The Nigeria Revenue Services,  NRS, has set an ambitious revenue target of ₦40.7 trillion for the 2026 fiscal year, signalling a renewed push to strengthen tax administration and expand the national revenue base amid ongoing fiscal reforms in Nigeria. The target forms part of a broader tax reform agenda to improve compliance, widen the tax net, and reduce the country’s dependence on borrowing. According to officials, the projected revenue will be driven by enhanced digital tax systems, stricter enforcement measures, and improved collaboration with other government agencies. The agency plans to intensify efforts in the following key areas: Broadening the tax base: Bringing more individuals and businesses, particularly within the informal sector, into the tax system. Digital transformation: Expanding e-filing …
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President Bola Ahmed Tinubu has approved the extension of the ban on the export of raw shea nuts for a further one year, from February 26, 2026, to February 25, 2027. The decision underscores the administration’s commitment to advancing industrial development, strengthening domestic value addition, and supporting the objectives of the Renewed Hope Agenda, said presidential spokesperson, Bayo Onanuga on Wednesday. According to him, the ban aims to deepen processing capacity within Nigeria, enhance livelihoods in shea-producing communities, and promote the growth of Nigerian exports anchored on value-added products. To further these objectives, Tinubu has authorised the two ministers of the Federal Ministry of Industry, Trade and Investment, and the Presidential Food Security Coordination Unit (PFSCU), to coordinate the implementation …
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By Ayo Kehinde Nigeria’s banking industry is entering the final stretch of its recapitalisation race, with lenders collectively raising about ₦4 trillion as they work to meet new minimum capital requirements set by the Central Bank of Nigeria (CBN). The directive, unveiled in 2024, set in motion one of the most significant capital overhauls in the sector in nearly two decades. Under the framework, banks with international licences are required to shore up their capital base to ₦500 billion, national banks to ₦200 billion, and regional banks to ₦50 billion thresholds, to strengthen the financial system amid rising inflation, currency volatility, and expanding credit needs. Since the announcement, the capital market has witnessed a steady stream of rights issues, public …
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