The Nation Newspaper

Category: Business

Sterling Bank, Thunes partner on cross-border payments

Thunes has announced a landmark collaboration with Sterling Bank, one of Nigeria’s leading full-service commercial banks, to drive easy-access cross-border payments for Nigerians in the diaspora. This alliance ultimately ushers in a new standard for cross-border payments, empowering Nigerians abroad with a quicker and simpler method of sending funds home.

With an estimated 17 million Nigerians living and working abroad, demand for fast, transparent and dependable financial connections to home has never been greater.

By leveraging Thunes’ Direct Global Network, Sterling Bank is rolling out this enhanced capability across multiple European markets, giving customers abroad a more consistent way to support their families and manage finances.

Thunes is a smart superhighway highway to move money around the world.

This alliance means that new and existing Sterling Bank account holders can now enjoy seamless, instant payments across borders.

Recent research released by Thunes revealed that for nearly half (46%) of diaspora consumers across Europe, sending money home is a regular and essential financial activity, comparable to paying rent or utilities.

READ ALSO: Still on Anthony Joshua’s car accident

Speaking on the development, SVP, Sales – Africa at Thunes, Daniel Parreira, said: “Welcoming Sterling Bank to our Direct Global Network marks another significant milestone in our expansion across Africa, and the trust in our infrastructure across the continent. Together, we’re enabling a new level of convenience, speed, and confidence for customers managing finances across borders. This alliance demonstrates our ongoing dedication to making global money movement instant, transparent and accessible for all.”

Head, Switch & Remittances at Sterling Bank, Ayodeji Saba, said the partnership reflects the bank’s commitment to easing cross-border payment.

“This partnership reflects Sterling Bank’s deep commitment to making it easier for Nigerians abroad to send money home. With Thunes’ trusted technology, we’re giving our customers a faster, more reliable, and more affordable way to fund their Sterling Bank accounts from their foreign bank accounts. It’s a major step forward in improving the experience for our diaspora community,” Saba said.

This collaboration reflects the shared commitment of Thunes and Sterling Bank to financial inclusion, and community empowerment, helping people improves financial oversight while spending more effectively. It also supports Thunes’ mission to onboard the next billion end users in emerging markets into the global economy.

January 7, 2026
NIMASA threatens vessel detention violators of 30-day compliance ultimatum

The Nigerian Maritime Administration and Safety Agency (NIMASA) has issued a 30-day ultimatum to vessels, shipping companies, and offshore operators in the country’s waters, warning that failure to comply with maritime laws by February 4, 2026, will attract vessel detention, monetary fines, and denial of port clearance.

The enforcement campaign, “Operation Zero Tolerance for Non-Compliance,” begins January 5, 2026, and targets non-compliance across vessel registration, cabotage provisions, statutory certifications, and timely payment of levies, signaling a decisive regulatory crackdown across Nigeria’s maritime domain.

According to a statement issued by NIMASA’s Head of Public Relations, Osagie Edward, said: “The directive was issued through a Marine Notice, pursuant to the Agency’s statutory mandate under the NIMASA Act 2007, the Coastal and Inland Shipping (Cabotage) Act 2003, the Merchant Shipping Act 2007, and other applicable regulations.”

The compliance drive covers a wide range of stakeholders, including ship and vessel owners, operators, managers, shipping companies, shipping agents, charterers, masters and officers of merchant vessels, international and national oil companies, offshore installation operators, and Free Trade Zone (FTZ) vessel operators, among others, whether currently operating or intending to operate in Nigerian waters.

READ ALSO: Reading Nigeria’s governance signals

Key areas of focus include proper vessel registration, validity of statutory certificates, accuracy of ownership documentation, and strict adherence to cabotage requirements, including vessel ownership, registration, manning, and local build obligations. The agency also emphasised the need for timely payment and remittance of all statutory levies and fees as prescribed by law.

As part of the operational rollout, NIMASA will conduct random and targeted vessel inspections, cross-check documentation against internal databases, and carry out physical and documentary compliance assessments at ports, terminals, and offshore locations. Operators may be required at any point to present proof of payment for all applicable levies and charges.

