Figures cited by The Punch reveal that Nigeria’s Capital Gains Tax (CGT) revenue reached an unprecedented ₦522 billion in the 2025 fiscal year. This surge represents a significant leap in non-oil tax revenue, reflecting the government’s aggressive drive to expand the tax base and improve compliance across the financial and real estate sectors. The record-breaking figure is being hailed by fiscal authorities as a sign of deepening economic formalization.
The growth is largely attributed to the recovery of the Nigerian Exchange (NGX) and a flurry of high-value property transactions in major urban centers like Lagos and Abuja. Additionally, the Federal Inland Revenue Service (FIRS) has implemented more robust digital tracking mechanisms to ensure that gains from the disposal of assets are accurately captured and taxed.
Despite the impressive numbers, some economic analysts express concern that the increased tax burden could deter long-term investment. However, government officials maintain that the revenue is essential for funding critical infrastructure projects and reducing the national budget deficit.
Validating these figures, Leadership reported that the FIRS is looking to further automate the CGT collection process in 2026. A tax consultant quoted in Vanguard remarked, “The ₦522 billion mark shows that the government is finally looking beyond traditional sectors for revenue.” Furthermore, Daily Post cited a government spokesperson who noted, “This milestone is a testament to the effectiveness of recent fiscal reforms aimed at achieving a sustainable debt-to-revenue ratio.”
Echotitbits take: This revenue spike is a double-edged sword. While it helps the government’s liquidity, it may cool down the heated real estate market. Watch for potential pushback from the private sector as the FIRS looks to tighten the net on digital asset gains next.
Source: The Punch – https://punchng.com/capital-gains-tax-jumps-429-to-n12-18bn/, and February 15, 2026
Photo credit: The Punch
Tag: Nigeria economy
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Capital Gains Tax Collections Hit Historic ₦522 Billion Milestone
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Tony Elumelu Meets President Tinubu, Declares End to Dollar Scarcity
Figures cited by Leadership Newspaper show a significant stabilization in Nigeria’s Foreign Exchange (FX) market, following a high-profile meeting between President Bola Tinubu and the Chairman of Heirs Holdings, Tony Elumelu. Elumelu informed reporters at the State House that the era of acute dollar scarcity is largely over, attributing the progress to recent central bank reforms and improved investor confidence.
During the briefing, Elumelu praised the government’s efforts in harmonizing the FX windows and ensuring a more transparent liquidity flow. He noted that the private sector is beginning to feel the positive impact of these fiscal policies, which has allowed for better planning and increased foreign direct investment into critical sectors like power and manufacturing.
Reports from The Nation and Vanguard corroborate Elumelu’s optimistic outlook. The Nation mentioned that “the Naira has maintained a steady range against the dollar for the third consecutive week,” and Vanguard quoted Elumelu saying: “The FX market is sorted; what we see now is the result of painstaking reforms that have finally gained traction.”
Echotitbits take: While the declaration of the “end” of dollar scarcity is bold, the stability Elumelu references is essential for business planning in 2026. However, the true test remains the sustained availability of FX for small and medium-sized enterprises (SMEs) who often lack the access of larger conglomerates.
Source: The Punch – https://punchng.com/elumelu-meets-tinubu-says-dollar-scarcity-over-fx-market-sorted/, February 14, 2026
Photo credit: The Punch -
Central Bank Targets Exchange Rate Stability With New BDC Dollar Supply
Reporting by BusinessDay indicates that the Central Bank of Nigeria (CBN) has reopened its foreign exchange window for Bureau De Change (BDC) operators. This strategic move is designed to narrow the widening gap between the official and parallel market rates, providing much-needed liquidity to the retail segment of the currency market.
In an update published by the same outlet, the apex bank’s decision follows a period of heightened volatility that saw the Naira under significant pressure. By channeling funds directly through licensed BDCs, the CBN aims to decentralize access to foreign currency for small-scale users and travelers, thereby curbing speculative activities that have historically fueled inflation.
Market analysts suggest that this intervention, coupled with the ongoing “clean-up” of the BDC sector, reflects a more aggressive stance by the regulator to maintain macroeconomic stability. The reopening of the “dollar tap” is expected to provide immediate relief to businesses that rely on the informal market for their foreign exchange needs.
The Punch and The Nation have confirmed this development, noting the positive reception from financial stakeholders. The Punch reported that “operators expect the move to significantly reduce the premium between markets,” while The Nation quoted a source stating, “this is a vital step toward achieving a realistic exchange rate for the 2026 fiscal year.”
Echotitbits take: This intervention is a reactive measure to the recent currency slide. While it offers short-term liquidity, the long-term stability of the Naira depends on Nigeria’s ability to boost non-oil exports and attract foreign direct investment. Watch for the CBN’s next Monetary Policy Committee (MPC) meeting to see if interest rates will be adjusted to complement this liquidity injection.
