Economy
FG Moves To Create Decent Business Environment
By Dipo Olowookere
The Federal Government has revealed that it would in a matter of weeks sign an executive order to promote transparency and efficiency for the creation of an enabling business environment in the country, saying this would mandate all Ministry, Agencies and Departments (MDAS) to adopt openness in contracting procedures and publishing of contracts.
The Attorney General of the Federation and Minister of Justice, Mr Abubakar Malami (SAN), disclosed this recently, while briefing journalists on the thematic areas of the Open Government Partnership (OGP) and what government had accomplished so far; having joined the (OGP) initiative in July, 2016 as the 70th nation.
Mr Malami also read a riot act on treasury looters threatening any culprit with prosecution.
The AGF emphasized that Nigeria participation in the Open Government Partnership would enhance the ease of doing business in Nigeria and also provide opportunities for information sharing and cross fertilization of ideas with countries facing similar challenges like us.
He assured of collaboration with OGP implementing countries to ensure that all illicit funds in foreign banks are repatriated. “We will work with the network of OGP implementing countries for technical support especially in repatriating our stolen funds that are currently stashed away abroad”.
He maintained Nigeria’s resolve to join the OGP initiative was strategic as its principles fit into the existing efforts of the present administration towards ensuring that all conduit pipes through which public funds are misappropriated are permanently blocked.
The Minister further surmised that with these renewed vigour in fighting corruption, any person caught pilfering public funds shall be made to face the wrath of the law.
He also assured that “the FGN will continue to pursue reform programmes on transparency and accountability through targeted measures in promoting fiscal transparency, improved public procurement and open contracting, access to information, asset disclosure, citizen engagement and empowerment”.
The AGF equally noted that the ongoing journey from openness to national prosperity is yielding result in the following areas: Treasury Single Account (TSA) as well as the Government Integrated Financial Management Information System (GIFMIS) had streamlined government revenue collection and expenditure which had saved the country billions of naira in the last one year.
He also enumerated that the Freedom of Information Unit in the Federal Ministry of Justice had been strengthened to provide timely information to the public and relevant policy feedback in compliance with FOI Act.
Mr Malami likewise hinted that the Bureau of Public Service Reform (BPSR) had adopted a unique electronic FOI platform on its website that gives real time information to citizens which smacks voluntary disclosure and currently working to improve on transparent and competitive public procurement in line with global open contracting principles through e-procurement.
On its part, the Universal Basic Education Commission (UBEC) had adopted the open contracting standards in its operations and it is one of the first government agency to do so; stressing that the other agency of government where the openness initiative had worked is Code of Conduct Bureau.
According to him, the CCB has been able to implement its mandate of ensuring that public officers declare their assets promptly and that such assets are verified and recorded in accordance with the law.
Mr Malami further disclosed that appreciable success was also recorded in the banking sector, the enforcement of Bank Verification Number (BVN) scheme reduced fraudulent practices by dubious individuals to protect law abiding customers and restore confidence in our banking industry, thus making it possible to trail money, among others.
The AGF used the occasion of the media roundtable to inform the press about the forthcoming National Consultative Retreat of all stakeholders in the OGP process in Nigeria including civil society, professional associations, development partners as well as the organized private sector to make inputs into the design of our National OGP Action plan in Kaduna between 24th and 26th of October, 2016.
Present at the media roundtable were, representative of the Secretary to the Government of the Federation, Engr. Babachir Lawal, Minister of Transportation, Rotimi Amaechi, Chairman, Independent Corrupt Practices and other Related Offences Commission (ICPC), Chief Ekpo Nta, Chairman, Economic and Financial Crimes Commission (EFCC), Ibrahim Magu and the Director General, Bureau for Public Service Reforms, Dr. Joe Abah among other dignitaries.
By Adedapo Adesanya
The Federation Account Allocation Committee (FAAC) distributed about N2.550 trillion from the revenue generated by the nation in June 2026 to the three tiers of government after its July meeting in Abuja.
A statement signed by the Director of Press in the Office of the Accountant General of the Federation, Mr Bawa Mokwa, “The N2.550 trillion total distributable revenue comprised N1.809 trillion in distributable statutory revenue and N740.724 billion in distributable Value Added Tax (VAT) revenue.”
It was gathered that a total gross revenue of N4.500 trillion was available in June 2026, with deductions for the cost of collection amounting to N160.744 billion, and transfers and refunds at N1.789 trillion.
According to a communiqué after the gathering, gross statutory revenue of N3.700 trillion was received in June 2026, N1.049 trillion higher than the N2.651 trillion received in the preceding month, while gross revenue of N799.746 billion was generated from VAT, N56.058 billion higher than the N743.688 billion recorded in May 2026.
