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Geoffrey Nnaji, Nigeria’s Minister of Innovation resigns amid controversy

by Olalekan Adigun

October 7, 2025

Cryptos

Nigeria’s Reps to regulate crypto and POS operations

October 7, 2025

Politics

President Tinubu ends State of emergency in Rivers State

September 17, 2025

Politics

Speaker directs investigation into alleged unfair recruitment exercise in National Assembly

August 31, 2025

Home Category Business News Politics

Politics

General news on the economy and politics.

FG to establish a new anti-corruption agency, P&ID, FG, malami, $9bn fine is a scam - Federal Government , UPDATED: P&ID operations shut down, assets forfeited by court order

Business News

UPDATED: UK Court grants Nigeria right to appeal P&ID judgement

by Joseph Olaoluwa

September 26, 2019

A United Kingdom court has granted Nigeria the right to appeal.

Business News

Illicit financial flows: Nigeria lost $157.5 billion in almost 10 years – Buhari

by Joseph Olaoluwa

September 26, 2019

President @MBuhari has revealed that Nigeria lost 157.5 billion dollars to illicit financial flows between 2003 and 2012.

Business News

30,000 job loss recorded in steel sector

by Chidinma Nwagbara

September 25, 2019

Reports have it that Nigeria has lost one million tons of steel manufacturing products and about 30,000 jobs between 2017...

President Buhari, AutoGas, #EndSARS: Presidency to ensure that a repeat of protests does not happen, How Federal Government plans to increase VAT to 7.2% affects you

Politics

P&ID: President Buhari issues strong warning to international firms

by Damilare Famuyiwa

September 25, 2019

President Muhammadu Buhari has issued a strong warning to international firms aiming to defraud the country (Nigeria)

Payroll Support Program, President Buhari appoints 9 Chief Executives for government agencies, Nigerian British firm, Bail-Out Fund: FG deducts N122 billion from states’ account in 7-months [Full-List] , JUST IN: Buhari submits 2020 MTEF to Senate , FG to intervene in tech operation as lockdown causes chaos in tech market

Business News

Buhari submits 2020 MTEF to Senate

by Abiola Odutola

September 25, 2019

@MBuhari has submitted the 2020 Medium Term Expenditure Framework (MTEF) and Fiscal Strategy Paper (FSP) to the Senate.

Nigeria’s agricultural export, Nigeria’s top 10 agricultural exports rose to N206.16 billion in 9-month

Blurb

Nigeria’s top 10 agricultural exports hit N152 billion in half-year 2019

by Bamidele Samuel Adesoji

September 25, 2019

Nigeria’s top 10 agricultural exports hit N152 billion in half-year 2019

Business News

World Bank, IFC to assist in solving Nigeria’s infrastructure deficit

by Chidinma Nwagbara

September 25, 2019

The World Bank has reiterated its promise to support Nigeria in bridging infrastructure gap alongside the IFC.

Diaspora

Why Nigeria should start taxing vacant houses – UN 

by Chidinma Nwagbara

September 25, 2019

The United Nations (UN) has advised the Nigerian Government to start taxing vacant houses in the country.

Business News

Nigeria is losing N3.6tn for failing to export cash crops – NEXIM

by Joseph Olaoluwa

September 25, 2019

NEXIM has revealed that Nigeria lost N3.6 trillion, an estimate of $10 billion for failing to export cash crops.

