Makers Of Prepaid Meters Seek Price Review Over Inflation, Forex
The Federal Government has revealed that over 68 percent of electricity consumers are bypassing prepaid meters and consuming power without payment, according to the Nigerian Independent System Operator (NISO).
The disclosure came during the annual conference of the Power Correspondents Association of Nigeria (PCAN) in Abuja. The report also mentioned that rising inflation, unemployment and decreased purchasing power have lowered consumers’ ability to pay for electricity.
The Managing Director of Mainstream Energy Limited and board member of NISO, Audu Lamu, noted that “energy poverty is not just about a lack of connection but the inability to afford sufficient power.” He emphasised that without investment in affordability and infrastructure the power sector’s revenue challenges will continue.
Meanwhile, the NISO General Manager, Ali Bukar, called for stricter enforcement and modern technology to address meter bypassing and other commercial losses. He described the situation as a threat to both power-sector liquidity and investor confidence.
The accounting of widespread meter bypassing adds pressure to the Nigerian Electricity Regulatory Commission and distribution companies (DisCos), which are already managing high infrastructure costs and low revenue collection. The combination of weak revenue and technical losses is limiting the industry’s ability to expand and attract capital.
For Nigerian utilities and investors, the development highlights two priorities: reducing consumer non-payment and ensuring tariffs reflect actual consumption. The sector’s stability will depend on how quickly policymakers and operators can close these gaps.
Zambia’s authorities have expressed concern about the growing influence of Nigerian films containing themes of ritual practices and occultism. The Zambian government warned that such portrayals could negatively affect cultural values and the moral orientation of young viewers.
According to reports, the Zambian Ministry of Information and Media said it will increase scrutiny of foreign films aired in the country. Officials claim the move is intended to protect the public from misleading or harmful content, not to restrict cultural exchange.
In response to similar concerns raised in the past, Nigerian filmmakers have repeatedly defended Nollywood’s creative direction. Industry professionals argue that many of these storylines are rooted in social realities and traditional folklore, serving as cautionary tales rather than endorsements of harmful practices.
Veteran director Tunde Kelani once explained that Nollywood reflects society’s moral struggles and often promotes justice by ensuring that wrongdoing is punished in the end. He noted that “our stories do not glorify evil; they show its consequences.”
Cultural observers also emphasise that African cinema has long used metaphors of mysticism and spirituality to explore complex human themes. They believe that with proper classification and viewer discretion, such films can coexist with cultural sensitivity.
However, as African cinema strengthens its regional reach, scrutiny over cultural narratives is becoming more common. Film businesses must therefore consider local content requirements, cultural expectations, and cross-border regulations when planning production and distribution strategies.
Nollywood remains a vital contributor to Nigeria’s creative economy and continues to influence audiences across the continent. Stakeholders say open dialogue between regulators and filmmakers will be essential in promoting both cultural integrity and artistic freedom.
The federal government has recalled 57 retired air-traffic controllers to address critical staffing shortages in Nigeria’s aviation sector. The move aims to prevent an operational crisis that could disrupt flights and airport services.
The decision was announced by the Nigerian Civil Aviation Authority (NCAA) after an internal review found that several airports lacked sufficient certified controllers to meet safety and traffic demands.
According to the NCAA, the recalled controllers will fill roles immediately while a recruitment and training drive for new staff is finalised. The agency said this short-term measure will keep the air-traffic system stable during the transition.
This new development is expected to temporarily close staffing gaps – a problem which has been a recurring challenge for domestic carriers and airport operators. However, a more permanent solution must be reached in order to engender flight reliability and investor confidence in the aviation market.
The government’s action comes amid wider efforts to strengthen aviation infrastructure, improve safety standards, and expand Nigeria’s role in regional travel. With this recall, the sector takes a practical step toward shoring up capacity and preparing for growth.
A joint committee of the Senate has raised alarm bells over the use of dangerous chemicals in Nigerian food processing and preservation. In a report presented by Ipalipo Banigo, the committee revealed that substances such as raw calcium carbide, industrial detergents, and banned dyes are being used by food vendors.
The Committee on Health along with the Committee on Agricultural Production Services and Rural Development conducted a hearing on July 17. They examined evidence, collected public submissions and consulted legal drafting experts for the production of the report.
Among the findings: forced ripening of fruits with calcium carbide, meat cooked with paracetamol, soaking cassava in detergent solutions, and the use of banned Sudan IV dyes in palm oil and red pepper. These practices, the committee warned, link directly to serious health risks including cancer, kidney and liver diseases, and outbreaks of foodborne illness.
As part of their recommendations the committee called on the Federal Competition and Consumer Protection Commission (FCCPC), the Standards Organisation of Nigeria (SON), and the National Agency for Food and Drug Administration and Control (NAFDAC) to step up public awareness campaigns. They also urged the Senate to amend existing laws and impose stiffer penalties on offenders.
Senate President Godswill Akpabio commended the committee for its work and said the report would be followed up by the legislative compliance committee to ensure implementation.
For Nigeria’s food-processing and manufacturing sector the report raises practical issues. Companies must review their supply chains, verify vendor practices and ensure compliance with national standards. At the same time, the regulatory and enforcement landscape appears poised for change, which could affect costs and operations across the value chain.
The domestic aviation sector in Nigeria is under serious pressure. Local airlines are seeing their routes shrink and passenger numbers fall, driven largely by high costs and unfavourable policy frameworks. According to Charles Grant, Chief Financial Officer of Aero Contractors, the industry has lost about three million domestic passengers since 2022 despite rising travel demand.
Grant made his comments at the recent Civil Aviation Cost Recovery and Revenue Optimisation Stakeholders’ Retreat in Lagos. He laid out a list of obstacles that local carriers face, including steep fiscal charges, dollar-based operating costs and regulatory bottlenecks.
