Economy
Nigeria Must Review Tax Regime to Boost Revenue—Fowler
By Dipo Olowookere
Chairman of the Federal Inland Revenue Service (FIRS), Mr Babatunde Fowler, has stressed the need for Nigeria to review its existing tax regime if the nation wishes to continue to boost its revenue and provide basic needs of citizens.
Speaking on Monday in Lagos at a stakeholders’ meeting, the tax chief said taxation remains the best alternative option for government to generate revenues needed to provide for the people.
Mr Fowler told participants that he is optimistic that Nigeria will further move forward through taxation.
“It is clear that taxation is the most sustainable of all government revenue sources and efforts must be made to grow the tax base for government to have enough resources to carry out its basic functions.
“If the way forward requires a review of existing legal framework or legislative reform, there is no doubt in my mind that we have willing and able partners in National Assembly, FIRS Board and the Joint Tax Board to do this,” the tax boss said.
Speaking further, Mr Fowler noted that over-reliance on oil made it impossible for some state governments to pay workers’ salaries in 2016, which necessitated the release of bailout funds to governors as well as Paris Club refund by the FG.
“For us in Nigeria, a decline in receipts from oil revenue and decline in accruals to states from the federal account has placed many states in a financial quandary, to the extent where basic obligation such as the payment of employee wage has become a perennial challenge.
“Therefore, there cannot be any serious discussion on diversification of the nation’s revenue generation without reviewing the country’s tax regime for optimal performance.
“Between the resource persons, we have invited our own staff and our stakeholders.
“We hope to draw from a wide spectrum of perspectives on how best to move forward,” he said at the FIRS 2018 Management and Stakeholders with the theme, ‘Optimizing Tax Administration with Parliamentary Synergy.’
The FIRS chief also disclosed that in 2017, the agency collected N4.03 trillion as tax compared with N3.3 trillion generated in 2016.
He expressed optimism that in 2018, the amount would rise, especially with the Voluntary Assets and Income Declaration Scheme (VAIDS) put in place by the Federal Government.
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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