Economy
Akwa Ibom Assembly Holds Public Hearing on 2017 Budget
By Modupe Gbadeyanka
Speaker of the Akwa Ibom State House of Assembly, Mr Onofiok Luke, has disclosed that the House would be guided by current economic realities in its consideration of the 2017 budget sent to the assembly by the executive.
Declaring open a one day public hearing on the 2017 Appropriation Bill titled: A bill for a law to Appropriate monies out of the Consolidated Revenue Fund and Capital Development fund to the service of Akwa Ibom State Government, the Speaker who was represented by the Deputy Speaker, Mrs Felicia Bassey, said the 6th assembly which is christened the people’s assembly, will always involve the citizenry in all its legislative engagements.
“As you may already know, the 6th assembly has over the last 19 months established and sustained the culture of putting in place public hearings like this for the bills that we pass.
“I wish to emphasize that nothing passes through this house that we don’t get public input. We will look at the economic situation in the country and allow these realities guide our decisions on the components of the budget,” the Speaker said.
While commending members of the public for honouring the invitation of the House, Mr Luke explained that the essence of the public hearing was to give Akwa Ibom people an opportunity to contribute their inputs to the budget, saying the aim was to ensure that the people of the state were carried along in the budgeting process.
Addressing the gathering, Chairman, House Committee on Appropriation and Finance, Mr Usoro Akpanusoh, stated that the public hearing exercise has become a normal parliamentary practice introduced by the House in order to bring together members of the public for the purpose of collating inputs that would guide the lawmakers in the consideration of the budget.
“It has become a norm in Akwa Ibom State House of Assembly that budget hearing is held whenever we receive the state budget from the executive.”
He said the House is committed to ensuring accelerated passage of the budget to enable the state government implement its lofty programmes and projects as encapsulated in appropriation bill, 2017.
Commissioner for Finance, Mr Linus Nkan, and his counterpart in the ministry of Economic Development were on hand to brief the gathering on underlining assumptions of the 2017 budget proposal of the state government, as well as the development objectives of the Mr Udom Emmanuel led administration.
In their separate presentations, the Commissioners explained that the policy thrust of the 2017 appropriation bill is intended to improve the living standard of the people of the state.
In a good will message, State Chairman of the PDP, Mr Obong Paul Ekpo who scored the budget a hundred percent, said “PDP government means well for Akwa Ibom people”.
“I listened carefully to the details of the budget the details of the budget and I discovered that the budget encapsulates every facet of our lives”.
Memoranda were submitted by various stakeholders including the Chairman, Akwa Ibom State Council of Chiefs, Mr Owong Achianga, State NLC Chairman, Comrade Etim Ukpong, Chairman, Nigeria Union of Journalists (NUJ), Akwa Ibom State Council, Elder Patrick Albert, among other members of the society.
A representative of the civil society, Mr Tijah Bolton Akpan of ‘Policy Alert’ organisation, canvassed for a stronger oversight on TSA implementation in the state, and close supervision and monitoring of the implementation of the budget by MDA’s.
He stressed the need for the state to speed up the process of enacting and domesticating the fiscal responsibility and public procurement law.
Mr Joshua Eyo Asuquo of the Chartered Institute of Taxation in Nigeria (CITN), who also represented Association of Professional Bodies of Nigeria, advocated for an increase in monthly revenue projection from N2.3 billion as captured in the budget to N3 billion.
By Adedapo Adesanya
The Nigeria Revenue Service (NRS) and the Joint Revenue Board (JRB) have issued new guidelines clarifying the taxation of virtual assets in Nigeria.
The guidelines provide an administrative framework for the taxation of virtual assets and specify the tax obligations of individuals and businesses operating in the sector.
According to a public notice issued by the two agencies, the framework covers registration, reporting and record-keeping requirements, valuation principles and the tax treatment of virtual asset transactions.
