Business

The Federal Government has announced plans to exempt millions of low-income Nigerian workers from paying personal income tax, in a sweeping reform aimed at easing the cost-of-living crisis and restructuring what officials describe as an unjust tax system. Under the proposed reforms, workers earning N100,000 or less per month across both the public and private sectors will no longer be …

The Northern Elders Forum, on Sunday, called for the immediate termination of the Memorandum of Understanding signed between the Federal Inland Revenue Service and the French tax authority, Direction Générale des Finances Publiques. The forum warned that the agreement poses a grave threat to Nigeria’s economic sovereignty and national security. In an open letter addressed to the Federal Government, the …

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 …