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.

Published

1 year ago

June 26, 2025

OhiBaba

764 Views

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.

Related Topics:Featured Tinubu's signing into law tax reform bills

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Business

Naira Exchange Rates Thursday July 2, 2026

Published

1 hour ago

July 2, 2026

OCHEFA

9 Views

BLACK MARKET RATES

US DOLLAR (USD) Buy ₦1, 395 Sell ₦1, 403

GREAT BRITISH POUND (GBP) Buy ₦1,845 Sell: ₦1,865

EURO (EUR) Buy ₦1, 585 Sell ₦1,600

CANADIAN DOLLAR (CAD) Buy ₦1,030 Sell ₦1,100

SOUTH AFRICAN RAND (ZAR) Buy ₦75 Sell ₦90

UAE DIRHAM Buy ₦350 Sell ₦370CHINESE 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

CBN OFFICIAL EXCHANGE RATES

US DOLLAR (USD) ₦1,372.41

GREAT BRITISH POUND (GBP) ₦1,821.73

EURO (EUR) ₦1,565.37

SWISS FRANC (CHF) ₦1,695.42

JAPANESE YEN (JPN) ₦8.45

CHINESE YUAN (CNY) ₦201.98

WEST AFRICAN CFA (XOF) ₦2.40

WEST AFRICAN UNITACCOUNT (WAUA) ₦1,870. 31

SAUDI RIYAL (SAR) ₦365.45

SOUTH AFRICAN RAND (ZAR) ₦83.80

Business

CBN revokes 46 MFBs’ licences

According to the revocation order, the action became necessary because of one or more of: insufficient assets to meet liabilities; closure of operations without the CBN approval; and inactivity and cessation of financial intermediation.

Published

17 hours ago

July 1, 2026

OCHEFA

22 Views

The Central Bank of Nigeria (CBN) has revoked the operating licences of 46 Microfinance Banks (MFBs).

CBN’s Ag. Director of Communications, Mrs. Hakama Sidi-Ali disclosed that the revocation becomes effective today.

She emphasised that the revocation was in accordance with its powers under Sections 12 and 13 of the Banks and Other Financial Institutions Act (BOFIA), 2020.

“The revocation was approved by the Governor of the Central Bank of Nigeria, Mr. OlayemiCardoso, following the banks’ failure to meet the regulatory requirements for continued operation as licensed financial institutions,” she said.

Others were: failure to commence operations within 12 months of licence approval, and failure to maintain minimum capital funds unimpaired by losses.