Economy
No Plan to Increase Taxes—FG
By Dipo Olowookere
Minister of Budget and National Planning, Mr Udoma Udo Udoma, has disclosed that the Federal Government does not have any intention to increase taxes but is working towards increasing its internally generated revenue through the broadening its tax base.
Mr Udoma made this disclosure while responding to a comment by Senator Ben Bruce at the public hearing of the Joint Session of the National Assembly on the 2017 Budget.
The Minister said “a view has been expressed that we should not increase taxes, that we should broaden tax collection instead, that is precisely what is in the budget.”
Senator Bruce had given the impression that the Federal Government was about to increase taxes, a development he said will further worsen the economic fortunes of individuals and businesses, but the Minister said “there is no increase in VAT, there is no increase in company’s income tax, there is no increase at all in taxes, but people who are not paying taxes must be made to pay.
“So the idea is to increase revenue by broadening the tax base, not by increasing taxes.”
Some economic experts who spoke at the session had advocated government spending its way out of recession, partnering the private sector to speed up growth, planning for sustainable development, working with the state governments for integrated development, involving relevant experts and consulting widely in planning, monitoring and evaluation projects, among others.
The Minister told the gathering, which also included Civil Society Organizations and private sector operators, that virtually all the views expressed by the speakers have been captured in the 2017 Budget.
“The concerns that have been expressed are reflected in the budget. The need to spend our way out of recession is reflected in the budget. The need to spend in a way that will attract private sector spending is also reflected in the budget.
“Indeed, the thrust of the budget is to partner with private and development capital to leverage and catalyse resources for growth,” Mr Udoma stated.
He said government realized that public resources cannot be enough to drive the development process which is why the 2017 Budget is directed at catalyzing private sector resources and using PPP for a number of projects.
“If you look at housing we are putting in N100 billion but we are expecting another N900 billion from the private sector. If you look at the EPZ, we are putting in N50 billion but we are expecting a huge injection of funds from the private sector.
“So, this budget is aimed at achieving economic growth, aimed at achieving diversification, aimed at improving our competitiveness, aimed at improving ease of doing business, aimed at creating more jobs and social inclusion, and aimed at improving governance and security.”
According to him, the spending is targeted at areas that have quick transformative potentials such as infrastructure and agriculture, manufacturing, solid minerals, services and so on. The Minster pointed out that the present government believes in planning.
“When we came in, we came out with a document – the Strategic Implementation Plan for the 2016 Budget of Change. We set out short term plans for one year. We started working on a longer term plan for four years 2017 -2020; and that involved extensive consultation”.
On partnership with State governments, the Minister told the audience that the Federal Government has consulted severally with State governors and with Commissioners of Planning in all the states.
“We are working closely with the States. We even organized a Retreat in February 2016 with all the States. In all our initiatives we are working with the States.
“On Agriculture we are working with the States; we even have task forces that involve State governors. So, we are working together with the States.”
Speaking on the Economic Recovery and Growth Plan, Senator Udoma said government consulted the private sector extensively.
“Indeed, just last week we met twice with captains of industry and members of the private sector to sit down and expose the plan to them and get their input.
“We are going to Council soon and subsequently the plan will be launched before the end of the month“.
The Minister said because government has bold plans which are tailored towards pulling the country out of recession, investors are changing their attitude towards Nigeria.
“People have heard of our plans; they have seen the plan because we have had extensive consultations with our development partners – with the World Bank, with IMF, with UNDP.
“They have all been exposed to our plan and we have shown them what we are determined to do, that is why people are believing in Nigeria and investing in the Eurobond.”
He was emphatic that government has a clear vision and is on a determined path to get the economy out of recession.
“We are determined thereafter to begin to go back to the path of growth, a more diversified growth, not depending just on crude oil. We want to stimulate our manufacturing sector, we want to stimulate agriculture; so we have a coherent, cohesive plan.”
The Minister of State, Mrs Zainab Ahmed said government is determined to ensure that Nigerians experience inclusive growth this time around “which is why we have the social intervention programme.
“The social intervention programme took off fully in October 2016 and all the four components of the SIP have now been rolled out in their first Phases and we are scaling up on a monthly basis,” she said.
