Business

The Federal Inland Revenue Service has dismissed claims that Nigerians must obtain a separate Tax Identification Number before they can own or operate a bank account, insisting that the new framework integrates seamlessly with existing national registries such as the National Identification Number and Corporate Affairs Commission records. This clarification comes amid widespread debate following media reports suggesting that from …

The President of Dangote Group, Aliko Dangote, on Monday, mocked the Nigeria Union of Petroleum and Natural Gas Workers (NUPENG) for warning Nigerians against accepting Dangote Refinery’s recent fuel price reduction. Dangote had announced lower petrol pump prices in several states alongside a new scheme to deploy compressed natural gas (CNG) trucks directly to filling stations, a move expected to …

The Economic and Financial Crimes Commission (EFCC), has rebuffed alleged bribery overtures and propaganda campaigns mounted by the Chief Executive Officer of Sujimoto Luxury Construction Limited, Mr. Sijibomi Ogundele, and his team, insisting that the ongoing investigation into the N5.7 billion Smart Green Schools scandal in Enugu State will not be derailed. Reliable sources close to the anti-graft commission disclosed …

There is apprehension among Nigerians and energy sector stakeholders as Dangote Refinery begins fuel distribution nationwide with its Compressed Natural Gas trucks, today, Monday, September 15, 2025, During the weekend, hundreds of Dangote refinery’s trucks have already hit Nigerian roads from Lekki-Epe Expressway, Lagos State. The $20 billion refinery had announced that it invested N720 billion to import 4,000 compressed …

A Senior Advocate of Nigeria, Femi Falana, has once again criticised President Bola Tinubu’s removal of the fuel subsidy. Speaking in an interview on Sunday’s Politics, a programme on Channels Television, the human rights activist stated that no country in the world has completely abolished subsidies. “There’s no way you can remove subsidy completely. No country in the entire world …

In Nigeria’s ever-shifting economy, one constant has quietly underpinned growth: family-owned businesses. For decades, they have been ingrained in society, shaping the country’s economic trajectory while weathering downturns, policy shifts, and volatile market cycles. According to a study by McKinsey, family-owned businesses account for more than 70% of global GDP, generate annual turnovers of between $60 trillion and $70 trillion, …

The Federal Government overspent its debt service budget by N2.74tn within the first nine months of 2024 despite earning far less revenue than projected. This is according to the latest third-quarter budget implementation report for 2024 published by the Budget Office of the Federation. Figures from the document obtained by our correspondent on Friday showed that actual debt service rose …

Chairman of the Presidential Fiscal Policy and Tax Reforms Committee, Taiwo Oyedele, has dismissed claims that all Nigerians must obtain a Tax Identification Number (Tax ID) before opening or maintaining bank accounts, stressing that the requirement applies only to taxable persons and businesses. In a post on his X handle, Oyedele explained that the newly enacted Nigeria Tax Administration Act …

The leadership of the National Association of Nigerian Students (NANS) has been following with keen interest the ongoing feud between the Dangote Refinery and the Nigeria Union of Petroleum and Natural Gas Workers (NUPENG). As much as we recognize the importance and vital role that unions and associations play in the defense and protection of human rights, we are obliged …

The Special Adviser on Tax Policy to the Chairman of the Tax Reforms Committee, Mr Mathew Osanekwu, has revealed that Nigeria has successfully collected over N600bn in Value Added Tax from global digital service providers such as Facebook, Amazon, and Netflix. He explained that amendments to the VAT Act had empowered the Federal Inland Revenue Service to bring non-resident companies …