18.06.2026

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Business

Soludo Shuts Onitsha Main Market Over IPOB Sit-at-Home Defiance

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Anambra State Governor Chukwuma Soludo has ordered the closure of Onitsha Main Market following alleged defiance of the proscribed IPOB’s sit-at-home directive by traders. The state government says the decision is aimed at restoring order, enforcing the rule of law and preventing economic sabotage, amid rising security concerns and disruptions to commercial activity in the state....

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

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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

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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....

Police Extend Recruitment Deadline Over Low Lagos Applications

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The Police Service Commission and the Nigeria Police Force have extended the police recruitment deadline by two weeks following low application numbers from Lagos and several other states. Authorities say the extension aims to ensure equitable national representation in the recruitment of 50,000 constables ordered to strengthen internal security across the country....

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

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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

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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 Acts Controversy: House Releases CTCs as Minority Insists Laws Were Altered

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Nigeria’s House of Representatives has released the Certified True Copies of the 2025 Tax Reform Acts, declaring an end to controversy over alleged post-passage alterations. However, the Minority Caucus insists discrepancies remain between the versions passed by lawmakers and earlier gazetted copies, renewing debate over legislative authority, due process, and the integrity of Nigeria’s law-making process....

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

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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

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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....

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