“To allow stakeholders the opportunity to regularise their operations, NIMASA has granted a thirty-day window from January 5, 2026, for a self-audit and voluntary compliance,” the agency said.

The agency warned that failure to comply after the grace period will trigger enforcement measures, including vessel detention, monetary penalties, withdrawal of waivers or operational licences, and denial of port clearance until full compliance is achieved.

NIMASA’s Director-General, Dr. Dayo Mobereola, said the operation aligns with the agency’s broader mandate to strengthen indigenous shipping capacity, improve maritime safety and security, protect the marine environment, and ensure sustainable use of Nigeria’s maritime resources.

“We therefore urge all stakeholders to do their part so that together, we can build on the gains of previous regulatory achievements, which is enhanced safety, a secure maritime environment and sustainable utilisation of our marine resources,” Mobereola added.

The enforcement drive is expected to reshape compliance behaviour across Nigeria’s shipping and offshore sectors, with implications for operational costs, vessel readiness, and regulatory risk management in the months ahead.

January 7, 2026
PwC urges review of companies payroll to align with new tax laws

Companies have been advised to update their payroll to align with the new tax policy and rates.

Partner, Tax Reporting & Strategy at PwC, Kenneth Erikume, who spoke yesterday at the FirstBank Nigeria Economic Outlook 2026 held in Lagos, said companies can also automate their tax processes to avoid errors that could lead to sanctions by tax authorities.

He spoke on the theme: ‘The Great Calibration: Mastering Resilience in an Era of Asynchronous Growth.’

Erikume advised corportate bodies to obtain the final version of the tax law passed and certified by the National Assembly to avoid risks of working with wrong version and risking sanctions associated with it.

He said working on the wrong version of the tax law could attract consequences for companies.

The keynote speaker, Group Chief Economist & Managing Director of Research & Trade Intelligence, Afrexim Bank, Yemi Kale, said falling inflation numbers, gradual monetary easing, improved external reserves and managed FX flexibility are indicators of macroeconomic stabilization.

He also listed infrastructure gaps, energy constraints, skills mismatch and security and governance risks as indicators of structural challenges in the economy.

READ ALSO: Still on Anthony Joshua’s car accident

He advised economic managers to find ways to unlock long-term domestic capital, that would translate growth to jobs.

He said that naira devaluation will not go away soon, adding that devaluation in naira happens every five to six years.

He advised companies to hedge against naira devaluation through market diversification.

Head, Treasury Sales & Derivatives Marketing, FirstBank, Ayokunle Ojo, spoke on the need for companies to build strong cashflows that will make their operations resilient.

He also spoke on the need for compliance and also find ways to navigate the uncertainty in today’s energy world.

Also speaking, Managing Partner, Verrak, Niyi Yusuf, said companies should focus on their core competent areas, and provide quality services to sustain their market control.

Head, Equities and Alternative Solutions, First Asset Management, Laura Fisayo-Kolawole, said the domestic economy is currently benefiting from disinflation, which makes the investment climate profitable to investors.

CEO FirstBank Group, Olusegun Alebiosu, this year’s theme, “The Great Recalibration: Mastering Resilience in an Era of Asynchronous Growth,” speaks directly to the moment we are in. Global growth is uneven. Markets are recalibrating.

“Capital is more selective. Yet, history shows that nations and institutions that adapt early, think long-term and build resilience deliberately, do not merely survive periods like this, they emerge stronger,” he said.

According to him, Nigeria’s recent experience reinforces this truth. Despite macroeconomic pressures—currency adjustments, inflationary cycles, shifting trade dynamics and global uncertainty—our economy continues to demonstrate resilience. Across sectors, we have seen innovation, enterprise and reform take root. These are not signs of fragility; they are signals of an economy repositioning itself.

