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Nigerian Govt Suspends Single Use Plastic Tax of 10%  

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By Ocheneyi Alli

The Nigerian government , today, announced the suspension of its green tax of 10 percent on Single Use Plastics (SUPs), including plastic containers and bottles.

President Bola Ahmed Tinubu, gave the directives to the Ministry of Finance, and the Customs authority, after he had signed four Executive Orders which includes the suspension of the 10 percent Single Use Plastics tax, five percent excise tax on telecommunication services; some imported vehicles as well as the excise duties escalation on locally manufactured products.

Also, President Tinubu shifted the commencement date of  Finance Act 2022 from May 23, 2023 to September 1, 2023.

He 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.
Ohibaba.com, reported that two months ago,  the Manufacturers Association of Nigeria ( MAN) kicked against the surcharge of 10 percent on Single Use Plastic under HS Code 3919.10.00.00 and 3919.90.00.00 as well as Headings – 39.20; 39.21 and 39.23 (Plastic Containers, Films and Bags).

Otunba Francis Meshioye, President of MAN, said that the tax on Single Use Plastics was ill-timed and hasty in view of the fact that the government, through the Federal Ministry of Environment, is currently working towards instituting a Plastic Recycle Waste Management Policy with technical assistance from the United Nations Industrial Organisation (UNIDO) along with support from the Japanese government.

” The project is to institute a long-term solution to manage the menace of plastic wastes and assist the affected industries to retrofit, thereby reaching the threshold of the United Nations goal of green environment as being espoused by the series of the UN organized Conference of Parties (COP),” he said .

Global Ban On Single Use Plastics
On the global scene, the OECD estimated that global plastic pollution could nearly triple to 1.0 billion metric tons by 2060.
And while they estimate that the share of plastic that escapes waste management systems will fall from 22% (2019) to 17% (2060), that’s still a lot of plastic to deal with. 

Also, the tide is turning against single-use plastics as many governments have  banned the it.
Bangladesh was the first country to ban plastic bags in 2002, while the U.S. banned microbeads in personal care products in 2015, followed by the UK (2018), Canada (2018), and then China (2020-2022). 

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Germany plans tax on sugary drinks

The tax is expected to generate additional revenue for the federal government of €690 million in 2027 and €925 million in 2028.

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The German cabinet has approved draft legislation to tax sugary drinks in Europe’s biggest economy.

If passed by the German Bundestag, the tax will take effect on 1 July 2027.

The coalition aims to raise revenue for the federal budget while encouraging manufacturers to reduce sugar content and offer healthier products.

The levy is intended to ease pressure on the healthcare system, which faces costs of more than €2 billion every year linked to the high consumption of sugary drinks, which contributes to obesity, diabetes and tooth decay.

According to the federal government, Berlin is using the tax to implement “what associations from the fields of health, science, child protection, and consumer protection have long been demanding.”

The tax is expected to generate additional revenue for the federal government of €690 million in 2027 and €925 million in 2028.

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Naira Exchange Rates For Thursday, October 15

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BLACK (PARALLEL) MARKET RATES

₦1370 DOLLAR (USD

₦1800 POUND (GBP)

₦1500 EURO (EUR)

₦970 CANADIAN DOLLAR (CAD)

₦65 SOUTH AFRICAN RAND (ZAR)

₦350 UAE DIRHAM (AED)

₦190YUAN (CNY)

₦2300CFA F.(XOF)

₦2200CFA F.(XAF)

₦850AUSSIE (AUD)SELL₦1000

Official CBN Exchange Rates

DOLLAR (USD)₦1332.59

POUND (GBP)₦1765.55

EURO (EUR)₦1491.57

SWISS FRANC (CHF)₦1590.77

JAPANESE YEN (JPN)₦8.39

CFA FRANC (XOF)₦2.27

WEST AFRICAN UNIT OF ACCOUNT (WAUA)₦1802.33

CHINESE YUAN (CNY)₦199.10

SAUDI RIYAL (SAR)₦354.92

SOUTH AFRICAN RAND (ZAR)₦80.37

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Oyedele Chairs G-24 Call for Fairer Global Financial System, Affordable Development Financing

The meeting concluded that domestic reform alone will not shield developing economies from external shocks — affordable finance, effective debt resolution, fairer representation in international institutions, and sustained cooperation are equally necessary.

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BANGKOK, Thailand — 14 October 2026

Nigeria’s Minister of Finance and Coordinating Minister of the Economy, Taiwo Oyedele, chaired the G-24 Board of Governors meeting on the sidelines of the IMF and World Bank Annual Meetings, leading calls for reform of the global financial architecture to deliver more affordable financing, fairer representation and faster sovereign debt resolution for developing economies.

IMF Managing Director Kristalina Georgieva and World Bank Senior Managing Director Axel van Trotsenburg, representing President Ajay Banga, joined other G-24 Governors in commending Oyedele’s leadership of discussions that addressed mounting financing pressures on emerging and developing economies amid geopolitical tension, volatile commodity prices, climate shocks and tighter global financial conditions.

Oyedele said rising interest rates, widening fiscal deficits in advanced economies and growing financing demand for artificial intelligence and energy infrastructure had made borrowing more expensive for developing countries.

He called for progress on IMF quota and governance reform, stronger representation for developing countries at the World Bank, improved access to development finance, and more predictable, coordinated debt restructuring involving all creditors.

He also urged expanded climate financing, stronger international tax cooperation against avoidance and illicit flows, and a greater voice for developing countries in global decision-making, including the G-20.

In his closing remarks, Oyedele drew three lessons from the discussions: that resilience must be built before a crisis, through proactive policy preparation; that artificial intelligence must be adopted and regulated responsibly to support inclusive job-rich growth; and that international cooperation remains essential to managing shared risks such as energy insecurity, food price volatility, supply-chain disruption, debt vulnerability and climate change.

Georgieva described the global economy as resilient, with growth projected at about 3.1 percent through 2026, but cautioned that the figure masked a widening gap between economies benefiting from digital transformation, AI investment and critical-mineral supply chains, and those constrained by high energy costs, conflict or limited access to technology.

She warned that persistent energy and food price pressures were keeping interest rates and debt-servicing costs elevated, and urged governments to rebuild fiscal buffers, preserve central bank independence, invest in digital infrastructure and skills, and push for faster debt treatment under the G-20 Common Framework alongside further IMF quota reform.

Van Trotsenburg reported that the World Bank had mobilised about US$27.4 billion in crisis-related financing, with ten countries activating dedicated crisis-response instruments and nineteen others redirecting existing resources to urgent needs.

He flagged El Niño-related risks to food security and grain prices, and said the Bank remained focused on electricity access, healthcare, digital connectivity and job creation — in tourism, healthcare, food systems and manufacturing — alongside mobilising private capital and climate finance.

Member interventions reinforced the reform agenda: Brazil, China and Pakistan backed stronger Global South representation and Bretton Woods reform.

The Philippines called for deeper regional financial integration; Kenya urged building policy buffers and expanding local-currency financing; Egypt cited supply-chain disruption and capital outflows.

Lebanon and Syria raised the financing challenges facing conflict-affected economies.

Incoming G-24 Chair Pakistan pledged to keep development at the centre of the agenda.

The meeting concluded that domestic reform alone will not shield developing economies from external shocks — affordable finance, effective debt resolution, fairer representation in international institutions, and sustained cooperation are equally necessary.

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