Business

The Federal Government has been cautioned that the prevalence of multiple taxation is negatively affecting businesses—particularly in the private sector—while placing an increasing financial burden on consumers. Stakeholders have therefore called on the government to urgently harmonise taxes, especially those impacting private enterprises. It was noted that federal, state and local authorities often impose levies on the same goods and services, driving up production and operating costs that are ultimately passed on to consumers. These concerns were raised by the Founder and Chief Executive Officer of Pomegranate Nigeria Limited (PNL), a third-party logistics firm, Mr. Wole Elusakin, during the company’s management budget session and retreat held in Abeokuta on Friday. Elusakin war...

Nigeria’s banking sector is in the midst of one of its most transformative periods in decades. In March 2024, the Central Bank of Nigeria (CBN) announced a new minimum capital requirement for banks, prompting them to raise additional capital by 31 March 2026. The goal? Create larger, more resilient banks that can support big projects, strengthen the financial system, and help drive Nigeria toward a $1 trillion economy. It is important for everyday customers, investors, and businesses to understand that the new capital requirement is at different levels: International, National, and Regional. Banks That Have Secured International Licences An international banking licence allows banks to operate beyond Nigeria’s borders and engage in cross-border transactions. To qualify, banks...

The Chairman of the Presidential Tax Reforms Committee, Taiwo Oyedele, has dismissed reports claiming the Federal government has suspended issuing guidelines for the implementation of Nigeria’s new tax laws due to several uncertainties over the final approved version. There were reports online earlier today claiming Oyedele announced this while speaking at a function hosted by the Institute of Chartered Accountants of Nigeria. The report claimed that the speculations of a fake gazetted tax laws in circulation was the reason for the suspension of the issuance of the guidelines for the implementation of the new tax laws.  However, in a post shared on his X handle this afternoon, Oyedele described the report as ‘’Fake new''  Nigerian Events Calendar

The National Bureau of Statistics (NBS) has reported that Nigeria’s headline inflation rate increased to 15.15 percent in December 2025. The figure was disclosed in the bureau’s latest Consumer Price Index (CPI) report released on Thursday. According to the NBS, the CPI, which tracks changes in the prices of goods and services, rose to 131.2 in December 2025, representing an increase of 0.7 points from November’s reading of 130.5. “The December 2025 year-on-year headline inflation rate stood at 15.15 percent when compared to the November 2025 headline inflation rate of 17.33 percent,” the report stated. Naija News noted that this uptick marks the first rise in headline inflation in eight months. The statistics agency explained that recent adjustments to its CPI methodology c...

The naira slid against the US dollar at the official foreign exchange market on Wednesday. According to data from the Central Bank of Nigeria (CBN), the naira fell to ₦1,420.04 per dollar, down from ₦1,419.66 recorded on Tuesday, marking a daily depreciation of ₦0.38. Reports that this is the first decline against the dollar this week. In the parallel market, however, the naira remained stable at ₦1,490 per dollar, unchanged from the previous day. The depreciation comes despite Nigeria’s foreign reserves continuing to rise, reaching $45.74 billion as of January 12, 2026, according to the CBN. Prior to Wednesday, the naira had recorded two consecutive days of gains against the dollar in the official market on Monday and Tuesday.

The World Bank has explained that Nigeria’s new tax laws, prudent monetary policies, and other economic reforms will push the country’s growth rate to 4.4 percent in 2026 and 2027, respectively. The bank disclosed this in its Global Economic Prospects report released in January 2026. It described the projected growth rate in Nigeria as the country’s fastest growth pace in over a decade. The projection by the World Bank is an upgrade from its earlier 3.7 percent forecast stated in its June 2025 Global Economic Prospects report. “Economic reforms, including the tax system, along with continued prudent monetary policy, are expected to continue supporting activity. “Improve investor sentiment and reduce inflation further. Higher oil output is expected to offset lower internation...

Britain’s economy grew more than expected in November, official data showed Thursday, handing a boost to the Labour government after recent weak figures. Gross domestic product increased 0.3 per cent from the previous month, the Office for National Statistics said, beating an analyst consensus forecast for growth of 0.1 per cent. GDP had fallen 0.1 per cent in October, the ONS confirmed, adding that September saw slight growth after it had initially reported a contraction for that month. The September-November period was “led by growth in the services sector”, said Liz McKeown, director of economic statistics at the ONS. A Treasury spokesperson said in a separate statement there was “more to do” for boosting growth and “keeping inflation low and stable, tackling the cost of liv...

Moniepoint and a number of other Nigerian banks have notified customers that a 7.5 per cent Value Added Tax (VAT) will now be charged on bank transfers and Unstructured Supplementary Service Data (USSD) transactions. A customer notice obtained on Wednesday revealed that the new VAT charge will take effect from January 19, in line with a directive from the Nigeria Revenue Service (NRS). The banks explained that the move is part of a government-approved adjustment to VAT collection on financial transactions. According to the notice, “From Monday, January 19, 2026, we are required to apply a 7.5 per cent VAT, which will be remitted to the Nigeria Revenue Service (NRS), formerly known as the Federal Inland Revenue Service.” Customers were also informed that the VAT is separate from...

The World Health Organisation (WHO) has called on governments around the world to significantly increase taxes on sugary drinks and alcohol, warning that these products are too cheap and too accessible — and are quietly driving serious health crises. According to WHO, easy access to sugary beverages and alcohol is fuelling obesity, diabetes, cancer, injuries and other preventable diseases, while putting enormous pressure on already stretched health systems. “Health taxes have been shown to reduce consumption of these harmful products,” WHO Director-General, Dr Tedros Ghebreyesus, said. “They also generate revenue that governments can invest in health, education and social protection,” Punch reported. WHO revealed that at least 116 countries currently tax sugary drinks, but man...

The Lagos High Court at TBS has awarded $25,000 in damages in favour of Mr. Femi Falana (SAN) in his $5 million lawsuit against Meta Platforms Inc., the US-based technology company owned by Mark Zuckerberg, over the alleged invasion of his privacy. Early in 2025, a video was published on Facebook claiming that Falana was suffering from a terminal illness, which prompted the suit Delivering judgment on Tuesday, January 13, Justice Olalekan Oresanya held that a global technology company such as Meta, which hosts pages for commercial benefit, owes a duty of care to persons affected by content disseminated on its platform. Falana, through his lawyer, Mr. Olumide Babalola, accused Meta of publishing motion images and voice captions titled “AfriCare Health Centre” on its...