Business
Annual Loss Of N8trn To Concessions, Waivers, Unacceptable – Reps
Given the breadth and complexity of the subject matter, the Committee is conducting its work in phases. The first phase of the review focuses on four priority areas with significant fiscal and economic implications:“The Export Expansion Grant (EEG); The RT200bn FX Programme; The Pioneer Status Incentive; and Selected Oil and Gas fiscal incentives.
The House of Representatives Ad hoc Committee on the review of tax and export incentives, waivers and exemptions, has lamented the country’s annual loss of about N8 trillion to waivers and concessions.
The Chairman of the Committee, Hon. James Faleke, who bore the minds of the committee, said that available data indicated that Nigeria loses an estimated N8 trillion annually to such waivers and concessions.
“Between 2023 and 2026, the federal government projects total revenue forgone from tax incentives at ₦12.4 trillion, while the tax-to-GDP ratio remains at only 10.6%, which is among the lowest in Africa.
This is paradoxical and concerning, given the financial and fiscal challenges the nation is facing. The new tax regime has presented us with an opportunity to look inwards,” Faleke stated.
He explained that the review followed growing concerns, based on the available official data and budgetary reports that significant public revenues may have been forgone or ineffectively applied under various incentive schemes
“While these incentives were originally designed to stimulate investment, promote exports, support strategic sectors, and grow the economy, the House has resolved that it is both necessary and timely to; assess their actual economic impacts.
Determine whether they were administered transparently and in line with due process; and ensure that Government support delivers measurable value to the Nigerian economy.“
Given the breadth and complexity of the subject matter, the Committee is conducting its work in phases. The first phase of the review focuses on four priority areas with significant fiscal and economic implications:“The Export Expansion Grant (EEG); The RT200bn FX Programme; The Pioneer Status Incentive; and Selected Oil and Gas fiscal incentives,” he said.
Business
Enugu Air Begins London Gatwick flights From December 10, 2026
The Enugu State-owned airline will use an Airbus A330-200 leased from Portugal-based EuroAtlantic under an Aircraft, Crew, Maintenance and Insurance (ACMI) arrangement.
Enugu Air will begin direct flights to London Gatwick on December 10, 2026, with four services weekly.
Tickets are already available for booking.
The Enugu State-owned airline will use an Airbus A330-200 leased from Portugal-based EuroAtlantic under an Aircraft, Crew, Maintenance and Insurance (ACMI) arrangement.
The service is being delivered through a strategic partnership with Omni-Blu Aviation (OBA).
The airline said the service will improve international travel connectivity for passengers departing from Lagos, Enugu and other parts of Nigeria.
Passengers from Enugu will be able to begin their international journey to London from their home airport, Akanu Ibiam International Airport.
The four weekly flights are expected to give travellers greater flexibility between Nigeria and the United Kingdom.
Enugu Air Chief Executive Officer Captain Tolu Ita said: “The commencement of our London Gatwick service reflects our commitment to expanding international connectivity and the vision of His Excellency, Governor Peter Mbah, to connect Enugu to more opportunities across the world.”
He added: “Of particular importance is ensuring that passengers from Enugu can begin their international journey to London from their home airport, Akanu Ibiam International Airport. We are proud to make the journey from Enugu to London Gatwick a reality for our passengers.”
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Business
NNPCL wants to sell 10% equity via IPO on NGX, LSE
NNPC is expected to spend at least the whole of 2027 preparing for the proposed offering, with the listing primarily intended to strengthen corporate transparency and governance in line with Nigerian law.
The Nigerian National Petroleum Company Limited (NNPC Ltd.) is considering selling between 5% and 10% of its equity through a potential initial public offering (IPO), with the proposed listing expected to focus primarily on Nigeria’s domestic capital market.
The Group Chief Executive Officer of NNPC Ltd., Bashir Bayo Ojulari, disclosed this in an interview with Reuters on Tuesday, November 3, 2026, adding that the company could also pursue a secondary listing in London or New York.
The disclosure comes shortly after the Dangote Petroleum Refinery’s IPO closed on October 27, following a two-week extension of its subscription period from the initial October 13 deadline.
NNPC is expected to spend at least the whole of 2027 preparing for the proposed offering, with the listing primarily intended to strengthen corporate transparency and governance in line with Nigerian law.
Ojulari indicated that raising additional capital would be a secondary consideration rather than the main reason for going public.
The company is also considering listing some of its subsidiaries separately, following a model adopted by Abu Dhabi National Oil Company (ADNOC), the United Arab Emirates’ state-owned oil company.
Beyond the potential IPO, Ojulari disclosed that Chinese companies have expressed interest in acquiring equity stakes in some of NNPC’s smaller refineries, particularly the Port Harcourt and Warri facilities, which require substantial rehabilitation.
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