Echotitbits – Nigeria News

Tag: Economic reform

  • President Tinubu Unveils 2026 Sports Reform and Funding Reset

    President Tinubu Unveils 2026 Sports Reform and Funding Reset

    Reporting by The Nation indicates that President Bola Ahmed Tinubu has launched a comprehensive overhaul of Nigeria’s sports sector, introducing the Renewed Hope Initiative for Nigeria’s Sports Economy (RHINSE). The President has mandated a complete “funding reset” starting in 2026, aimed at moving the industry away from total government dependence and toward a commercially viable model that promotes job creation and tourism.

    The President expressed his dissatisfaction with bureaucratic bottlenecks that have historically hindered athlete development. Under the new framework, the National Sports Commission (NSC) will oversee a unified funding pool designed to provide early support for elite athletes and revitalize grassroots participation across all 36 states.

    Validating the move, Channels TV reported that the reform is a response to Nigeria’s record-breaking performance in 2025, noting that “the administration wants to capitalize on recent international successes to drive foreign direct investment into sports infrastructure.” The Guardian also quoted a sports analyst saying, “This is the first time we are seeing a deliberate shift from sports as ‘social service’ to sports as ‘big business’ in Nigeria.”

    Echotitbits take: Nigeria has long been a sporting giant with “clay feet” due to poor funding. By treating sports as an economic sector rather than just a hobby for the youth, the government is looking to tap into a multi-billion dollar global industry. Success will depend on whether private investors trust the new NSC structure enough to put their money into Nigerian stadia and academies.

    Source: The Nation – https://thenationonlineng.net/tinubu-unveils-major-sports-sector-reform-orders-funding-reset-from-2026-2/, February 7, 2026

    Photo credit: The Nation

  • New Tax Law Offers 50 Exemptions and Reliefs for Low-Income Earners

    New Tax Law Offers 50 Exemptions and Reliefs for Low-Income Earners

    Figures cited by The Punch show that the newly implemented tax administration framework in Nigeria includes over 50 specific exemptions and reliefs aimed at easing the burden on small businesses and low-income earners. Effective from January 1, 2026, the law exempts individuals earning the national minimum wage or less from Personal Income Tax (PAYE). Additionally, small-scale businesses with an annual gross income below a certain threshold will see significant reductions in their tax liabilities.

    This legislative move is part of the government’s broader strategy to stimulate the domestic economy by increasing the disposable income of the average Nigerian. The tax reforms also provide for reduced rates for middle-income earners and introduce “gift exemptions” to promote social welfare. Government officials believe that by simplifying the tax code and offering these reliefs, they can improve tax compliance across the informal sector.

    Leadership Newspaper highlighted the impact on workers, quoting Taiwo Oyedele who stated that the “PAYE cut increases workers’ take-home pay in January,” providing much-needed relief amid inflation. Daily Post added that “the new tax regime is expected to foster a more business-friendly environment,” especially for the burgeoning tech and creative sectors in Nigeria.

    Echotitbits take: This is a rare “pro-poor” fiscal policy that could actually move the needle on consumer spending. Watch for how the various state governments (who collect PAYE) react to the potential dip in their internally generated revenue (IGR).

    Source: The Punch – https://punchng.com/50-exemptions-and-reliefs-in-new-tax-administration-2/  January 28, 2026

    Photo Credit: Brickmans Law

  • Public Anxiety Rises Over New Tax Compliance Pathways

    Public Anxiety Rises Over New Tax Compliance Pathways

    Public Anxiety Rises Over New Tax Compliance Pathways

    As 2026 tax laws take effect, small businesses worry about digital compliance requirements while civil society groups call for phased, humane enforcement.

    Further reporting across multiple outlets indicates the development is drawing heightened attention, with stakeholders watching for next steps from relevant authorities and institutions.

    Echotitbits take: The government’s push for a broader tax base is economically sound but politically risky. To avoid social unrest, the FIRS must demonstrate that tax revenues are being directly channeled into visible infrastructure like the ‘Ward Development Programme’.

    Source: The Guardian – https://guardian.ng/news/anxiety-mistrust-cloud-nigerias-tax-reform-promises-benefits/ (2026-01-21)

    Photo credit: The Guardian

    2026-01-21 18:00:00

     

     

  • Information Minister Defends Tinubu’s Economic “Long-Term Foundation”

    Information Minister Defends Tinubu’s Economic “Long-Term Foundation”

    The Minister of Information and National Orientation, Mohammed Idris, has urged Nigerians to remain patient, arguing that the Tinubu administration is laying a “strong foundation” for shared prosperity. He cited reform outcomes and international compliance developments as evidence that policy direction is yielding early signals.

