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Economy
Oyedele – No automatic bank deductions under new tax laws
The Chairman of the Presidential Committee on Fiscal Policy and Tax Reforms, Taiwo Oyedele, has assured Nigerians that the new tax laws scheduled to take effect on January 1, 2026, will not involve automatic deductions from personal bank accounts, as the reforms are based on self-declaration rather than direct debits. Oyedele gave the assurance while […]
New Tax Laws Will Take Effect January 1, Tinubu Insists
President Bola Tinubu has dismissed calls made by opposition figures and pressure groups to delay the implementation of the newly enacted tax laws. In a statement, Tinubu insisted that the tax laws will take effect on January 1, stressing that the reforms are not intended to impose additional tax burdens on citizens. Instead, he explained that […]
FG Cancels $1.42bn, N5.57tn NNPC debt
President Bola Tinubu has approved the cancellation of a substantial portion of the debts owed by the Nigerian National Petroleum Company Limited to the Federation Account, wiping off about $1.42bn and N5.57tn after a reconciliation of records between both parties. The report, titled “Report of October 2025 Revenue Collection Presented at the Federation Account Allocation […]
National Assembly Commences Internal Review of Disputed Tax Laws
The National Assembly has initiated an internal investigation into allegations that certain provisions of the recently passed tax reform laws were altered after approval by lawmakers and presidential assent. The development was disclosed in a statement issued in Abuja by the Director of Information for the Senate, Bullah Audu Bi-Allah. The move followed growing public […]
₦58.47tr 2026 Budget Passes Second Reading in Senate
The Senate has passed the ₦58.47 trillion Appropriation Bill for the 2026 fiscal year for second reading following a debate on its general principles during plenary. President of the Senate, Godswill Akpabio, also announced that the upper chamber would adjourn its sitting until January 27, 2026. Read Also: Rivers Assembly Resumes Plenary After Six Month […]
Federal Executive Council Okays 2026 budget
The Federal Executive Council (FEC) has approved the 2026 Budget, paving the way for its presentation to a joint session of the National Assembly this afternoon by President and Commander-in-Chief of the Armed Forces, Bola Ahmed Tinubu. The President’s Special Assistant on Social Media, Dada Olusegun, disclosed this in a brief statement on his X […]
Zamfara Gov. Lawal Signs ₦871.3bn 2026 Budget into Law
Zamfara State Governor, Dauda Lawal, has signed into law the ₦871.3 billion 2026 Appropriation Bill following its approval by the State House of Assembly. The governor signed the bill shortly after it was passed by the lawmakers. Lawal had earlier presented a proposed ₦861.3 billion budget to the assembly on December 4. The House Committee […]
Reps Raise Alarm Over Alleged Alteration of Passed Tax Bills
A member of the House of Representatives, Abdussamad Dasuki, has alleged that the gazetted version of newly passed tax laws differs from the harmonised bills approved by both chambers of the National Assembly. Raising the matter under privilege during plenary, Dasuki said his review of the gazetted copy, alongside the votes and proceedings of the […]
FG, States, LGs Receive N1.92trn from FAAC for November as VAT Falls
The Federation Account Allocation Committee (FAAC) has rolled out a total of N1.92 trillion as revenue for November to the federal government, states, and local government councils. According to newsmen, the allocation was approved at FAAC’s December 2025 meeting held in Abuja, and spearheaded by the Minister of State for Finance, Doris Uzoka-Anite. In a […]
Dangote, Fuel Importers Clash in Petrol Price War
The Dangote Refinery’s decision to reduce the gantry price of Premium Motor Spirit, also known as Petrol, has triggered significant losses for fuel importers, depot owners, and retail marketers. According to journalists, petrol importers are on the verge of losing as much as N102.48bn monthly after the Dangote refinery reduced its gantry price from N828 […]