Economy Archives - Page 2 of 14 - Independent Digital News Network

Senate passes revised 2026 budget at ₦68.323tn as fast-track approval sparks scrutiny over deficits and oversight

Nigeria’s Senate passes revised 2026 budget at ₦68.323tn after President Bola Tinubu’s request, but the speed of approval has triggered sharp scrutiny. Opposition figures, civil society groups, and economists are questioning oversight depth, revenue assumptions, and execution credibility. The focus has shifted from the size of the budget to the risks embedded within it.

Fuel Price Policy Tension Builds as Government Signals Possible Review

IDNN3 months ago3 months ago0

Nigeria’s fuel price policy debate is intensifying as government officials signal the possibility of adjustments amid volatile global oil markets and persistent pressure on domestic energy costs. Analysts warn that any recalibration of pricing mechanisms could reshape inflation trends, fiscal balances, and the political climate as the country moves closer to the 2027 election cycle.

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

IDNN3 months ago3 months ago0

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

IDNN3 months ago3 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

IDNN3 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

IDNN3 months ago3 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

IDNN3 months ago3 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

IDNN4 months ago4 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.

FCC–Nigeria Revenue Service Collaboration Signals Governance Reform Alignment

IDNN4 months ago4 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 Signs Executive Order Redirecting Oil Revenues to Federation Account

IDNN4 months ago4 months ago0

President Bola Tinubu has signed a sweeping executive order mandating direct remittance of key oil and gas revenues to the Federation Account, halting several retention mechanisms previously operated under the Petroleum Industry Act. The directive targets multiple deductions by NNPC Limited and signals a structural fiscal reset with implications for federal, state, and local government finances.