Economy
FG Promises Critical Investments to Boost Economy
By Modupe Gbadeyanka
The federal government has vowed to continue to make critical investments in the key sectors of the nation’s economy as part of efforts to keep it vibrant.
Nigeria is battling to prevent another recession in four years following a reduction in the inflow of foreign exchange (forex) into the country.
The country relies heavily on the sale of crude oil to earn forex, but the COVID-19 crisis in 2020 has caused a sharp decline in the price of oil, affecting revenue.
It is believed that Nigeria may slide into a recession this year and to possibly prevent this from happening, the government is embarking on several programmes to keep the economy afloat.
The Minister of Finance, Budget and National Planning, Mrs Zainab Ahmed, while speaking at a retreat held for aides of Ministers, said the government will do everything within its powers to keep the economy running.
“The federal government will continue to make critical investments in key sectors including agriculture, infrastructure, health and education.
“To achieve this, the challenge of domestic revenue mobilisation must be overcome in part through continued incremental fiscal reforms and reduced cost of governance,” Mrs Ahmed said at the three-day workshop and civic-education program taking place in Abuja.
The virtual capacity building exercise is organised for Special Advisers and Technical Assistants of the Ministers in the country.
According to the Finance Minister, the federal government was committed to ensuring an inclusive, sustainable and resilient economy.
Mrs Ahmed expressed pleasure at the solution and process-oriented programme with an emphasis on hands-on collaborative learning keyed towards Nigeria’s current needs in government.
She stated that aides play an “important; supportive role in the design and implementation of policies aimed at ensuring an inclusive, sustainable and resilient economy, in line with government priorities.”
The Minister noted that the workshop was timely in the wake of the COVID-19 pandemic, drop in oil prices, implementation of the recently approved Economic Sustainability Plan and the ongoing 2021-2023 Medium Term Expenditure Framework and Fiscal Strategy Paper.
She added that the work of the Special/Technical Advisers was important now more than ever for the post-COVID-19 economy, as the ministry works to lessen the impact of the looming recession.
She mentioned that the federal government was working collaboratively across MDAs to address cross-cutting issues like poverty reduction, partly through enabling the private sector and prioritizing human capital development.
In her closing remarks she shared a call to action to focus on institutionalizing people-centred, cost-effective and innovative solutions through a “whole-of-government” approach; working hand in hand with citizens, CSOs and the private sector.
She encouraged the aides to reflect on the type of legacy they would want to leave behind while contributing to the nation’s development and appreciated all partners for their contributions towards making the workshop a reality.
The workshop commenced on July 19, 2020, and was organised in collaboration with the Ministry of Finance, Budget and National Planning, German Embassy and Konrad-Adenauer-Stiftung Foundation (KAS).
The event will offer participants a deeper insight into various aspects of public service which include Open Governance, Strategic Planning & Communication, Public Policy, Policy Analysis amongst others while promoting a unified approach across Ministries, Departments and Agencies (MDAs).
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.
By Adedapo Adesanya
The NASD Over-the-Counter (OTC) Securities Exchange gained 1.75 per cent on Wednesday, July 15, pushing the NASD Security Index (NSI) up by 74.20 points to 4,316.51 points from 4,242.31 points, as the market capitalisation added N44.54 billion to finish at N2.590 trillion compared with the preceding session’s N2.546 trillion.
During the session, there was an 11.5 per cent rise in the value of transactions at midweek to N72.7 million from the preceding session’s N65.2 million, as there was a 3.7 per cent growth in the number of deals to 28 deals from the previous session’s 27 deals, while the volume of securities slumped by 64.5 per cent to 4.9 million units from 13.7 million units.
At the close of trades, Great Nigeria Insurance (GNI) Plc ended as the most active security by value on a year-to-date basis, with 3.4 billion units worth N8.4 billion, with the second spot occupied by Infrastructure Credit Guarantee (Infracredit) Plc after selling 2.3 billion units valued at N6.5 billion, and the third position was taken by Central Securities Clearing System (CSCS) Plc, which exchanged 74.3 million units for N5.3 billion.
GNI Plc also finished the trading day as the most traded stock by volume on a year-to-date basis, with a turnover of 3.4 billion units traded for N8.4 billion, followed by Infracredit Plc with 2.3 billion units transacted for N6.5 billion, and Resourcery Plc with 1.1 billion units sold for N415.7 million.
Business Post reports that the market breadth index was negative yesterday, as there were two price gainers and three price losers.
11 Plc added N22.36 to its value to close at N250.00 per share versus N227.64 per share, and CSCS Plc improved by N7.95 to N90.35 per unit from N82.40 per unit.
On the flip side, FrieslandCampina Wamco Nigeria Plc lost N1.37 to end at N150.00 per share versus N151.37 per share, UBN Property Plc depreciated by 6 Kobo to N1.75 per unit from N1.81 per unit, and Food Concepts Plc dropped 1 Kobo to close at N2.49 per share versus N2.50 per share.