“At FirstBank, resilience is not a slogan, it is a legacy spanning over 131 years. We have navigated cycles, supported businesses through transitions, financed ambition and stood as a stable partner to individuals, enterprises and government alike. Today, we remain deeply committed to being the institution of choice—trusted, capital-strong, digitally enabled and positioned to partner Nigeria’s next phase of growth,” he said.

January 7, 2026
NESG: Mixed picture on business confidence

Nigeria’s business environment extended its expansion streak into a twelfth consecutive month in December 2025, although rising uncertainty and mounting structural constraints softened the pace of growth, according to the latest Business Confidence Monitor released by the Nigerian Economic Summit Group (NESG).

The report, titled “Rising Uncertainty Dampens Nigeria’s Current Business Conditions,” showed that the Current Business Performance Index moderated to 112.0 points in December from 113.3 points in November, but remained firmly above the expansion threshold and stood 11.2 points higher than its level a year earlier.

NESG said the outcome confirmed that “Nigeria’s business environment sustained its 12-month consecutive expansion streak, although the Current Business Performance Index moderated slightly in December 2025.”

Despite the expansion, the group said businesses faced what the report described as “binding constraints,” including limited access to finance, inadequate power supply, policy uncertainty, high rental costs and persistent exchange-rate pressures.

READ ALSO: Reading Nigeria’s governance signals

These factors, NESG noted, combined to dampen confidence and slow activity across several sectors even as overall performance stayed positive.

Agriculture ,it noted ,emerged as the standout performer, with its business performance index rising sharply by 9.6 points to 112.9, driven by seasonal sales and stronger activity in crop production, livestock and agro-allied segments. The report observed that the rebound reflected “heightened business activities within key food-producing segments and underscores the high seasonal demand for agricultural output in this period of the year.”

According to it, manufacturing also recorded a modest improvement, climbing to 117.9 points, supported by food and beverages, textiles, plastics, paper products and electricals. However, NESG cautioned that manufacturers continued to grapple with “inadequate electricity supply, persistent insecurity, shortages of raw materials, rising input prices, and weakening sales,” challenges that were eroding margins and constraining investment.

By contrast, Trade, Services and Non-Manufacturing sectors all saw slower momentum compared with November. Trade remained the most upbeat in absolute terms at 123.8 points, but the index eased as “weak consumer demand and cautious spending dampened business performance during the month,” despite seasonal sales.

Services slipped for a second straight month to 104.3 points, reflecting weaker activity in broadcasting, real estate and professional services, while Non-Manufacturing moderated to 110.2 points amid lingering structural bottlenecks.

Key sub-indices such as production, demand conditions, supply orders, access to credit and cash flow all recorded moderate declines, pointing to what NESG described as “a more cautious business stance and subdued consumer demand.” At the same time, the cost of doing business climbed sharply to 61.6 points from 54.3 in November, underscoring the pressure from rising operating expenses.

Looking ahead, it indicated that optimism about near-term conditions remained intact but softened.

The Future Business Expectation Index dipped to 132.6 points from 134.8, still above its December 2024 level.

NESG said the outlook reflected “uncertainty around anticipated policy reforms, a less supportive operating climate, and negative spillovers from electoral developments,” even as higher production levels and improved supply orders offered some offset.

According to it,trade recorded the highest future optimism, followed by manufacturing, while services posted the weakest expectations.

Overall, the report concluded that cautious optimism persists, supported by seasonal activity, relative exchange-rate stability and infrastructure investment, but warned that sustaining momentum would depend on tackling long-standing constraints that continue to weigh on the business climate.

January 7, 2026
DisCos raked in N570b in Q3, install 228,614 meters

Electricity Distribution companies (DisCos) in the country collected a total of N570.25 billion as revenue in the third quarter of 2025, the Nigerian Electricity Regulatory Commission (NERC) has revealed. The amount is a reflection of improved revenue performance across the power sector nationwide in the reporting period.

According to NERC, the amount was collected from N706.61 billion billed to customers, indicating substantial recovery of revenues owed by electricity consumers nationwide during the quarter under existing tariff and billing frameworks.

