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...

In compliance with the Federal Competition and Consumer Protection Commission (FCCPC) regulatory requirements, MTN Nigeria has suspended its airtime and data credit advance service, known as Xtratime. In a statement signed by its secretary, Uto Ukpanah, and posted on the Nigerian Exchange Group on Thursday, the telecommunications company said the temporary suspension of the credit service is to comply with the FCCPC licensing framework for entities providing digital or non-traditional consumer credit services. In its...

Consumers across Nigeria may soon pay more for some popular alcoholic and non-alcoholic drinks as two of the country’s leading brewers — Nigerian Breweries Plc and Guinness Nigeria Plc — move to increase prices on selected products in response to mounting production and operational costs. In separate notices to distributors, both companies said the decision was driven by prevailing economic conditions that have significantly raised the cost of doing business. In a letter dated 13...