Economy
Government Not Introducing New Taxes—FIRS
By Adedapo Adesanya
The Federal Inland Revenue Service (FIRS) has allayed the fears of Nigerians that the government was planning to introduce new taxes through the proposed tax reform laws.
The chairman of the agency, Mr Zacch Adedeji, while speaking at the Senate Committee on Finance, said the proposed changes to the tax laws were to increase the simplicity, and efficiency of tax administration and obliterate the multiplicity of taxes, without the intention of merging any agency.
Some lawmakers, however, openly expressed their misgivings about the bills.
The FIRS boss stated that the present name of the agency does not cover the scope of its services, like the Value Added Tax (VAT), 85 per cent of which according to him goes to the states and 15 per cent to the Federal Government.
He explained that the reforms will drive efficiency and modernization, simplify tax laws, ensure synergy among agencies involved, increase efficiency and effectiveness in government savings, promote transparency and integrity in revenue collection and broaden Nigeria’s tax base.
The Senate hopes to convene another meeting with the service before a scheduled public hearing on the matter.
Recall that 10 new bills have been sent by the President Bola Tinubu administration to the National Assembly proposing constitutional changes to Nigeria’s tax laws.
Nigeria currently operates a progressive personal income tax system known as Pay As You Earn (PAYE). Under this system, taxpayers receive a 20 per cent tax-free allowance, after which taxes are levied on a sliding scale.
The rates start at 7 per cent for the first N25,000 of monthly net income and increase to a maximum of 24 per cent for net incomes above N133,000 monthly.
This structure results in effective tax rates lower than the highest marginal rate of 24 per cent, with high-income earners currently paying around 19 per cent on annual incomes over N100 million.
The proposed changes aim to increase the contribution from wealthy Nigerians by raising the effective tax rate for high-income earners to 25 per cent.
This adjustment represents a significant shift in Nigeria’s tax policy, potentially impacting the country’s revenue generation.
By Aduragbemi Omiyale
The pre-registration training and examination for capital market operators (CMOs) for the second quarter of 2026 has been postponed.
Business Post gathered that the new date for the exercise is now Monday, June 15, 2026.
This information was disclosed by the Securities and Exchange Commission (SEC) through a circular on Monday, June 8, 2026.
The Nigerian capital market regulator stated that this postponement has also resulted in the extension of the deadline for registration to Friday, June 12, 2026.
In the notice today, the SEC expressed its regret for the inconvenience this action may cause operators, who had prepared for the initial date of the training and examination.
“Further to the recent circular on Q2 2026 Pre-registration Training and Examination, the Securities and Exchange Commission (SEC) hereby informs all eligible applicants for the Q2 2026 Pre-registration Training and Examination that the commencement date has been postponed to Monday, June 15, 2026.
“Registration on the designated portal has also been extended to Friday, June 12, 2026. All other conditions contained in the circular remain unchanged.
“The commission regrets any inconvenience this postponement may cause and appreciates the understanding of all applicants,” the disclosure noted.
By Aduragbemi Omiyale
One of the leading healthcare firms in Nigeria, Fidson Healthcare Plc, has listed additional shares on the Nigerian Exchange (NGX) Limited.
The new stocks absorbed into the stock market were 600 million units, raising the total issued and fully paid-up shares of Fidson to 3,000,000,000 ordinary shares of 50 Kobo each from 2,400,000,000 ordinary shares of 50 Kobo each.
The fresh equities came from the company’s rights issue of 600,000,000 ordinary shares of 50 Kobo each at N35.00 per share.
They were issued to existing investors on the basis of one new ordinary share for every existing four ordinary shares held as of the close of business on Wednesday, November 12, 2025.
Confirming the development, the regulator in a notice said, “Trading licence holders are hereby notified that an additional 600,000,000 ordinary shares of 50 Kobo each of Fidson Healthcare Plc were on Tuesday, June 2, 2026, listed on the daily official list of Nigerian Exchange Limited.
“The additional shares arose from the company’s rights issue of 600,000,000 ordinary shares of 50 Kobo each at N35.00 per share on the basis of one new ordinary share for every existing four ordinary shares held as at the close of business on Wednesday, November 12, 2025.
“With the listing of the additional 600,000,000 ordinary shares, the total issued and fully paid-up shares of Fidson Healthcare Plc have now increased from 2,400,000,000 to 3,000,000,000 ordinary shares of 50 Kobo each.”
By Modupe Gbadeyanka
This news will surely excite local contractors with verified claims of N100 million or less, as the federal government has approved their payments.
This approval for the disbursement was given by the Minister of Finance and Coordinating Minister of the Economy, Mr Taiwo Oyedele.
This followed a verification and reconciliation exercise designed to ensure only validated claims qualify for payment.
The beneficiaries cover contractors across multiple ministries, departments and agencies. The release of the funds is expected to enable contractors to return to project sites, pay workers, settle suppliers and meet outstanding financial commitments.
In an announcement on Monday, the Federal Ministry of Finance also said this latest batch of payments would ease liquidity pressure on small businesses and accelerate economic activity nationwide.
It was noted that the payments for verified claims of N100 million below were strategically done to spread economic impact broadly rather than concentrate disbursements among a handful of large firms.
The payments form part of a broader push to clear inherited contractor obligations, with over N700 billion verified in recent months.
“For many beneficiaries, the release of funds represents more than a financial transaction. It provides the certainty needed to sustain operations, preserve jobs, complete ongoing projects, and contribute to economic recovery and growth,” the ministry said in a statement.
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