FG foreign reserves Nigeria Yemi-Osinbajo, FG negotiates with Governors on bail-out fund, as NEC approves 100 billion for NLTP, bail-out fund States Governors, FG earns N28.6 trillion from VAT, others , Ease of doing Business: States must partner with Federal Government – Osinbajo , AfCFTA: Nigeria’s financial footprints to be extended across Africa – Osinbajo , FG seeks partnership with National Council of Registered Insurance Brokers, here’s why , Osinbajo says FG’s investment to take advantage of Africa’s $200bn tourism potential is massive, Pres. Buhari’s plan to tax US tech companies might provoke US trade war https://www.yemiosinbajo.ng/vps-lecture-at-the-national-defence-college-course-28-lecture-event/ https://punchng.com/digital-firms-to-pay-tax-under-new-finance-act-osinbajo-2/ https://www.nytimes.com/2020/01/31/business/economy/digital-tax-oecd.html Nigeria at risk of trade war with United States as the Nigerian Government says it will impose taxes on technology companies like Facebook, Google, and other digital companies that have been escaping tax payment in Nigeria due to their lack of presence within the country. The US has threatened tariffs on imports from countries that impose such digital taxes. The tech companies with heavy revenue footprint in Nigeria now have their backs against the wall because President Muhammadu Buhari-led administration want to tax them to grow Nigeria’s revenue; which has led to the development of the Finance Act. The Finance Act is the solution of President Buhari to the revenue problem which the Finance Minister, Ahmad Zainab, said Nigeria has. The Nigerian government is looking to grow its revenue through taxes, and one of such is the digital tax which Vice President, Yemi Osinbajo, said will commence despite the threat of the US which is aimed at protecting the silicon companies. No more back door operation: Facebook, Google, Amazon, YouTube and many more digital businesses have a sizeable market in Nigeria, but don’t have a physical structure for their operations; this has cost Nigeria tax revenue. These companies are known to prefer situating their companies in tax havens where taxes are low compared to other African and European countries. Ireland and Bermuda are some of the tax havens for these multinational companies. But according to Osinbajo, the period of making gains from their operation in Nigeria without paying tax is over. Osinbajo, while speaking at The National Defence College, Course 28 Lecture Event, said that, “Let me also briefly mention the new provisions on Taxation of Digital Economy and Non-Resident Companies. This is a very important aspect of our taxation policy. Before the Finance Act, only companies that had a physical presence or a fixed base in Nigeria could be taxed. “So, most digital companies, I mean any of the big technology companies, or multi-national digital companies, that did not have physical offices in Nigeria, made significant income from Nigeria from online activities, such as advertising, movie streaming, online gaming and e-commerce from subscribers in Nigeria, but paid no taxes whatsoever because they did not have a physical base in Nigeria. So now we are no longer relying on the fixed base or physical address criterion.” He added that, “Under the Finance Act, once you have a Significant Economic Presence (SEP) in Nigeria, you are liable to tax. Whether you are a resident here or you are not resident as a company, as long as your economic presence is significant, you are liable to tax. If you are streaming online, advertising using Google adverts, whether you are resident here or not, you are now subject to tax. “So, non-residents who previously had no fixed base and no Nigerian tax liability will now be liable to tax based on the SEP criterion. The Minister of Finance is empowered to issue a regulation defining what Significant Economic Presence means. So, she just defines the scope of what we will be looking out for in terms of Significant Economic Presence.” Osinbajo explained. Nigeria is not alone in this crusade: Nigeria is not the only country trying to tax these technology companies. The European Union have also been coming after them for taxes. The EU is also stating that if the technology companies are making economic gains through their operation despite the lack of physical presence in several European countries, then the tech conglomerates should be taxed. This has led to review of tax laws by the EU. According to a report by New York Times, new rules to tax these multinational companies are being discussed by about 130 countries through the Organization for Economic Cooperation and Development. The review has become necessary as digital economy begins to open new revenue sources. Should Nigeria tread carefully? The United States has threated to hit any country imposing taxes on the technology companies - which are mostly American – with tariffs on import. This put Nigeria at a rather impossible position, as the country is not economically strong enough to enter a trade war or go on a tit for tat battle with the US. According to Q3 report, the US is the fifth biggest export destination for Nigeria, having imported N322.2 billion (6.28%) goods from Nigeria, with crude oil constituting N329.8 billion. Although, the US is behind Ghana, India, Netherlands and Spain, it doesn’t change the significance of the US market to the Nigerian economy. Meanwhile, Nigeria’s top import sources include the U.S, accounting for N747 billion in H1 2019. Franch had moved to tax the online businesses but have now delayed the plan this year after a meeting with the US; the US has also paused its tariff threat against France. Britain is also one of the digital tax drivers. With such threat hanging over the digital tax, it’s unlikely Nigeria will go ahead taxing these technology companies, as US feels such tax is discriminatory against US firms, and have suggested these companies be allowed to decide if they want to operate with the new tax standards., FG will provide succor for daily wage earners as lockdown continues – Osinbajo

Business News

Ease of doing Business: States must partner with Federal Government – Osinbajo

by Joseph Olaoluwa

September 24, 2019

Vice President, Yemi Osinbajo has called on other states to partner with the FG to ensure that businesses run smoothly in Nigeria. '

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Geoffrey Nnaji, Nigeria’s Minister of Innovation resigns amid controversy

Nigeria’s Reps to regulate crypto and POS operations

President Tinubu ends State of emergency in Rivers State

Speaker directs investigation into alleged unfair recruitment exercise in National Assembly

Politics

General news on the economy and politics.

UPDATED: UK Court grants Nigeria right to appeal P&ID judgement

Illicit financial flows: Nigeria lost $157.5 billion in almost 10 years – Buhari

30,000 job loss recorded in steel sector

P&ID: President Buhari issues strong warning to international firms

Buhari submits 2020 MTEF to Senate

Nigeria’s top 10 agricultural exports hit N152 billion in half-year 2019

World Bank, IFC to assist in solving Nigeria’s infrastructure deficit

Why Nigeria should start taxing vacant houses – UN

Nigeria is losing N3.6tn for failing to export cash crops – NEXIM

Ease of doing Business: States must partner with Federal Government – Osinbajo

Recent News

Recent News

Enugu residents to experience scheduled power cuts from Oct. 22 to 31 – MainPower

UNIONDICON, EUNISELL lead gainers as All-Share Index breaks 149,000 mark

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