Although Nigerians continue to travel by air because cities are far apart and roads are unsafe, airlines say they are being priced out of domestic traffic. Grant pointed out that foreign carriers are increasingly leveraging Nigerian demand. Carriers such as ASKY Airlines and RwandAir use Nigeria as a hub for their regional network, capturing traffic that could have flown with local operators.
Grant said this trend is about more than just commercial preference. It reflects what he called “strategic leakage.” Jobs, aircraft maintenance contracts and foreign exchange inflows linked to aviation operations are flowing out of Nigeria even though the demand originates there.
He listed multiple charges that burden local carriers: ticket-sale levies, passenger service charge, value-added tax, over-flight fees, customs duties and ground-handling costs. These combine to erode slim airline margins and make it harder to maintain route networks.
Grant warned that unless fiscal and regulatory costs are addressed, the situation will worsen. Routes will remain underserved, aircraft utilisation will drop and domestic airlines will continue losing market share. He urged the government to consider measures such as reinstating VAT exemptions for aviation, enforcing customs waivers and simplifying charges across agencies.
(FILES) This photo taken on March 7, 2025 shows government stockpiled rice in a warehouse in Kanagawa prefecture. Japan's core inflation rate accelerated in April to 3.5 percent as rice prices almost doubled year-on-year, official data showed on May 23. (Photo by Kazuhiro NOGI / AFP)
The Federal Competition and Consumer Protection Commission (FCCPC) has sealed several warehouses and retail outlets in Kano State after uncovering ongoing trade practices that short-change consumers. According to the commission, fabrics labeled as ten yards actually measured only nine, and items marked as five yards were even less.
The enforcement operation followed weeks of intelligence gathering by the FCCPC’s surveillance and investigations team. The action targeted both distributors and retailers accused of selling mis-measured fabrics at full price, which the commission classified as misleading representation and unfair competition under the Federal Competition and Consumer Protection Act (FCCPA) 2018.
The action affects dozens of outlets and named brands including LGR Products, UME Products, Nanatex Products and Mama Africa Products. The warehouses sealed are located across Gandu Albasa Layout, Ibrahim Taiwo Road and Ajasa Inwua Wada Road in Kano State.
The FCCPC stated that violators could face up to five years’ imprisonment or a fine of ₦10 million under Section 155 of the FCCPA. Corporate bodies are liable to penalties of not less than ₦100 million or 10 percent of annual turnover, whichever is higher.
It’s another Thursday, a perfect day to laugh through our collective struggles and find comfort in shared experiences. This week, we’re talking about something that unites Nigerians across class, tribe, and tax bracket — that moment when your wallet starts echoing like an empty drum. Yes, we’re talking about SAPA, otherwise known as the state of glorious financial emptiness.
First, let’s define it for the uninitiated.
Sapa (noun): /sa-pah/ A spiritual, emotional, and financial state of brokenness. Often caused by bank alerts that say “₦0.36” and POS receipts that shout “DECLINED” louder than your inner peace.
Being broke in Nigeria is not just about lacking money; it’s a full emotional experience. It humbles you, reshapes your priorities, and turns you into a philosopher overnight. You start asking deep, existential questions like, “Why do humans even need food three times a day?” or “Can love really sustain me when my account balance says ₦245.76?”
At first, it starts slowly. You might still have small savings, still eat out occasionally, and still load ₦500 data with confidence. Then one day, your bank app greets you with silence, your data finishes mid-call, and the POS machine publicly exposes your financial reality: “Transaction declined, insufficient funds.” That’s when you know Sapa has officially entered your life.
But here’s the irony: no one can tell. You still look fresh, still post pictures, laugh at memes, but deep down, your soul is crying softly. Sapa doesn’t show on your face, but it punches from the inside.
Soon, the symptoms become clear. You start calculating everything. Every decision, from buying suya to recharging ₦100 airtime, becomes a moral and financial debate. Invitations to hangouts are met with deep reflection: “Do I really need to see these people? Can I not just love them from afar?” You start declining outings not because you’re busy, but because your account simply said no.
And then comes the creativity. When you’re broke, your survival instincts sharpen. You turn leftovers into gourmet meals. You drink water like it’s a detox plan. You start saying wise things like, “Let me manage what I have.” Before you know it, ₦500 becomes a strategic budget: ₦200 for garri, ₦100 groundnut, ₦150 transport, and ₦50 to call that one uncle who keeps promising to “get back to you soon.”
In the midst of all this, every act of kindness hits differently. When a friend sends you ₦1,000 unprovoked, you don’t just thank them — you intercede for them. You pray like an evangelist: “May your pockets never run dry!” That ₦1,000 suddenly feels like international aid.
But Sapa is not all gloom. It teaches you discipline, creativity, and gratitude. It reminds you that money is fleeting, but resilience isn’t. You start valuing small wins, that free meal from a friend, that unexpected alert, that random opportunity that helps you survive another week. You begin to understand that financial struggle is not a sign of failure, but a phase, sometimes recurring, but always survivable.
Then comes the comeback. That sweet, quiet moment when alert finally enters. You don’t even rush to spend. You just smile, whisper “Thank you, Lord”, and buy yourself a decent meal. It’s not about the food; it’s about victory. You’ve survived the storm again.
But deep down, you remain cautious, because in Nigeria, financial peace is temporary. One fuel price increase, one rent reminder, one family emergency, and boom, you’re back to budgeting rice grain by grain.
Still, through it all, we move. We show up to work, attend weddings, laugh at our pain, and turn our struggles into stories. Because that’s what Nigerians do, we endure, we adapt, and we still manage to look good while doing it.
So, if you’re in your “Sapa season,” don’t lose hope. You’re not lazy, you’re not failing, you’re just living through the unpredictable rhythm of adulthood. Keep going. Keep showing up. Keep believing that one day, the alerts will outweigh the debits.
