The Nigeria Revenue Service (NRS), in collaboration with the Joint Revenue Board (JRB), has unveiled a new Taxpayer Identification (Tax ID) system that will serve as a single tax identity for all taxable persons in the country. The initiative, announced in a public notice issued on Monday, is in line with Sections 6, 7, and 8 of the Nigeria Tax Administration Act (NTAA) 2025, which require every taxable person in Nigeria to obtain a Tax ID. According to the NRS, the new system is designed to strengthen tax administration, improve transparency, and enhance service delivery across the nation’s tax ecosystem.…
Author: Abdoulaye Kay
A former Governor of Anambra State, Peter Obi, has expressed concern over Nigeria’s plan to spend about $11.6 billion on debt servicing in 2026, warning that the growing debt burden could undermine investment in critical sectors and worsen economic vulnerability. Obi, who questioned the government’s fiscal priorities and the sustainability of the country’s rising debt profile on his X account on Monday, was reacting to comments by President Bola Tinubu at the recent Africa Forward Summit in Nairobi, co-hosted by Emmanuel Macron and William Ruto, where the President disclosed that Nigeria could spend about $11.6 billion on debt servicing in…
Nigeria’s fixed-income market delivered some of the highest sovereign yields in recent years in the first quarter of 2026 before the Central Bank of Nigeria’s (CBN) easing cycle began pushing returns lower across the curve. Data from the CBN and DMO showed that January marked the peak of the yield cycle, February triggered a sharp repricing, while March reflected stabilisation at lower levels. The rally was driven by heavy government borrowing to finance a record N23.85 trillion fiscal deficit and tight liquidity conditions aimed at controlling inflation. The 364-day Treasury bill delivered the quarter’s highest return at 18.47% in the…
The Centre for the Promotion of Private Enterprise (CPPE) has cautioned the Central Bank of Nigeria (CBN) against further increases in interest rates, warning that additional monetary tightening could weaken economic recovery and worsen pressure on businesses and households. The economic policy advocacy group issued the warning ahead of the CBN’s 305th Monetary Policy Committee (MPC) meeting, where policymakers are expected to review inflation trends, exchange rate stability, and broader macroeconomic conditions. In a statement released on Sunday, CPPE Chief Executive Officer, Muda Yusuf, said Nigeria’s economic environment remains too fragile to absorb further tightening measures. According to the organisation,…
The naira weakened marginally at the official foreign exchange market on Friday, closing at N1,372/$ as investors adopted cautious positions ahead of next week’s Monetary Policy Committee (MPC) meeting of the Central Bank of Nigeria (CBN). Data published on the CBN website showed the local currency depreciated by N8 week-on-week, compared to last Friday’s closing rate of N1,364/$. Despite the decline, the naira traded within a relatively narrow range throughout the week, indicating reduced volatility in the foreign exchange market compared to earlier periods marked by sharp swings. A review of trading activities showed the naira exchanged at N1,371/$ on…
The Central Bank of Nigeria (CBN) has revised its Personal Travel Allowance (PTA) and Business Travel Allowance (BTA) policy, allowing 25 per cent of approved foreign exchange requests to be paid in cash, while the remaining 75 per cent will continue to be processed electronically. The policy shift was unveiled on Friday during the launch of the 4th Edition of the Foreign Exchange (FX) Manual in Abuja. Under the previous framework introduced in 2024, all PTA and BTA transactions were restricted to electronic channels such as debit and credit cards in a bid to improve transparency and curb foreign exchange…
The Central Bank of Nigeria (CBN) unveiled the fourth edition of its Foreign Exchange Manual on Friday, a move the bank says will bolster transparency, consistency, and efficiency in the country’s foreign exchange market. Governor Olayemi Cardoso announced that the revised manual, which takes effect on June 1, 2026, has been updated to align with international best practices as part of a broader drive to modernise FX administration and reinforce market confidence. The CBN stated that the changes are aimed at strengthening Nigeria’s macroeconomic foundations by enhancing the governance and monitoring of foreign exchange transactions. Developed through extensive consultations with…
Chief of Staff to President Bola Tinubu, Femi Gbajabiamila, has revealed that he nearly lost his position during the crisis that rocked the Lagos State House of Assembly over the removal of former Speaker, Mudashiru Obasa. Gbajabiamila disclosed while addressing members of the All Progressives Congress (APC) in Lagos, where he spoke about the political controversy involving Surulere lawmaker, Desmond Elliot. According to him, President Bola Tinubu summoned him to his residence in Abuja during the height of the Assembly leadership crisis and questioned him over allegations that Elliot was among lawmakers allegedly fueling instability in the Lagos Assembly. ALSO…
The Nigerian naira strengthened against the British pound in the first half of May, appreciating to about N1,853/£1 as political uncertainty in the United Kingdom weighed heavily on sterling. Data from the Central Bank of Nigeria (CBN) showed the naira traded around N1,853/£1 on Thursday, improving from N1,882.9/£1 recorded on Monday in the official foreign exchange market. The recovery comes as the British pound slipped to monthly lows following mounting pressure on UK Prime Minister Keir Starmer after fresh cracks emerged within the ruling Labour Party. The latest political tension intensified after Manchester Mayor Andy Burnham reportedly positioned himself as…
A Professor of Statistics at the Federal University of Technology Akure (FUTA), Professor Abayomi Akomolafe, has said that the intentional application of modern statistical techniques, predictive analysis and probability modelling can help Nigeria address growing challenges in healthcare, banking, the economy and public service delivery. Akomolafe stated this while delivering the institution’s 198th inaugural lecture titled “Clay in the Hand of the Potter: The Mystery of Probability Modelling in Statistics,” held on Tuesday at the Obafemi Awolowo Auditorium of the university. The professor noted that many of Nigeria’s persistent challenges, including disease outbreaks, inflation, unstable markets, poor economic planning and…