Economy
New Excise Bill Not Good for Tinubu’s Fiscal Reform Agenda—OPS
By Aduragbemi Omiyale
The positive results being envisaged by President Bola Tinubu through his fiscal reform agenda could be undermined by the proposed amendment to the Customs, Excise and Tariff Bill.
This is the view of the Organized Private Sector (OPS) of Nigeria, comprising the Nigerian Association of Chambers of Commerce, Industry, Mines and Agriculture (NACCIMA), the Manufacturers Association of Nigeria (MAN), the Nigeria Employers’ Consultative Association (NECA), National Association of Small and Medium Enterprises (NASME) and the National Association of Small Scale Industrialists (NASSI).
The group argued that the current draft of the bill does not align with the federal government’s fiscal reform direction because it contains several legal and administrative gaps.
As a result, the organisation advised the National Assembly to withdraw it in order not to slowdown the current economic progress.
In a paper presented on Thursday during a public hearing on the proposed amendment bill, which recently passed its second reading in the parliament, OPS submitted that policies must be holistic, harmonised, and context-appropriate, ensuring that they improve health outcomes without undermining jobs, investment, affordability, or industrial stability.
It maintained that Nigeria’s excise framework is increasingly fragmented, as new levies are introduced without coordinated assessment of their combined effects on production, investment, backward integration, employment, exports, and inflation, which may result in unintended consequences negating President Tinubu’s administration’s key economic reforms without delivering measurable public health gains.
The group further noted that a steep excise increase or introduction of a levy would impose substantial economic costs on businesses and consumers without delivering measurable public health gains. The group stated that the proposed excise amendment introduces mathematical, legal, and administrative contradictions, worsens Nigeria’s already fragmented fiscal environment, and directly conflicts with national industrialisation priorities, including the Nigeria Sugar Master Plan.
OPS also warned that the amendment could weaken the beverage value chain, one of the country’s most significant contributors to non-oil revenue and a major employer. Industry experts added that the levy would push up operating costs, reduce capacity utilisation, and raise consumer prices at a time when households and small businesses are already under pressure, with many slipping deeper into poverty. This, in turn, could reduce VAT and CIT collections, placing additional strain on medium-term FAAC revenues.
“Nigeria’s non-alcoholic drinks sector is a critical economic stabiliser, supporting 1.5 million jobs, driving backward integration under the NSMP II, and contributing 40 – 45 per cent of gross revenues as taxes and yet already operating under severe macroeconomic strain and thin margins,” said OPS.
According to the body, given that the beverage industry falls among the non-oil revenue contributors, passing the bill into law could undermine the administration’s ease of doing business objectives at such a sensitive economic period.
The group faulted the National Assembly for advancing the bills without coordination with the Ministry of Finance, the Presidential Fiscal Policy & Tax Reform Committee, FAAC, and other responsible institutions. It noted that the bill contradicts the President’s emphasis on stability, predictability, simplicity, and non-disruptive tax reform.
It further stressed that global and domestic evidence confirm that steep or ambiguous SSB taxes in low-income economies lead to job losses, contraction of MSMEs, reduced government revenue, and no measurable health benefits, while widening inequality and accelerating the growth of the informal market.
“The amendment bill contains internal contradictions (20 per cent levy per litre of retail price) that are impossible to implement consistently. Over-taxation may shrink the formal sector, reduce VAT and CIT collections and shift consumers to informal markets. The bill may cut medium-term FAAC distributions and weaken state-level revenue stability,” OPS added.
The association added that it remains open to continued engagement with lawmakers, fiscal agencies, and civil society groups to ensure that any revision to the excise regime supports investment, jobs, and long-term revenue stability.
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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