Source: BusinessDay – https://businessday.ng/news/article/cbn-approves-150000-weekly-fx-sales-to-bdcs/, February 13, 2026
Photo credit: BusinessDay
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Nigeria Faces Deepening Economic Crisis as Currency Gap Widens
Figures cited by BusinessDay show that the Nigerian economy is facing renewed pressure as the gap between the official and parallel market exchange rates has widened to over N90. This development marks the most significant divergence in three years, threatening the government’s efforts to achieve exchange rate convergence and stabilize the local currency.
The widening gap is attributed to a “scramble for FX” by importers and a slowdown in foreign capital inflows. Despite the Central Bank’s recent policy adjustments, liquidity remains tight, forcing many businesses to source dollars at exorbitant rates from the black market. This has directly contributed to the rising cost of imported raw materials and finished goods, further fueling headline inflation.
Economic experts warn that if the divergence continues, it could lead to another round of official devaluation. The manufacturing sector is particularly hit, with many firms reporting narrowed profit margins and reduced production capacity. The government’s 2026 budget projections, which rely on a stable exchange rate, are now under threat of significant revision.
Validating data from ThisDay and The Sun confirm the market volatility. ThisDay reported that “the FX scarcity is stalling major infrastructure projects,” while The Sun quoted a financial analyst stating, “the market is reacting to the delay in the anticipated $3 billion emergency loan from international lenders.”
Echotitbits take: The “Naira-mismatch” is back, and it’s a nightmare for the Central Bank. Watch for a potential hike in interest rates (MPR) in the next MPC meeting as the CBN tries to mop up excess liquidity and attract investors to the fixed-income market.
Source: Legit.ng – https://www.legit.ng/business-economy/economy/1695884-naira-suffers-decline-forex-market-exchange-gap-widens/, February 10, 2026
Photo credit: Legit.ng
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Nigerian CEOs Express Record Optimism for 2026 Economic GrowthI
In a report published by ThisDay, a survey conducted by PwC Nigeria reveals that 91% of Nigerian Chief Executive Officers expect the country’s economy to improve significantly in 2026. This surge in confidence, up from 64% in the previous year, is attributed to the stabilizing impact of disciplined monetary reforms and the successful transfer of several oil and gas assets to indigenous operators.
The optimistic outlook was echoed in reports by The Sun and Vanguard, which analyzed the impact of these sentiments on the capital market. The Sun reported that “business leaders are now pivoting from survival mode to growth strategies,” while Vanguard quoted a leading economist saying, “The 2026 horizon looks bright if the current fiscal discipline is maintained.”
Despite the optimism, the survey also flagged rising cyber risks as a major threat to corporate stability. CEOs noted that as operations become more digitized, the exposure to high-level data breaches has increased, necessitating greater investment in national cybersecurity infrastructure.
Echotitbits take: High CEO confidence is a leading indicator of increased capital expenditure and job creation. However, the government must address the “cyber risk” warning mentioned by these leaders to ensure that the digital economy doesn’t become a new bottleneck for growth.
Source: ThisDay — https://www.thisdaylive.com/2026/02/02/pwc-nigeria-91-ceos-expect-nigeria-economic-growth-in-2026/, February 6, 2026
Photo credit: ThisDay
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Federal Government Sets Ambitious 2.5 Million BPD Oil Target for 2027
In an update published by Vanguard, the Federal Government has called on International Oil Companies (IOCs) to take decisive action to ramp up crude oil production. Speaking at the 2026 Nigerian International Energy Summit (NIES) in Abuja, the Minister of State for Petroleum Resources (Oil), Senator Heineken Lokpobiri, emphasized that the country aims to reach a production capacity of 2.5 million barrels per day (bpd) by 2027. This follows a 2025 average of 1.6 million bpd, which fell short of the 2.06 million bpd budget benchmark.
The Minister stressed that the success of the entire petroleum value chain—from refining to distribution—is fundamentally dependent on the upstream sector’s performance. He reassured investors that the Petroleum Industry Act (PIA) provides a level playing field for both indigenous and foreign operators. The government’s renewed focus comes as the economy seeks to bolster foreign exchange earnings through increased energy exports.
The Nation and BusinessDay are also tracking these developments from the NIES summit. The Nation noted that “the government is looking to eliminate technical hitches and oil theft that have historically hindered production.” BusinessDay highlighted the private sector’s response, quoting an industry executive who said, “the roadmap is clear, but the infrastructure for evacuation must match the production targets.”
Echotitbits take:
Achieving 2.5 million bpd is a tall order considering the aging infrastructure of many onshore assets. However, if the recent divestments by IOCs to local firms lead to more aggressive drilling in marginal fields, we might see a significant uptick. The government must ensure that the “enabling environment” mentioned includes physical security for pipelines to prevent the return of large-scale crude theft.
