02.05.2026

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Economy

Anambra, Traders Agree on Phased Remodelling of Onitsha Main Market to Ease Disruption

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The Anambra State Government and traders at Onitsha Main Market have reached an agreement on a phased remodelling plan aimed at upgrading market infrastructure while minimising disruption to business activities. The approach follows weeks of negotiation and reflects the state’s effort to balance urban renewal goals with the economic realities faced by traders....

Electoral Act Delay and the 2027 Question: Why Time Is Becoming the Real Opponent

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With barely a year to Nigeria’s 2027 general election, delays in passing the amended Electoral Act are triggering growing concern among civil society groups, analysts, and election managers. While the House has acted, the Senate’s hesitation is tightening timelines for reform, raising questions about preparedness, credibility, and whether legal certainty can still arrive in time....

₦58.4 Trillion 2026 Budget Second Reading Without Debate: What Nigeria’s Silence in the House Really Means

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Nigeria’s House of Representatives moved the ₦58.4 trillion 2026 budget through second reading without debate, after a closed-door meeting and brief remarks by the House Leader. The bill is now with the Appropriation Committee. This deep dive explains why “no debate” matters, what scrutiny shifts to committees, and the signals it sends ahead of 2027....

₦58.4 Trillion 2026 Budget Passes Second Reading Without Debate in House

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Nigeria’s House of Representatives passed the ₦58.4 trillion 2026 budget through second reading without debate, a rare legislative moment that raises questions about oversight, executive–legislative balance, and pre-2027 politics. While leaders cite macroeconomic gains, the silence on the floor is as consequential as the numbers themselves....

FG Begins ₦4tn Power Sector Debt Settlement as Five GenCos Sign Agreements

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The Federal Government has launched a ₦4 trillion power sector debt settlement programme, with five electricity generation companies signing agreements under a bond-backed framework. Officials say the move is aimed at clearing long-standing arrears, restoring liquidity across the market and unlocking fresh investment in Nigeria’s fragile electricity value chain....

NULGE FCT Joins JUAC, Begins Indefinite Strike

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The Nigeria Union of Local Government Employees in the Federal Capital Territory has joined the Joint Union Action Committee in an indefinite strike, escalating labour unrest within the FCT. The unions say the action follows unresolved disputes over workers’ welfare, outstanding entitlements and compliance with agreements, raising concerns over service delivery across local government councils....

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....

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....

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