Economy
I Know Middle East Crisis Will Spike Inflation, Affect Purchasing Power—Tinubu
By Modupe Gbadeyanka
President Bola Tinubu on Sunday expressed concerns over the negative impact the crisis in the Middle East would have on the Nigerian economy.
While addressing the Vice President, Mr Kashim Shettima, and 23 state governors who visited him in Lagos at the weekend, he said efforts are being made to ensure the citizens, especially the vulnerable, are catered to by the government.
“I know this Middle East crisis will spike inflation and affect our purchasing power. The labour union and others will be gearing to ask us to support more due to the effect of the Middle East war and crisis,” Mr Tinubu was quoted as saying in a statement issued by his Special Adviser on Information and Strategy, Mr Bayo Onanuga.
The President also disclosed that his administration was intensifying efforts to tackle the challenges of insecurity across various parts of the country, assuring that the safety and well-being of citizens featured at the meetings held in the United Kingdom.
President Tinubu returned to Nigeria from a two-day state visit to the UK. He moved to Lagos for Eid al-Fitr, where the delegation went for a courtesy visit.
“Your presence here today and the number show your sincerity, commitment and value for friendship and togetherness.
“The next phase of our struggle is staring us in the face, and that is the challenge of insecurity in the country.
“I am making all the efforts to ensure that we collectively share the joy of our victory over tyranny. Insecurity is an enemy of development, progress, and prosperity. I am glad you are all mindful of the challenge.
“For me, I have committed to strengthening further the contacts and networks that are necessary. One of the major discussions in the United Kingdom was on equipment and support.
“I can report to you that yesterday, again, I had a lengthy discussion with French President Emmanuel Macron. They are collaborating with us for equipment and support. I am also making frantic efforts to contact other nations,” Mr Tinubu further stated.
He urged the state governors to remain steadfast and resilient in translating their ideas and visions into policies and programmes that directly impact citizens’ livelihoods, and to support the government in tackling the “tyranny” of criminals, advising them to provide further incentives to cushion the inflationary impact of the war in the Middle East on energy and transportation prices.
The President thanked Mr Shettima for the condolence visit to Borno State, assuring the people of the state of stronger protection through new technology.
In his remarks, the Chairman of the Nigerian Governors Forum and Governor of Kwara State, Mr AbdulRahman AbdulRazaq, lauded the President for his intervention in the states with the visionary Renewed Hope Agenda.
Speaking on state police, the Governor said discussions were ongoing with various security agencies led by the National Security Adviser (NSA), Mr Nuhu Ribadu, and the NGF has made its contributions, noting that the document will be taken to the National Assembly for “a legislative framework for the state police.”
Governors at the meeting were Hope Uzodinma of Imo State, Alex Otti of Abia State, Umo Eno of Akwa Ibom State, Douye Diri of Bayelsa State, Hyacinth Alia of Benue State, Bassey Otu of Cross River State, Sheriff Oborevwori of Delta State, Francis Nwifuru of Ebonyi State, Monday Okpebholo of Edo State, Peter Mbah of Enugu State, Mohammed Inuwa Yahaya of Gombe State, and Umar Namadi of Jigawa State.
Others were Abba Kabir Yusuf of Kano State, Dikko Umaru Radda of Katsina State, Ahmed Usman Ododo of Kogi State; Babajide Sanwo-Olu of Lagos State, Abdullahi Sule of Nasarawa State, Caleb Mufwang of Plateau State, Siminalayi Fubara of Rivers State, Agbu Keffas of Taraba State, Mai Mala Buni of Yobe State, and Lucky Aiyedatiwa of Ondo State, while the deputy Governor of Borno State, Umar Usman Kadafur, was also present.
By Modupe Gbadeyanka
The deadline for filing individual annual income tax returns for residents of Lagos State has again been extended to April 21, 2026.
This information was revealed via a statement signed by the Head of Corporate Communications of the Lagos State Internal Revenue Service (LIRS), Mrs Monsurat Amasa-Oyelude, on Saturday.
The agency thanked some taxpayers for their continued compliance and commitment to the filing of their individual annual income tax returns, but charged those who have yet to file theirs to do so before the new deadline.
LIRS had earlier moved the deadline from its statutory period of March 31, 2026, to April 14, 2026, but due to “the overwhelming response and to enhance taxpayer convenience, while maintaining the integrity and accuracy of submissions,” the date was moved forward to April 26.
The tax-collecting organisation said it “observed a significant increase in traffic on its eTax platform as more taxpayers endeavour to meet the filing deadline.”
