According to Bloomberg Tax and local reporting by Kuda on February 14, 2026, Nigeria’s comprehensive tax reforms have officially entered their implementation phase, significantly altering the landscape for small and medium enterprises (SMEs). The new framework stipulates that businesses with an annual turnover below ₦50 million are now exempt from paying corporate income tax, a move aimed at stimulating local production and entrepreneurship.
In addition to corporate tax relief, the personal income tax threshold has been raised to ₦800,000 annually, providing a breather for low-income earners. The law also introduces a 4% development levy for larger corporations while exempting those earning less than ₦100 million. These changes represent the most significant overhaul of the Nigerian tax system in decades, focusing on “taxing income, not capital.”
Validation from Premium Times and Tribune Online indicates that the Federal Inland Revenue Service (FIRS) has already begun sensitizing businesses on the new rules. Premium Times noted that “the reforms aim to formalize the informal sector,” while Tribune Online quoted a tax consultant: “The zero-tax policy for SMEs is a game-changer for the 2026 fiscal year.”
Echotitbits take: This is a pro-growth policy that could significantly reduce the cost of doing business in Nigeria. The challenge will be the FIRS’s ability to prevent larger firms from splitting into smaller entities to exploit the ₦50 million exemption threshold.
Source: Kuda – https://kuda.com/blog/nigeria-2026-tax-reform-what-it-means-for-your-money-and-business/, February 14, 2026
Photo credit: Kuda
Tag: business news
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New 2026 Tax Laws Take Effect: Zero Corporate Tax for Small Businesses
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National VAT Collections Hit Record N8.61 Trillion as Tax Reforms Yield Fruit
Figures cited by The Punch show that Nigeria’s Value Added Tax (VAT) revenue experienced a historic surge, reaching N8.61 trillion for the 2025 fiscal year. This performance, reported on February 1st, 2026, is being attributed to the aggressive automation of tax collection systems and the broadening of the tax base to include more informal sector participants and digital service providers.
In a report by The Sun, the Chairman of the Presidential Committee on Fiscal Policy and Tax Reforms, Taiwo Oyedele, noted that the focus has shifted from increasing tax rates to improving the efficiency of collection. “The 2025 figures are a testament to what happens when you simplify the tax code and eliminate multiple levies that previously stifled small businesses,” Oyedele was quoted as saying.
According to Vanguard News, the Federal Inland Revenue Service (FIRS) has surpassed its revised targets, providing the government with much-needed fiscal space to service debts and fund infrastructure. The report quoted a financial analyst who stated: “While the revenue growth is impressive, the government must now ensure that these funds are transparently utilized to mitigate the impact of inflation on the average citizen.”
Echotitbits take: This taxation milestone suggests that the government’s fiscal reforms are finally gaining traction. For businesses, the “tax harmonization” agenda is the real story to watch; if the government successfully collapses hundreds of taxes into a few single digits, it could trigger a significant boom in the SME sector by 2027.
Source: The Punch – https://punchng.com/vat-collections-surged-to-n8-61tn-in-2025/, February 1, 2026
Photo credit: The Punch
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Controversy Swirls Around Federal Government’s New Tax Reform Law
Vanguard reports that controversy is growing over the exact version of a tax reform law signed by President Bola Tinubu, with claims that the enacted document contains “differentials” from the version debated and passed by the National Assembly.
The reforms aim to simplify the tax code and improve collection efficiency, but some lawmakers and critics argue alleged discrepancies could impose undue burdens on small businesses and the middle class.
The Nation and Daily Trust also reported on the dispute, including claims of administrative discrepancies in the final draft and legislative concerns about possible alterations before presidential assent.
Echotitbits take: If the alleged differentials are material, implementation will face legal and political headwinds—potentially including injunctions and corporate challenges. The fastest de‑risking move is immediate publication of the clean legislative text trail (passed version vs assented version) and an agreed correction mechanism to preserve reform credibility.