Until next week’s Thursday Chronicles, remember: money may come and go, but your resilience is permanent. And when your next alert hits, celebrate like someone who has truly seen both sides of life, because chances are, you have.
FSDH Merchant Bank has projected that Nigeria’s economy will consolidate its reform gains and record between 3.6 and 4.0% GDP growth in 2026, underpinned by non-oil sector expansion, policy stability, and renewed investor confidence. This was contained in its newly released Nigeria’s Macroeconomic Report titled “From Reform to Resilience: Unlocking Nigeria’s Next Growth Chapter.”
The report paints a cautiously optimistic picture of the country’s economic outlook as recent fiscal and monetary adjustments begin to yield measurable results. FSDH expects inflation rate to moderate further to between 17 and 19% in 2026, from 18%in September 2025 and a peak of 24.5% in the year, aided by a more stable exchange rate, easing food prices, and sustained disinflation momentum. The Naira, which appreciated to ₦1,460 per dollar in October 2025, is forecast to remain broadly stable within the ₦1,520–₦1,590 range in 2026, supported by rising reserves and improved market transparency.
In its moderate-case projection, adopted as the base scenario, FSDH assumes an average oil price of US$70 per barrel and production at 1.62 million barrels per day, resulting in 3.8% GDP growth, inflation at 20.9%, external reserves of US$39.6 billion, and an average exchange rate of ₦1,523 per dollar.
A best-case outlook, driven by stronger oil prices and improved revenue implementation, could see growth reach 4.4%, while a worst-case scenario marked by oil market weakness and domestic supply disruptions could slow expansion to 2.2% and push inflation to about 29%.
On fiscal and monetary dynamics, the report highlights a gradual shift from aggressive monetary tightening to cautious easing, following the Central Bank of Nigeria’s (CBN) first interest rate cut in five years in September 2025, when the Monetary Policy Rate was lowered from 27.5% to 27% percent. FSDH anticipates further moderation in the MPR to between 21 and 24% in 2026, conditional on sustained price stability and resilient foreign exchange inflows.
While the policy easing is expected to relieve borrowing costs, the bank notes that monetary transmission remains weak, with wide spreads between the policy rate, deposit rates, and market lending rates, underscoring the need for stronger coordination and credibility in monetary signaling.
The report also draws attention to fiscal pressures despite improved revenues. Nigeria’s total public debt has surged to ₦152 trillion by mid-2025, driven by exchange rate adjustments and fresh borrowing, although the debt-to-GDP ratio remains moderate at about 40%. External debt servicing, which reached a record US$4.7 billion in 2024, continues to strain fiscal space, absorbing close to nine percent of export receipts.
New measures such as the 15% import duty on petrol and diesel introduced in October 2025 and the Capital Gains Tax reform taking effect in January 2026 are expected to broaden the tax base, promote fairness, and strengthen fiscal sustainability, even if they create short-term price pressures.
Macroeconomic indicators point to an improving environment. GDP growth reached 4.2% in the second quarter of 2025, the highest since 2021, as agriculture, transport, ICT, and finance sectors recorded strong performance. Inflation has declined steadily below 20% for the first time in two years, external reserves rebounded by over US$5 billion in the third quarter to US$42.9 billion, and the naira appreciated consistently since mid-year.
Real interest rates have turned positive, reflecting a more credible policy stance and renewed appetite for Naira assets. Capital market sentiment has strengthened, with bond yields easing from nearly 20% in late 2024 to around 16%, while the Nigerian Exchange All Share Index has gained more than 50% year-to-date, supported by stable macro conditions and rising corporate earnings.
Looking ahead, FSDH identifies several factors that will define Nigeria’s macroeconomic direction in 2026 -oil price volatility, digital financial inclusion, the banking sector recapitalisation drive scheduled for completion by April 2026, implementation of the new tax law, election-related spending pressures, and industrial tensions linked to the Dangote Refinery.
The bank notes that Nigeria’s recent removal from the Financial Action Task Force grey list will further strengthen investor confidence, enhance financial transparency, and lower cross-border transaction costs, positioning the country for increased portfolio inflows and stronger correspondent banking relationships.
The report concludes that Nigeria’s economic trajectory is shifting from short-term stabilisation to long-term resilience. The combination of foreign exchange liberalisation, subsidy removal, fiscal reforms, and renewed monetary discipline has begun to restore macroeconomic balance and investor trust.
To consolidate these gains, FSDH recommends deepening investment in productive sectors such as manufacturing, agribusiness, and ICT, accelerating the monetisation of public assets through public-private partnerships, improving fiscal efficiency, and leveraging the ongoing banking recapitalisation to expand credit access. It also urges that fiscal savings be channeled toward infrastructure, education, and human capital development to translate macroeconomic stability into inclusive, sustainable growth.
According to FSDH, as reforms mature and external headwinds ease, 2026 could mark the start of Nigeria’s next growth phase, one defined less by crisis management and more by resilience, productivity, and investor confidence.
Powered by Verve, Africa’s leading payment cards and digital tokens brand, this year’s event was nothing short of an energy explosion. The iconic Eko Convention Centre in Victoria Island was agog with approximately ten thousand fitness lovers, lifestyle enthusiasts, and good-vibes-only folks who came together for a day packed with movement, music, and fun.
From the moment the first beat dropped, it was clear this wasn’t your average fitness gig. With the theme Elev8, VerveLife 8.0 took “sweat it out” to new heights, featuring a star-studded lineup of elite trainers who came ready to light up the floor. Kemen, Trebla, Mayorfit, BodybyJane, CeeJay Kimani, King of Squats (KOS), Mamiki Slayqueen, Queen Fitnass from South Africa, Alvin Lee from Kenya, Sandra, Dolapo, Macblake, Benfit, TL Funky, HSP Aesthetics and Dami led power-packed sessions that pushed limits and lifted spirits.