She added that the programme will benefit greatly from the support of the National Assembly to be able to ensure that the benefits are distributed equitably and that no needy citizens are missed out.
By Adedapo Adesanya
The Lagos Chamber of Commerce and Industry (LCCI) has urged the federal government to prioritise reforms that address constraints in the manufacturing sector as it tackles broader macroeconomic and fiscal challenges facing the Nigerian economy.
President of LCCI, Mr Leye Kupoluyi, gave the advice on Thursday in Lagos, at the chamber’s quarterly state of the nation’s economy news conference.
He stated that the manufacturing sector remained a critical driver of revenue and industrial growth, citing a strong performance in 2025.
Mr Kupoluyi noted that the sector contributed N1.17 trillion in Value Added Tax (VAT), representing a 45.61 per cent increase from N803.53 billion recorded in 2024, adding that the Company Income Tax (CIT) from the sector rose to N881.29 billion, up by 32.83 per cent from N663.46 billion in the previous year.
“This strong year-on-year growth reinforces the sector’s expanding role in generating government revenue and in Nigeria’s industrial development.
“Following these results, we call on the government to invest more in productive infrastructure and economic policies that drive growth through job creation, lower production costs, and fiscal interventions,” he said.
On the global terrain, the LCCI president noted that the global economy remained unsettled, shaped by geopolitical tensions, supply chain disruptions and monetary tightening in advanced economies.
He said these trends had sustained inflationary pressures globally, while exposing emerging markets, including Nigeria, to capital outflows and currency volatility.
Mr Kupoluyi noted that Nigeria had benefited from high crude oil prices, warned against mismanaging the resulting windfall, urging the government to channel oil revenues into the Sovereign Wealth Fund, critical infrastructure and diversification initiatives to reduce import dependence and support long-term growth.
On monetary policy, the chamber’s president commended the Central Bank of Nigeria’s Monetary Policy Committee for reducing the Monetary Policy Rate by 50 basis points to 26.5 per cent at its February meeting.
He described the move as a cautious but important shift, reflecting growing confidence amid improvements in inflation and external sector performance.
Mr Kupoluyi also highlighted improvements in the foreign exchange market, noting that the naira had shown relative stability and appreciated to about N1,350.79 to the Dollar in the official market.
He said the performance reflects improved liquidity, investor confidence and the impact of ongoing reforms, but called for stronger policy coordination, increased FX inflows and fiscal discipline to sustain stability.
On fiscal operations, the LCCI president raised concerns over weak capital budget implementation, citing the rollover of N7.71 trillion in unexecuted 2025 capital projects.
He said delays in fund releases, bureaucratic bottlenecks and inefficiencies had continued to undermine project delivery and strain contractors.
He urged the government to develop a more effective framework for capital budget releases to ensure timely funding and execution of projects.
Addressing the oil and gas sector, Mr Kupoluyi welcomed the ongoing reform efforts aimed at boosting crude oil production and improving regulatory processes.
He called for a fully digital regulatory ecosystem to enhance transparency, accelerate approvals and restore investor confidence.
The official added that high global oil prices presented an opportunity for Nigeria to strengthen its position as a major supplier, provided local production and refining capacities are improved.
The LCCI president, however, expressed concern over high import duties on paper, printing materials and related inputs, noting that the policy had increased production costs across several value chains.
“The situation is worsened by port delays, multiple regulatory checks and inconsistent tariff classifications.
The chamber also called for a review of import duties, integration of regulatory agencies into the National Single Window and measures to reduce cargo clearance timelines.
“A balanced policy mix of moderate tariffs, support for local production and stable macroeconomic conditions would enhance industrial growth and reduce business costs,” he said.
He also reiterated its commitment to continued engagement with government and stakeholders to promote policies that support a thriving business environment.
By Adedapo Adesanya
The NASD Over-the-Counter (OTC) Securities Exchange rose by 0.16 per cent on Thursday, April 29, with the Unlisted Security Index (NSI) returning above the 4,000-point mark after chalking up 6.55 points to settle at 4,005.78 points compared with the previous day’s 3,999.23 points.
During the trading session, the market capitalisation of the platform went up by N3.92 billion to close at N2.396 trillion, in contrast to the N2.392 trillion it ended on Wednesday.
