October 05, (THEWILL) — The Presidential Fiscal Policy and Tax Reforms Committee has unveiled the Excellence in Tax Reform Reporting Award, a landmark initiative to recognise and reward journalists and online influencers who provide balanced, accurate, and impactful reporting on Nigeria’s ongoing tax reforms.
The Award seeks to strengthen constructive public discourse, counter misinformation, and elevate journalism that explains reforms in ways citizens can trust and understand.
Announcing the initiative, the Chairman of the Presidential Fiscal Policy and Tax Reforms Committee, Taiwo Oyedele, stated:
“The media is central to shaping narratives and building public trust. By equipping and rewarding journalists and influencers, we aim to ensure that the tax reform conversation is constructive, inclusive, and anchored in truth. This is how we build public confidence in reforms designed to secure our nation’s future.”
- Eligibility: Open to all Nigerian journalists across print, broadcast, and online platforms, as well as digital influencers, bloggers, and podcasters.
- Entry Requirements: Published work between 1 July – 31 December 2025, in English, Pidgin, Hausa, Igbo, or Yoruba, that explains, analyses, or reports on the tax reform. Entries in local languages are to be submitted along with the English translations. Videos or podcasts should not exceed 10 minutes.
- Awards Structure: 1st Prize: ₦10m, 2nd Prize: ₦5m, 3rd Prize: ₦3m. The Top 20 finalists will receive ₦1m consolation prize each with plaques. Gadgets and training fellowships may also be provided.
Evaluation Criteria
Submissions will be judged on:
1. Accuracy & Technical Correctness
2. Balance & Fairness
3. Clarity & Accessibility
4. Public Engagement & Reach
5. Creativity & Innovation
Awards Gala:
Winners will be announced at a high-profile ceremony either in Lagos or Abuja, which may be broadcast live on major TV stations with live streams on YouTube and X Spaces.
Oyedele has urged Nigerian journalists to deepen their knowledge of their job, stressing that failure to embrace capacity building in any profession amounts to unethical behaviour. He frowned at the avalanche of misrepresentations and misleading reports on the reformed tax law which are peddled by journalists, bloggers and influencers, pointing out that they stem out of ignorance and mental laziness.
“These are what we were taught while in school, a number of us are still guilty of it, and this is worsening even more. But we must find the will and the commitment as a people to solve that problem once and for all,” Oyedele declared at an interactive media session in Lagos on Saturday, October 3.
He used the opportunity to declare that there has been no new taxes introduced by the Bola Tinubu-led administration since it came into office in May 2023. Instead, the tax reform is aimed at harmonizing existing multiple tax frameworks and also relieving the tax burden on small businesses.
“The new tax laws offer major tax reliefs to small businesses. The new tax structure is designed to encourage formalisation by exempting small companies with annual turnover of N100m or less from corporate income tax. In addition, these small businesses are exempted from charging VAT or accounting for withholding tax on their transactions. The goal is to reduce the burden on nano, micro and small businesses who constitute the largest share of employment and GDP.
He added that there is an ongoing process to reduce over 60 different taxes and levies to fewer than 10, easing compliance and curbing proliferation of multiple charges. Contrary to the misconception about imposing a higher tax burden or introducing new taxes, the current administration is reducing both the number of taxes and the burden on citizens and businesses.
He noted that some taxes which were introduced by the previous administrations have in fact been reversed or suspended including the 5% levy on airtime and data, cybersecurity levy on bank transfers, carbon tax on single used plastics, excise tax on vehicles and so on.
“The new tax laws did not introduce taxes on individuals who were not previously taxable.
“Online content creators, influencers, income from virtual assets, and other income generating activities have always been subject to tax under the old Personal Income Tax Act.
“The new tax laws only provide clarity, and ensure fairness by allowing deductions for losses where applicable. Income earned by way of a gift rather than as a payment for a transaction is not taxable,” he said.
Sam Diala is a Bloomberg Certified Financial Journalist with over a decade of experience in reporting Business and Economy. He is Business Editor at THEWILL Newspaper, and believes that work, not wishes, creates wealth.