“In view of this development, and to ensure that all taxpayers are provided with adequate opportunity to successfully complete their filings, LIRS hereby announces a further extension of the deadline, now set for April 21, 2026,” it stated.
The agency reiterated that all filings must be completed electronically via the LIRS eTax platform: https://etax.lirs.net, which remains the only approved channel for submission.
Taxpayers were reminded that the filing of annual income tax returns remains a statutory obligation and were encouraged to take advantage of this final extension to fulfil their civic responsibility.
By Dipo Olowookere
The Nigerian Exchange (NGX) Limited was in green on Friday after it closed higher by 0.30 per cent as a result of sustained bargain hunting.
Customs Street was up yesterday after three of the five major sectors came under buying pressure, with the consumer goods index up by 1.64 per cent, the industrial goods space up by 1.12 per cent, and the banking counter up by 0.64 per cent.
Business Post observed that profit-taking brought down the insurance by 2.61 per cent, and weakened the energy sector by 0.01 per cent.
At the close of business, the market capitalisation increased by N707 billion to N131.166 trillion from N130.459 trillion, and the All-Share Index (ASI) expanded by 1,097.86 points to 203,770.42 from 202,672.56 points.
Transactions by Nigerian stock investors shrank during the session, as 548.6 million shares worth N31.5 billion exchanged hands in 48,538 deals compared with the 652.9 million shares valued at N39.8 billion transacted in 51,101 deals a day earlier.
This implied that the trading volume went down by 15.98 per cent, the trading value depreciated by 20.85 per cent, and the number of deals crashed by 5.02 per cent.
Access Holdings finished the day as the busiest equity after selling 52.7 million units valued at N1.4 billion, Zenith Bank exchanged 47.8 million units worth N5.4 billion, UBA traded 38.9 million units for N1.8 billion, Secure Electronic Technology transacted 36.7 million units worth N35.5 million, and GTCO sold 34.9 million units valued at N4.6 billion.
The market breadth index was negative during the session with 20 price gainers and 38 price losers, indicating weak investor sentiment.
Trans Nationwide Express appreciated by 9.91 per cent to N3.77, International Breweries grew by 9.88 per cent to N13.35, Chams rose by 9.84 per cent to N3.35, Guinea Insurance improved by 9.38 per cent to N462.90, and Lafarge Africa gained 8.52 per cent to close at N233.20.
On the flip side, Omatek lost 10.00 per cent to trade at N2.07, Austin Laz declined by 9.93 per cent to N3.99, Coronation Insurance dipped by 9.88 per cent to N2.92, Zichis crashed by 9.58 per cent to N12.55, and Cornerstone Insurance retreated by 8.77 per cent to N5.20.
By Adedapo Adesanya
The NASD Over-the-Counter (OTC) Securities Exchange closed the last trading session of the week in the southern territory after further losing 0.59 per cent on Friday, April 10.
This happened as three price decliners weakened the NASD market due to continued sell-offs. The bourse did not finish in green this week.
11 Plc lost N24.70 to close at N222.30 per share compared with the previous day’s N247.00 per share, MRS Oil dropped N1 to settle at N164.00 per unit versus Thursday’s N165.00 per unit, and Geo-Fluids decreased by 25 Kobo to N3.00 per share from N3.25 per share.
As a result, the market capitalisation shrank by N13.79 billion to N2.315 trillion from N2.329 trillion, and the NASD Unlisted Security Index (NSI) declined by 23.05 points to 3,870.45 points from 3,893.50 points.
Yesterday, there were two price gainers led by Central Securities Clearing System (CSCS) Plc, which chalked up N1.07 to sell at N64.21 per unit versus N63.50 per share, and Impresit Bakalori Plc appreciated by 22 Kobo to N2.42 per share from N2.20 per share.
The volume of securities fell by 81.9 per cent to 188,593 units from 1.04 million units, the value of securities decreased by 36.3 per cent to N25.7 million from N40.4 million, and the number of deals remained unchanged at 26 deals.
Great Nigeria Insurance (GNI) Plc was the most traded stock by value on a year-to-date basis with 3.4 billion units valued at N8.4 billion, followed by CSCS Plc with 57.6 million units exchanged for N3.9 billion, and Okitipupa Plc with 27.6 million units worth N1.8 billion.
GNI Plc was also the most traded stock by volume on a year-to-date basis with 3.4 billion units transacted for N8.4 billion, followed by Resourcery Plc with 1.1 billion units s0ld for N415.7 million and Infrastructure Guarantee Credit Plc with 400 million units traded at N1.2 billion.
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