The upliftment of the alternative stock market was influenced by the gains posted by four securities, which offset the losses printed by two securities.
According to data, Central Securities Clearing System (CSCS) Plc chalked up N4.03 to close at N76.02 per share versus the preceding session’s N71.99 per share, Food Concepts Plc appreciated by 24 Kobo to N2.67 per unit from N2.43 per unit, UBN Property Plc climbed 20 Kobo to trade at N2.23 per share versus N2.03 per share, and Geo-Fluids Plc improved by 9 Kobo to N3.00 per unit from N2.91 per unit.
On the flip side, MRS Oil Plc lost N17.65 to end at N178.10 per share compared with the previous price of N195.75 per share, and FrieslandCampina Wamco Nigeria Plc dipped by N9.76 to N90.24 per unit from N100.00 per unit.
The volume of securities traded during the trading day went up by 184.3 per cent to 877,682 units from 308,698 units, the value of securities jumped 5.7 per cent to N26.7 million from N25.2 million, and the number of deals soared by 100 per cent to 56 deals from 28 deals.
Great Nigeria Insurance (GNI) Plc remained the most traded stock by value (year-to-date) with 3.4 billion units worth N8.4 billion, followed by CSCS Plc with 60.1 million units exchanged for N4.1 billion, and Okitipupa Plc with 27.8 million units traded for N1.9 billion.
GNI Plc also closed as the most active stock by volume (year-to-date) with 3.4 billion units sold for N8.4 billion, followed by Resourcery Plc with 1.1 billion units worth N415.7 million, and Infrastructure Guarantee Credit Plc with 400 million units transacted for N1.2 billion.
The market will be closed on Friday, May 1, for Workers’ Day celebration.
By Adedapo Adesanya
The Naira, in the Nigerian Autonomous Foreign Exchange Market (NAFEX) on Thursday, April 3, further appreciated against the United States Dollar by N4.52 or 0.33 per cent to N1,374.94/$1 from N1,379.46/$1.
Equally, the domestic currency gained against the Pound Sterling in the official market by N3.34 during the session to close at N1,858.24/£1 compared to the previous rate of N1,861.58/£1, and against the Euro, it improved by N5.29 to sell at N1,607.58/€1 versus N1,612.87/€1.
At the GTBank FX counter, the Nigerian Naira gained N4 against the Dollar to settle at N1,384/$1 versus Wednesday’s closing price of N1,389/$1, and at the parallel market, it improved by N5 to trade at N1,385/$1 compared with the N1,390/$1 it was transacted a day earlier.
Nigeria’s external reserves, which provide the Central Bank of Nigeria (CBN) with a buffer to support the Naira, continued their downward trend, declining to $48.36 billion as of April 29, 2026, according to data.
Market activity weakened sharply, with the NAFEM recording zero deals on Thursday, down from 393 deals on Wednesday. Total turnover in the official window also dropped from $802.44 million to zero, underscoring a severe liquidity squeeze.
Thursday’s price formation was driven entirely by the interbank segment, where turnover also fell significantly to $58.03 million from $249.91 million, suggesting that liquidity pressures extended across the broader FX market.
As for the cryptocurrency market, prices were up amid looming US inflation data, while high oil prices and rising bond yields weigh on risk assets.
The appreciation faces headwinds in the form of US March PCE inflation, which lands as oil prices keep pressure on risk assets, as well as reduced traffic through the Strait of Hormuz, which has kept energy markets fragile.
Dogecoin (DOGE) rose by 1.8 per cent to trade at $0.1082, Bitcoin (BTC) appreciated to $76,987.59, Ethereum (ETH) grew by 1.2 per cent to $2,276.11, Cardano (ADA) added 1.1 per cent to close at $0.2484, and Solana (SOL) soared by 1.1 per cent to $83.89.
Further, TRON (TRX) increased by 0.7 per cent to $0.3224, Ripple (XRP) jumped 0.4 per cent to $1.37, and Binance Coin (BNB) expanded by 0.2 per cent to $616.67, while the US Dollar Tether (USDT) and the US Dollar Coin (USDC) closed flat at $1.00 each.
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