Whether you were tackling the obstacle course, smashing through a high-intensity class, or soaking up wellness tips in the nutrition and lifestyle masterclass, there was something for everyone. Even the little ones got in on the fun, with a fully-equipped kiddies’ corner for ages 3–10. Nobody was left out!
And of course, what’s VerveLife without a few big wins? After hours of sweat and adrenaline, three lucky participants hit jackpot moments! Peter Alfred and Paul Amedu each went home ₦1 million richer, while Chidera Nkem stole the show by driving away in a brand-new car, courtesy of Verve x Google Play and Carloha Chery. Talk about earning your rewards!
Then came the afterparty, where the beats got heavier, the lights got brighter, and the crowd went all the way up. The vibes? Unmatched. The lineup? Loaded. King Ojem, Shoday, Alternate Sound, and the LOUD Choir set the stage ablaze before the legendary Timaya shut it down in true superstar fashion. DJs X-Ray, Maze & Xtreme, Toh Bad, Crowd Kontroller all kept the energy rolling, spinning back-to-back hits that kept everyone dancing deep into the night. Fitness and fun had never felt more in sync. Nigeria’s top celebrities were not left out as Tobi Bakre, Broda Shaggi, Timi Dakolo, Dr. Sid among others dialled up the fun and vibes.
Since its inception, VerveLife has evolved beyond just a fitness event. It’s now a Pan-African movement that celebrates wellness, community, and self-expression in the most exciting way possible. And this year, the Elev8 edition once again raised the bar, reminding everyone that staying active can be as joyful as it is rewarding.
As the curtains fall on VerveLife 8.0, one thing’s for sure, Verve isn’t just helping us stay fit; they’re building a community that moves together, celebrates together, and keeps the energy alive long after the music stops.
So, if you missed it this time, don’t stress. Just lace up early for the next one. Because if VerveLife 8.0 brought this much heat, VerveLife 9.0 is going to be a whole new level of epic!
Follow @VerveLife_ and @VerveCard on Facebook, TikTok, and Instagram for all the latest updates as countdown to VerveLife 9.0 begins!
As 2026 approaches, many Nigerian businesses are exploring ways to benefit from upcoming government initiatives that promote local manufacturing and enterprise. One of the most significant of these initiatives is the “Buy Nigeria” policy, a national framework created to encourage both the production and consumption of locally made goods.
Industry leaders describe the policy as a cornerstone for industrial growth. It helps local businesses gain visibility, access funding opportunities, and compete more effectively in public and private markets. For entrepreneurs and manufacturers, understanding how to register and participate is essential to unlocking its full benefits.
What The “Buy Nigeria” Policy Stands For
The “Buy Nigeria” policy represents the Federal Government’s commitment to prioritising homegrown products and services in procurement and investment decisions. Its main goal is to reduce import dependence, stimulate job creation, and strengthen Nigeria’s manufacturing base.
Through this policy, ministries, departments, and agencies are encouraged to source materials and equipment from certified Nigerian suppliers. The idea is to ensure that more of Nigeria’s spending remains within the economy, supporting local innovation and business growth.
Who Can Benefit
The policy applies to several sectors, including manufacturing, agriculture, technology, and services. Small and medium enterprises (SMEs), startups, and established firms can all participate, as long as they meet the required standards for quality and local content.
Businesses in areas such as food processing, textiles, construction materials, automotive assembly, and ICT services are particularly well positioned to take advantage of the initiative.
How to Register in 2026
To participate in the “Buy Nigeria” framework in 2026, businesses must complete a few essential steps to qualify as certified local suppliers or manufacturers.
1. Register your business with the Corporate Affairs Commission (CAC). Ensure that your company’s documents are updated and your operations are properly registered.
2. Obtain certification from relevant regulatory agencies. Depending on your sector, this may include the Standards Organisation of Nigeria (SON), NOTAP, or the National Agency for Food and Drug Administration and Control (NAFDAC). These certifications confirm that your products meet national standards.
3. Apply for recognition under the Ministry of Industry, Trade and Investment. Businesses can register on the ministry’s local content or SME database when registration opens for 2026. This process allows them to qualify for public tenders and government procurement programs.
4. Ensure tax and financial compliance. Keep your Tax Identification Number (TIN) and VAT registration up to date. Having these documents ready builds credibility and improves your chances of accessing government incentives.
Benefits of Registering
Businesses that register under the “Buy Nigeria” policy enjoy several advantages. They receive priority in government contracts, easier access to grants and funding from institutions such as the Bank of Industry (BOI), and increased visibility among corporate buyers interested in sourcing locally. BizWatch Nigeria previously noted in a recent article that many small business owners in Nigeria remain unaware of available financial opportunities, causing them to miss out on critical funding that could support business growth and expansion.
It is therefore important for entrepreneurs to stay informed about government and institutional funding initiatives that can help their businesses scale.
Registration also strengthens a company’s reputation among Nigerian consumers, many of whom now prefer to support locally made products. For manufacturers, this recognition can be a marketing advantage and a symbol of quality.
Challenges and How to Overcome Them
Some businesses have raised concerns about bureaucratic delays and unclear registration procedures. To manage these challenges, experts recommend keeping all documents organised, following official government updates, and seeking assistance from recognised business development centres or trade associations.
Collaborating with financial institutions and certification bodies can also make the process easier and more transparent.
Turning Policy into Opportunity
For business owners, the “Buy Nigeria” initiative is not only about compliance but also about building competitiveness. Aligning with the policy positions Nigerian entrepreneurs for larger contracts, potential international partnerships, and sustainable growth.
Early preparation is vital. Registering promptly, maintaining high product standards, and building credibility with government agencies will help businesses seize opportunities as the 2026 rollout begins.