Source: The Punch – https://punchng.com/tax-laws-that-split-abuja-how-tinubus-reforms-sparked-governance-storm/ 2026-01-30
Photo Credit: The Punch
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Megan Thee Stallion teams up with Dunkin as ‘Protein Milk’ meets pop culture marketing
According to Billboard, Megan Thee Stallion is fronting a Dunkin campaign tied to the brand’s Protein Milk and a new “Dunk N’ Pump” drink push.
The move extends the trend of celebrity-powered menu marketing designed for social sharing and short-form video culture.
Independent checks:
- Dunkin (Press/Brand announcement): “teams up with Megan Thee Stallion” — https://news.dunkindonuts.com/
- People: “partnering with Dunkin…” — https://people.com/
This is branding built for 2026: fitness-coded language, meme-ready naming, and a star who thrives on catchphrases. Watch for TikTok challenge waves and competitor chains launching copycat ‘protein’ drinks to steal attention.
Source: Billboard — 2026-01-07 — https://www.billboard.com/music/rb-hip-hop/megan-thee-stallion-jane-fonda-era-dunkin-ad-1236150283/
Source: Billboard 2026-01-07
Photo Credit: Billboard
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Economic Expert Projects 4% GDP Growth for 2026 Under Reform Gains
Figures cited by The Nation suggest Nigeria could record up to about 4%–4.5% GDP growth in 2026 if ongoing reforms are sustained, according to Dr. Muda Yusuf, CEO of the Centre for the Promotion of Private Enterprises (CPPE).
Yusuf cautioned that structural bottlenecks still constrain productivity and warned that overly optimistic revenue assumptions in the 2026 budget could weaken implementation if oil price volatility persists.
ThisDay and Daily Post also reported the forecast and highlighted Yusuf’s emphasis that growth must translate into jobs, especially as household spending pressures remain high even with signs of moderating inflation.
Echotitbits take: 4% growth is respectable, but Nigeria’s real test is whether reforms deliver broad employment and higher productivity. Watch quarterly GDP data for stronger contributions from manufacturing and agriculture—not just services.
Source: ThePunch – https://punchng.com/sustained-reforms-can-push-nigerias-gdp-to-4-in-2026-expert/ 2026-01-07
Photo Credit: ThePunch
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Nigerian Billionaires Outpace South African Rivals in Wealth Growth
Figures cited by BusinessDay show that Nigeria’s top billionaires have officially overtaken their South African counterparts in combined net worth, reaching a total of $43 billion. Abdul Samad Rabiu, chairman of BUA Group, led the growth in 2025, significantly narrowing the gap with long-time leader Aliko Dangote while simultaneously moving ahead of South Africa’s wealthiest industrial titans.
The report attributes this shift to the successful expansion of Nigerian conglomerates into the regional African market and the stabilization of the Naira, which has helped maintain the dollar-denominated value of their assets. This ‘wealth war’ between Africa’s two largest economies highlights the growing influence of Nigerian industrialization on the continent.
The milestone was also mentioned by The Guardian and Vanguard. The Guardian noted that ‘Nigerian billionaires overtake South African peers,’ while Vanguard highlighted that ‘Rabiu leads wealth growth in 2025,’ solidifying his position as one of the most influential figures in African business.
Echotitbits take: While these numbers are impressive, they highlight the extreme wealth concentration in Nigeria. The growth of these billionaires is largely tied to infrastructure and commodities—sectors that rely heavily on government policy. For the average Nigerian, the real question is when this industrial growth will lead to a significant reduction in the cost of basic goods like cement and sugar.
