Shettima: Tax Reforms Will Help Small Businesses, Lift Nigerians Out of Poverty

BusinessNewsNigeriaShettima: Tax Reforms Will Help Small Businesses, Lift Nigerians Out of Poverty

Hassan Umar Shallpella (Regional Correspondent)March 6, 2026

Nigeria’s Vice President, Kashim Shettima, has defended the Federal Government’s proposed tax reforms, insisting that the new measures are designed to improve livelihoods and reduce the burden of multiple taxes on small businesses and low-income earners. Speaking on Wednesday in Abuja at an interfaith breaking of fast for Ramadan and Lent held at the State House, Shettima said the reforms were carefully planned to address the concerns of ordinary Nigerians, contrary to claims by critics...

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Kogi Receives NEPZA Certificate For Ajaokuta Economic City Free Trade Zone

BusinessNewsNigeriaKogi Receives NEPZA Certificate For Ajaokuta Economic City Free Trade Zone

Uzoamaka Ikezue (Staff Reporter)February 27, 2026

The Nigeria Export Processing Zones Authority (NEPZA) has officially issued the License/Certificate of Declaration for the Ajaokuta Economic City Free Trade Zone, to the Kogi State Government. The certificate was presented to the Executive Governor of Kogi State, Ahmed Usman Ododo, at the NEPZA Headquarters in Abuja on Thursday. According to the Commissioner for Information and Communications, Kingsley Femi Fanwo, the issuance of the license marks a historic milestone in Kogi State’s economic transformation agenda...

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NAFDAC Begins Enforcement of Sachet Alcohol Ban

BusinessNewsNigeriaNAFDAC Begins Enforcement of Sachet Alcohol Ban

By Ezinwanne Onwuka (Senior Reporter)January 31, 2026

…Says No Company Has Been Shut Down The National Agency for Food and Drug Administration and Control (NAFDAC) has resumed enforcement of the ban on the production and sale of alcoholic drinks packaged in sachets and small bottles, clarifying that no alcohol-producing company has been shut down as a result of the action. In a press statement issued on Thursday, the agency said the enforcement applies to alcoholic beverages packaged in sachets and in PET...

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LASG, MTN Partner to Redevelop Obalende Under‑Bridge into Y’ELLO Bus Park

BusinessNewsNigeriaLASG, MTN Partner to Redevelop Obalende Under‑Bridge into Y’ELLO Bus Park

By Ezinwanne Onwuka (Senior Reporter)January 28, 20261

The Lagos State Government has announced a strategic partnership with MTN Nigeria to redevelop the long‑neglected Obalende under‑bridge into a modern transport hub to be known as the Y’ELLO Bus Park. The project aims to transform one of the city’s most congested and degraded spaces into a safe, functional and environmentally friendly facility for commuters and residents. Tokunbo Wahab, the state’s Commissioner for Environment and Water Resources, made the announcement on Tuesday via his official...

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Nigeria’s FX Reserves Hit $46bn, Highest Level Since 2018

BusinessNewsNigeriaNigeria’s FX Reserves Hit $46bn, Highest Level Since 2018

By Ezinwanne Onwuka (Senior Reporter)January 25, 20261

Nigeria’s foreign exchange (FX) reserves climbed to US$46.01 billion on 22 January 2026, data from the Central Bank of Nigeria (CBN) show. This marks the highest level in almost eight years. The figure, released in the CBN’s latest reserves report, represents a steady year-to-date increase of about 0.99 per cent, rising from US$45.56 billion on 1 January to US$46.01 billion on 22 January. On 21 January, reserves were reported at US$45.98 billion, indicating consistent accretion....

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Presidential Tax Committee Counters KPMG’s Criticisms of New Tax Laws

BusinessNewsNigeriaPresidential Tax Committee Counters KPMG’s Criticisms of New Tax Laws

By Ezinwanne Onwuka (Senior Reporter)January 10, 2026

The Presidential Fiscal Policy and Tax Reforms Committee has rejected most of the concerns raised by global advisory firm, KPMG, over Nigeria’s new tax laws, describing the firm’s publication as largely based on “misunderstanding of the policy intent” and the presentation of “opinion and preferences as facts.” The committee, in a detailed response, dated 10 January 2026, by its chairman, Taiwo Oyedele, acknowledged that KPMG raised a few useful points, particularly on implementation risks and...

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New Tax Laws to Take Effect January 1, 2026 — Tinubu

BusinessNewsNigeriaNew Tax Laws to Take Effect January 1, 2026 — Tinubu

By Ezinwanne Onwuka (Senior Reporter)December 30, 2025

President Bola Ahmed Tinubu has confirmed that Nigeria’s new tax laws will take effect on 1 January 2026, as previously scheduled, dismissing calls for a pause or reversal amid growing public debate over certain provisions of the gazetted law. In a State House press statement issued on Tuesday, 30 December 2025, the President stated that both the tax laws that took effect on 26 June 2025 and those slated for implementation in 2026 would proceed...

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Finance Ministry Assures Investors After Joint Nigeria–US Security Operation

BusinessNewsNigeriaFinance Ministry Assures Investors After Joint Nigeria–US Security Operation

By Ezinwanne Onwuka (Senior Reporter)December 29, 2025

The Federal Ministry of Finance has assured investors and international partners that Nigeria remains stable and focused on economic growth, following a joint security operation conducted by Nigerian and United States forces in Sokoto on Christmas Day. In a statement issued on Sunday, Minister of Finance and Coordinating Minister of the Economy Wale Edun said the operation should not be misinterpreted as a sign of internal conflict or instability. “Nigeria remains firmly on a path...

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CBN Raises Weekly Cash Withdrawal Limits for Individuals, Businesses

BusinessNewsNigeriaCBN Raises Weekly Cash Withdrawal Limits for Individuals, Businesses

By Ezinwanne Onwuka (Senior Reporter)December 4, 2025

The Central Bank of Nigeria (CBN) has announced revisions to its cash withdrawal and cash deposit regulations, increasing weekly withdrawal limits for individuals and corporate entities. Effective 1 January 2026, all deposit-taking institutions must allow: Individuals to withdraw up to ₦500,000 per week and corporates up to ₦5 million per week across all cash-out channels (ATM, POS, over-the-counter). ATM withdrawals fixed at ₦100,000 per day, within the overall weekly ceiling of ₦500,000. The removal of...

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AVIC-KDN Exhibits Integrated Aviation Solutions at Nigeria Air Show

BusinessNewsNigeriaAVIC-KDN Exhibits Integrated Aviation Solutions at Nigeria Air Show

By Ezinwanne Onwuka (Senior Reporter)December 2, 2025

Aviation engineering company AVIC-KDN is showcasing its full range of airport and airline solutions at the Nigeria Air Show, which opened Tuesday in Abuja and will run until Thursday, 4 December. AVIC-KDN is participating as a major sponsor and exhibitor. The company stated that its presence reflects its commitment to supporting Nigeria’s efforts to strengthen airport infrastructure, improve operational standards, and enhance overall aviation efficiency. “This is why we opened our Abuja office in 2024,”...

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