By Adedapo Adesanya

The Chairman of the National Tax Policy Implementation Committee (NTPIC), Mr Joseph Tegbe, has reiterated that Nigeria’s new tax regime is designed to ease the burden on workers and small businesses while strengthening the country’s fiscal sustainability and economic competitiveness.

Speaking at the BusinessDay Tax Reform Conference 2026, themed “Navigating the New Tax Regime: What It Means for Your Wallet,” Mr Tegbe described the reforms as the most comprehensive overhaul of Nigeria’s tax architecture in decades, aimed at simplifying taxation, improving fairness, and encouraging economic growth.

According to him, the reforms, anchored on four landmark legislations: the Nigeria Tax Act, 2025, Nigeria Tax Administration Act, 2025, Nigeria Revenue Service (Establishment) Act, 2025, and the Joint Revenue Board of Nigeria (Establishment) Act, 2025, introduce targeted reliefs for individuals and small businesses.

Under the new framework, individuals earning less than N800,000 annually will pay no personal income tax, while workers can claim rent relief of up to 20 per cent, capped at N500,000, among other reliefs.

He also said small businesses will benefit significantly, with companies earning below N100 million in annual revenue and with assets under N250 million exempted from Company Income Tax (CIT), while nano-enterprises earning below N12 million annually are exempted from income tax.

He, however, underscored the importance of proper documentation of earnings and subsequent filing of returns, even for those who fall within the threshold exempted from income tax.

“These reforms are designed to make taxation simpler, fairer, and more predictable for Nigerians,” he said, adding that “For most workers and small businesses, the new regime means paying the same or even lower taxes while operating within a more transparent system.”

The reforms also strengthen Nigeria’s tax administration through improved coordination among key institutions, including the Nigeria Revenue Service, the Joint Revenue Board of Nigeria, the Tax Appeal Tribunal, and the Office of the Tax Ombudsman, while accelerating the digitalisation of tax processes.

Mr Tegbe noted that beyond improving revenue efficiency, the reforms aim to create a tax system that supports enterprise, investment, and long-term economic growth.

“The ultimate objective is to build a tax system that works for both government and citizens, one that supports development while protecting the pockets of ordinary Nigerians,” he concluded

By Adedapo Adesanya

The Senate President, Mr Godswill Akpabio, has announced that the upper chamber will pass the 2026 Appropriation Bill on March 31, following a brief adjournment for the Sallah break.

Speaking before the Senate adjourned plenary, Mr Akpabio said standing committees would continue working during the recess, particularly on ongoing budget defence sessions and coordination with the Senate Committee on Appropriations.

“I hope the Leader will put pressure on the Committee on Appropriations to harmonise the report of the 2026 Appropriation Bill by that date.

“This is so that when we resume, we can try our best to pass the budget without requiring further concurrence or harmonisation.

“Leadership must work together to ensure everything is in order. The House of Representatives has already adjourned to conclude budget processes and will also reconvene on March 31.

“On that day, we hope to pass the national budget in tandem with the Senate.”

Earlier, the Senate Committee on Appropriations had tentatively fixed Tuesday, March 17, for the final consideration and passage of the N58.47 trillion 2026 Appropriation Bill.

To meet the timeline, the committee, at a special session held in January, approved February 2 to 13 for budget defence by Ministries, Departments and Agencies (MDAs) at the committee level.

As part of efforts to ensure an inclusive and transparent process, the committee also scheduled February 9, 2026, for a public hearing on the budget proposal.

President Bola Ahmed Tinubu, in December, presented the N58.47 trillion 2026 budget proposal to a joint session of the National Assembly, outlining the government’s priorities anchored on economic stability, infrastructure expansion, security and social investment.

The budget was hinged on assumptions including oil production of 1.84 million barrels per day, an oil price benchmark of $64.85 per barrel, and an exchange rate assumption of ₦1,400 to the Dollar.

Following the presentation, the Senate passed the appropriation bill for first and second readings, paving the way for detailed consideration by relevant committees.

By Adedapo Adesanya

The Governor of the Central Bank of Nigeria, Mr Yemi Cardoso, has eased fears of any devaluation of the Naira anytime soon, saying the country’s ongoing monetary and foreign exchange reforms have restored confidence in the currency and strengthened the financial system.

Speaking while delivering a keynote address at the Annual Distinguished Alumni Lecture held in celebration of Founders’ Day of the St. Gregory’s College Old Boys Association in Lagos, the apex bank governor said, “These reforms have restored pride in our currency and strengthened confidence in our financial system.”

Mr Cardoso explained that the CBN remains focused on restoring price stability and bringing inflation down to single digits, noting that although the objective will take time to achieve, it remains central to the apex bank’s policy direction.

“Our goal remains to bring inflation down to single digits. This cannot happen overnight. External shocks will continue to occur, and global developments will always have some impact. But inflation is effectively a tax, and it disproportionately affects the most vulnerable members of society,” he said.

“That is why restoring price stability remains a central objective.”

He noted that the bank’s commitment to transparency and well-governed markets is evident in the reforms carried out in the foreign exchange market, including the elimination of the multiple exchange rate system that previously benefited only a few.

According to him, although some critics argue that the exchange rate appears higher today than it was before the reforms, the key difference lies in accessibility and transparency.

“Some critics argue that the exchange rate today appears higher than it was before the reforms. My response is simple: when the official rate was lower, how many people could actually access foreign exchange at that rate? The answer, in most cases, was very few,” he said.

“Today, the situation is fundamentally different. Foreign exchange is accessible through formal channels, and the system is far more transparent.”

He explained that many Nigerians travelling abroad can now use their naira cards directly instead of searching for foreign currency through informal channels, a development he said represents a major improvement compared to previous years when travellers struggled to access foreign exchange.

Mr Cardoso further revealed that the premium between the official and parallel markets has narrowed sharply from around 50 per cent in 2022 to less than 2 per cent on average in 2025, reflecting improved liquidity and efficiency in the FX market.