Business
Manufacturers Tells FG To Widen Tax Net, Not Increments On tax-burdened industries
The Manufacturers Association of Nigeria (MAN) has called on the Federal Government to focus on expanding its tax base by capturing a substantial number of taxable individuals and businesses that are not in the tax net into the fold, rather than the pursuit of tax increments on already tax-burdened industries.
The Manufacturers made the call in response to President Bola Ahmed Tinubu’s recent suspension of tax increments in the 2023 fiscal policy measures by the former President Muhammadu Buhari, during the tail end of his administration.
President Tinubu
said that the suspension was to ensure adherence to the 90 days minimum advance notice for tax changes as contained in the 2017 National Tax Policy.
Segun Ajayi-Kadir, the Director-General of MAN, conveyed the manufacturers gratitude to President Tinubu, said although the suspension is welcomed, yet it is advisable that the government focuses on expanding the tax base by developing a strategic framework that will bring a substantial number of taxable individuals and businesses rather than the pursuit of tax increments on already tax-burdened industries.
” The pursuit of tax increments on already tax-burdened industries is inimical to the growth of the manufacturing sector and not in the overall interest of the citizens who are the ultimate consumers.”
He said that while realising that the Federal Government needs funds, the tax increments policy is an additional burden too high to bear, as we were also struggling with low patronage, high borrowing cost, and huge energy costs in a highly inflationary environment.
It is therefore worthy of commendation that the President Bola Ahmed Tinubu took due and far-sighted notice and consideration of the concerns.
Manufacturers in the affected sector are pleased and we can now reconnect with our projections and plans made in the beginning of the year.
We expect that the Customs Service will now stand down the requirements for compliance with the excise escalation and the registration for the green tax.
Nigeria has recorded a significant milestone in its oil sector, surpassing its OPEC production quota by 4% and achieving its highest crude oil output in nearly six years, according to recent industry data.
The country’s average crude oil production reached approximately 1.53 million barrels per day (bpd) in the latest reported period, exceeding the Organisation of the Petroleum Exporting Countries (OPEC) allocated quota of 1.5 million bpd. This performance marks a strong recovery driven by improved pipeline security, reduced vandalism, and enhanced operational stability across key facilities in the Niger Delta.
Combined with condensates, total output climbed to around 1.7 million bpd, representing the highest level in months and underscoring Nigeria’s position as Africa’s leading oil producer. Industry reports highlight peak daily production hitting as high as 1.86 million bpd during the period, reflecting robust performance with minimal major disruptions.
This achievement ends a prolonged period of underperformance relative to the quota and signals positive momentum in the sector. Month-on-month, production increased by roughly 2.7–2.8%, building on steady gains over recent months. In crude-only terms, the figures represent one of the strongest showings since early 2025.
Stakeholders, including the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) and operators like Pipeline Infrastructure Nigeria Limited (PINL), attribute the gains to better collaboration with host communities, enhanced surveillance of critical infrastructure such as the Trans Niger Pipeline, and government reforms aimed at curbing oil theft.
Experts view the development as a boost for government revenues, foreign exchange earnings, and broader economic stability amid ongoing efforts to attract investment and ramp up capacity toward higher targets. Nigeria has historically produced well above 2 million bpd, and officials remain optimistic about further growth.
The news comes as OPEC+ continues phased adjustments to production levels, with Nigeria demonstrating resilience and compliance-plus performance even as the cartel manages global supply dynamics.
Analysts caution that sustaining this trajectory will require continued investment in infrastructure, security, and upstream activities to fully realize the sector’s potential.
Business
CBN Urges Public, Businesses Not To Reject N100 Bank Note
The CBN strongly cautions individuals, businesses, financial institutions, and other economic agents against rejecting the standard N100 banknote. Such rejection constitutes a violation of the provisions of the CBN Act and undermines confidence in the national currency.
The Central Bank of Nigeria (CBN) has stated that the Standard N100 note is still a legal tender and must be accepted for all transactions.
The apex bank made the appeal in a statement by its Ag. Director, Corporate Communications, Mrs. Hakama Sidi-Ali, clarifying that it became necessary, following reports that some members of the public were rejecting the note.
“For the avoidance of doubt, the CBN hereby reiterates that both the commemorative N100 banknote and the standard N100 banknote remain legal tender in Nigeria and must be accepted for all transactions nationwide,” she said.
“The commemorative N100 banknote, which was introduced to mark Nigeria’s centenary, did not replace the existing standard N100 banknote.
The CBN strongly cautions individuals, businesses, financial institutions, and other economic agents against rejecting the standard N100 banknote. Such rejection constitutes a violation of the provisions of the CBN Act and undermines confidence in the national currency.
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SOUTH AFRICAN RAND (ZAR) ₦84. 08
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