Business
Firm Hails Tinubu Over DICON Act Signing
….Says Nigeria Capable of Attaining Self-Sufficiency in Military Hardware
A Nigerian firm, DICON Gray Insignia, has commended President Bola Tinubu for signing the amended Defence Industries Corporation of Nigeria (DICON) Act, which allows for the local manufacturing and storage of military hardware.
The firm also praised the Ministry of Defence, the Defence Industries Corporation of Nigeria (DICON), and other relevant government agencies in the security and defense sector for their efforts to develop the local market for security equipment manufacturing and reduce dependence on imported military hardware, which comes at a huge cost.
In a statement over the weekend, the MD/CEO of DICON Gray Insignia, Mr. Bem Ibrahim Garba, said President Tinubu has demonstrated bold leadership by ensuring that the vast foreign exchange spent on importing weapons is redirected toward initiatives that enhance the livelihood of Nigerians.
He stated that DICON Gray Insignia is ready to offer its technical expertise to ensure that, as the giant of Africa, Nigeria no longer remains at the mercy of countries that profit from exporting weapons to the highest bidders.
Garba described the amendment of the DICON Act by the National Assembly and its signing by President Tinubu as a game changer that will have significant security and economic benefits for the country.
Highlighting the far-reaching impact of the Act, he emphasized that local manufacturing of defense equipment will strengthen the naira, as transactions will be conducted in local currency rather than in foreign exchange.
Furthermore, he noted that the usual delays in military procurement—where orders can take up to a year before delivery—will be eliminated.
He stated: “This is a huge win for our country. We will no longer need to export massive amounts of foreign exchange to international markets, nor will we have to endure long waiting periods to supply our military and security forces.
The order and delivery gap will now be closed.”
“Our young people will be exposed to new technical skills, empowering them with meaningful employment opportunities and reducing pressure on the labor market.
Training them to manufacture these tools is in the best interest of our nation.
”Garba also expressed profound gratitude to the Honourable Minister of Defence, Alhaji Abubakar Badaru; the Minister of State for Defence, Bello Matawalle; and the Permanent Secretary of the Ministry for their visionary leadership in prioritizing Nigeria’s defense capabilities.
He further highlighted that local manufacturing will not only serve Nigeria but also benefit neighboring West African countries, many of which rely on imported military hardware to combat insecurity.
Experts have applauded the DICON Gray Insignia partnership, viewing it as a strategic shift in Nigeria’s defense procurement policy—one that prioritizes technology transfer and local production over foreign dependency.
President Tinubu’s administration has made local manufacturing of defense equipment a key policy focus, leveraging strategic collaborations with both foreign and local partners through DICON as the central platform.
Business
FG Releases Tax Act 2025 Transition Guidelines
The Guidelines are intended to promote uniform implementation and support effective administration across the Nigeria Revenue Service, State Internal Revenue Services, the FCT Internal Revenue Service, Local Government Revenue Committees, tax practitioners and taxpayers nationwide.
• Minister of Finance and Coordinating Minister of the Economy, Mr. Taiwo Oyedele.
The Federal Government has issued the General Guidelines for the implementation of the Tax Acts 2025, setting out the process for transition from the repealed tax laws to the new tax framework effective from January 1, 2026.
Issued by the Federal Ministry of Finance, the Guidelines provide direction to taxpayers, tax practitioners, revenue authorities and other stakeholders on how to address various issues arising from the old regime to the new framework.
Under the Guidelines, the Tax Acts 2025 comprising the Nigeria Revenue Service (Establishment) Act, the Nigeria Tax Act, the Nigeria Tax Administration Act, and the Joint Revenue Board (Establishment) Act apply from the respective commencement dates as enacted in each law. In particular, January 1, 2026 for the Nigeria Tax Act, 2025.
Tax liabilities, assessments, audits, investigations, disputes and enforcement actions relating to periods before that date will be treated under the repealed tax laws.
Tax returns relating to accounting periods ending before January 1, 2026, will be filed under the previous tax laws, while returns falling due from January 1, 2026, onward will be administered under the new tax framework.
