Economy
Tinubu Vows to Implement 20 Fiscal, Tax Reform Recommendations
By Adedapo Adesanya
President Bola Tinubu has directed his Special Adviser on Policy Coordination, Mrs Hadiza Usman, to coordinate with the relevant government officials to work on the 20 recommendations provided by the Presidential Committee on Fiscal Policy and Tax Reforms.
On Tuesday, Mr Taiwo Oyedele, the chairman of the committee, presented a score of reform recommendations to the President as part of efforts to help improve the nation’s revenue profile and business environment.
Mr Tinubu praised the team and assured them of his support for the review and implementation of key recommendations.
“I have listened attentively to your report. Charting the critical path forward for Nigeria’s economic recovery is crucial to all of us. I want to say thank you to your delegation,” Mr Tinubu said.
He then granted the request of the committee to address a meeting of the Federal Executive Council (FEC) and apprise cabinet members of their work and expected outcomes to facilitate economic growth.
Recall that President Tinubu in August set up a committee to review the fiscal system and the tax administration in the country
Part of the recommendations offered by the committee include measures to address duplication of functions in public service, ensure prudent public finances and management, and optimise value from government assets and natural resources.
The panel also recommended policy signalling and collaboration by MDAs, economic management, and policy execution team, the use of technology “Data4Tax” to expand the tax net, increasing personal income tax exempt threshold and personal relief allowance, and provision of tax breaks for the private sector in respect of wage increases to low-income earners, transport subsidy and a net increase in employment.
Other recommendations include allowing the payment of taxes on foreign currency-denominated transactions in Naira for Nigerian businesses, removal of impediments to global employment opportunities for Nigerians based in Nigeria, suspension of Value Added Taxes (VAT) on diesel and tax waivers on CNG, CNG conversion, and renewable energy items, and comprehensive review of tariffs on the 43 items unbanned from accessing forex in the official market and fiscal policy review of other items prohibited for imports.
The committee also said the country should attempt reforms of Withholding Tax Regulations to ensure simplicity and ease the pressure on the working capital of businesses, facilitate the use of mobile phones for conditional cash transfers, and introduce a spending framework for subsidy removal and forex reform windfall, including a national portal to track spending by the federal government, states, and local governments.
It also recommended the suspension of multiple taxes which place burdens on the poor and small businesses and compensate with windfalls revenue of certain agencies, expanding the official foreign exchange market to incorporate bureau de change (BDCs), forex apps and retail FX dealers, outlawing transactions in the black market, and digitalization of Nigeria’s foreign exchange (FX) regime and discourage speculative demands and hoarding of FX in cash as well as the imposition of excise tax on foreign exchange transactions outside the official market.
The team also called on the Tinubu administration to implement forward contracts for the importation of PMS as a short-term measure pending improvement in key economic indices, discontinue the FX verification portal and requirement for Certificate of Capital Importation and export proceeds restriction, address impediments to export promotion and bottlenecks regarding Exports Expansion Grants, and remove restrictions on repatriation and use of export proceeds by exporters, modify Tax ProMax to allow taxpayers to make part payments of outstanding tax liabilities, and grant waiver of penalty and interests on the condition of full payment of outstanding tax liabilities on or before December 31, 2023.
By Adedapo Adesanya
Pathway Advisors Limited has launched a N25 billion Series 3 Commercial Paper (CP) issuance for Zeenab Foods Limited, with proceeds expected to strengthen the agro-processing company’s working capital and support its short-term funding needs.
The offer, which is being issued under Zeenab Foods’ N50 billion Commercial Paper Programme, opened for subscription on August 4 and will close on August 10, 2026. Issue and settlement are scheduled for August 11, while the commercial paper will mature on August 10, 2027.
Acting as the lead arranger and issuing house, Pathway Advisors structured the 364-day instrument at a discount rate of 19.69 per cent, translating to an effective yield of 24.50 per cent. The offer has a minimum subscription of N5 million, with additional investments accepted in multiples of N1,000.
Founded in 2011, Zeenab Foods operates across rice milling, the export of processed agricultural commodities, and the supply of food products to international donor organisations, including the United Nations World Food Programme (UN-WFP). The company runs processing facilities in Abuja and Kano, while maintaining export liaison offices in Changsha, Guangzhou and Shanghai in China, as well as Dubai in the United Arab Emirates.
The company has received strong investment-grade ratings from leading credit rating agencies. Agusto & Co. assigned it a short-term rating of A1 and a long-term rating of A-, while DataPro Limited rated it A1 for the short term and A+ for the long term.
According to the transaction details, Zeenab Foods has maintained a strong repayment record under both its previous N20 billion Commercial Paper Programme and the current N50 billion programme. Since 2024, the company has redeemed multiple commercial paper series ahead of maturity, reinforcing investor confidence in its financial position.
The firm has also continued to expand its production capacity to meet growing demand. Its rice milling facility now has an installed capacity of 180 metric tonnes per day following a 50 per cent expansion completed in 2025, with average capacity utilisation standing at about 85 per cent.
Zeenab Foods has also positioned itself to benefit from policy changes in Nigeria’s agricultural sector. Following the federal government’s ban on raw shea nut exports in August 2025, the company leased a shea butter processing facility in Ogun State with an initial capacity of 100 metric tonnes per day. It plans to expand the facility to 300 metric tonnes daily while diversifying into soya oil processing, edible oil refining and cocoa butter production.