It was stated that from the N2.550 trillion total distributable revenue, the federal government received N923.438 billion, the state governments got N838.208 billion, while the local government councils were given N591.390 billion, with N197.610 billion allocated to the benefiting states as 13 per cent of mineral derivation revenue.
From the N1.809 trillion distributable statutory revenue, the federal government went away with N849.366 billion, states shared N430.810 billion, local councils took N332.136 billion, while the benefiting states got N197.610 billion as derivation revenue.
From the N740.724 billion distributable VAT earnings, the central government got N74.072 billion, the states received N407.398 billion, and the local government councils were allocated N259.253 billion.
The communiqué further stated that in June 2026, collections from Companies Income Tax (CIT), Capital Gains Tax (CGT), Stamp Duties (SDT), Petroleum Royalties, Gas Flare Penalties, Rent, Mineral Oil Royalties (MOR), Value Added Tax (VAT), Import Duty, and Common External Tariff (CET) Levies increased significantly, while Petroleum Profit Tax (PPT), Hydrocarbon Tax (HT), Mineral Royalties, and Fees declined considerably. Excise Duty recorded only a marginal increase.
By Adedapo Adesanya
The Nigeria Revenue Service (NRS) says the rollout of electronic invoicing (e-invoicing) will strengthen tax compliance, curb revenue leakages and improve transparency in tax administration as it moves to fully digitise the country’s tax system.
The Project Lead for the NRS e-Invoicing Project, Mr Mohammed Bawa, stated this at the DigiTax E-Invoicing Compliance Breakfast Session held in Lagos on Wednesday.
The event, organised by DigiTax, an NRS-accredited e-invoicing platform, formed part of efforts to support the agency’s ongoing education and sensitisation campaign on the e-invoicing mandate.
Mr Bawa said the initiative aligns with global trends in tax digitisation and is expected to help improve Nigeria’s tax-to-GDP ratio, which remains one of the lowest in Africa.
According to him, the system will provide the NRS with greater visibility into transactions across sectors, formalise activities within the informal economy and standardise invoice formats nationwide using globally recognised invoice schemas.
He added that e-invoicing would improve operational efficiency for both businesses and tax authorities while supporting the NRS’ transition from manual and electronic tax administration processes to a fully automated system-to-system interaction model.
Mr Bawa noted that the legal framework for implementation is backed by the Nigeria Tax Administration Act, which prescribes penalties for non-compliance.
He disclosed that the NRS has completed onboarding large taxpayers and is preparing to enforce compliance with defaulting entities.
According to him, medium taxpayers are expected to begin compliance in the third quarter of 2026, while onboarding of emerging taxpayers will commence in 2027, with full adoption targeted for all taxpayers by the end of 2028.
Mr Bawa urged taxpayers yet to be onboarded onto the platform to begin the process and work with accredited service providers to ensure compliance.
On his part, Country Director of DigiTax Nigeria, Mr Olumide Akinsola, urged businesses to look beyond their internal systems and assess the compliance status of suppliers and counterparties.
He warned that businesses whose suppliers fail to transmit invoices through the MBS platform risk losing eligibility to claim Value Added Tax (VAT) input credits on such transactions, describing the resulting supply chain exposure as a significant commercial risk that many organisations have yet to quantify.
Mr Akinsola also announced the launch of DigiTax’s white paper, The State of E-Invoicing Readiness in Nigeria, which examines compliance adoption trends and the readiness gap across different taxpayer segments.
He added that DigiTax operates in Nigeria, Kenya, Zambia and the United Arab Emirates (UAE), noting that experience from those markets shows businesses that integrate early are better positioned to avoid disruptions when enforcement begins.
By Aduragbemi Omiyale
The names of about 100,000 companies registered by the Corporate Affairs Commission (CAC) are about to be deleted for inactivity, especially for failing to file their annual tax returns, Business Post reports.
This information was disclosed by the CAC via a notice signed by its management on Wednesday, July 15, 2026.
The list contains organisations like the Nigeria-Poland Chamber of Trade Invest Ltd, Alariwo of Afrika Ltd, Ovation Sports International, First Union Pension Fund Administrators, Investopedia Limited, Baptist High School Abuja Ltd, and Yobe Aluminium Manufacturing Industries Ltd, amongst others.
In the statement, the commission said its decision to strike off the names of the affected firms from the register aligns with the provisions of Section 692(3) (3) and (4) of the Companies and Allied Matters Act (CAMA), 2020.
However, the affected companies can still salvage the situation by filing all outstanding annual returns and regularising their records within 90 days.
“Please note that companies that fail to comply within the stipulated timeline shall be struck off the register without further notice,” it declared, expressing its continued commitment to providing prompt and efficient registration and regulatory services to the satisfaction of its valued customers.
See the full list below:
