Economy
Tinubu Vows to Implement 20 Fiscal, Tax Reform Recommendations
By Adedapo Adesanya
President Bola Tinubu has directed his Special Adviser on Policy Coordination, Mrs Hadiza Usman, to coordinate with the relevant government officials to work on the 20 recommendations provided by the Presidential Committee on Fiscal Policy and Tax Reforms.
On Tuesday, Mr Taiwo Oyedele, the chairman of the committee, presented a score of reform recommendations to the President as part of efforts to help improve the nation’s revenue profile and business environment.
Mr Tinubu praised the team and assured them of his support for the review and implementation of key recommendations.
“I have listened attentively to your report. Charting the critical path forward for Nigeria’s economic recovery is crucial to all of us. I want to say thank you to your delegation,” Mr Tinubu said.
He then granted the request of the committee to address a meeting of the Federal Executive Council (FEC) and apprise cabinet members of their work and expected outcomes to facilitate economic growth.
Recall that President Tinubu in August set up a committee to review the fiscal system and the tax administration in the country
Part of the recommendations offered by the committee include measures to address duplication of functions in public service, ensure prudent public finances and management, and optimise value from government assets and natural resources.
The panel also recommended policy signalling and collaboration by MDAs, economic management, and policy execution team, the use of technology “Data4Tax” to expand the tax net, increasing personal income tax exempt threshold and personal relief allowance, and provision of tax breaks for the private sector in respect of wage increases to low-income earners, transport subsidy and a net increase in employment.
Other recommendations include allowing the payment of taxes on foreign currency-denominated transactions in Naira for Nigerian businesses, removal of impediments to global employment opportunities for Nigerians based in Nigeria, suspension of Value Added Taxes (VAT) on diesel and tax waivers on CNG, CNG conversion, and renewable energy items, and comprehensive review of tariffs on the 43 items unbanned from accessing forex in the official market and fiscal policy review of other items prohibited for imports.
The committee also said the country should attempt reforms of Withholding Tax Regulations to ensure simplicity and ease the pressure on the working capital of businesses, facilitate the use of mobile phones for conditional cash transfers, and introduce a spending framework for subsidy removal and forex reform windfall, including a national portal to track spending by the federal government, states, and local governments.
It also recommended the suspension of multiple taxes which place burdens on the poor and small businesses and compensate with windfalls revenue of certain agencies, expanding the official foreign exchange market to incorporate bureau de change (BDCs), forex apps and retail FX dealers, outlawing transactions in the black market, and digitalization of Nigeria’s foreign exchange (FX) regime and discourage speculative demands and hoarding of FX in cash as well as the imposition of excise tax on foreign exchange transactions outside the official market.
The team also called on the Tinubu administration to implement forward contracts for the importation of PMS as a short-term measure pending improvement in key economic indices, discontinue the FX verification portal and requirement for Certificate of Capital Importation and export proceeds restriction, address impediments to export promotion and bottlenecks regarding Exports Expansion Grants, and remove restrictions on repatriation and use of export proceeds by exporters, modify Tax ProMax to allow taxpayers to make part payments of outstanding tax liabilities, and grant waiver of penalty and interests on the condition of full payment of outstanding tax liabilities on or before December 31, 2023.
By Dipo Olowookere
The Nigerian Exchange (NGX) Limited rallied by 0.28 per cent on Wednesday despite weak investor sentiment, as the bourse ended with 18 price gainers and 38 price losers, implying a negative market breadth index.
The growth recorded yesterday by Customs Street was influenced by the 2.11 per cent rise posted by the energy index, and the 1.79 per cent jump achieved by the banking sector.
The other sectors experienced profit-taking, with the consumer goods losing 1.07 per cent, the insurance counter down by 0.36 per cent, and the industrial goods space down by 0.19 per cent.
Universal Insurance chalked up 10.00 per cent to sell for N1.21, Omatek improved by 9.78 per cent to N2.47, VFD Group expanded by 9.71 per cent to N11.30, CWG appreciated by 9.64 per cent to N21.05, and Livestock Feeds gained 9.56 per cent to close at N7.45.
On the flip side, UPDC REIT lost 10.00 per cent to settle at N6.75, Fortis Global Insurance shed 9.92 per cent to quote at N1.18, Deap Capital depreciated by 9.85 per cent to N5.40, Chams went down by 9.47 per cent to N3.06, and Japaul declined by 8.82 per cent to N3.10.