The “Buy Nigeria” policy remains one of the Federal Government’s strongest tools for strengthening local industry and driving economic resilience. As implementation expands in 2026, businesses that are well prepared—certified, compliant, and competitive—will be best positioned to benefit.
For Nigerian entrepreneurs, the message is clear: invest in local capacity today so that the “Buy Nigeria” policy can work for you tomorrow.
Starting from the first day of January 2026, Nigeria’s federal authorities will roll out updated taxation regulations featuring a total of 50 breaks and incentives aimed at supporting those with modest incomes, everyday citizens paying taxes, and smaller enterprises.
As stated by Wale Edun, who serves as the finance minister and also oversees economic coordination, these revised tax measures are expected to foster expansion in the business sector while enhancing the financial capacity of the Nigerian population. In a recent update shared on the social platform X this Monday, Taiwo Oyedele, who leads the presidential panel on fiscal strategies and taxation changes, highlighted that these 50 tax breaks and incentives will offer substantial advantages to Nigerians within the revamped tax framework.
“Beginning January 1, 2026, the updated tax regulations will deliver numerous incentives and exemptions tailored for people with lower earnings, typical taxpayers, and modest-sized companies,” Oyedele noted.
Below is the comprehensive rundown of these exemptions and incentives:
People whose income matches or falls below the country’s minimum wage level (fully exempt).
Total yearly earnings up to N1,200,000 (equivalent to around N800,000 in taxable earnings) receive full exemption.
Lowered PAYE rates for individuals with annual incomes reaching N20 million.
Monetary or material gifts (completely exempt).
Allowable Deductions and Incentives for Individuals
Contributions made to pension schemes managed by pension fund operators (PFA).
Participation in the national health insurance program.
Deposits into the National Housing Fund (NHF).
Interest payments on mortgages for homes that the owner lives in.
Premiums paid for life insurance policies or annuity plans.
Housing cost relief – equivalent to 20% of yearly rental payments (capped at N500,000).
Pensions and Retirement Benefits
Funds and investments held under the Pension Reform Act (PRA).
Retirement pensions, lump-sum gratuities, or other benefits provided according to the PRA guidelines.
Payments for job loss compensation, limited to N50 million.
Capital Gains Tax
Proceeds from selling a primary residence that the owner occupies.
Household items or personal belongings valued at up to N5 million.
Sales involving up to two personal cars annually.
Profits from stock sales under N150 million yearly or gains not exceeding N10 million.
Profits from stocks surpassing the exemption limit, provided the funds are reinvested.
Retirement funds, charitable organizations, and faith-based groups (for non-profit activities).
Companies Income Tax
Smaller firms (with revenue not exceeding N100 million and assets below N250 million) face a zero-percent tax rate.
Qualified startups that meet specific criteria.
Wage support incentive: An extra 50% deduction for boosts in pay, bonuses, or travel allowances for employees with lower wages.
Hiring incentive: 50% deduction on wages for newly recruited staff kept on for a minimum of three years.
A five-year tax-free period for farming operations (including crop farming, animal husbandry, milk production, and similar).
Earnings from investments in approved startups by investors like venture capitalists, equity funds, business accelerators, or incubators.
Development Levy
Smaller firms are spared from the 4% development charge.
Withholding Tax
Smaller firms, manufacturing operations, and farming enterprises are not subject to withholding deductions on their revenues.
Smaller firms are excused from withholding on outflows to vendors.
Value Added Tax (VAT) – (Zero-Rated or Exempt)
Essential foodstuffs – subject to zero-percent VAT.
Rental payments – fully exempt.
Educational programs and supplies – zero-percent VAT.
Medical and healthcare provisions.
Medications and drugs – zero-percent VAT.
Firms with turnover below N100 million – no obligation to apply VAT.
Fuel types like diesel and petrol, plus gear for solar energy – VAT waived or suspended.
Reimbursement of VAT on equipment and operational costs linked to producing items or services that are VAT-taxable or zero-rated.
Farming supplies – such as fertilizers, planting seeds, young plants, animal feeds, and livestock.
Acquiring, renting, or leasing machinery for agriculture.
Tools for people with disabilities – including auditory devices, mobility chairs, and materials in Braille.
Public transportation – shared bus or road services for passengers (excluding private charters).
Battery-powered cars and components – exempt.
Aid for humanitarian efforts – exempt.
Items for infants.
Feminine hygiene products like sanitary napkins, pads, or tampons.
Real estate transactions involving land and structures.
Stamp Duties (Exempt)
Digital transfers of funds under N10,000.
Payroll disbursements.
Transfers within the same banking institution.
Movements involving state bonds or equity shares.
Paperwork related to shifting stocks and shares.
Program to Educate Influencers on Reliable Tax Information
Oyedele further encouraged the public to suggest online content producers who have been informing their communities about Nigeria’s recent tax overhaul laws or those who could effectively step into this educational position.
He explained that the 20 creators receiving the most suggestions would be chosen for an exclusive workshop aimed at equipping them to disseminate precise, fair, and practical tax details to their audiences.
“False details can circulate quickly, often advantaging the spreader but harming the recipients. Reliable details might spread more gradually, yet it strengthens society and builds enduring confidence,” he remarked.
The head of fiscal policy indicated that suggestions could be submitted by tagging or referencing favored influencers or via the online form at forms.gle/15kyv1ffx7tzTL, with the submission window ending on November 9, 2025.
When was the last time tax news actually sounded like good news? Well, for once, Nigeria’s taxpayers — especially low-income earners and small business owners — might have a reason to exhale.
Starting January 1, 2026, the Federal Government will roll out 50 tax exemptions and reliefs under a sweeping set of new laws signed by President Bola Tinubu earlier this year. These changes, designed to simplify tax obligations and boost economic participation, could redefine how Nigerians view taxation — not as punishment, but as partnership.