    Other reports continue to highlight cost-of-living pressures and the lag between macro indicators and household welfare.

    Echotitbits take: Communications can steady expectations, but credibility ultimately tracks lived experience. The decisive metric is whether inflation and purchasing power trends improve—especially for food and transport—within a politically relevant timeframe.

    Source: Facebook -https://web.facebook.com/dailynigerian/posts/pfbid027sZ9GZHwc3PZbiAnEX52uRnBH4A4PpNpnk9uwqLaL9Q9V4znYdZ2reUou8EfAZhTl/ (January 17, 2026)
    Photo Credit: Facebook

  • APC in Lagos Backs Tax Reforms, Says Low-Income Earners Will Be Shielded

    APC in Lagos Backs Tax Reforms, Says Low-Income Earners Will Be Shielded

    In an update published by The Nation, the Lagos chapter of the APC defended the Federal Government’s tax reform agenda, arguing that the framework is intended to protect vulnerable citizens while improving compliance and collection.

    Party officials said the reforms aim to streamline Nigeria’s tax architecture, reduce duplication, and expand the tax base through technology rather than imposing heavier burdens on struggling households.

    The debate has drawn reactions from labour and other stakeholders amid cost-of-living concerns and broader fiscal pressures.

    **Echotitbits take:** The policy battle will be won or lost on trust and implementation. Nigerians will watch for real relief—especially any clearly defined exemptions for low-income earners and visible service improvements tied to the extra revenue.
    Source: Independent — https://independent.ng/new-tax-reform-not-weapon-against-the-poor-apc-clarifies/ 2026-01-08

    Photo Credit: Independent

  • PwC Forecasts 4.3% GDP Growth for Nigeria in 2026, Cites Reforms and Digital Shift

    PwC Forecasts 4.3% GDP Growth for Nigeria in 2026, Cites Reforms and Digital Shift

    Insights from The Punch show PwC Nigeria is projecting a 4.3% expansion in Nigeria’s GDP in 2026, pointing to energy sector recovery and ongoing digital transformation in financial services.

    The report also linked growth prospects to sustained reform momentum, including fiscal adjustments and improvements in oil-region security.

    PwC flagged risks around inflation and external shocks, warning that poorly managed transitions could squeeze SMEs.

    **Echotitbits take:** The projection is achievable—but only if reforms translate into investment, stable prices and inclusive growth. Watch for policy clarity and execution speed, especially around taxes, FX and energy.
    Source: BusinessDay — https://businessday.ng/business-economy/article/nigerias-tax-to-gdp-ratio-seen-rising-in-2026-as-reforms-kick-in/ 2026-01-08

    Photo Credit: BusinessDay

  • FG’s Deficit Funding: N6.1trn Raised Locally in Six Months

    FG’s Deficit Funding: N6.1trn Raised Locally in Six Months

    Photo Credit: The Punch
    2025-12-25 09:10:00

    In a budget-performance update cited by The Punch, Nigeria’s federal government reportedly raised about N6.10 trillion from domestic sources in the first half of 2025 to help plug a wide fiscal gap. The report points to a deficit of roughly N5.70 trillion, with financing largely driven by local borrowing instruments.

    The same performance data indicates debt service pressure remains heavy, with large outflows to service obligations even as revenues lag spending needs. That combination—high deficits and high debt service—continues to compress fiscal space for social and capital priorities.

    The report also suggests the borrowing mix leaned heavily on bonds and other local issuances, reinforcing the concern that domestic credit may be crowded toward government paper instead of private-sector lending.

    Corroborating the same Budget Office picture, another outlet reported the government had to finance the deficit through “domestic borrowing… of N5.70tn” and proceeds including “privatisation… N64.92bn,” while a separate report noted “debt service was N4.44tn,” underscoring the weight of repayments in the fiscal structure.

    Echotitbits take: Nigeria’s deficit story is increasingly a debt-service story. Watch for (1) whether revenue reforms lift the non-oil base fast enough, and (2) whether domestic borrowing costs ease—because a sustained high-rate environment makes deficits more expensive and squeezes development spending.

    Source: The Punch — December 25, 2025 (https://punchng.com/budget-deficit-fg-raises-n6tn-locally-in-six-months/)

    The Punch 2025-12-25