Economy Archives - Page 5 of 14 - Independent Digital News Network

Workers React to New Tax Laws as Take-Home Pay Changes

Nigerian workers have expressed mixed reactions to the new tax laws as changes to PAYE deductions alter take-home pay across income bands. While some employees report slight increases in net earnings, others say the gains are marginal and insufficient to offset rising living costs, highlighting uneven outcomes in early implementation of the reforms.

Rewane Projects Inflation Averaging 16% in 2026

IDNN5 months ago5 months ago0

Chief Executive Officer of Financial Derivatives Company, Bismarck Rewane, has projected that inflation averaging 16% will define Nigeria’s economic outlook in 2026. He attributes the forecast to base-year effects from the new CPI methodology, exchange rate pressures and debt servicing costs, urging businesses to prioritise strategic liquidity and risk management amid lingering macroeconomic uncertainty.

Oyedele Says PAYE Cuts Are Raising Workers’ Take-Home Pay Under New Tax Laws

IDNN5 months ago5 months ago0

Chairman of the Presidential Fiscal Policy and Tax Reforms Committee, Taiwo Oyedele, says PAYE cuts are already increasing workers’ take-home pay under Nigeria’s new tax laws. While acknowledging mixed feedback from employees, he insists early salary data confirms reduced deductions and higher net income for most workers, adding that further engagement with employers is underway to address implementation gaps

Workers Say Tax Reform Salary Gains Are Marginal Despite PAYE Cuts

IDNN5 months ago5 months ago0

Many Nigerian workers say recent tax reforms have delivered only marginal increases in take-home pay, raising concerns about the real impact of PAYE reductions amid persistent inflation. While government officials insist the reforms ease workers’ burden, employees across sectors report that rising living costs continue to erode the modest gains reflected in their January 2026 salaries.

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

IDNN6 months ago6 months ago0

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

IDNN6 months ago6 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

IDNN6 months ago6 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

IDNN6 months ago6 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

IDNN7 months ago7 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

IDNN7 months ago7 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.”