The commission disclosed this in its third quarter report released yesterday; the report contained official data on revenue collection, billing efficiency and performance trends among electricity distribution companies nationwide during period.

According to the report, the 80.70 per cent collection efficiency recorded in Q3 2025 represents an improvement over Q2 of the same year when DisCos achieved lower revenue recovery levels across the electricity market.

NERC said DisCos collected N564.71 billion in quarter two from N742.34 billion billed, translating to 76.07 per cent efficiency and a 4.63 percentage point increase by quarter three across the reporting cycle.

Ikeja DisCo led the pack in terms of collection efficiency at 100 per cent, while Eko, Benin and Abuja DisCos exceeded 80 per cent, with Kaduna DisCo recording the lowest at 45.67 per cent nationwide according report.

READ ALSO: Still on Anthony Joshua’s car accident

In similar vein, the report also indicated that the DisCos installed 228,614 meters in the same period under review. The figure, the report further said, represented an increase of 0.73 per cent compared to the 226,959 meters installed in the Q2 of 2025.

According to the report, during the quarter under review, 176,302 meters representing 77.12 per cent of the total installations were achieved under the Meter Assert Provider (MAP) framework.

It also said that 44,104 meters representing 25.01 per cent of the installation were installed under the Vendor Financed framework while 7,902 meters representing 3.46 per cent were installed under the Distribution Sector Recovery Programme.

The report further said that 175 meters representing 0.08 per cent were installed under the Meter Acquisition Fund (MAF) framework and 131 meters representing 0.06 per cent were installed under the DisCo Financed framework.

“As of the end of September 2025, 6,661,564 out of the total 12,030,315 active registered customers in the Nigerian Electricity Supply industry were metered,” it said.

NERC explained that to safeguard customers against exploitation due to the lack of meters, the commission has continued to issue monthly energy caps for all feeders in each DisCo.

“This sets the maximum amount of energy that may be billed to an unmetered customer for the respective month based on gross energy received by the DisCo and consumption by metered customers on their respective feeders,” the Commission said.

January 7, 2026
Ministry lists priority sectors to drive investment this year

Year 2025 marked a defining phase in Nigeria’s economic repositioning under the Renewed Hope Agenda of President Bola Ahmed Tinubu, with the Federal Ministry of Industry, Trade and Investment (FMITI) delivering critical reforms and results that deepened industrial capacity, expanded exports, and restored investor confidence.

Guided by this national vision, FMITI said it executed a coordinated reform programme across investment attraction, trade expansion, export diversification, and institutional strengthening.

It noted that progress recorded in 2025 reflects strong collaboration across government agencies, the private sector, and development partners, translating policy intent into tangible and measurable economic outcomes.

Collectively, these results, the FMITI said, affirm that “2025 marked a decisive inflection point for Nigeria, restoring investor confidence, strengthening competitiveness, expanding exports, and laying the foundation for sustained and inclusive growth.”

The Ministry announced that building on this momentum, it is, this year, transitioning from inflection to transformation pathways, with a strong and sustained focus on execution and empirically verifiable impact to support domestic businesses to produce more and accelerate exports.

The Ministry, which made these known in its review of 2025 and outlook for the current year, titled, ‘2025: A Defining Year for Nigeria’s Industry, Trade and Investment,’ said it will continue to drive investment attraction and retention through the rollout of investor playbooks in four priority sectors.

READ ALSO: Reading Nigeria’s governance signals

FMITI, in the document released on Tuesday and made available to The Nation, listed the four priority sectors to include solid minerals industrial value chains and trade infrastructure investment, digital trade and investment, the creative economy, and climate-smart investment and green industrialisation.

Furthermore, FMITI stated that it’s investor transformation agenda is being reinforced by strengthening investor facilitation at Nigerian Investment Promotion Commission (NIPC’s) one-stop shop investor desk, customised digital investment portals and enhanced coordination across key ministries, departments, and agencies, with a whole-of-government approach to effectively achieve project delivery.

It also assured that the newly released National Industrial Policy will be effectively operationalised nationwide, translating strategy into measurable industrial outcomes.

