transformation depends on a complete value chain linking farms to factories, factories to standards, standards to ports, and ports to markets.
The Federal Government has released the General Guidelines for the implementation of the Tax Acts 2025, outlining the transition process from repealed tax laws to the new tax framework that took effect on January 1, 2026.
The guidelines, issued by the Federal Ministry of Finance, provide direction to taxpayers, tax practitioners, revenue authorities and other stakeholders on the administration of tax matters during the shift from the old regime to the new legal framework.
According to a statement by the Director of Press Relations at the ministry, Efe Ovuakporie, the guidelines clarify how tax liabilities, assessments, audits, investigations, disputes and enforcement actions relating to periods before the commencement of the new laws will be handled.
The ministry stated that the Tax Acts 2025 comprise the Nigeria Revenue Service (Establishment) Act, the Nigeria Tax Act, the Nigeria Tax Administration Act, and the Joint Revenue Board (Establishment) Act, with each taking effect from its respective commencement date as provided in the legislation.
It explained that tax returns relating to accounting periods ending before January 1, 2026, would continue to be filed under the repealed tax laws, while returns due from that date onward would be administered under the new framework.
The guidelines also address the treatment of income taxes, transaction taxes, development levies, tax incentives, exemptions, record-keeping obligations and transactions that span both the old and new tax regimes.
The ministry further stated that existing tax incentives and exemptions granted under repealed laws would remain valid until their expiration dates, while new applications and pending requests would be considered under the provisions of the Tax Acts 2025.
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The Federal Government has released the General Guidelines for the implementation of the Tax Acts 2025, outlining the transition process from repealed tax laws to the new tax framework that…
The National Economic Council (NEC) has approved the release of over 83 billion naira under the Anticipatory Action Trust Fund (AATF) to address the recurring challenge of flooding across Nigeria.…
