The Central Bank of Nigeria (CBN) has been indicted by the Office of the Auditor-General for the Federation (OAuGF) for failing to remit over ₦4.304 trillion to the Federation Account. According to the 2022 audit report by the OAuGF, the apex bank was listed alongside the Nigerian National Petroleum Company Limited (NNPC Ltd.), the Nigeria …
The Federal Inland Revenue Service (FIRS) has dismissed claims that Nigerians must present a separate Tax Identification Number (TIN) to open or operate bank accounts. Arabinrin Aderonke Atoyebi, technical assistant on broadcast media to the FIRS chairman, Zacch Adedeji, said Nigeria’s tax framework now integrates with existing national registries. This approach, she explained, makes individuals …
Beginning January 1, 2026, Nigerians and foreign residents will no longer be able to open or operate a bank account without a Tax Identification Number (Tax ID), following the enactment of the Nigeria Tax Administration Act, 2025, recently signed into law by President Bola Tinubu. The new Act is part of government efforts to expand …
The Debt Management Office (DMO) has corrected reports that claimed the Federal Government spent N611.71 billion in March 2025 servicing its domestic U.S. dollar bond. The agency said the actual figure for the bond was N67.99 billion. In a statement, the DMO explained that the N611.71 billion represented debt service for all outstanding Federal Government …
Nigeria has entered a new era of billionaire weddings. But instead of celebrating at home, these high-society unions are unfolding abroad, draining billions of naira out of the country. In less than three months, two major weddings, Temi Otedola’s union with Afrobeat star Mr Eazi and Davido’s marriage to Chioma Rowland, have cost a staggering …
President Bola Ahmed Tinubu says Nigeria met its 2025 revenue target as early as August and now has enough resources to run government programmes without borrowing. He described the development as proof that the economy, once shaken by turbulence, is beginning to stabilise. Tinubu made the disclosure yesterday at the Presidential Villa, Abuja, while hosting …
By Esther Ososanya Labour warns RMAFC’s proposal could worsen inequality and spark outrage The Nigeria Labour Congress (NLC) has called for the immediate publication of the current earnings of political office holders and the criteria for any planned review. The demand follows rumours of an upward adjustment by the Revenue Mobilisation Allocation and Fiscal Commission …
By Esthere Ososanya The Indigenous Contractors Association of Nigeria (AICAN) has accused the Federal Government of misrepresenting facts on outstanding liabilities and warned that prolonged payment delays are pushing its members into severe financial distress. The association said hundreds of contractors now risk losing properties and equipment to banks, microfinance institutions, and private lenders after …
By Esther Ososanya The federal government has bowed to pressure from organised labour by addressing two major demands of the Nigerian Labour Congress (NLC), barely days after the union threatened to shut down the economy with a nationwide strike. At the centre of the dispute was the controversial deduction of workers’ contributions from the Nigeria …
By Esther Ososanya Nigeria’s Minister of Finance and Coordinating Minister of the Economy, Mr Wale Edun, has praised Lotus Capital Limited for its pioneering role in developing the country’s non-interest finance sector, stressing that innovative financing and private-sector collaboration are critical to achieving inclusive economic growth. The development was disclosed in an official press statement …
