Business
RMAFC Honours Distinguished Director at Retirement Send-Off
Joel Ajayi
Staff of the Revenue Mobilisation Allocation and Fiscal Commission (RMAFC) held a retirement send-forth ceremony in honour of the Director, Chairman’s Office, Mr. Paul Adefusi, celebrating his decades of dedicated service and outstanding contributions to the Commission.
Speaking at the event held at the Old Boardroom of the Commission’s headquarters on Tuesday 20th January, 2026, the Honourable Chairman of Commission, Dr. Mohammed Bello Shehu, OFR, described Mr. Adefusi as an intellectual who is disciplined and deeply committed to duty.
He added that his impact on the Commission will be enduring. Dr Bello commended his humility, professionalism, and exemplary conduct, noting that his contributions have added in no small measure to the institution’s growth.
The Chairman encouraged him to explore new opportunities in consultancy, training, and advisory services, stressing that retirement marks a transition rather than an end.
Earlier, delivering the opening remarks on behalf of the Secretary to the Commission, Engr. Joseph Okechukwu Nwaze, the Director, Fiscal Efficiency Department, Dr. Tanimu Adamu Aliyu described Mr. Adefusi as a quiet achiever whose integrity and outstanding commitment to duty greatly strengthened the operations of the Chairman’s Office and the Commission at large.
Goodwill messages were showered on Mr. Adefusi by Directors of Customs Services, Gas Investments, Solid Minerals, and other senior officials, who spoke glowingly of his intelligence, humility, sincerity, and commitment to service.
Speakers described him as a dependable colleague, a listening leader whose legacy will endure within the Commission.
In his response, Mr. Adefusi expressed deep appreciation to the leadership, management, and staff of the Commission for the support and cooperation he enjoyed throughout his career.
He described his years at RMAFC as fulfilling and pledged to remain an ambassador of the values of integrity, professionalism, and service that defined his time in public office.
The ceremony marked a fitting tribute to a distinguished public servant whose legacy will remain firmly etched in the history of RMAFC.
Business
VAT on Banking Services: Setting the record straight
By Arabinrin Aderonke
In recent days, Nigerians have been inundated with reports suggesting that the Federal Government has introduced Value Added Tax (VAT) on banking services such as electronic transfers, fees and commissions. Understandably, this has triggered anxiety among citizens already grappling with economic pressures.
However, the truth is far less dramatic than the headlines suggest.
Contrary to widespread claims, VAT on banking services is not new. It was not introduced by the Nigeria Tax Act, 2025, and it does not represent an additional financial burden on bank customers.
For decades, Nigeria’s VAT framework has applied to fees, commissions and charges for services rendered by banks and other financial institutions.
What has changed is not the law, but enforcement.
The Nigeria Revenue Service (NRS) has been compelled to clarify this point following a wave of misinformation that blurred the line between service charges and actual funds transferred. VAT is not, and has never been, charged on the amount of money a customer transfers or withdraws.
Rather, it applies strictly to the service fee imposed by the bank.
This distinction is critical. When a customer transfers ₦10,000 or ₦1 million, VAT is not deducted from the transferred sum. It is calculated only on the small service charge associated with the transaction.
Interest earned on savings accounts and fixed deposits also remains exempt, as it does not constitute a supply of goods or services under the law.
Equally important is what VAT does not cover. Basic food items, essential goods, medical and pharmaceutical products, as well as educational services, remain firmly exempt under the Nigeria Tax Act, 2025. These protections were deliberately preserved to shield ordinary Nigerians from unnecessary hardship.
So why the sudden public concern?The answer lies in improved compliance and enforcement. Financial institutions are being reminded of their obligation to remit VAT already charged and collected. This renewed focus has created the false impression of a new tax, when in reality, it is the implementation of an existing one.
Tax reforms often attract controversy, especially in times of economic strain. Yet clarity must prevail over confusion. Spreading inaccurate information undermines public trust and distracts from the real conversation Nigeria must have about transparency, accountability and effective tax administration.
The Nigeria Revenue Service has made it clear that the Nigeria Tax Act, 2025, does not introduce any new VAT burden on ordinary citizens, particularly in sensitive areas such as savings, food, healthcare and education.
As Nigerians, we deserve honest explanations not alarmist headlines. In a democracy, scrutiny is healthy, but it must be anchored on facts.
The task before us is not to fear taxation, but to demand that taxes already in place are administered fairly, communicated clearly, and used responsibly for national development. That is the conversation worth having.
Arabinrin Aderonke Atoyebi is the Technical Assistant on Broadcast Media to the Executive Chairman of the Nigeria Revenue Service.
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