It applies to taxpayers, Virtual Asset Service Providers (VASPs), peer-to-peer (P2P) marketplace operators, tax practitioners and other persons engaged in virtual asset-related activities.
The NRS and JRB said the guidelines were developed in line with the provisions of the Nigeria Tax Act 2025 and the Nigeria Tax Administration Act 2025.
The two bodies said the release was aimed at providing clarity, certainty and consistency in the administration of Nigeria’s tax laws as the country’s virtual asset ecosystem continues to evolve.
The agencies added that the framework would promote voluntary compliance, enhance transparency and support the development of a fair and efficient tax system for digital asset transactions.
They urged all affected taxpayers and stakeholders to familiarise themselves with the guidelines and ensure compliance with the applicable tax obligations.
The guidelines are available on the official websites of the two agencies.
By Adedapo Adesanya
Manufacturers are yet to benefit from relief on the burden of multiple taxes and levies despite the enactment of the Nigeria Tax Act 2025, according to the Manufacturers Association of Nigeria (MAN).
The association, in its Manufacturers CEO Confidence Index (MCCI) report for the second quarter of 2026, said manufacturers continued to face multiple tax collectors and regulatory agencies during the period.
Director-General of MAN, Mr Segun Ajayi-Kadir, said the new tax law, which was expected to reduce the burden of multiple taxation, had yet to deliver the intended benefits.
“Manufacturers complained that they were still met with multiple tax collectors and regulators in Q2 2026. It follows that the implementation of the Nigeria Tax Act 2025 is yet to achieve its objective of relieving manufacturers of the burden of taxes and levies,” he said.
According to the report, Nigeria’s business environment remains largely unsupportive of manufacturing growth, with local sourcing of raw materials emerging as the only indicator that recorded noticeable improvement.
MAN, however, warned that the gains in local sourcing could be undermined by worsening insecurity in parts of the country.
The association attributed the improvement largely to persistent foreign exchange constraints, which have forced many manufacturers to source inputs locally.
Despite this, it said excessive regulation and multiple taxation continue to weigh heavily on manufacturers.
The report showed that manufacturers recorded a modest increase in sales volume during the second quarter, but rising production, distribution and logistics costs continued to erode profitability.
It added that capacity utilisation, production levels, investment and employment remained broadly unchanged during the review period.
MAN further observed that although recent foreign exchange reforms had helped stabilise the naira, inadequate foreign currency supply remained a major constraint to manufacturing operations.
Other key challenges identified in the report include poor infrastructure, high production costs, raw material shortages and unfavourable trade policies.
The association said the findings underscore the continued pressure on manufacturers despite recent fiscal and foreign exchange reforms, stressing the need for more effective implementation of policies aimed at improving the operating environment for the real sector.
By Adedapo Adesanya
The federal government spent N3.14 trillion on servicing its domestic debt in the first quarter (Q1) of 2026, according to the Debt Management Office (DMO).
The figure, contained in the DMO’s latest domestic debt service report for Q1 2026, comprised N2.97 trillion in interest payments and N169.68 billion in principal repayments.
According to the report, the government spent N741.82 billion on domestic debt service in January before the figure rose to N967.67 billion in February.
Debt service increased further to N1.43 trillion in March, bringing total spending for the quarter to N3.14 trillion.
The March figure represented a 47.7 per cent increase from the N967.67 billion recorded in February and was 92.7 per cent higher than the N741.82 billion spent in January.
The debt office said interest payments accounted for approximately 94.6 per cent of the total domestic debt service during the quarter.
Treasury bills accounted for the largest share of interest payments at N1 trillion, while interest payments on Federal Government bonds stood at N1.96 trillion.
The government also paid N4.24 billion in interest on FGN savings bonds during the period.
The debt management body said the principal component of the debt service comprised N169.68 billion in repayments on local-denominated promissory notes.
Overall, domestic debt service rose significantly throughout the quarter, with March alone accounting for nearly half of the N3.14 trillion spent between January and March.
