The Nigeria Revenue Service (NRS) has assured Nigerians that the new tax laws do not authorise banks to make arbitrary deductions from customers’ personal accounts, amid growing concerns over the implementation of the tax reforms. The Service also clarified that the standard Value Added Tax (VAT) rate remains 7.5 per cent, urging individuals, traders and business owners to disregard misinformation about the new tax regime. The NRS Tax Administrator overseeing Kano, Jigawa and Katsina states,...

Nigeria’s total public debt stock rose to ₦166.79 trillion as of 30 June 2026, representing a ₦7.44 trillion increase from the ₦159.35 trillion recorded at the end of the first quarter of the year. The Debt Management Office (DMO) disclosed this in its latest public debt portfolio report published on Friday, 25 September. The new figure also represents a 9.4 per cent increase, or ₦14.39 trillion, compared with the ₦152.40 trillion recorded as of June...

The International Monetary Fund (IMF), has charged central banks and financial regulators to strengthen oversight of artificial intelligence (AI), warning that the rapid adoption of the technology across the financial sector could amplify systemic risks if left without adequate governance. In a blog published recently and shared via the IMF’s official X account, the Fund said AI is rapidly transforming how financial institutions price risk, allocate credit, conduct trading and supervise markets, making it increasingly...