Importantly, the Ministry’s African Continental Free Trade Area (AfCFTA) Roadshow and Export Facilitation Programme, targeted at every ward across the country, will drive coordinated export facilitation in collaboration with relevant FMITI agencies.

The agencies include Nigerian Export Promotion Council (NEPC), Small and Medium Enterprises Development Agency (SMEDAN), Bank of Industry (BOI), and Nigerian Export-Import Bank (NEXIM).

According to the document, execution will be advanced through targeted stakeholder engagements across all six geopolitical zones, convening domestic and foreign businesses and investors around priority value chains aligned with Nigeria’s industrial and trade ambitions under the AfCFTA framework.

Taken together, FMITI said these efforts underscore its commitment to building a more predictable business environment, unlocking long-term investment, accelerating job creation, and delivering shared prosperity for Nigerians everywhere.

Recalling some of the tangible and measurable economic outcomes that signposted 2025, FMITI said Nigeria recorded strong progress in export-led growth and diversification in 2025, with non-oil exports growing by 21 per cent to reach $12.8 billion in H1 2025.

It noted that the figure was nearly double the $6.5 billion target and contributed to a N12 trillion trade surplus during the same period. Overall trade value also expanded by 14 per cent, with further gains expected as trade

January 7, 2026
Fed Govt eyes satellite-to-mobile services

The draft Spectrum Roadmap for the Communications Sector for between 2025 and 2030 lays out how satellite technologies could help deliver reliable voice and data services to millions of Nigerians who live beyond the reach of conventional mobile networks.

The direction is outlined in the Commission’s draft Spectrum Roadmap for the Communications Sector covering the period stated.

The proposed approach highlights non-terrestrial networks as a complement to existing mobile infrastructure, especially in areas where terrain, insecurity, or high costs limit the deployment of base stations.

The NCC said D2D satellite technology, which allows standard mobile phones to connect directly to satellites, is gaining traction globally as a means of delivering voice and data services without reliance on ground towers.

According to the regulator, the technology could help close persistent coverage gaps in rural, riverine, and border communities that remain outside the reach of conventional networks.

It also noted that satellite-backed connectivity could improve network reliability by providing alternative links during fibre cuts, power failures, or other disruptions affecting terrestrial systems.

READ ALSO: Reading Nigeria’s governance signals

The Commission added that wider adoption of D2D services could support emergency communications, public safety operations, Internet of Things applications, and services such as smart agriculture in underserved regions.

It also pointed to potential investment opportunities through partnerships between mobile network operators and satellite companies, including more efficient use of shared spectrum resources.

Beyond D2D services, the roadmap places emphasis on Low-Earth Orbit satellites to expand broadband access to remote parts of the country.

It also proposes better utilisation of Geostationary Orbit satellites and the exploration of high-altitude platforms, such as stratospheric balloons, to support mobile backhaul and rural connectivity.

The policy signals come shortly after Airtel Africa announced an agreement with SpaceX to introduce Starlink-powered direct-to-cell services in Nigeria.

The NCC’s roadmap is expected to shape future spectrum allocation, licensing decisions, and technology adoption across the telecommunications sector.

January 7, 2026
ASSBIFI issues ultimatum on 100 sacked workers

The Association of Senior Staff of Banks, Insurance and Financial Institutions (ASSBIFI) has issued an ultimatum to the management of Unity Bank Plc, requesting the recall of over 100 staff whose appointments were allegedly terminated few days ago.

The union has given the bank until January 8, 2026 to address the matter.

Sources within the bank confirmed that the terminations were carried out on January 1, 2026, following a directive from the management, instructing the Human Resources Department to issue termination letters to the affected staff and deactivate their access to official work systems.

ASSBIFI described the action as a violation of due process, stating that it caused distress among the affected employees.

The union also recalled that the bank had previously reached an agreement with staff unions that no employee would be disengaged as a result of the merger between Unity Bank Plc and Providus Bank Plc without consultation and adherence to established procedures.