A Fresh Chapter in Nigeria’s Fiscal Story
Let’s back up for a second. On June 26, Tinubu signed four major laws:
Nigeria Tax Act (NTA) 2025
Nigeria Tax Administration Act (NTAA) 2025
Nigeria Revenue Service (Establishment) Act (NRSEA) 2025
These aren’t just bureaucratic tweaks. Together, they represent a fundamental rewrite of Nigeria’s fiscal DNA — the kind of reform economists have been quietly asking for over a decade.
According to Wale Edun, Minister of Finance and Coordinating Minister of the Economy, the reforms are built to “improve business growth and strengthen the purchasing power of Nigerians.” In other words, this isn’t just about numbers on paper; it’s about putting more money back into people’s pockets.
The Man Behind the Mission
If you’ve followed Nigeria’s fiscal reform conversations, the name Taiwo Oyedele probably rings a bell. As Chairman of the Presidential Committee on Fiscal Policy and Tax Reforms, he’s been one of the most vocal advocates for a tax system that’s fair, efficient, and transparent. In a recent post on X (formerly Twitter), Oyedele explained that from 2026, the new regime would offer reliefs for low-income earners, average taxpayers, and small businesses — a triple win in a country where tax anxiety is practically a national sport.
And truthfully, Nigerians need that relief. Inflation has eroded disposable income, small businesses are struggling under rising costs, and many citizens have long viewed taxation as a one-way street. This reform could be the turning point that changes that perception.
Breaking Down the Benefits (Without the Bureaucratic Jargon)
The reform package touches almost every taxpayer group — from individuals and SMEs to startups and even agribusinesses. Let’s unpack a few highlights.
1. Individuals Finally Catch a Break
If you earn the national minimum wage or less, congratulations — you’re exempt from personal income tax (PAYE). Also, anyone making up to ₦1.2 million annually (roughly ₦800,000 in taxable income) is now exempt. There’s also a reduced tax rate for those earning around ₦20 million yearly. And in a thoughtful twist, gifts are no longer taxable — a small but symbolic nod toward a more humane tax culture.
2. Everyday Reliefs that Actually Make Sense
From pension contributions to health insurance, housing loans, and even rent reliefs (20% of annual rent, capped at ₦500,000), these deductions reflect a more practical understanding of how Nigerians live and spend. There’s even relief for life insurance premiums and interest on owner-occupied residential loans — both long overdue in a country with a growing middle class yearning for stability.
3. Small Businesses Get the Spotlight
Perhaps the most transformative change comes for small and medium-sized enterprises (SMEs). Businesses with annual turnover under ₦100 million and fixed assets below ₦250 million will now pay zero percent company income tax. Think about that: for thousands of micro-enterprises barely staying afloat, this could mean the difference between closing shop and scaling up.
It doesn’t end there. Companies offering salary increases, transport subsidies, or hiring new employees will enjoy additional 50% deductions — a clear nudge toward job creation. Agriculture, one of Nigeria’s most promising but underfunded sectors, will enjoy a five-year tax holiday. That’s not policy fluff — that’s fuel for economic recovery.
VAT, Withholding Tax, and Other Key Wins
The Value Added Tax (VAT) structure also gets a human touch. Basic food items, education materials, pharmaceuticals, health services, and even baby products now attract zero VAT. It’s a recognition that essential goods shouldn’t carry the same fiscal weight as luxury items. Similarly, diesel, petrol, and solar power equipment — key to Nigeria’s fragile energy ecosystem — will either be VAT-free or enjoy suspended VAT.
In the transport space, shared road transport and electric vehicles are now exempt — an encouraging nod to sustainability. Meanwhile, withholding taxes on small manufacturers and agricultural businesses have been scrapped entirely, freeing up vital cash flow that would’ve otherwise been trapped in red tape.
Pensioners, Charities, and Startups Aren’t Left Out
Under the new rules, pensioners, charitable organizations, and religious institutions that don’t operate commercially will also enjoy exemptions. Gains on shares under ₦150 million per year will be tax-free — and if reinvested, even higher gains will enjoy deferral.
Startups labelled as eligible under the reform will receive incentives too, including tax-free gains from venture capital investments. That’s a big deal for Nigeria’s tech ecosystem, which has often complained about tax uncertainty scaring off investors.
A Human Touch to Fiscal Education
Interestingly, the government isn’t stopping at policy. Oyedele’s team is turning to social media influencers and content creators to help spread accurate tax information — a move that feels both modern and pragmatic.
He urged Nigerians to nominate creators already educating their audiences or those who should take up the role. The top 20 influencers will undergo specialized training to promote accurate, balanced, and useful fiscal information online. “Misinformation spreads fast,” Oyedele noted. “Accurate information may travel slower, but it empowers everyone — and earns lasting trust.”
In a digital age where tax myths circulate faster than official press releases, this might be the smartest line in the reform playbook.
The Bigger Picture
Sure, 50 exemptions sound like a bureaucratic mouthful, but the heart of these reforms is simple: make taxation fair, transparent, and growth-driven. For professionals, this means a more predictable tax environment. For entrepreneurs, it means better cash flow and incentives to expand. And for ordinary Nigerians, it signals something even rarer — a government that’s actually listening.
So, as 2026 draws closer, the question isn’t whether the reforms will change the tax landscape — it’s how quickly Nigerians will start feeling the difference in their wallets and businesses. And maybe, just maybe, this is the fiscal reset the country has been waiting for.
The exchange rate between the Naira and the US dollar, according to the data released on the FMDQ Security Exchange, the official forex trading portal, showed that the naira closed at 1445.00 per $1 on Wednesday, November 5th , 2025. The naira traded as high as 1430.00 to the dollar at the investors and exporters (I&E) window on Tuesday.
Dollar to naira exchange rate today black market (Aboki dollar rate):
The exchange rate for a dollar to naira at Lagos Parallel Market (Black Market) players sell a dollar for ₦1459 and buy at ₦1445 on Tuesday 4th November, 2025, according to sources at Bureau De Change (BDC).
