Economy
Senate Vows To Probe Nigeria’s Economic Crisis
By Modupe Gbadeyanka
Senate President, Bukola Saraki, has revealed steps to be taken by the red chamber of the National Assembly to tackle economic crisis in Nigeria immediately they resume from recess next week.
Mr Saraki, while addressing newsmen on Monday in Kwara State, stated that the time for identifying the cause of the economic recession and those responsible was over and that all political leaders should start working together to find a solution.
He said upon resumption, the Senate would call everyone involved in the management of the economy to address the Nigerian people through the parliament on the steps being taken to get the country out of the mess.
According to the Senate President, they will interrogate what happened to the measures aimed at cushioning the effect of the recession built into the 2016 budget and why they have not been implemented.
Mr Saraki reiterated his call for a broader and bolder economic plan with input from both legislative and executive arms of government, the private sector, professional groups.
All the groups, he said, must work together to put in place interventions that will create more jobs, strengthen the Naira, bring more investment into the country, and diversify the economy.
He said the Senate will respond to the economic crisis with a number of measures which include getting managers of the economy to give account to the people, making tough recommendations to the President on needed changes, formulating necessary legislative framework for economic recovery and wide consultations across the private sector.
Mr Saraki, who served as a Special Assistant to the President on Budget Matters during the Obasanjo administration and Chairman of Governors Forum said, “We are going to have an exhaustive and comprehensive debate on fixing the country’s economy when we resume next week. We understand the pains that Nigerians are feeling and we do not take this for granted.
“Additionally, the Senate intends to invite everybody involved in the management of the economy to address the Nigerian people through the parliament on the steps that are being taken to get us out of this mess. We fully intend to hold all those involved in the economic management of the country accountable – However, we will do so in a manner that is transparent and there will be no cover-up. We will make tough recommendations as necessary.”
Continuing, the Senate President stressed that, “We need to know why the promises of external borrowing has not materialised, why devaluation has not helped to strengthen the Naira, why inflow of foreign currency has continued to dry up and interest rate is still very high.
“Doing this will help us to understand where we are, so that we can determine where exactly we want to go from here.
“In every crisis, there is always an opportunity for positive reforms, in this regard, in order to solve this crisis, all hands must be on deck. Ideas should be sourced from all quarters. All arms of government, people of different political beliefs, from all socio-economic backgrounds and every part of Nigeria must work together at this time.”
He said all political leaders should be worried about the suffering that the ordinary people are going through and that it is necessary for leaders to further empathise with the people. He commended the people for their perseverance and understanding.
While calling on the people to exercise patience and know that political leaders are genuinely concerned about their plight, Mr Saraki said: “The positive attitude demonstrated by our people during the Eid-el-Kabir festival gave me hope that we in the leadership of the country should move swiftly to tackle this economic crisis. We have no option and this we must do without delay. I commend and praise our people for their perseverance and understanding.”
Mr Saraki also appealed to newsmen and women around the country to play a more positive role in reporting on issues that are important to the development of the country, highlighting that the fourth estate has to work harder to inform the public based on facts.
“I want to use this opportunity to advise those politicians who specialise in causing division between the executive and legislature for their personal benefit to know that this is not the right time for them to ply their trade. We need all arms and levels of government to work together with the people because we are in an economic emergency and all hands must be on deck”, he said.
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By Adedapo Adesanya
The United Kingdom via the British High Commission in Abuja has launched two flagship economic reform programmes – the Nigeria Economic Stability & Transformation (NEST) programme and the Nigeria Public Finance Facility (NPFF) -as part of efforts to support Nigeria’s economic reform and growth agenda.
Backed by a £12.4 million UK investment, NEST and NPFF sit at the centre of the UK-Nigeria mutual growth partnership and support Nigeria’s efforts to strengthen macroeconomic stability, improve fiscal resilience, and create a more competitive environment for investment and private-sector growth.
Speaking at the launch, Cynthia Rowe, Head of Development Cooperation at the British High Commission in Abuja, said, “These two programmes sit at the heart of our economic development cooperation with Nigeria. They reflect a shared commitment to strengthening the fundamentals that matter most for our stability, confidence, and long-term growth.”
The launch followed the inaugural meeting of the Joint UK-Nigeria Steering Committee, which endorsed the approach of both programmes and confirmed strong alignment between the UK and Nigeria on priority areas for delivery.
Representing the Government of Nigeria, Special Adviser to the President of Nigeria on Finance and the Economy, Mrs Sanyade Okoli, welcomed the collaboration, touting it as crucial to current, critical reforms.
“We welcome the United Kingdom’s support through these new programmes as a strong demonstration of our shared commitment to Nigeria’s economic stability and long-term prosperity. At a time when we are implementing critical reforms to strengthen fiscal resilience, improve macroeconomic stability, and unlock inclusive growth, this partnership will provide valuable technical support. Together, we are laying the foundation for a more resilient economy that delivers sustainable development and improved livelihoods for all Nigerians.”
