News
Reps Probe Alleged Alterations to New Tax Laws as PDP Seeks Delay
The House of Representatives has set up an ad hoc committee to investigate alleged discrepancies between tax reform bills passed by parliament and the versions gazetted by the Federal Government.
The probe follows claims by lawmakers that unauthorised insertions were made to the laws signed by President Bola Tinubu, raising concerns about constitutional compliance.
In response, the Peoples Democratic Party has called for a six-month postponement of the January 1, 2026 commencement date of the new tax regime, arguing that the delay would allow time for investigation and public sensitisation.
The tax reforms, which consolidate revenue administration under a single authority, aim to simplify compliance, broaden the tax base and eliminate multiple taxation. However, they have drawn mixed reactions nationwide, with civil groups warning of potential economic hardship.
Government officials have pushed back against criticism, insisting the reforms are pro-poor and designed to protect small businesses and low-income earners, while improving revenue efficiency.
The House committee is expected to submit its findings for further legislative action.
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Dangote, BUA, others drive industrial sector assets to N9.3tn
Five major industrial goods firms listed on the Nigerian Exchange recorded a combined asset base of N9.31 trillion in the 2025 financial year, reflecting improved profitability and stronger returns across the sector. The companies — Dangote Cement Plc, BUA Cement, Lafarge Africa Plc, Beta Glass Plc and Chemical and Allied Products Plc — saw their…
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Nigeria’s crude export earnings drop 14% to $31.5bn despite output rise
Nigeria’s crude oil export earnings declined to $31.54 billion in 2025, representing a 14 per cent drop from $36.85 billion recorded in 2024, despite an increase in overall production. Data from the Central Bank of Nigeria showed that the fall in earnings dragged the country’s current account surplus down to $14.04 billion from $19.03 billion…
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Suspected bandits bomb bridge in Niger
Suspected bandits have bombed a bridge along Luma Road, cutting off access between Luma, Babana, and Agwara communities in Borgu Local Government Area, Niger State. It was gathered that the incident occurred early Monday, disrupting movement and crippling the Babana major border market, which is held every Monday. According to sources, the bridge attack is…
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NIWA debunks report of 150 bandits drowning in Sokoto river
The National Inland Waterways Authority has dismissed reports claiming that about 150 bandits drowned in a boat accident in Sokoto State, describing the information as false and misleading. The agency’s Sokoto Area Manager, Bello Bala, said no such incident occurred in Sabon Gida, Sabon Birni Local Government Area, as widely circulated. He added that the…
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SEC, NYSC partner to curb ponzi schemes through CDS initiative
The Securities and Exchange Commission and the National Youth Service Corps have launched a joint initiative to tackle the rising threat of Ponzi schemes through a new Community Development Service (CDS) programme targeting corps members. The partnership, formalised through a Memorandum of Understanding, is designed to equip young Nigerians with the knowledge and tools to…
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TEF unveils 3,200 entrepreneurs for 2026 programme
The Tony Elumelu Foundation (TEF) has selected 3,200 young entrepreneurs from across Africa for its 2026 Entrepreneurship Programme, reaffirming its commitment to driving inclusive economic growth on the continent. Founder of the foundation, Tony Elumelu, said the initiative is designed to “democratise luck and prosperity,” stressing that entrepreneurship remains Africa’s most viable path to sustainable…