Please note that the Central Bank of Nigeria (CBN) does not recognize the parallel market (black market), as it has directed individuals who want to engage in Forex to approach their respective banks.
Dollar to Naira Black Market Rate Today
Dollar to Naira (USD to NGN)
Black Market Exchange Rate Today
Selling Rate
₦1459
Buying Rate
₦1445
Dollar to Naira CBN Rate Today
Dollar to Naira (USD to NGN)
CBN Rate Today
Highest Rate
₦1442
Lowest Rate
₦1430
Please note that the rates you buy or sell forex may be different from what is captured in this article because prices vary.
The Federal Government has unveiled plans to inject N12 billion into research projects aimed at accelerating Nigeria’s digital economy and strengthening the country’s global competitiveness in technology-driven innovation.
Minister of Communications, Innovation and Digital Economy, Dr Bosun Tijani, disclosed this on Tuesday at the opening of the 18th International Conference on Theory and Practice of Electronic Governance (ICEGOV) in Abuja. The four-day conference, themed “Shaping the Future of Digital Governance Through Cooperation, Innovation and Inclusion,” is being hosted by the National Information Technology Development Agency (NITDA).
Tijani said the funding would support three research clusters across six Nigerian universities, with focus areas including artificial intelligence, digital connectivity, and digital skills and literacy.
“Immediately after ICEGOV last year, we funded over 55 research projects,” he said. “We are now putting together about N12 billion to fund further research projects focused on the digital economy. One cluster is centred on artificial intelligence, another on connectivity—which remains one of our biggest national challenges—and the third on digital skills and literacy.”
The Minister said the initiative would strengthen Nigeria’s research ecosystem and ensure digital innovation delivers inclusive socio-economic impact.
Tijani stressed that digital transformation has become fundamental to human and national development, adding that platforms like ICEGOV provide an avenue to responsibly shape emerging technologies and create appropriate regulatory frameworks. He noted that Nigeria’s strong participation in last year’s conference earned it the hosting rights for the 2025 edition.
Chair of the ICEGOV Steering Committee, Ms Elsa Estevez, called for stronger global collaboration in managing the outcomes of emerging technologies, especially artificial intelligence. She warned that innovation must remain ethical and people-centred to prevent distortions in society.
“Innovation dramatically changes the way we live, work and interact,” she said. “Governments must engage citizens in shaping public policy and counter misinformation by building digital spaces grounded in information ethics.”
Director-General of NITDA, Malam Kashifu Inuwa, also disclosed that the Federal Government plans to integrate digital literacy into the national school curriculum from 2026 as part of its Knowledge Policy and Digital Literacy Framework.
He added that ministries, departments and agencies were being equipped to ensure public servants acquire relevant digital competencies to support service delivery in an increasingly digitised public sector.
The naira appreciated on Tuesday, gaining about ₦3 against the U.S. dollar at the official foreign exchange window as market liquidity improved and external reserves rose.
According to market data, the local currency closed at ₦1,433 per dollar, strengthening from the previous session amid increased dollar supply and reduced demand pressure.
The rebound in liquidity was driven by inflows from foreign portfolio investors seeking opportunities in the week’s Treasury bill auction, which boosted market confidence and supply balance.
Earlier, the spot rate had weakened to ₦1,436 per dollar following strong demand, but stabilized later in the day as inflows picked up. The intraday high reached ₦1,442.45 per dollar, while the lowest rate was ₦1,430.
Meanwhile, Nigeria’s gross external reserves rose to $43.259 billion from $43.197 billion recorded at the end of October, supported by stronger hydrocarbon revenue and improved foreign exchange inflows.
Market analysts attributed the development to renewed confidence in the naira, noting that sustained inflows and policy consistency could further strengthen the currency in coming sessions.
United States Senator Ted Cruz says he will introduce new legislation aimed at sanctioning Nigerian government officials who promote or enforce Sharia and blasphemy laws, which he argues have fuelled the persecution of Christians in the country.
In a statement posted on social media, the Texas lawmaker expressed appreciation to former US President Donald Trump for designating Nigeria as a “Country of Particular Concern” on religious freedom, describing the action as an essential step towards holding Nigerian leaders accountable.
“I am deeply gratified to President Trump for making this determination, I have fought for years to counter the slaughter and persecution of Christians in Nigeria, and this year introduced legislation that will lock in the designation made today.”
According to him, the proposed bill will strengthen US measures against religious oppression in Nigeria by directly targeting officials who enforce legislation that criminalises blasphemy or imposes Sharia-based penalties.
“My legislation implements additional steps, including targeting those who implement blasphemy and Sharia laws in Nigeria, and I am committed to working with the administration and my colleagues to advance my bill and implement these necessary measures,” he added.
Cruz praised Trump’s intervention as “a great one,” insisting that the move underscores decisive leadership on the issue and would help reinforce protections for Christians and other religious minorities.
The Nigerian Exchange (NGX) continued its losing streak on Tuesday as sustained sell-offs dragged the market further into the red, wiping out ₦611.97 billion in investors’ wealth.
The persistent bearish sentiment has been attributed to weak third-quarter earnings reports from key banking and consumer goods firms, which have dampened investor confidence and discouraged bargain hunting.
Data from the NGX revealed that the All-Share Index fell by 0.72%, closing at 152,629.60 points, while the total market capitalization declined to ₦96.97 trillion.
Market breadth remained negative as 40 stocks recorded losses compared to only 17 gainers, resulting in a weak 0.4x breadth ratio.
Trading volume rose by 8.99% to 683.92 million shares, but the total value of transactions dropped by 18.5% to ₦20.38 billion. The number of deals also declined by 8.61% to 33,288, signaling reduced participation from institutional investors.