On his part, Mr Jonny Baxter, British Deputy High Commissioner in Lagos, highlighted the significance of the programmes within the wider UK-Nigeria mutual growth partnership.
“NEST and NPFF are central to our shared approach to strengthening the foundations that underpin long-term economic prosperity. They sit firmly within the UK-Nigeria mutual growth partnership.”
By Aduragbemi Omiyale
A strategic partnership aimed at accelerating the growth, digital capacity, and sustainability of Nigeria’s 40 million Micro, Small and Medium Enterprises (MSMEs) has been signed by MTN Nigeria and the Small and Medium Enterprises Development Agency of Nigeria (SMEDAN).
The collaboration will feature joint initiatives focused on digital inclusion, financial access, capacity building, and providing verified information for MSMEs.
With millions of small businesses depending on accurate guidance and easy-to-access support, MTN and SMEDAN say their shared platform will address gaps in communication, misinformation, and access to opportunities.
At the formal signing of the Memorandum of Understanding (MoU) on Thursday, November 27, 2025, in Lagos, the stage was set for the immediate roll-out of tools, content, and resources that will support MSMEs nationwide.
The chief operating officer of MTN Nigeria, Mr Ayham Moussa, reiterated the company’s commitment to supporting Nigeria’s economic development, stating that MSMEs are the lifeline of Nigeria’s economy.
“SMEs are the backbone of the economy and the backbone of employment in Nigeria. We are delighted to power SMEDAN’s platform and provide tools that help MSMEs reach customers, obtain funding, and access wider markets. This collaboration serves both our business and social development objectives,” he stated.
Also, the Chief Enterprise Business Officer of MTN Nigeria, Ms Lynda Saint-Nwafor, described the MoU as a tool to “meet SMEs at the point of their needs,” noting that nano, micro, small, and medium businesses each require different resources to scale.
“Some SMEs need guidance, some need resources; others need opportunities or workforce support. This platform allows them to access whatever they need. We are committed to identifying opportunities across financial inclusion, digital inclusion, and capacity building that help SMEs to scale,” she noted.
Also commenting, the Director General of SMEDAN, Mr Charles Odii, emphasised the significance of the collaboration, noting that the agency cannot meet its mandate without leveraging technology and private-sector expertise.
“We have approximately 40 million MSMEs in Nigeria, and only about 400 SMEDAN staff. We cannot fulfil our mandate without technology, data, and strong partners.
“MTN already has the infrastructure and tools to support MSMEs from payments to identity, hosting, learning, and more. With this partnership, we are confident we can achieve in a short time what would have taken years,” he disclosed.
Mr Odii highlighted that the SMEDAN-MTN collaboration would support businesses across their growth needs, guided by their four-point GROW model – Guidance, Resources, Opportunities, and Workforce Development.
He added that SMEDAN has already created over 100,000 jobs within its two-year administration and expects the partnership to significantly boost job creation, business expansion, and nationwide enterprise modernisation.
By Adedapo Adesanya
The Nigerian Exchange (NGX) Limited is seeking review of the controversial Capital Gains Tax increase, fearing it will chase away foreign investors from the country’s capital market.
Nigeria’s new tax regime, which takes effect from January 1, 2026, represents one of the most significant changes to Nigeria’s tax system in recent years.
Under the new rules, the flat 10 per cent Capital Gains Tax rate has been replaced by progressive income tax rates ranging from zero to 30 per cent, depending on an investor’s overall income or profit level while large corporate investors will see the top rate reduced to 25 per cent as part of a wider corporate tax reform.
The chief executive of NGX, Mr Jude Chiemeka, said in a Bloomberg interview in Kigali, Rwanda that there should be a “removal of the capital gains tax completely, or perhaps deferring it for five years.”
According to him, Nigeria, having a higher Capital Gains Tax, will make investors redirect asset allocation to frontier markets and “countries that have less tax.”
“From a capital flow perspective, we should be concerned because all these international portfolio managers that invest across frontier markets will certainly go to where the cost of investing is not so burdensome,” the CEO said, as per Bloomberg. “That is really the angle one will look at it from.”
Meanwhile, the policy has been defended by the chairman of the Presidential Fiscal Policy and Tax Reforms Committee, Mr Taiwo Oyedele, who noted that the new tax will make investing in the capital market more attractive by reducing risks, promoting fairness, and simplifying compliance.
He noted that the framework allows investors to deduct legitimate costs such as brokerage fees, regulatory charges, realised capital losses, margin interest, and foreign exchange losses directly tied to investments, thereby ensuring that they are not taxed when operating at a loss.
Mr Oyedele also said the reforms introduced a more inclusive approach to taxation by exempting several categories of investors and transactions.
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