Yesterday, the All-Share Index (ASI) went up by 562.43 points to 202,585.53 points from 202,023.10 points, and the market capitalisation advanced by N389 billion to N130.404 trillion from N130.015 trillion.
During the session, 1.0 billion stocks worth N40.6 billion exchanged hands in 52,723 deals compared with the 1.1 billion stocks valued at N40.3 billion executed in 78,006 deals a day earlier, indicating an uptick in the trading value by 0.74 per cent, and a shortfall in the trading volume and number of deals by 9.09 per cent and 32.41 per cent apiece.
The activity chart was led by Access Holdings, which sold 233.0 million units valued at N6.1 billion, Fidelity Bank exchanged 113.1 million units worth N2.2 billion, Wema Bank recorded a turnover of 103.3 million units valued at N2.7 billion, Zenith Bank transacted 60.6 million units for N6.5 billion, and Chams traded 47.5 million units worth N154.6 million.
By Adedapo Adesanya
Crude oil plummeted on Wednesday on hopes of the reopening of the Strait of Hormuz after US President Donald Trump agreed to a two-week ceasefire with Iran.
Brent crude futures moderated to $94.75 a barrel, while the US West Texas Intermediate (WTI) crude eased to $94.41 a barrel.
President Trump said on Wednesday that the US will work closely with Iran and will be talking about tariff and sanctions relief with Iran.
However, analysts cautioned that the ceasefire is a temporary two-week reprieve rather than a permanent resolution, and the global energy system remains fragile due to structural damage to regional infrastructure.
Reuters reported that Iran could open the strait in a limited and controlled way on Thursday or Friday ahead of a meeting between U.S. and Iranian officials in Pakistan.
Agence France-Presse (AFP) reported that two ships appeared to have transited the Strait of Hormuz since the US-Iran ceasefire deal. A Greek-owned bulk carrier and a Liberia-flagged vessel both transited the waterway early on Wednesday.
Meanwhile, Israel carried out its heaviest strikes on Lebanon since the conflict with Hezbollah broke out last month, even as the Iran-aligned group paused attacks on northern Israel and Israeli troops in Lebanon under the ceasefire.
Also, Saudi Arabia’s East-West Pipeline, a critical artery bypassing the Strait of Hormuz, was reportedly hit in an Iranian drone attack. Prior to the attack, the pipeline was pumping at its emergency capacity of 7 million barrels per day to bypass the shuttered strait.
The strikes occurred just hours after a US-Iran ceasefire announcement, which has so far failed to halt regional hostilities. Other facilities in the kingdom were also targeted in the wave of strikes, which the Islamic Revolutionary Guard Corps (IRGC) claimed included oil facilities owned by American companies in Yanbu.
US crude stocks rose by 3.1 million barrels to 464.7 million barrels during the week ended April 3, the Energy Information Administration (EIA) said.
By Adedapo Adesanya
The National Insurance Commission has issued new guidelines for the collection, management, and administration of the Insurance Policyholders’ Protection Fund.
In a circular issued to all insurance institutions on Tuesday, the regulator also set May 31, 2026, as the deadline for insurers to submit their assessment returns for the 2025 financial year.
Recall that on August 5, 2025, President Bola Tinubu signed into law the Nigerian Insurance Industry Reform Act ( NIIRA 2025).
This landmark legislation repeals the Insurance Act 2003, and consolidates related provisions, ushering in a modern regulatory framework. It lays a strong foundation for sustainable growth and increased investment in the country’s insurance sector.
The commission said the guidelines were issued in exercise of its powers under the 2025 Act and other existing insurance laws and regulations to provide regulatory clarity, improve guidance, and ensure ease of compliance across the industry.
According to NAICOM, the guidelines establish a comprehensive structure for the operation of the IPPF, which serves as a statutory safety net to protect insurance policyholders in the event of distress or insolvency of a licensed insurer or reinsurer. The framework also provides direction on the reimbursement of loans by insurers and reinsurers.
NAICOM stated, “The guidelines ensure regulatory clarity, guidance and ease of compliance, as it provides a comprehensive regulatory framework for the collection, management, and administration of the Fund, which serves as a statutory safety net designed to protect insurance policyholders against distress and insolvency of a licensed insurer or reinsurer, including guidance for the reimbursement of loans by an insurer or reinsurer.
“Please be informed that the IPPF Assessment Returns in respect of the year 2025 shall be submitted to the Commission not later than 31st May 2026, while subsequent submissions shall be in line with Section 4.3 of the Guideline on Insurance Policyholders Protection Fund.”
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