Top gainers included EUNISELL, SUNUASSUR, HONYFLOUR, LIVESTOCK, and TIP, while NASCON, SKYAVN, OANDO, UPDC, and LEARNAFRICA led the list of losers with significant price declines.
Sectoral performance remained broadly negative, with the Insurance (-3.76%), Banking (-2.05%), Consumer Goods (-1.49%), Oil & Gas (-0.78%), and Industrial (-0.01%) indices all closing lower. The Commodity sector was the only segment that remained unchanged.
Analysts say the market’s trajectory may remain bearish in the short term as investors await stronger earnings outlooks and macroeconomic stability.
The House of Representatives has given the Minister of Finance, Wale Edun, and the Minister of Budget and Economic Planning, Atiku Bagudu, a seven-day deadline to ensure the immediate payment of outstanding debts owed to local contractors for projects executed under the 2024 and 2025 budgets.
The decision followed a motion of urgent public importance raised by Minority Leader Kingsley Chinda (PDP–Rivers) during plenary on Tuesday.
Chinda told the House that the protests by aggrieved contractors at the National Assembly gates reflected their frustration over delayed payments despite several promises by government officials.
He recalled that the ministers, alongside the Accountant General of the Federation, had earlier appeared before a high-level committee chaired by Deputy Speaker Benjamin Kalu, where they pledged to release funds promptly.
Chinda further disclosed that President Bola Tinubu had also directed the ministers to prioritize the payment of contractors to ease economic hardship and boost project delivery. However, he said that implementation had been slow, deepening the contractors’ financial distress.
“The continued non-payment of these contractors has caused severe economic strain, leading to job losses and widespread hardship across the country,” Chinda said.
The House subsequently resolved to give the Finance and Budget Ministers, along with the Accountant General, seven days to clear all pending payments and ensure full implementation of the 2025 budget.
In support of the resolution, Rep. Kabiru Mai-Palace (PDP–Zamfara) proposed a one-week adjournment to allow parliamentary leaders to interface with the Executive for faster resolution. The motion was seconded by Rep. Francis Waive (APC–Delta).
Deputy Speaker Benjamin Kalu approved the adjournment, moving the next plenary to November 11, 2025.
Troops under Operation Hadin Kai (OPHK) have repelled a major Boko Haram and Islamic State West Africa Province (ISWAP) assault on a Forward Operating Base in Mallam Fatori, Borno State, killing several fighters and forcing the insurgents to retreat.
According to a statement by OPHK Media Information Officer, Lt-Col Sani Uba, the terrorists launched the coordinated attack around 4:30 a.m. on Monday, using drones and mortar fire to target the Kangar base. He said the troops — reinforced by a main force from Sector 3 — displayed “exceptional gallantry and tactical superiority” to overwhelm the attackers.
The army said Nigerien fighter jets also provided close air support, compelling the terrorists to flee towards the Tumbun waterways while evacuating dead and wounded fighters.
After the confrontation, troops recovered six corpses of terrorists and seized five AK-47 rifles, eight magazines, over 250 rounds of ammunition, rocket-propelled grenades, drone bombs, hand grenades and an Android device. Additional terrorists were reportedly killed by subsequent joint Nigerian–Nigerien airstrikes.
A number of soldiers and members of the Civilian Joint Task Force sustained minor injuries and have been evacuated for medical care.
The Defence Headquarters commended the troops for their resilience and reiterated the military’s commitment to restoring peace in the North-East.
Suspected Terror Leaders’ Trial Resumes 19 November
Meanwhile, the trial of two suspected terror kingpins — Mahmud Usman (also known as Abu Bara’a) and Abubakar Abba (also known as Isah Adam and Mahmud Al-Nigeri) — will resume on 19 November before Justice Emeka Nwite of the Federal High Court, Abuja.
Deputy Director of Public Relations and Strategic Communications at the Department of State Services (DSS), Favour Dozie, confirmed the development.
Both men — believed to be leaders of Jama’atu Ansarul Muslimina fi-Biladis Sudan (ANSARU), an Al-Qaeda affiliate — were arrested in July in an intelligence-driven counter-terrorism operation.
Court filings allege that Usman, described as the self-styled Emir of ANSARU, coordinated terror sleeper cells nationwide and financed operations from proceeds of kidnappings and armed robberies. His deputy, Abba, allegedly led the “Mahmudawa” cell operating around Kainji National Park and along the Niger–Kwara–Benin corridor.
The Office of the National Security Adviser earlier disclosed that Usman received training in Libya between 2013 and 2015 under foreign jihadist instructors specialising in weapons and improvised explosive devices.
Usman and Abba are facing 32 counts bordering on terrorism. Usman has already pleaded guilty to one count relating to illegal mining and is serving a 15-year sentence. Abba has pleaded not guilty to all charges.
The DSS is also prosecuting Khalid Al-Barnawi, alleged mastermind of the 2011 bombing of the United Nations Building in Abuja, which killed 20 people and injured over 70.
President Bola Ahmed Tinubu has written to the Senate seeking approval for a fresh ₦1.15 trillion loan from the domestic debt market to bridge the 2025 budget deficit.
In a letter addressed to Senate President Godswill Akpabio and read during Tuesday’s plenary session, Tinubu explained that the proposed borrowing would support the full implementation of government projects and programmes captured in the 2025 fiscal plan.
The president noted that the additional funds were necessary to close the gap between expected revenues and expenditure obligations, ensuring that essential national development projects are not stalled.
Following the reading of the letter, Akpabio referred the loan request to the Senate Committee on Local and Foreign Debt for further legislative scrutiny and recommendations.
The committee has been directed to review the proposal and report back to the chamber within one week.
If approved, the ₦1.15 trillion borrowing will add to Nigeria’s growing domestic debt profile as the government continues efforts to stimulate economic growth amid fiscal pressures and infrastructure financing needs.
