Economy
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At $120 oil price, fuel subsidy could have hit N52 trillion, consumed 76 per cent of budget — Adedeji
The Chairman of the Nigeria Revenue Service, Zacch Adedeji, says Nigeria’s petrol subsidy regime could have consumed as much as 76 percent of the 2026 national budget if global oil prices had reached $120 per barrel. Adedeji made the projection on Tuesday during the inauguration of the NRS headquarters in Abuja, where he also defended the removal of fuel subsidy…
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Old tax law impoverished Nigerians, new reforms will drive prosperity — Tinubu
President Bola Tinubu has said outdated tax structure contributed to economic hardship and inefficiency, insisting that ongoing reforms will unlock prosperity, improve fairness, and attract investment. He made the statement on Tuesday in Abuja during the commissioning of the 16-storey headquarters of the Nigeria Revenue Service, attended by top government officials, lawmakers, governors, and private sector leaders. Tinubu blamed colonial-era…
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Nigeria faced ‘critical inflexion point’ before Tinubu’s bold reforms, says NRS chairman
The Executive Chairman of the Nigeria Revenue Service (NRS), Zacch Adedeji, on Tuesday said Nigeria was previously at what he described as a “critical inflexion point,” marked by severe economic and structural challenges, before the current reform agenda was introduced. Speaking at the commissioning of the new NRS Headquarters in Abuja, he said the country faced “constrained fiscal space, weakened…
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Senate fully supports Tinubu’s reforms, policies – Akpabio at NRS hq’s commissioning
The Senate President of Nigeria, Senator Godswill Akpabio, affirmed the unalloyed support of the Nigerian Senate to policies and reforms of the Tinubu-led administration. He formally pledged the National Assembly’s “total support” for the administration’s policies while giving his goodwill message at the commissioning of the National Revenue Service headquarters on Tuesday in Abuja, signaling a unified front between the…
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Tinubu urges NRS to build trust through fairness, accountability
President Bola Tinubu on Tuesday charged the Nigeria Revenue Service to build public trust through transparency and accountability. “You must embody trust and ensure fairness and demonstrate that government can be accountable, responsive and earn confidence at home and respect abroad,” Tinubu said at the official launch of Nigeria Revenue Service, (NRS), headquarters in Abuja. The President emphasised that the…
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Tinubu inaugurates restructured NRS, moves to strengthen Nigeria’s revenue generation, fiscal sustainability
President Bola Ahmed Tinubu on Tuesday inaugurated the newly restructured Nigeria Revenue Service via the commissioning of its new headquarters as part of efforts to strengthen revenue generation and fiscal sustainability in the country. The inauguration ceremony, held in Abuja, brought together top government officials, economic stakeholders, and representatives of key financial institutions. Speaking at the event, Tinubu said the…
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Nigeria, Morocco to sign $25bn gas pipeline agreement, create joint venture to lead execution
Morocco’s national office of hydrocarbons and mines has said an intergovernmental agreement on the planned $25 billion Nigeria-Morocco gas pipeline will be signed this year, marking a significant step forward for one of Africa’s most ambitious energy infrastructure projects. Amina Benkhadra, head of ONHYM, told Reuters on Monday that following the signing, a pipeline authority consisting of ministerial representatives from…
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Equities market appreciates by N1.36trn amid Nigeria’s FTSE frontier market reclassification
The equities market section of the Nigerian Exchange Limited (NGX) closed last week on a positive note once again, gaining N1.36 trillion as FTSE Russell confirmed Nigeria’s reclassification from unclassified back to Frontier Market status in its interim review. The gains in a few key stocks lifted market capitalisation by N1.36 trillion or 1.05per cent to close the week at…
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Access Bank retains position as Nigeria’s most valuable brand
Access Bank Plc has been named Nigeria’s Most valuable Brand for the fifth consecutive year by Brand Finance, reinforcing its leadership position in the country’s financial services sector. Brand Finance announced this in its Nigeria 25 2026 report, which ranks the country’s strongest brands based on brand value, brand strength, and underlying business performance. According to the report, Access Bank’s…
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Mining sector records N686.96bn VAT contribution in 2025, says NBS
The National Bureau of Statistics (NBS) has disclosed that Nigeria’s mining and quarrying sector remitted a total of N686.96 billion in Value Added Tax (VAT) in 2025. The figure represents a notable increase from the N556.19 billion recorded in 2024, reflecting improved tax compliance and revenue mobilisation within the sector. The latest data highlights growing fiscal contributions from a sector…
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