The Lagos State Internal Revenue Service (LIRS) will begin enforcing its statutory power of substitution under the Nigeria Tax Administration Act (NTAA) 2025 to recover unpaid taxes from defaulting taxpayers. Under Section 60 of the NTAA, LIRS can legally direct third parties, including banks, employers, tenants, customers, or business partners, to remit funds owed to a taxpayer in settlement of outstanding tax liabilities. The provision applies only to confirmed and due tax obligations, covering Personal Income Tax, Capital Gains Tax, Stamp Duties, and Withholding Tax. Once a substitution notice is issued, recipients are legally required to comply. Banks and…
Author: Elvis Eromosele
Nigeria is set to become Africa’s second commercial cloves producer, with 74,000 farmers joining a nationwide initiative ahead of the 2026 wet season. Malam Abdullahi Shuaibu, National Coordinator of the Cloves Producers Association, announced the plan at the North-West Farmers Training Workshop at Ahmadu Bello University, Zaria. The program aims to boost domestic and international cloves production, generate foreign exchange, and create jobs across the country. Each farmer will receive improved cloves seeds and inputs to cultivate half a hectare, with at least 2,000 participants from each of Nigeria’s 36 states and the Federal Capital Territory. Cloves, a tropical plant…
The Nigerian Meteorological Agency (NiMet) has issued a weather warning across the country, urging Nigerians, especially those with asthma or other respiratory conditions, to take precautions amid prevailing dust haze and thunderstorms. In its Sunday weather outlook, NiMet said suspended dust particles in several regions pose health and visibility risks, while variable weather may affect road and air transportation. “Driving under rain should be done with caution. Airline operators are advised to obtain airport-specific weather reports from NiMet for operational planning,” the agency stated. Weather Outlook: North: Sunny and hazy skies with moderate to thick dust haze, especially from…
The National Business and Technical Examination Board (NABTEB) has extended the registration period for the 2026 National Common Entrance Examination (NCEE) into Technical Colleges, giving candidates a four-month window to complete the process. The extension was announced by Dr Aminu Mohammed, NABTEB’s Registrar and Chief Executive Officer, in a statement issued in Benin on Sunday through the board’s Assistant Director, Media and Protocol, Uchechukwu Olisah. Under the revised timeline, registration will run from January 26 to May 24, while the examination will be conducted nationwide on June 6. Dr Mohammed said the decision was approved by the Minister of…
Nigeria’s oil sector reforms are beginning to deliver results, with Chevron Nigeria Limited recording its third exploration success since late 2024, boosting confidence in Africa’s largest crude producer after years of underinvestment and regulatory uncertainty. The NNPCL/Chevron Nigeria Limited Joint Venture completed the Awodi-07 appraisal and exploration well in the shallow offshore western Niger Delta, discovering about 675 feet of hydrocarbon pay across multiple reservoirs. The well, drilled to a total depth of 12,420 feet in under three weeks and completed on December 28, has been plugged and suspended after successful wireline logging and fluid sampling. Of the discovery, 310…
The Federal Competition and Consumer Protection Commission (FCCPC) has begun enforcing sanctions against digital money lending (DML) operators that failed to regularise their operations under the Digital, Electronic, Online and Non-Traditional Consumer Lending Regulations, 2025 (DEON Regulations). Announcing the move, Mr. Tunji Bello, FCCPC Executive Vice Chairman and Chief Executive Officer, said the phased enforcement was necessary to uphold regulatory certainty and protect Nigeria’s fast-growing digital lending market. According to Bello, the compliance window provided under the regulations has officially closed, prompting the Commission to activate enforcement measures in line with its statutory mandate. “The compliance window has now closed.…
Nigeria was plunged into darkness on Friday after the national electricity grid collapsed, marking the first system failure of 2026. It also once again exposed deep structural weaknesses in the country’s power sector. Data from the Nigerian Independent System Operator (NISO) showed that electricity generation dropped to zero megawatts around 1:00 pm, triggering a total shutdown of the grid. Distribution companies across the country, including those serving Lagos, Abuja, Port Harcourt, Benin, Enugu, Ibadan, Kaduna, Kano, Jos and Yola, were forced to cut supply entirely, leaving homes, businesses and public institutions without power. The blackout disrupted commercial activities, halted production…
Nigeria’s external reserves have crossed the $46 billion mark for the first time in about eight years, underscoring steady reserve accretion since 2025, according to data released by the Central Bank of Nigeria (CBN) on January 22, 2026. The build-up strengthens the country’s buffer for import cover and currency stability as Nigeria enters a pre-election year. Data tracked by Nairametrics shows the last time reserves were near this level was August 2018, when they stood at $45.9 billion. Reserves closed 2025 at about $45.5 billion, up from roughly $40.8 billion at the start of the year, and have gained over…
Nigeria is losing more than $100 million every year to inefficiencies in waste management, but experts say the country could transform the sector into a billion-dollar industry with the right governance reforms. Igwebuike Ijeoma, a global climate governance expert and Nigeria’s Country Representative for the World Council for Renewable Energy (WCRE), says the core problem is not waste, but how the sector is governed. “The challenges in Nigeria’s waste sector are structural,” Ijeoma told BusinessDay. “At the foundation is a governance issue. Government is acting as both operator and regulator, and that conflict has stalled progress.” She compared the…
The Federal Government has banned electricity distribution companies (DisCos) and installers from charging consumers for electricity meters, warning that any official caught extorting customers will face prosecution. Adebayo Adelabu, Minister of Power, issued the directive on Thursday during an inspection of 500,000 newly imported smart meters at APM Terminals, Apapa, Lagos. The meters, procured under the World Bank-funded Distribution Sector Recovery Programme (DISREP), are to be installed free of charge. “This is unprecedented; these meters must be installed free of charge. Any request for payment is illegal and will be treated as a criminal offence,” Adelabu stressed. The programme…