The affected employees have alleged wrongful termination, lack of consultation, and non-compliance with the Nigerian Labour Act and provisions of the merger agreement.

On January 2, 2026, ASSBIFI wrote to the Managing Director/Chief Executive Officer of bank in a letter signed by its Acting President, Nike Joseph, requesting the immediate reversal of the termination of 42 staff members already identified by the union.

The letter warned that failure to comply could result in industrial action.

READ ALSO: Reading Nigeria’s governance signals

The union also called for the withdrawal of all termination letters and requested a meeting with the bank’s management to resolve the issue amicably.

According to ASSBIFI, an ultimatum has been issued for the matter to be resolved by January 8, 2026 to avoid further action.

Commenting on the development, Comrade Basah Mohammed, a civil society practitioner and public affairs analyst, said the situation reflected challenges that often accompany corporate restructuring and mergers, where workers are sometimes adversely affected.

Mohammed asserted: “No one is pretending that mergers do not come with hard decisions. They do. But people matter, and how those decisions are taken matter even more. If there was an understanding that staff would not be disengaged without consultation, then breaking that understanding is not just a procedural issue. It is a trust issue.

“For many of these workers, this is not just a job loss on paper. It is rent, school fees, family responsibilities, and years of service suddenly reduced to a termination letter. That human cost should never be an afterthought, especially in a rescue merger that was meant to stabilise confidence, not deepen anxiety.

“This is also where regulators must be firm. Saving a bank should not mean weakening labour protections or ignoring agreed processes. Transparency, dialogue, and fairness are not luxuries. They are what keep institutions credible.

“At this point, escalation helps no one. The bank, the union, and regulators need to sit down, revisit what was agreed, and resolve this with empathy and honesty. Strong institutions are built when people feel respected, not discarded.”

As of the time of filing this report, the bank has yet to issue an official response to the union’s claims.

January 7, 2026
Pillarcraft is NRS System Integrator

The federal government has accredited Pillarcraft Cloud Solutions as a System Integrator for Nigeria’s e-Invoicing framework under the ongoing tax reform initiative.

This is designed to strengthen digital tax administration and support structured reporting by businesses.

The accreditation was granted by the Nigeria Revenue Service (NRS) in collaboration with the National Information Technology Development Agency (NITDA).

In a statement issued in Abuja, the company explained that its approval places it within the category of service providers authorised to connect corporate business systems to the NRS e-invoicing platform under the Merchant Buyer framework.

According to Pillarcraft, “In the NRS e-invoicing (Merchant Buyer) framework introduced by the Nigeria Revenue Service (formerly FIRS), a System Integrator is a licensed service provider responsible for connecting taxpayers’ business systems — such as ERP, accounting, or invoicing software — to the NRS e-invoicing platform.”

READ ALSO: Still on Anthony Joshua’s car accident

Under the framework, the System Integrator is required to ensure that invoices generated within a taxpayer’s business environment are converted into the prescribed NRS e-invoice format with all mandatory data fields, transmitted securely through licensed Access Point Providers, and returned as validated e-invoices for compliance, reporting, and audit purposes.

Pillarcraft said it developed a dedicated middleware to support this function, describing it as a technical bridge between business systems and the NRS platform.

The company likened the solution to a decoder that converts broadcast signals into a display format, noting that the technology was engineered to deliver seamless, accurate, and scalable e-invoicing integration for organisations.

As part of the accreditation milestone, the firm also announced the launch of UsawaConnect, a purpose-built B2B e-invoicing middleware designed to connect enterprise resource planning systems, accounting software, and invoicing platforms to the NRS Merchant Buyer Platform. The company disclosed that the solution is now available to the public through its dedicated portal.

Pillarcraft stated that the accreditation places it among a limited number of firms authorised to support businesses seeking structured alignment with Nigeria’s national digital tax infrastructure.

It further said the approval validates its technical competence and operational capacity to function within the e-invoicing ecosystem as a trusted integration partner for enterprises transmitting compliant electronic invoices and maintaining audit-ready records.