The organisation also expects continued growth from its long-standing relationship with the UN-WFP, supported by sustained humanitarian food demand across the Sahel region.
Pathway Advisors Limited, a Securities and Exchange Commission-regulated issuing house and financial advisory firm, said it remains focused on facilitating access to capital for businesses and supporting sustainable economic growth across key sectors of the Nigerian economy through its capital-raising and advisory services.
As MSMEs across the South-East seek opportunities for growth, market expansion and cross-border trade, Stanbic IBTC, in partnership with the Anambra State Government, convened the Nigeria Business Summit Regional Tour in Onitsha to equip businesses with practical solutions for sustainable growth.
The summit, organised in collaboration with the Anambra State Ministry of Commerce, Industry and Trade, brought together government officials, business leaders, trade associations, development partners and entrepreneurs to explore practical pathways for economic growth, business sustainability and increased participation in local and international trade.
Speaking at the event, which took place on Wednesday, 29 July 2026, Honourable Nonso Chukwuma Ebonwu, Commissioner for Commerce and Industry, Anambra State, highlighted the importance of stronger partnerships between government, financial institutions and the private sector in creating an environment where businesses can thrive and contribute meaningfully to economic growth.
“Sustainable economic development requires strong partnerships between the public and private sectors. Financial institutions such as Stanbic IBTC have an important role to play by providing not only access to finance but also business advisory services, capacity building and the knowledge that enables businesses to grow sustainably,” he said.
Given Onitsha’s strategic position as a commercial hub, discussions centred on access to finance, enterprise development, business sustainability and opportunities for expansion into new markets. Stanbic IBTC’s Trade Team also provided practical insights into trade and export opportunities available to businesses operating within the South-East’s manufacturing and distribution value chains, highlighting strategies that can help enterprises improve competitiveness and unlock new growth opportunities.
Commenting on Stanbic IBTC’s commitment to supporting Nigerian businesses, Chuma Nwokocha, Chief Executive, Stanbic IBTC Holdings, said:
“We recognise the critical role businesses play in driving economic growth, creating jobs and fostering innovation. Supporting their growth remains central to our purpose of driving Africa’s growth, and we will continue to provide the solutions, partnerships and platforms they need to thrive.”
Also commenting on Stanbic IBTC’s support for Nigerian businesses, Remy Osuagwu, Executive Director, Business and Commercial Banking, Stanbic IBTC Bank, said:
“Our commitment to supporting businesses is unrelenting. Through strategic partnerships and platforms such as the Nigeria Business Summit Regional Tour, we are connecting entrepreneurs to the knowledge, networks and financial solutions needed to scale their businesses and compete more effectively in today’s evolving marketplace.”
The summit also highlighted Stanbic IBTC’s focus on providing businesses with access to the capital, insights and connections needed to achieve sustainable growth. This commitment aligns with the strategic direction of the bank’s Enterprise Banking business, led by Olajumoke Bello, as Stanbic IBTC continues to deepen engagement with MSMEs and growth-focused businesses across Nigeria.
The Onitsha engagement builds on successful editions of the Nigeria Business Summit Regional Tour previously held in Katsina, Aba and Ibadan. Through the initiative, Stanbic IBTC continues to work with public and private sector stakeholders to equip entrepreneurs with practical insights, strategic partnerships and business solutions that support sustainable growth.
By Aduragbemi Omiyale
The board of Presco Plc has proposed the payment of an interim dividend of N10 per share to shareholders of the organisation for the first six months of this year.
This information was conveyed in the unaudited financial statements of the company released to the Nigerian Exchange (NGX) Limited.
In the results for the half-year ended June 30, 2026, the fully integrated agro-industrial firm said the cash reward reinforces its commitment to delivering consistent shareholder returns.
It further assured that looking ahead, it remains focused on disciplined capital allocation, operational efficiency and long-term value creation while navigating evolving market conditions.
A look at the key financial highlights of the results showed that revenue was relatively stable at about N199.0 billion in the first half of 2026 and the same period of 2025 amid a high-cost operating environment and softer crude palm oil prices.
However, the pre-tax profit rose by 9.3 per cent to N122.2 billion from N119.9 billion as result of a 31.9 per cent reduction in financing costs.
Further, the Edo State-based company posted an EBITDA of N123.1 billion, which yielded a margin of 61.9 per cent, as the organisation strengthened its balance sheet, reducing total liabilities by 42.5 per cent to N277.8 billion, while equity grew 13.8 per cent to N503.6 billion, with a current ratio of 345.6 per cent, which underscores robust liquidity.
“Our H1 2026 performance underscores the strength of our operational model in a challenging environment. The 9.3 per cent growth in profit before tax, driven largely by a 31.9 per cent reduction in financing costs, reflects our deliberate focus on cost optimisation and balance sheet discipline.
“With equity up 13.8 per cent and liabilities down by 42.5 per cent, we have further fortified our financial foundation.
“The proposed interim dividend of N10 per share signals our confidence in the business’s trajectory and our commitment to rewarding shareholders,” the chief executive of Presco, Mr Reji George, stated.
