Economy Archives - Independent Digital News Network

Tax Reform Chaos: 48 Hours In, Nigeria Enforces a New Regime Amid Law, Trust and Legitimacy Crisis

Barely 48 hours into Nigeria’s new tax regime, controversy has shifted from policy to legitimacy. Allegations that the gazetted tax laws differ from what lawmakers passed have triggered confusion among businesses and citizens, even as President Bola Tinubu insists enforcement must continue. Critics warn Nigeria may already be collecting taxes under a law whose credibility is in dispute.

CBN Removes Cash Deposit Limits but Maintains Harsh Withdrawal Caps in 2026 Policy Shift

IDNN2 months ago2 months ago0

The Central Bank of Nigeria has abolished all cash-deposit limits for bank customers under a new policy taking effect January 1, 2026. But while customers can now deposit any amount freely, strict weekly withdrawal caps remain in place—₦500,000 for individuals and ₦5m for corporates—deepening nationwide debate over the future of cash, liquidity access and Nigeria’s evolving cashless economy.

Domestic Airfares Soar to ₦300k–₦400k as Yuletide Travel Crisis Deepens Across Nigeria

IDNN2 months ago2 months ago0

Domestic airfares have surged to between ₦300,000 and ₦400,000 on major routes as Nigerians rush to book flights for the Christmas season. Airlines blame demand spikes and operational costs, while travellers complain of exploitative pricing, limited seats and a looming nationwide travel meltdown.

Nigeria Losing ₦20bn Daily to Port Collapse, Agbakoba Warns as Congestion and Inefficiency Deepen

IDNN2 months ago2 months ago0

Nigeria is losing over ₦20bn daily due to collapsing port infrastructure, inefficiency and severe congestion, maritime expert Olisa Agbakoba warns. He says delays, obsolete systems and logistical gridlock are crippling trade, driving costs up and weakening government revenue as importers and exporters struggle to move cargo efficiently.

Dangote Refinery Cuts Petrol Price to ₦840 as Global Oil Crash Hits Nigerian Market

IDNN2 months ago2 months ago0

The Dangote petrol price ₦840 reduction has rippled across Nigeria’s downstream sector after global crude prices plunged to $62 per barrel. Major depots including AIPEC and NIPCO have matched the new gantry price, sparking fresh debate about pump-price relief and market stability as OPEC+ maintains its production pause into early 2026.

Tinubu Cancels G20 Trip, Confirms Rescue of 38 Kwara Worshippers Amid Nationwide Security Surge

IDNN2 months ago2 months ago0

President Bola Tinubu on Sunday confirmed the rescue of 38 worshippers abducted in Eruku, Kwara State, cancelling his trip to the G20 Summit to coordinate intensified national security operations. The President said he has been receiving continuous briefings on rescue missions across troubled regions, pledging that Nigerians “will be protected—without compromise.”

Tinubu Economy Reboot: FG Targets 500 CNG Stations as Manufacturers Flee Bank Loans

IDNN2 months ago2 months ago0

Nigeria’s economic landscape is shifting as the federal government launches a plan for 500 CNG stations in three years while manufacturers abandon expensive bank loans for bonds and retained earnings. The dual transition—energy reform and corporate financing realignment—signals a new phase in the Tinubu administration’s push to stabilise fuel costs, reduce inflation and cut industrial debt risks.

💼 SANWO-OLU: “NO GOVERNOR CAN COMPLAIN OF LACK OF FUNDS UNDER TINUBU”

IDNN2 months ago2 months ago0

Lagos Governor Babajide Sanwo-Olu says Nigeria’s states have “no excuse” for poor performance under President Tinubu’s fiscal reforms, noting that federal allocations have risen sharply due to improved VAT distribution and oil receipts. Data from the FAAC Secretariat show state revenues jumped over 62 percent in 2025 compared to last year’s figures.

NIGERIAN STOCKS SUFFER BIGGEST ONE-DAY CRASH IN 15 YEARS ON TAX SHOCK

IDNN2 months ago2 months ago0

💣 The Day the Tickers Turned Red At 9:30 a.m., the Nigerian Exchange (NGX) opened with cautious optimism. By noon, the screen had turned blood...

HOUSE OF REPS WARNS EFCC: STOP PROFILING CRYPTO TRADERS AS FRAUDSTERS

IDNN2 months ago2 months ago0

The Nigerian House of Representatives has issued a direct warning to law enforcement agencies, telling them to stop profiling cryptocurrency traders as fraudsters. Lawmakers at Monday’s crypto regulation hearing said the era of “innovation by suspicion” must end — urging the EFCC and NFIU to evolve from intimidation to intelligent oversight.