Economy
FG Receives Progress Report on Tax Laws Reform
By Modupe Gbadeyanka
Federal Government on Friday received the Progress Report on Tax Laws Reform from the National Tax Policy Implementation Committee.
Receiving recommendations of the committee in Abuja, Minister of Finance, Mrs Kemi Adeosun, thanked members of the panel for a thorough job done.
Mrs Adeosun noted that taxation remains the most sustainable way to boost revenue of government and also redistribute wealth from the rich to the poor.
According to her, the administration of President Muhammadu Buhari is committed to growing the nation’s tax system.
The Minister assured the committee, led today by its Vice Chairman, Mr Taiwo Oyedele, that the recommendations would be submitted to the Economic Management Team, National Economic Council, Federal Executive Council and the National Assembly for ratification.
She said, “I want to underscore that this government led by Muhammadu Buhari, came in at a time when oil price was as low as 28 dollars per barrel.
“This led us in search of a revenue base that is sustainable, predictable and can deliver development and succour to the masses.
“One of the functions of the tax system, which many people overlook, is that it is the most reliable tool for government to use to redistribute wealth from rich to poor.
“Many of the programmes we are undertaking will do exactly that, whether it is fixing our roads, or our social interventions like N5, 000 Conditional Cash Transfer to the poorest.
“There is also the N30, 000 to some of our unemployed graduates or the school feeding programme.
“These are all methods of redistribution of wealth from the rich to the poor and that is one of the functions of a good tax system.”
Earlier, Mr Oyedele, said the committee agreed that tax reforms should align with overall government objectives as articulated in the ERGP, National Tax Policy & Ease of Doing Business Plan, such that every action or recommendation would promote & catalyse the realisation of overall objectives.
The committee, according to him, identified seven major tax areas that would have the highest impact: Company Income Tax, Value Added Tax, Customs & Excise Tariff, Personal Income Tax, Pension Contributions, Industrial Development Income Tax Relief (IDITR); and Tertiary Education Trust Fund.
He disclosed that the proposed changes to the tax laws would achieve the following: increase & diversify government revenue, simplify paying taxes and doing business, promote MSMEs, protect vulnerable persons, & remove obsolete, ambiguous and contradictory provisions in the law.
Mr Oyedele added that the committee’s work resulted in two executive orders and five amendment bills. The executive orders include Value Added Tax Act (Modification) Order and Review of Goods Liable to Excise Duties and Applicable Rate Order.
The proposed Amendment Bills: Companies Income Tax Act (Amendment) Bill, Value Added Tax Act(Amendment) Bill, Customs, Exercise, Tariff (Consolidation) Act (Amendment) Bill, Personal Income Tax Act (Amendment) Bill and Industrial Development (Income Tax Relief) Act (Amendment) Bill.
Economy
BNB Price Reflects Changing Dynamics in the Digital Asset Market
Economy
NASD Unlisted Security Index Crosses 4,000-point Benchmark Again
By Adedapo Adesanya
The NASD Over-the-Counter (OTC) Securities Exchange achieved a milestone on Friday, April 24, 2026, after five securities on the platform helped with a 1.85 per cent growth.
Data showed that the NASD Unlisted Security Index (NSI) again crossed the 4,000-point benchmark yesterday.
The index chalked up 73.64 points during the trading day to close at 4,052.59 points compared with the preceding session’s 3,978.95 points, while the market capitalisation added N5.38 billion to finish at N2.424 trillion versus Thursday’s closing value of N2.380 trillion.
The price gainers were led by Okitipupa Plc, which grew by N25.00 to sell at N305.00 per share compared with the previous price of N280.00 per share. Central Securities Clearing System (CSCS) Plc gained N6.92 to close at N76.26 per unit versus N69.34 per unit, Afriland Properties Plc appreciated by N1.00 to N17.00 per share from N18.00 per share, FrieslandCampina Wamco Nigeria Plc improved by 55 Kobo to N99.55 per unit from N99.00 per unit, and Food Concepts Plc increased by 5 Kobo to N2.70 per share from N2.65 per share.
However, there was a price loser, MRS Oil, which dipped by N21.75 to N195.75 per unit from N217.50 per unit.
During the final session of the week, the value of securities jumped 75.2 per cent to N41.3 million from N23.6 million units, and the number of deals expanded by 62.9 per cent to 44 deals from 27 deals, while the volume of securities declined marginally by 0.9 per cent to 447,403 units from 451,522 units.
At the close of trades, Great Nigeria Insurance (GNI) Plc was the most traded stock by volume (year-to-date) with 3.4 billion units worth N8.4 billion, trailed by Resourcery Plc with 1.1 billion units valued at N415.7 million, and Infrastructure Guarantee Credit Plc with 400 million units traded for N1.2 billion.
GNI was also the most active stock by value (year-to-date) with 3.4 billion units sold for N8.4 billion, followed by CSCS Plc with 59.6 million units transacted for N4.0 billion, and Okitipupa Plc with 27.8 million units exchanged for N1.9 billion.
Economy
Naira Slips to N1,358/$1 as FX Reserves, Policy Uncertainty Concerns
By Adedapo Adesanya
It was not a good day for the Nigerian Naira in the currency market on Friday, April 24, as its value depreciated against the major foreign currencies at the close of transactions.
In the Nigerian Autonomous Foreign Exchange Market (NAFEX), it lost N4.53 or 0.33 per cent against the United States Dollar yesterday to trade at N1,358.44/$1, in contrast to the N1,353.91/$1 it was exchanged on Thursday.
Equally, the domestic currency slipped against the Pound Sterling in the official market during the session by N8.14 to close at N1,834.02/£1, compared with the previous rate of N1,825.88/£1 and dropped N8.01 against the Euro to sell at N1,590.73/€1 versus N1,582.72/€1.
Also, the Naira depreciated against the US Dollar at the GTBank FX desk on Friday by N4 to quote at N1,370/$1 compared with the previous session’s N1,366/$1, and at the parallel market, it depleted by N5 to settle at N1,380/$1 versus the preceding day’s N1,375/$1.
Data published by the Central Bank of Nigeria (CBN) indicated that NFEM interbank turnover surged to N43.562 million across 68 deals, up from N28.117 million the previous day.
Despite the CBN’s reassurance that the recent drop in external reserves is not worrisome, the market remains unsettled by persistent concerns over liquidity constraints, policy transparency, and weakening confidence in Nigeria’s FX market as gross reserves continue to decline to $48.4 billion.
The outlook for the Dollar appears supported by broader macro risks, including elevated oil prices tied to the tanker traffic disruptions in the Strait of Hormuz and a continued US-Iran standoff over ceasefire negotiations.
A look at the digital currency market showed that investors are sitting on the edge as the US Dollar rebounded amid geopolitical and inflation risks despite continued inflows into US spot bitcoin Exchange Traded Funds (ETFs).
Solana (SOL) rose by 1.2 per cent to sell $86.45, Cardano (ADA) appreciated by 1.1 per cent to $0.2517, Dogecoin (DOGE) grew by 0.9 per cent to $0.0989, Ripple (XRP) improved by 0.3 per cent to $1.43, Ethereum (ETH) soared by 0.2 per cent to $2,316.83, and Binance Coin (BNB) chalked up 0.1 per cent to sell for $637.44.
However, TRON (TRX) depreciated by 1.3 per cent to $0.3235, and Bitcoin (BTC) lost 0.2 per cent to close at $77,562.27, while the US Dollar Tether (USDT) and the US Dollar Coin (USDC) closed flat at $1.00 each.
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