The document also covers the treatment of income taxes, transaction taxes, development levies, tax incentives, exemptions, record-keeping obligations and transactions that span both the old and new tax regimes.
Existing tax incentives and exemptions granted under the repealed laws will remain in place until their expiration dates. New applications and pending requests, however, will be considered under the provisions of the Tax Acts 2025.
Speaking on the release of the Guidelines, the Honourable Minister of Finance and Coordinating Minister of the Economy, Mr. Taiwo Oyedele, said that the document provides a framework for managing transitional issues while ensuring that the new laws are not applied retrospectively.
He described the Tax Acts 2025 as a significant milestone in Nigeria’s tax reform programme, noting that the Guidelines set out how existing obligations, ongoing matters and future transactions will be treated under the new regime.
According to the Minister, the Guidelines are anchored on three key principles – clarity, fairness and administrative certainty.
The Guidelines are intended to promote uniform implementation and support effective administration across the Nigeria Revenue Service, State Internal Revenue Services, the FCT Internal Revenue Service, Local Government Revenue Committees, tax practitioners and taxpayers nationwide.
The Government reaffirmed its commitment to building a transparent, efficient and modern tax system that supports economic growth, strengthens revenue administration, encourages voluntary compliance and improves Nigeria’s investment climate.
Business
Naira Exchange Rates To Foreign currencies Thursday, June 18
Black Market
US DOLLAR (USD) Buy ₦1, 400 Sell ₦1,405
GREAT BRITISH POUND (GBP) Buy ₦1,865 Sell: ₦1,885
Official CBN Exchange Rates
US DOLLAR (USD) ₦1,360. 07
GREAT BRITISH POUND (GBP) ₦1,824.81
EURO (EUR) ₦1,577. 96
SWISS FRANC (CHF) ₦1,715. 75
JAPANESE YEN (JPN) ₦8.49
CHINESE YUAN (CNY) ₦201. 22
WEST AFRICAN CFA (XOF) ₦2.40
WEST AFRICAN UNIT ACCOUNT (WAUA) ₦1,855.08S
AUDI RIYAL (SAR) ₦362.39
SOUTH AFRICAN RAND (ZAR) ₦84.04
BLACK MARKET RATES
US DOLLAR (USD) Buy ₦1, 400 Sell ₦1,405
GREAT BRITISH POUND (GBP) Buy ₦1,865 Sell: ₦1,885
EURO (EUR) Buy ₦1, 585 Sell ₦1, 605
CANADIAN DOLLAR (CAD) Buy ₦1,030 Sell ₦1,100
SOUTH AFRICAN RAND (ZAR) Buy ₦75 Sell ₦90
UAE DIRHAM Buy ₦350 Sell ₦370
CHINESE YUAN Buy ₦180 Sell ₦200
GHANA CEDI (GHS) Buy ₦95 Sell ₦110
WEST AFRICAN CFA Buy ₦2, 380 Sell ₦2, 460
CENTRAL AFRICAN CFA Buy ₦2, 220 Sell 2,300
AUSTRALIAN DOLLAR Buy ₦800 Sell ₦900
Business
Enugu Air, airport concession to support state’s $30bn economy goal –Commissioner
“We looked at Enugu as an economic hub where tourism, hospitality, investment, and aviation can work together to drive growth.”
The Enugu State government said its new airline, Enugu Air, and the concession of the Akanu Ibiam International Airport, will support its plan of growing the state’s economy from $4.4 billion to $30 billion by 2031.
In a statement, the Secretary to the State Government, Chidiebere Onyia, outlined how the state government plans to use aviation, tourism, and agriculture to drive economic growth.
He said that the airport concession is part of a broader strategy by Governor Peter Mbah’s administration to re-position Enugu as a major economic hub in the South East.
“We looked at Enugu as an economic hub where tourism, hospitality, investment, and aviation can work together to drive growth,” he said.
Mr Onyia said that the state expects an increase in visitor traffic in the coming years and believes air transport will play an important role in supporting that growth.
He further explained that the government’s projections are linked to plans to attract tourists, investors and businesses to the state
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