Business

Edu Begs National Assembly not to Thrash Tax Bill

Published

2 years ago

December 23, 2024

637 Views

The Minister of Finance and Coordinating Minister of the Economy, Mr Wale Edun, urged the National Assembly to iron out the contending issues in the Tax Reform Bill rather than dumping it in its entirety.

Edun also disclosed that a total sum of ₦16.1 billion was disbursed to 22 manufacturing concerns from the ₦75 billion set aside by the Federal Government to stimulate real sector growth.

Mr Edun stated this, weekend in Abuja, during the Citizens and Stakeholders Engagement on the Implementation of Presidential Priorities and Ministerial Deliverables for the Fourth Quarter of 2024.

In his analyses, Edun stated that ₦3.5 billion was disbursed to 11,000 beneficiaries in five days from the Consumer Credit Scheme, which is targeting over 80 million Nigerians. In the same vein, he disclosed that 25 million people have so far been reached under the direct benefits transfer.

Edun projected that Nigeria needs to invest at least $20 billion per annum to achieve its economic targets and record a growth rate of about 6.3 percent by 2027.

Edun said, “We need significantly more growth. An additional $20 billion is the target we need for social infrastructure to facilitate logistics for agriculture.”

He highlighted that the government would rely primarily on increased revenue to meet this ambitious target and stressed the need for a robust tax revenue framework to secure the necessary funding, noting that sustainable economic growth hinges on this strategy.

He further stated that “To achieve this target and grow the economy, the government can only secure the funds from revenue.

Tax revenue needs to be increased to reach the desired levels.

“We are moving from stabilisation to accelerated growth with budget 2025 and the underlying Medium Term Expenditure Framework (MTEF) as our baseline,” he said.

Related Topics:Edun Featured National Assembly

Up Next

Jumoke Oduwole: Thriving Local Businesses Best Advertisements for FDI

Don't Miss

Gov Ododo Commissions Palace of New Etsu/Madaki in Tawari

Click to comment

Business

Naira Exchange Rates Thursday, 5 Nov 2026

Published

2 days ago

November 5, 2026

OCHEFA

133 Views

BLACK/ PARALLEL MARKET RATES

₦1400DOLLAR (USD)

₦1830POUND (GBP)

₦1515 EURO (EUR)

₦950 CANADIAN DOLLAR (CAD)

₦70 SOUTH AFRICAN RAND (ZAR)

₦350 UAE DIRHAM (AED

₦190 Chinese YUAN (CNY)

₦100 Ghanaian CEDI (GHS)

West African CFA ₦2240 (XOF)

Central African CFA ₦2180 (XAF)

₦820 Australian Dollar AUSSIE (AUD)

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.

Published

3 days ago

November 4, 2026

OCHEFA

173 Views

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.

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.