Business Archives - Page 5 of 33 - Independent Digital News Network

Nigeria’s Hidden Tax Problem: Why Multiple Levies Still Exist Despite Reforms

Nigeria’s tax reform agenda promises a simpler system for businesses, yet many traders and transport operators still face overlapping levies imposed by different authorities. Despite federal reforms aimed at harmonising tax administration, complex revenue structures at federal, state and local levels continue to create a compliance burden that analysts say discourages small enterprises from entering the formal economy.

FG Bans Roadside Tax Collection as Nigeria Moves to Presumptive Tax System

IDNN7 months ago7 months ago0

The Federal Government has banned roadside tax collection across Nigeria as part of a wider effort to reform revenue practices affecting small businesses. Authorities say the move will eliminate informal levies and introduce a new presumptive tax system designed to simplify compliance while reducing the burden of multiple taxation.

Cooking Gas Prices Jump in Nigeria as LPG Hits ₦900/kg After Petrol Surge

IDNN7 months ago0

Nigeria’s cooking gas market is entering a fresh inflation cycle as LPG prices surge sharply across the country. Retail prices that hovered around ₦800 per kilogram only weeks ago are now approaching ₦900–₦950 in many locations, raising fears that the country is facing a second wave of energy inflation following the recent spike in petrol prices.

Fuel Price Spike in Nigeria as Dangote Raises PMS Ex-Depot Price Toward ₦1,000 Pump Threshold

IDNN7 months ago7 months ago0

Nigeria’s fuel market has been jolted by a sharp adjustment in refinery pricing after Dangote Petroleum Refinery raised its petrol ex-depot price from ₦774 to ₦874 per litre. Retail pump prices have already climbed above ₦930 in several locations, with marketers warning the surge could soon push petrol close to ₦1,000 per litre nationwide.

Federal Government Proposes 1% Informal Sector Tax Framework to Expand Nigeria’s Revenue Base

IDNN7 months ago7 months ago0

Nigeria’s federal government has unveiled a proposal for a 1% informal sector tax framework aimed at expanding the country’s revenue base without imposing heavy burdens on small businesses. The policy, currently under consultation with market associations and state authorities, targets millions of informal enterprises that operate outside the formal tax system.

Tinubu Signals PIA Review Following New Executive Order

IDNN7 months ago7 months ago0

President Bola Tinubu has signalled a potential review of the Petroleum Industry Act (PIA) following the issuance of a new executive order affecting the oil and gas sector. Officials say the move aims to address implementation gaps, fiscal incentives and regulatory overlaps as Nigeria seeks to boost investment and production stability.

Labour Ultimatum: Unions Issue Deadline Over Unpaid Wage Award, Warn of Nationwide Action

IDNN7 months ago7 months ago0

The Labour Ultimatum Nigeria has entered a critical phase as organised labour issued a deadline demanding payment of outstanding wage awards. Union leaders warned that failure to comply could trigger nationwide industrial action, raising concerns about economic disruption and public service shutdowns if negotiations with the Federal Government collapse.

FCC–Nigeria Revenue Service Collaboration Signals Governance Reform Alignment

IDNN7 months ago7 months ago0

The FCC Nigeria Revenue Service collaboration has been positioned as part of broader institutional reforms aimed at strengthening transparency and constitutional compliance across federal agencies. During a high-level meeting in Abuja, leaders of both bodies emphasized regulatory alignment, data governance coordination, and the role of inter-agency cooperation in reinforcing national cohesion and macroeconomic stability.

Tinubu Approves ₦2.8tn GenCo Debt After Audit Slashes ₦6tn Claim

IDNN7 months ago7 months ago0

President Bola Tinubu has approved ₦2.8tn as the Federal Government’s verified electricity subsidy liability to power generation companies, following a tripartite audit that cut operators’ ₦6tn claim by more than half. The decision includes conditions on gas debt settlement and infrastructure reinvestment as authorities seek to stabilise Nigeria’s power sector liquidity crisis.

Tinubu, German Chancellor Agree on Power and Security Cooperation

IDNN7 months ago7 months ago0

Tinubu German power security cooperation discussions intensified during a phone call between President Bola Tinubu and Chancellor Friedrich Merz, with both leaders pledging deeper collaboration in electricity transmission, railway modernisation and Sahel intelligence support. Germany signalled readiness to back Nigeria’s power infrastructure through Siemens and financial support mechanisms, while security coordination featured prominently.