Source: BusinessDay – https://businessday.ng/news/article/meet-4-nigerian-billionaires-worth-27-8bn-combined-forbes/ January 6 2026Photo Credit: BusinessDay
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Billionaire Wealth in Nigeria Surpasses South African Peers in 2025 Review
Figures cited by BusinessDay show that Nigerian billionaires have overtaken their South African counterparts in combined net worth, with the total fortune of Nigeria’s top four listed billionaires hitting $43 billion. Abdul Samad Rabiu reportedly led the growth in 2025, moving up the ranks as Nigerian industrial sectors showed resilience despite foreign exchange fluctuations. The report notes that the shift in wealth dynamics is partly due to the expansion of Nigerian conglomerates into regional African markets and the stabilization of the Naira in late 2025. This marks a significant moment in the ‘wealth war’ between Africa’s two largest economies. This economic milestone was also mentioned by The Punch and Premium Times. The Punch noted that ‘Nigerian billionaires overtake South African peers,’ while Premium Times highlighted the ‘economics of coping’ for the broader population while the top tier sees record growth.
Echotitbits take: While billionaire growth is a sign of industrial strength, the ‘decoupling’ of elite wealth from the struggles of the average Nigerian remains a concern. The growth in Rabiu’s and Dangote’s fortunes suggests that local manufacturing is finally benefiting from the ‘Buy Nigeria’ policies and improved export routes.
Source: MarketsReporters – https://www.marketsreporters.com/2025/01/25/south-africa-overtakes-nigeria-in-dollar-billionaires-wealth/ January 6 2026
Photo Credit: MarketsReporters
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Naira Opens 2026 With Strong Gains as Reform Confidence Grows
Figures cited by Daily Post show that the Nigerian Naira began the 2026 trading year on a positive note, appreciating to N1,430.84 against the U.S. dollar in the official market. This represents a 0.34% gain compared to the closing rate of N1,435.75 recorded on December 31, 2025.
The currency’s performance is being linked to renewed investor confidence following the Central Bank of Nigeria’s (CBN) aggressive monetary tightening and structural reforms in the foreign exchange market. Market analysts suggest that the stability seen in the opening days of the year could signal a less volatile period for the local currency.
In its first trading assessment of the year, BusinessDay noted that the ‘Naira extends rally in first trading day of 2026,’ as supply liquidity showed signs of improvement. Meanwhile, The Nation reported that the apex bank is betting on ‘structural changes in oil, tax, and foreign exchange markets to sustain growth and disinflation’ throughout the fiscal year.
Echotitbits take: This early gain is a psychological victory for the CBN’s ‘orthodox’ monetary policy. If the bank can maintain this trajectory without depleting reserves too quickly, we may see a gradual convergence between the official and parallel market rates by the second quarter.
Source: Nigeria Housing Market — https://www.nigeriahousingmarket.com/news/naira-outlook-2026-analysts-project-stronger-fx-stability-as-fundamentals-improve
Nigeria Housing Market January 3, 2026Photo Credit: Nigeria Housing Market
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GTCO moves to raise ₦10bn via private placement as recapitalisation pressure builds
2025-12-31 08:28:00
As reported by PUNCH, Guaranty Trust Holding Company (GTCO) says it will raise ₦10bn through a private placement involving 125 million ordinary shares, positioned within its regulatory and capital-raising framework.
The company says the transaction follows relevant guidelines for financial holding companies, and it’s structured as a targeted placement rather than a broad public offer.
In a market where banks are racing to meet higher capital thresholds, deals like this signal a preference for faster, cleaner capital injections—especially if investor demand is solid.
Validation: Investegate said “undertaking a private placement to raise ₦10 billion by issuing 125,000,000 ordinary shares at ₦80 per share.” and TheCable reported “has secured approvals from the Central Bank of Nigeria (CBN) and the Securities and Exchange Commission (SEC).”
Echotitbits take: Private placements are speed tools—good for timelines, but they test investor appetite and pricing discipline. Watch the pricing mechanics, investor mix, and whether more tier-1 banks follow with similar structures.
Source: The Punch— 31 December 2025 (https://punchng.com/gtco-to-raise-n10bn-through-private-placement/)
The Punch 31 December 2025
Photo Credit: The Punch