Business
Edu Begs National Assembly not to Thrash Tax Bill
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.
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Business
Traders shut down Enugu ‘s Obollo-Afor market over N25,000 haulage levy
However, Chairman of ESIRS, Emmanuel Nnamani, in a letter to the traders, said the haulage levy was not paid by traders buying or selling goods in the markets, but was applicable strictly to truck drivers plying interstate routes.
All shops and markets at Obollo-Afor, Udenu Local Government Area of Enugu State were shut yesterday, as traders staged a peaceful protest against alleged selective collection of a N25,000 haulage levy in the market.
The traders, who locked their shops and took to the streets in large numbers, carried placards with various inscriptions, alleging that the Enugu State Internal Revenue Service (ESIRS) had singled out Obollo-Afor Market for the collection of N25,000 haulage fee on every truckload of goods loaded or offloaded in the market.
However, Chairman of ESIRS, Emmanuel Nnamani, in a letter to the traders, said the haulage levy was not paid by traders buying or selling goods in the markets, but was applicable strictly to truck drivers plying interstate routes.
Addressing officials of the Udenu Local Government Council at the council secretariat, where the protesters marched to present their grievances, Chairman, Obollo-Afor Market Traders Association, Charles Eze, lamented that truck operators bringing foodstuffs, building materials, and other commodities to the market had stopped coming because of the levy.
Business
Nigeria’s oil production dropped by 4% in July – NUPRC
“In the month under review, the daily peak production of crude oil and condensate was 1.78mbpd, while the lowest daily production was 1.57mbpd.”
The Nigerian Upstream Regulatory Commission (NUPRC) data has shown Nigeria’s average daily oil production fell by four percent in July, 2026.
According to the NUPRC, Nigeria produced 1.505 million barrels per day (bpd) of crude oil and 0.17 million bpd of condensate, bringing the combined daily production to 1.67 million bpd.
The commission said the country met and exceeded its Organisation of the Petroleum Exporting Countries (OPEC) quota of 1.5 million bpd for the third consecutive month.
“In the month under review, the daily peak production of crude oil and condensate was 1.78mbpd, while the lowest daily production was 1.57mbpd.”
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