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Digital misinformation targeting the pockets of Nigerian motorists has met a firm rebuttal from the Nigeria Revenue Service (NRS), following the circulation of a viral infographic claiming a new vehicle tax regime would take effect from July 1. The graphic, which has been widely shared across messaging and social media platforms, suggests that owners…
Taiwo Oyedele has officially taken the helm as Nigeria’s Minister of Finance and Coordinating Minister of the Economy. He succeeds Wale Edun following a formal handover ceremony held in Abuja on Thursday. The transition aligns with the timeline established by President Bola Ahmed Tinubu for the cabinet reshuffle. Ministry officials confirmed the orderly completion of…
Atiku Abubakar has cautioned President Bola Tinubu against further external borrowing. The former Vice President labelled the government’s latest $516 million loan request as reckless. The administration seeks these funds to support the Sokoto-Badagry superhighway project. This proposal currently awaits Senate approval. Atiku argues the government lacks a transparent repayment framework for such debt. The…
The nation’s consolidated debt position has expanded to N159.27 trillion by the close of 2025, marking a substantial acceleration in public sector borrowing that has seen liabilities increase by over N14.6 trillion within a single fiscal year. The Debt Management Office’s fourth quarter disclosure reveals borrowing momentum that outpaced prior periods, with the final three…
Nigeria’s Minister of Finance and Coordinating Minister of the Economy, Mr. Olawale Edun, has warned against any return to generalized subsidy regimes, cautioning that hard-won economic gains must not be reversed despite mounting global shocks and geopolitical tensions. Speaking in Washington D.C. on Tuesday in his capacity as Chair of the G-24 Group of…
Monthly federal revenue has jumped from N711 billion in May 2023 to N3.635 trillion by September 2025, marking a 411.3 per cent increase under the current administration. Zacch Adedeji, Executive Chairman of the newly christened Nigeria Revenue Service (NRS), announced these figures during the inauguration of the agency’s 16-storey headquarters in Abuja. The growth reflects…
President Bola Tinubu has requested the National Assembly to approve an upward revision of the 2026 Appropriation Bill by N9 trillion, raising the proposed budget from N58.4 trillion to N67.4 trillion. The request was contained in a letter read on the Senate floor on Tuesday by the President of the Senate, Godswill Akpabio, during…
African governments are increasingly turning to domestic borrowing to finance public spending as access to international capital markets remains constrained, a shift that offers protection from foreign exchange shocks but introduces fresh financial risks that threaten banking stability and economic growth across the region. The International Monetary Fund disclosed in its latest analysis titled…
Nigeria’s tax landscape is undergoing a fundamental restructuring aimed at relieving low-income earners while tightening the net on high-net-worth individuals and corporate profits. Speaking at the 2026 BusinessDay Tax Conference in Lagos, Adesokan of the Joint Revenue Board (JRB) revealed that the reforms seek to stop “taxing poverty.” The new regime consolidates a fragmented library…
Nigeria’s National Assembly is rarely accused of moving too slowly when money is on the table. Yet, the decision to postpone plenary resumption from February 24th to March 5th suggests a rare outbreak of diligence. The official reason is the need for committees to conclude budget defense sessions with government agencies. The unofficial reality is…
