Business
FG’s N75bn loan facilities to Manufacturers ready – Minister ▪︎Disburse Thru BoI – MAN

President Bola Tinubu’s N75 billion loan facilities to manufacturers is now ready for disbursement.
Also the N75 billion to Micro, Small and Medium-sized Enterprises, MSMEs, across various sectors of the economy
The Minister of Industry, Trade and Investment, Dr. Doris Uzoka-Anite, announced this, in a press statement made available to media houses, weekend.
The statement reads: “In the Presidential Conditional Grant Programme, the Federal Government will disburse a grant sum of N50,000.00 to nano businesses across the 774 local government areas in the country.
Also, for the Presidential Palliative Loan Programme, it said: “The Federal Government will likewise disburse N75 billion to Micro, Small and Medium-sized Enterprises, MSMEs, across various sectors and N75 billion specifically to Manufacturers.
“The loan shall be administered to the beneficiaries at a single-digit interest rate of 9 percent per annum.
“While MSMEs can access loan facilities up to N1 million with a repayment period of three years, manufacturers can access up to N1 billion to access financing for working capital with a repayment period of 1 year for working capital or five years for the purchase of machinery and equipment.
“MSMEs and manufacturers can apply for the loans by submitting their application on the portal provided for the programme.
The facility would be accessed through their banks, and applicants would be required to meet the risk assessment criteria of their respective banks.”
Earlier, Segun Ajayi-Kadir, Director-General of the Manufacturers Association of Nigeria ( MAN), said that it is very important and critical that the vehicles for the delivery of these loans should be carefully selected and the implementation diligently monitored.
“The Bank of Industry (BoI) has shown excellent performance as an appropriate transaction structure for such facilities, ” he said.
President Tinubu, in a nationwide broadcast on July 31, had promised to strengthen the manufacturing sector by providing N75 billion to 75 manufacturers between July and March next year.
The loan is expected to cushion the impact of the fuel subsidy regime and exchange rate unification on the manufacturing sector.
In his speech, the President said, “To strengthen the manufacturing sector, increase its capacity to expand and create good paying jobs, we will spend N75 billion between July 2023 and March 2024.
Business
NRS Chair: New tax laws won’t be implemented until January
According to Adedeji, the Federal Inland Revenue Service, FIRS by the signing of the bills into Law is now the Nigeria Revenue Service (NRS), explaining that the new law now defines the NRS’s expanded mandates…

•President Bola Tinubu shake hands with NRS Chairman, Zach Adedeji.
The Chairman of the Nigeria Revenue Service (formerly FIRS), Zach Adedeji, has disclosed that the implementation of the newly signed four tax fiscal reform laws will commence by January 1st, 2026.
Adedeji told State House correspondents shortly after the President signed the bills into law, the previous day.
Adedeji said that the modalities will be put in place ahead of the implementation.
Adedeji further explained that the six-month period between the enactment of the new fiscal laws is designed to give ample time to those saddled with the implementation to carefully prepare and ensure that all Nigerians are adequately sensitised.
According to Adedeji, the Federal Inland Revenue Service, FIRS by the signing of the bills into Law is now the Nigeria Revenue Service (NRS), explaining that the new law now defines the NRS’s expanded mandate, including non-tax revenue collection, and lays out transparency, accountability, and efficiency mechanisms.
Business
President Tinubu List Economic Expectations from New Tax Laws
On his verified X handle @officialABAT, the President had said that the new tax laws form the groundwork for the Nigeria of tomorrow, focused on unlocking opportunities for all.

President Bola Tinubu said today that the four tax reforms bills he signed into law reflect his administration’s resolve to create a modern, transparent, and efficient tax system capable of supporting national development, promoting investment, and reducing the burden of multiple taxation on citizens.
President Tinubu explained that the laws would be unifying Nigeria’s fragmented tax system, remove redundant overlaps, boost investor confidence, enhance transparency, and promote coordinated efforts across all levels.
He also described the legislation as a clear departure from previous policies, emphasising that the reforms are designed to ease the burden on working families, small businesses, and low-income earners while eliminating inefficiencies that have long plagued Nigeria’s fiscal structure.
On his verified X handle @officialABAT, the President had said that the new tax laws form the groundwork for the Nigeria of tomorrow, focused on unlocking opportunities for all.
“We are also building a framework for the Nigeria of tomorrow-leaner, fairer and laser focused on unlocking opportunities for all,” he said.
He added : ” These reforms go beyond streamlining tax codes. They deliver the first major, pro-people tax cuts in a generation, targeted relief for low-income earners, small businesses, and families working hard to make ends meet.
Designed to overhaul Nigeria’s fiscal and revenue administration framework, the laws which have been described as a major leap in the nation’s economic reform drive.
“For too long, our tax system has been a patchwork-complex, inequitable, and burdensome. It has weighed down the vulnerable and shielded inefficiency. That era ends today.”
Business
Tinubu signs four Tax Reform Bills to law today
The bills were recently passed by the National Assembly following extensive stakeholders consultations and technical reviews.

President Bola Ahmed Tinubu will today (Thursday) sign into law four tax reform bills set to overhaul Nigeria’s fiscal landscape, streamline tax administration, and boost investor confidence.
The ceremonial signing is scheduled to take place at the State House, Abuja.
In a statement , Bayo Onanuga, Special Adviser to the President on Information and Strategy, said that the four bills are : the Nigeria Tax Bill, Nigeria Tax Administration Bill, Nigeria Revenue Service (Establishment) Bill, and the Joint Revenue Board (Establishment) Bill
The bills were recently passed by the National Assembly following extensive stakeholders consultations and technical reviews.
-
Crime3 days ago
JUST IN: Russia attacks Ukraine, kill 11
-
Business3 days ago
JUST IN: MultiChoice Nigeria CEO Faces Arraignment by FCCPC for Obstructing Probe
-
Politics3 days ago
JUST IN: PDP in closed-door meeting with INEC officials in Abuja
-
Politics2 days ago
2027 Election: INEC refuses to approve Jegas’ PRP Party (Full list of Applicants)
-
Sports2 days ago
Super Eagles Goalkeeper, Maduka Okoye, to Establish Football Academy in Enugu
-
Politics2 days ago
PDP Postpone 100th NEC Meeting, Reinstates Anyawu National Secretary
-
Business2 days ago
MultiChoice reduces prices for DStv subscribers by 50%
-
News1 day ago
Mokwa flood victims get N1m each, Shop Owners N500k