Source: Arise – https://www.arise.tv/tinubu-reaffirms-nigerias-3-million-bpd-oil-output-target-by-2030/, February 5, 2026
Photo credit: Arise
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Finance Minister Targets 7% Economic Growth via Private Investment
As reported by Punch on February 4, 2026, Nigeria’s Minister of Finance has reasserted the government’s commitment to achieving a 7% economic growth rate by 2027. The Minister emphasized that the primary driver for this ambitious target would be the scaling up of private sector investments and the continuation of aggressive fiscal reforms aimed at deregulating key sectors like energy and transport.
The administration’s strategy involves leveraging public-private partnerships (PPPs) to address the country’s infrastructure deficit. The Minister noted that Nigeria is “ready to collaborate with global partners” to deliver inclusive growth, particularly in the digital economy and clean energy sectors, which are seen as the next frontiers for Nigerian development.
Validation of this economic outlook comes from ThisDay and Leadership. ThisDay reports that “global investors are showing renewed interest in Nigeria’s energy sector,” quoting a Standard Chartered analyst who says, “The 7% target is achievable if the current reform momentum is sustained.” Leadership also highlights the role of the Nxtra Data Centre in Lagos as a model for private-led growth, with a tech executive stating, “Digital infrastructure is the backbone of the new Nigerian economy.”
Echotitbits take: A 7% growth target is highly ambitious given the current inflationary environment. However, the focus on private investment rather than government spending is a shift in the right direction. The key challenge will be ensuring that this macro-level growth trickles down to reduce the high unemployment rate and poverty levels.
Source: The Punch – https://punchng.com/reforms-private-investment-crucial-for-7-growth-edun/, February 4, 2026
Photo credit: The Punch
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Lagos State Commits Over N1 Billion to Settle Backlog of Retiree Benefits
In an update published by The Punch, the Lagos State Government has successfully distributed more than N1 billion to 543 retirees, covering their long-awaited accrued pension rights. This disbursement is part of a strategic effort by the Babajide Sanwo-Olu administration to clear the financial obligations owed to former public servants and ensure their post-service welfare is prioritized.
The Governor emphasized that the prompt payment of these benefits is a testament to the state’s commitment to the social contract between the government and its workforce. By settling these claims, the administration aims to provide a financial safety net for the elderly who have spent decades in the service of the state, particularly during times of economic volatility.
Further validation of this development was provided by The Nation, which noted that the payment exercise was conducted through the Lagos State Pension Commission (LASPEC). The outlet quoted an official stating, “We are determined to maintain a consistent payment schedule to ensure that no retiree is left in financial distress.” Similarly, Daily Post confirmed the disbursement, highlighting the emotional relief for beneficiaries; the report featured a brief quote from a retiree: “This payment is a lifeline that has restored our hope in the system.”
Echotitbits take:
Lagos remains the frontrunner in pension reforms in Nigeria, consistently funding its retirement obligations despite national fiscal pressures. This move not only boosts the local economy by increasing the purchasing power of over 500 households but also serves as a stabilizing factor for the state’s civil service. Watch for whether other states, currently grappling with pension backlogs, will adopt the Lagos model of consistent monthly funding into retirement savings accounts.
Source: The Guardian – https://guardian.ng/news/nigeria/metro/lasg-pays-465-retirees-n1-billion-pension-benefits/, and February 2, 2026
Photo credit: The Guardian
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US Companies Spend N3.23 Billion on Visas for Nigerian Specialists
Figures cited by The Punch show that American firms invested over N3.23 billion in the 2024 fiscal year to secure H-1B specialty worker visas for 880 Nigerian professionals. This data, released on February 1st, 2026, underscores the high demand for Nigerian talent in sectors such as technology, healthcare, and engineering within the United States.
Reporting by BusinessDay indicates that this trend reflects a growing “brain gain” for the US but a “brain drain” for Nigeria’s domestic economy. The report mentions that many of these professionals are being recruited by top Silicon Valley firms and major medical centers. “The cost of these visas shows how much US employers value the skill sets coming out of Nigeria,” a migration expert was quoted as saying.
In an update published by The Sun, it was revealed that the Nigerian government is currently in diplomatic talks with Washington to ease visa restrictions and create a more formal framework for professional exchange. The paper quoted a Diaspora Affairs official who noted: “While we celebrate the success of our citizens abroad, our priority is to create an environment where these specialists feel incentivized to return and invest their skills at home.”
Echotitbits take: This story highlights the duality of the Nigerian diaspora. While the N3.23bn spent by US firms shows the global competitiveness of Nigerian talent, it also points to a massive gap in the local banking and tech sectors that struggle to retain top-tier specialists. Watch for new “Return-to-Nigeria” incentives in the 2026 mid-year economic review.
Source: The Punch — https://punchng.com/us-firms-spent-n3bn-on-permits-for-nigerian-workers-report/, February 1, 2026
Photo credit: The Punch
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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