FG Gazettes Landmark Tax Reform Laws Ahead of 2026 Take-Off

BusinessNewsNigeriaFG Gazettes Landmark Tax Reform Laws Ahead of 2026 Take-Off

By Ezinwanne Onwuka (Senior Reporter)September 9, 2025

The Federal Government has formally gazetted Nigeria’s new tax reform laws. Implementation is scheduled to commence on 1 January 2026. The reforms consist of four interlinked statutes: the Nigeria Tax Act, 2025 (NTA); the Nigeria Tax Administration Act, 2025 (NTAA); the Nigeria Revenue Service (Establishment) Act, 2025 (NRSEA); and the Joint Revenue Board (Establishment) Act, 2025 (JRBEA). This was announced by Taiwo Oyedele, Chairman of the Presidential Fiscal Policy and Tax Reforms Committee, via a...

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Tinubu Hosts NGX Board, Securities and Exchange Commission DG In Brazil

BusinessNewsNigeriaTinubu Hosts NGX Board, Securities and Exchange Commission DG In Brazil

Uzoamaka Ikezue (Staff Reporter)August 28, 2025

…Lauds Nigeria Capital Market Growth President Bola Tinubu hosted the Director-General of the Securities and Exchange Commission (SEC) and the Board of Directors of Nigerian Exchange Group Plc (NGX) during his state visit to Brazil. He also hailed Nigeria’s capital market’s remarkable growth since he assumed office over two years ago. According to him, the phenomenal rise in market capitalisation and increased trading activity has broadened investment opportunities for Nigerians and international investors. In a...

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Adamawa Gov’t Approves N22.8 Billion Budget Adjustment

BusinessNewsNigeriaAdamawa Gov’t Approves N22.8 Billion Budget Adjustment

Hassan Umar Shallpella (Regional Correspondent)July 24, 2025

The Adamawa State Executive Council has approved a budget reallocation of N22.8 billion within the existing 2025 budget of N486.2 billion. Mr. Emmanuel Pridimso, Commissioner for Budget and Planning, disclosed this to newsmen after the Council meeting chaired by Governor Ahmadu Umaru Fintiri at the Government House in Yola on Wednesday. According to him, many ministries had already exhausted their operational funds due to rising costs. “We are seeing increased prices in nearly all sectors,...

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Service Industry Grows GDP By 3.13% In Q1 2025

BusinessNewsNigeriaService Industry Grows GDP By 3.13% In Q1 2025

Uzoamaka Ikezue (Staff Reporter)July 22, 20251

Nigeria’s Gross Domestic Product (GDP) has increased by 3.13% in real terms year-on-year in the first quarter of 2025, according to a report released on Monday by the National Bureau of Statistics (NBS). The growth is mainly driven by the service industry, the growth rate surpasses the 2.27% recorded in the first quarter of 2024. The NBS recently rebased the GDP, using 2019 as the new base year for calculations, a decision driven by the...

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Dangote Refinery Announces Nationwide Reduction in Petrol Pump Price

EconomyNewsNigeriaDangote Refinery Announces Nationwide Reduction in Petrol Pump Price

By Ezinwanne Onwuka (Senior Reporter)May 23, 2025

The Dangote Petroleum Refinery has announced a new reduction in the pump price of Premium Motor Spirit (PMS), also known as petrol, across its partner retail outlets nationwide. In a statement released to the public on Thursday, the refinery disclosed that Nigerians can now purchase petrol at significantly reduced prices, depending on the region. According to the new pricing schedule, petrol will sell at ₦875 per litre in Lagos, while residents of the South West...

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Otedola Backs Tinubu’s Reforms,  Raises First HoldCo Investment to ₦320 Billion

BusinessNewsNigeriaOtedola Backs Tinubu’s Reforms,  Raises First HoldCo Investment to ₦320 Billion

By Ezinwanne Onwuka (Senior Reporter)May 23, 2025

Renowned businessman and Chairman of First HoldCo Plc, Femi Otedola, has revealed plans to increase his personal investment in the financial institution to over ₦320 billion, all in cash and with no loans involved. He made this known at the company’s 13th Annual General Meeting held in Lagos, where shareholders gathered to hear updates on the bank’s progress and future direction. In his remarks, Otedola was full of praise for President Bola Tinubu’s economic reforms,...

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Enugu State yet to benefit of 13% oil derivation revenue – Gov. Peter Mbah

EconomyNewsNigeriaEnugu State yet to benefit of 13% oil derivation revenue – Gov. Peter Mbah

Ije Ulasi (Regional Correspondent)May 21, 2025

The Enugu State Government urges the Federal Government of Nigeria to effect the 13% oil derivation revenue sharing for the state as provided by the 1999 Constitution (as amended). The Enugu State Governor made this call as he received in audience the Indices and Disbursement Committee of the Revenue Mobilization, Allocation and Fiscal Commission, RMAFC on Tuesday in the Lion Building, Government House Enugu; the RMAFC team came to monitor the disbursements from the Federation...

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CBN Keeps Interest Rate at 27.5% to Monitor Inflation Trends

BusinessNewsNigeriaCBN Keeps Interest Rate at 27.5% to Monitor Inflation Trends

By Ezinwanne Onwuka (Senior Reporter)May 20, 2025

The Central Bank of Nigeria (CBN) has opted to keep the Monetary Policy Rate (MPR) unchanged at 27.5 per cent, following its 300th Monetary Policy Committee (MPC) meeting held on 19th and 20th May 2025. The decision reflects cautious optimism amid recent economic improvements and lingering inflationary pressures. All twelve members of the committee were present, and the decision to maintain the current policy stance was unanimous. In a statement issued by the CBN Governor,...

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China Ready To Establish Electric Vehicle Factories In Nigeria

EconomyNewsNigeriaChina Ready To Establish Electric Vehicle Factories In Nigeria

Uzoamaka Ikezue (Staff Reporter)May 18, 2025

China is ready to establish electric vehicle factories in Nigeria, in a bid to strengthen business partnership between both countries. The Chinese Ambassador to Nigeria who stated this, also harped on the imperative of enhanced collaboration between China and Nigeria in unlocking the potential of Nigeria’s Solid Minerals sector through the establishment of electric vehicle factories in Nigeria. Speaking while paying a courtesy visit to the Minister of Solid Minerals Development, Dr. Dele Alake in his...

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Industry Minister Projects Logistics Growth At Over $3tr In 5years

BusinessEconomyNewsNigeriaIndustry Minister Projects Logistics Growth At Over $3tr In 5years

Uzoamaka Ikezue (Staff Reporter)May 14, 2025

The Minister of Industry, Trade and Investment, Dr. Jumoke Oduwole has projected the growth of the logistics industry at over $3 trillion in the next five years. Oduwole spoke at the official opening of the international headquarters of a logistics firm, Zenith Carex, in Abuja, on Wednesday. The event coincided with the 51st birthday anniversary of its Managing Director/Chief Executive Officer of Zenith Carex, Dr. Adelana Olamilekan. Oduwole, who was represented by the Executive Director/Chief...

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