The firm noted that UsawaConnect™ was engineered as a secure integration layer capable of transmitting validated invoice data, maintaining structured logs for audit review, and enabling organisations to comply with e-invoicing rules without replacing their existing software tools.

It added that the platform caters to SMEs, large corporations, accounting firms, and software vendors seeking a reliable pathway to digital compliance.

Pillarcraft explained that the middleware draws from its long years of work at the intersection of tax, accounting, and technology, including experience as an implementation partner for global cloud solutions, the development of its Nigeria-focused Usawa Cloud Accounting Software, and more than two decades of professional tax practice.

Founder of Pillarcraft, Bayode Agbi, said the e-invoicing framework represents more than a technology deployment, describing it as part of a deeper shift in how businesses manage records, governance structures, and tax obligations. “E-invoicing is not just a technology project; it is a tax and business transformation,” he said.

He added that “Our accreditation as a System Integrator and the launch of UsawaConnect reflect years of practical experience working with Nigerian businesses, tax authorities, and enterprise systems. We built UsawaConnect to make compliance seamless, reliable, and scalable.”

Agbi noted that the company intends to deploy the platform to support organisations connecting to the NRS e-invoicing system, ensuring secure integration, minimal operational disruption, better audit preparedness, and the capacity to scale e-invoicing across multiple business units.

Pillarcraft added that its objective is to ensure that digital compliance functions as an efficiency driver for businesses rather than a procedural barrier, while contributing to the broader modernisation of Nigeria’s tax administration landscape.

January 7, 2026
Committee lists benefits of Tax Reform Acts 2025

The National Tax Policy Implementation Committee (NTPIC) has enumerated the benefits of the Nigerian Tax Reform Acts 2025, stating that it marks a significant turning point in the country’s pursuit of a robust and sustainable economy.

NTPIC Chairman, Joseph Tegbe, stated that the tax law is a comprehensive overhaul of the country’s fiscal architecture, aimed at creating a modern, efficient, and transparent tax system that supports economic growth, development, and prosperity for all Nigerians.

Tegbe, who is also the Director-General of the Nigeria-China Strategic Partnership (NCSP), affirmed that the new tax law is built around four key pillars: reconnecting the economy to the state, standardising and modernising fiscal administration, promoting predictability, and re-balancing the fiscal social contract.

“By broadening the tax net, simplifying rules, and improving administration, we are creating a more predictable fiscal environment that supports businesses and households,” he explained.

The NTPIC Chairman cited global best practices that informed the reforms, drawing examples from South Korea, Singapore, and Rwanda, where tax reforms have driven economic growth and development.

READ ALSO: Still on Anthony Joshua’s car accident

“These countries have shown that with the right policies, institutions, and leadership, it is possible to transform a nation’s economy and improve the lives of its citizens,” he said.

According to him, the tax reform will protect low-income earners and small businesses, with measures such as zero tax rates for those earning up to N800,000 and the expansion of zero-rated VAT items for critical sectors, including healthcare, education, and agriculture.

“By taking away the tax burden on small income earners and small businesses, the reforms aim to preserve livelihoods, encourage formal participation, and allow enterprises to grow organically. We recognise that these sectors are critical to our nation’s development, and we are committed to supporting them,” Tegbe noted.

He further pointed out that the Acts also emphasise digitalisation and technology-driven tax administration, with the introduction of e-invoicing to improve compliance, transparency, and reduce administrative burdens, a significant step towards modernising the tax system and making it more efficient.

Consequently, Tegbe emphasised that the success of the reform depends on careful implementation, necessitating ongoing engagement with stakeholders to ensure proper understanding.

The implementation of the tax Act is expected to stabilise the fiscal environment, support production, protect critical sectors, and modernise tax administration in line with global standards.

It will also enhance Nigeria’s ease of doing business, attract foreign investment, and generate employment opportunities.

“We are confident that these reforms will unlock new opportunities for businesses, investors, and entrepreneurs, and contribute to the growth and development of our economy,” the NTPIC Chairman stated.

January 7, 2026