Business

Amid rising public anxiety over the ongoing tax reforms, Chairman of the Presidential Fiscal Policy and Tax Reforms Committee, Mr. Taiwo Oyedele, yesterday dismissed fears that the government plans to deduct money directly from bank accounts, insisting that such claims are “false, dangerous and capable of destabilising the economy.” Speaking during a media workshop on the new consolidated tax law, …

A SaharaReporters’ review of Nigeria’s foreign trade statistics for the first three quarters of 2025, covering January to September, has shown that the country imported fuel worth N5.3 trillion. According to data released by the National Bureau of Statistics (NBS), between January and March (Q1 2025), Nigeria spent N1.76 trillion on the importation of Motor Spirit Ordinary (fuel). A further …

The Corporate Affairs Commission (CAC) has announced a regulatory move to sanitise Nigeria’s rapidly expanding Point of Sale (PoS) industry, declaring January 1, 2026 as the enforcement date for mandatory registration of all PoS operators nationwide. In a public notice signed by the Commission’s management, the CAC expressed concern over the rising number of unregistered PoS operators conducting business in …

The Bola Tinubu-led Presidency’s Fiscal Policy and Tax Reforms Committee has announced the selection of what it described as Top 20 Nigerian content creators selected from a pool of 8,591 public nominations to participate in a specialised training programme on the country’s new tax reform laws. In a statement released at the weekend, the committee said the nominations, covering more …

The Presidential Committee on Fiscal Policy and Tax Reforms has assured that the new tax regime expected to kick off in January 2026 will end multiple taxation at the State and local government levels. A member of the Committee and President, Capital Market Academics of Nigeria (CMAN), Prof. Uche Uwaleke, disclosed this while speaking with journalists at the opening of …

The Central Bank of Nigeria, CBN, has announced major adjustments to its cash-handling regulations, abolishing the ceiling on cash deposits and expanding the weekly withdrawal limit across all platforms to N500,000, a significant rise from the previous N100,000. The policy shift was communicated through a circular issued to financial institutions and titled “Revised Cash-Related Policies”, endorsed by Dr. Rita Sike, …

Nigeria has sustained a 3.98 percent economic growth in the third quarter of 2025. The National Bureau of Statistics data on Monday showed that the non-oil sector, such as agriculture and service sectors, pushed Africa’s most populous country to consecutive growth. Nigeria’s national GDP rose to N113.59 trillion in nominal terms, while real GDP was recorded at N57.03 trillion in …

A review of the Nigerian National Petroleum Company Limited (NNPCL) financial statement for the year ended December 2024 has shown that a sum of N7.1 trillion was said to have been spent on fuel subsidy to defray energy costs. The expense was tagged “energy security expense” in the financial report. According to the document, the energy security expense occurs “when …

The Chairman of the Presidential Committee on Fiscal Policy and Tax Reforms, Taiwo Oyedele, has clarified that pastors, imams, and other religious workers are liable to pay tax on the salaries they earn from religious institutions. Speaking on the podcast ‘Mic On’, Oyedele stressed that while churches, mosques, and other religious bodies are exempt from taxation, this exemption does not …

A review of the just-released audited financial statement for the year ended 2024 has shown that the Nigerian National Petroleum Company Limited (NNPC) Group spent N30.3billion on entertainment expenses. Earlier, a review of the Nigerian National Petroleum Company Limited’s financial statement showed that the oil company spent N7.4 billion on “entertainment expenses in 2023”. The 2024 figure represents a sharp …