Nigeria’s 36 states and the Federal Capital Territory (FCT) collected N2.64 trillion in Pay-As-You-Earn (PAYE) taxes in 2025, representing a 40.3 per cent increase from N1.88 trillion in 2024. Data from the National Bureau of Statistics (NBS) show that PAYE accounted for 69.5 per cent of the N3.79 trillion in total tax revenue generated by states and the FCT during the year. Overall tax revenue rose by 41.2 per cent, from N2.69 trillion in 2024, as governments intensified collection efforts amid increases in salaries and wages following the implementation of the new minimum wage. PAYE remained the largest source of…
Author: Elvis Eromosele
The Manufacturers Association of Nigeria (MAN) has elected Dr Ifeanyi Eric Okoye, Chief Executive Officer of Juhel Nigeria Limited, as its 12th president. Okoye was elected at the association’s 54th Annual General Meeting in Lagos, succeeding Otunba Francis Meshioye, who completed his four-year tenure. Segun Ajayi-Kadir, MAN’s Director-General, announced the development in a statement issued over the weekend. Okoye founded Juhel Nigeria Limited in 1987. The wholly indigenous pharmaceutical manufacturing company is headquartered in Enugu State and produces a range of pharmaceutical products. The company moved to its permanent site in Emene, Enugu, in 2001, expanding its facilities to include…
Guinness Nigeria Plc has rewarded 1,075 consumers under its national Open For More promotion, with Queen Thompson emerging as the grand prize winner of a Toyota Land Cruiser Prado valued at ₦150 million. The vehicle was presented to Thompson at the company’s headquarters in Ogba, Lagos, by Girish Sharma, Managing Director and Chief Executive Officer of Guinness Nigeria. Launched on July 18, 2026, the 10-week promotion rewarded 1,000 consumers with ₦100,000 each and another 75 with ₦1 million each, before the grand prize draw produced Thompson as the overall winner. The promotion was conducted under the regulatory oversight of the…
The Independent National Electoral Commission (INEC) has listed Oke Umurhohwo as the Peoples Democratic Party (PDP) candidate for Ughelli North Constituency II in the February 6, 2027, Delta State House of Assembly election. Umurhohwo’s name appears on page 179, serial number 227, of INEC’s published final list of candidates for the election. The development marks a significant step in the political journey of the marketing professional and community development advocate, who is seeking to represent Ughelli, Agbarho and Uwheru in the Delta State House of Assembly. Reacting to the publication, Umurhohwo expressed gratitude to God, the PDP leadership and members,…
OPay estimates that it accounted for 57.4 per cent of the total value of digital loans disbursed in Nigeria in 2025, highlighting its growing presence in the country’s digital financial services market. The fintech disclosed the figure in a registration statement filed with the US Securities and Exchange Commission ahead of its proposed initial public offering (IPO). According to the filing, the estimate was based on OPay’s internal lending records and an assessment of Nigeria’s total digital loan disbursements by Frost & Sullivan. OPay said its scale in digital payments, extensive customer base and transaction data have helped strengthen its…
Touch and Pay Technologies (TAP), the operator of digital fare payment platform Cowry, processes an average of N3 billion in public transport fares monthly across Lagos’ regulated transport network, according to Afolabi Olamide, its co-founder and chief executive officer. Olamide disclosed this in an interview with Nairametrics, stating that the monthly value represents a 60 per cent increase from the level recorded two years ago. The growth reflects increased adoption of Cowry across regulated buses and the Lagos Blue and Red rail lines, alongside fare adjustments over the period. Cowry currently processes more than 500,000 passenger trips daily, while transaction…
FrieslandCampina WAMCO Nigeria Plc, makers of Peak, Three Crowns, Coast, Olympic and Nunu milk brands, has reaffirmed its commitment to improving customer experience and meeting the changing needs of Nigerian consumers. The company made the commitment as organisations marked Customer Service Week, themed “The Extra Mile”, which highlights the importance of exceeding customer expectations, listening to feedback and improving service quality. FrieslandCampina WAMCO said its responsibility extends beyond supplying milk and dairy products to supporting the nutritional needs of Nigerian households. Odukoya Oluwatobi, the company’s Customer Care Manager, said effective consumer care goes beyond resolving complaints and responding to enquiries…
Zenith Bank Plc’s non-banking subsidiaries, Zenith Pensions Custodian Limited and Zenith Nominees Limited, posted a combined profit before tax (PBT) of N9.11 billion in the first half of 2026, equivalent to 60.85 per cent of their full-year 2025 earnings. The two subsidiaries, which are 99 per cent owned by Zenith Bank, generated combined operating income of N13.76 billion in the six months ended June 30, 2026. Their combined total assets stood at N47.84 billion at the end of the period. Zenith Pensions Custodian accounted for most of the earnings, supported by growth in pension assets under custody. Meanwhile, the group’s…
The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has identified more than 788,000 barrels per day (bpd) of shut-in oil production across 63 operators for restoration, as Nigeria intensifies efforts to increase crude oil output. Oritsemeyiwa Eyesan, Commission Chief Executive of the NUPRC, disclosed this at the national conference of the Association of Energy Correspondents of Nigeria (NAEC) in Lagos. She was represented by Patricia Temisan-Olatunde, Assistant Director, Corporate Services and Administration. According to a post shared by the commission on X on Saturday, the initiative is part of efforts to unlock existing production capacity and support Nigeria’s oil output ambitions.…
Interest payments on public debt exceed government spending on health and/or education in nearly 80 per cent of sub-Saharan African countries, as rising debt-servicing costs continue to squeeze public finances, according to the World Bank. In its October 2026 Africa Economic Update, the World Bank said interest payments averaged between 2.9 per cent and 3.2 per cent of gross domestic product (GDP) across the region between 2023 and 2026, limiting governments’ capacity to fund essential public services. The report projects that the region’s overall fiscal deficit will narrow from 5.6 per cent of GDP in 2020 to 3.5 per cent…