The federal government has dismissed reports that it plans to introduce new taxes on telecommunications services and petroleum products. It dismissed the claim in a statement on Tuesday by Maryann Duke, Senior Special Assistant on Communications and Press Affairs to the Minister of Finance and Coordinating Minister of the Economy, describing it as inaccurate and inconsistent with its position. It said recent media reports and public commentary had wrongly suggested that the country had adopted, or was planning to adopt, new taxes following the publication of the International Monetary Fund (IMF) Article IV Consultation Report on Nigeria. "The claims are inaccurate and do not reflect the position of the government," it stated, stressing that it is "not considering the introduction of any new taxes on telecommunications services or petroleum products." The finance ministry noted that the IMF Article IV Consultation Report contains the Fund's assessments and policy recommendations for consideration by member countries but should not be interpreted as government policy. "Such recommendations do not constitute decisions of the government of Nigeria, nor are they binding on the government," it said. READ ALSO: CBN Rolls Out NOFR to Reset Nigeria’s Money Market Benchmark Explainer: 17 New CBN Banking Rules Every Customer Should Know IMF Cuts Nigeria’s 2026 Growth Outlook to 4.1% on Middle East War Shock IMF’s Stablecoin Warning Misses Nigeria’s Real Crisis The ministry pointed out that government policies are introduced through established constitutional, legislative and institutional processes, taking into account national priorities and prevailing economic conditions. Regarding petroleum …
Economy
The Federal Government has reaffirmed its commitment to tackling Nigeria’s infrastructure challenges through bold, transparent partnerships with the private sector. President Bola Ahmed Tinubu, represented by Vice President Kashim Shettima, made the call while declaring open the 2025 Nigeria Public Private Partnership (PPP) Summit in Abuja. Organised by the Infrastructure Concession Regulatory Commission (ICRC), the …
By Esther Osansanya The Federal Government of Nigeria has called on African nations to harness the collective power of their sovereign wealth funds (SWFs) to drive transformative development, deepen regional integration and accelerate sustainable infrastructure delivery across the continent. Vice President Kashim Shettima made the call at the official opening of the 2025 Africa Sovereign …
By Esther Ososanya The Secretary General of the African Continental Free Trade Area (AfCFTA), Wamkele Mene, has called for urgent action to unlock the power of digital trade across the continent. Speaking at a side event during the 32nd Afreximbank Annual Meetings in Abuja, Mene described digital trade as one of the most promising tools …
The Securities and Exchange Commission (SEC) has declared the rising wave of Ponzi schemes in Nigeria a national emergency, warning that the proliferation of unregulated investment platforms is not only wiping out life savings but threatening the country’s economic and social stability. “Ponzi schemes have become a dangerous epidemic,” says Dr Emomotimi Agama, Director-General of …
As Ponzi schemes evolve in Nigeria, many are no longer led by faceless scammers. Instead, they now wear the familiar faces of celebrities, social media influencers, and online content creators. From actors to comedians and even musicians, these public figures are lending legitimacy to illegal investment platforms, often unknowingly, but sometimes for a fee. When …
D
Daily Bulletin Newsletter
Expert picks and exclusive
deals, in your inbox.