Hello Readers, Bizwatchnigeria brings you the latest business news highlights in Nigeria for the week of December 29th– January 4th, 2025.
Tax Reform Bills Result From Extensive Stakeholder Consultations Across Nigeria
Taiwo Oyedele, Chairman of the Presidential Tax Reforms and Fiscal Policy Committee, states that Nigeria’s proposed tax reform bills are the product of widespread consultations with stakeholders across various sectors and regions.
Nigerians Face Rising PoS Charges As ATMs Remain Empty
As the year comes to an end, many Nigerians struggle to access cash due to empty Automated Teller Machines (ATMs) across Lagos and other parts of the country. Inside banks, customers face similar difficulties, with some being turned away or limited to withdrawals of ₦10,000 or ₦20,000.
Nigeria’s Tax System Stifles Business Growth, Calls For Immediate Reforms – Oyedele
Taiwo Oyedele, Chairman of the Presidential Tax Reforms and Fiscal Policy Committee, emphasizes the need for urgent changes to Nigeria’s tax system, describing it as one of the most business-unfriendly frameworks globally.
Minimum Wage Earners to Enjoy Full Tax Exemption Says Oyedele
The Chairman of the Presidential Advisory Committee on Fiscal Policy and Tax Reform, Taiwo Oyedele, has reassured Nigerians that the proposed Tax Amendment Bills before the National Assembly aim to alleviate the tax burden on low-income earners.
NIPOST Records 275% Revenue Growth In 2024
The Nigerian Postal Service (NIPOST) announces a 275% increase in revenue for 2024, achieved through strategic reforms and enhanced operational efficiency, according to Postmaster General Tola Odeyemi.
Nigerian Stocks Close 2024 With 37.65% Growth, Extending Five-Year Winning Streak
The Nigerian stock market, tracked by the All-Share Index (ASI), concludes 2024 with an impressive 37.65% growth, marking its fifth consecutive year of gains. This performance highlights sustained bullish momentum and resilience in the face of economic challenges.
Organized Labour Pushes For Annual Minimum Wage Adjustments In 2025
Organized labour in Nigeria advocates for annual adjustments to the ₦70,000 minimum wage to align with inflationary trends. Labour leaders argue that revising wages every three to five years no longer addresses the economic challenges faced by Nigerian workers.
CBN Boosts Naira With $37 Million Injection Into Banks
The Central Bank of Nigeria (CBN) has injected an additional $37 million into the foreign exchange (FX) market by purchasing an equivalent amount in naira from banks. This move is part of the CBN’s ongoing efforts to enhance liquidity in the FX market.
Money Supply Surges 51% YoY To N108.96 Trillion Amid Rising Debts – CBN
Nigeria’s Broad Money Supply (M2) surged by 51% year-on-year (YoY), reaching N108.96 trillion in November 2024, driven by rising domestic borrowings by the Federal Government. This is according to the Central Bank of Nigeria (CBN).
