Echotitbits – Nigeria News

Tag: Nigeria economy

  • Naira Maintains Stability as CBN Projects Positive 2026 Outlook

    Naira Maintains Stability as CBN Projects Positive 2026 Outlook

    Naira Maintains Stability as CBN Projects Positive 2026 Outlook

    The naira traded within a narrow band mid-week as CBN interventions and a more optimistic 2026 forecast supported FX market stability.

    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: Stability is the goal, but the true test will be the CBN’s ability to maintain these levels without burning through foreign reserves. Keep an eye on the February inflation data to see if the currency stability translates to lower consumer prices.

    Source: The Guardian — https://guardian.ng/business-services/cbn-survey-projects-steady-naira-improved-economic-activities-in-2026/ (2026-01-21)

    Photo credit: The Guardian

    2026-01-21 15:00:00

  • States Hosting Displaced Persons to Access $12m World Bank Performance Loan

    States Hosting Displaced Persons to Access $12m World Bank Performance Loan

    States Hosting Displaced Persons to Access $12m World Bank Performance Loan

    World Bank-backed funding will be disbursed only after independent verification that host states improved conditions for internally displaced persons.

    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: This ‘results-based’ financing model is a direct response to years of alleged mismanagement in IDP funds. Watch for which states successfully clear the independent audits, as this could become a blueprint for future humanitarian aid.

    Source: The Punch – https://punchng.com/states-hosting-idps-eye-12m-wbank-loan/ (2026-01-21)

    Photo credit: The Punch

    2026-01-21 14:00:00

     

  • EU Formally Removes Nigeria from High-Risk Financial Jurisdictions

    EU Formally Removes Nigeria from High-Risk Financial Jurisdictions

    The European Union has delisted Nigeria from its list of high-risk third countries for anti-money laundering (AML) and countering the financing of terrorism (CFT), following regulatory reforms and enhanced supervisory measures.

    The delisting is expected to reduce “enhanced due diligence” friction for Nigeria–EU financial flows, with potential benefits for trade finance access and cross-border transaction efficiency.

    Echotitbits take: This is a material ease-of-doing-business tailwind. Over time, it should lower transaction costs for importers and improve the attractiveness of Nigeria-facing corridors for European banks and investors.

    Source: Finance – https://finance.gov.ng/nigeria-welcomes-european-commissions-removal-of-the-country-from-eu-aml-cft-high-risk-list/ (January 17, 2026)

    Photo Credit: Finance

  • FG projects ₦33.39tn revenue and ₦15.91tn debt service for 2026 fiscal year

    FG projects ₦33.39tn revenue and ₦15.91tn debt service for 2026 fiscal year

    In a report by The Nation, the Federal Government’s 2026 Appropriation Bill projects about ₦33.39 trillion in revenue and sets aside roughly ₦15.91 trillion for debt servicing, highlighting the scale of fiscal pressure.

    The story breaks down projected revenue sources and explains that domestic debt service—often including Central Bank financing—remains a major budget burden.

    Economists warn that a heavy debt-service line can shrink space for infrastructure and social spending, unless revenue performance improves and borrowing costs fall.

    The debate in the National Assembly is expected to focus on realism of revenue assumptions and strategies to reduce recurrent costs and improve tax efficiency without harming growth.

    Echotitbits take: Nigeria’s fiscal stress is now structural: debt service competes with everything. Watch for credible revenue reforms and whether debt management reduces cost, not just raises more borrowing.

    Source: The Nation https://thenationonlineng.net/fg-targets-%E2%82%A633-39trn-revenue-sets-aside-%E2%82%A615-91trn-for-debt-service-in-2026/ 11 January 2026

    The Nation 2026-01-11

    Photo Credit: The Nation

  • DMO raises about ₦1.1tn at first 2026 T-bills auction as stop rates rise

    DMO raises about ₦1.1tn at first 2026 T-bills auction as stop rates rise

    According to The Guardian Nigeria, the Debt Management Office secured about ₦1.144 trillion at its first Nigerian Treasury Bills auction of 2026, with stop rates climbing across all maturities.

    The report notes the 364-day paper dominated the auction and the stop rate for the one-year tenor rose sharply, reflecting investor demand for higher yields in a high-rate, high-inflation environment.

    For households and corporates, higher T-bill yields can improve returns on risk-free assets, but they can also raise government debt-service costs and crowd out private-sector borrowing.

    Market watchers will be tracking whether rates stabilise or rise further, and how monetary policy signals influence the next auction rounds.

    Echotitbits take: Elevated T-bill yields are a double-edged sword—great for savers, tough for fiscal space. Watch the CBN’s liquidity stance and whether banks reprice loans upward in response.

    Source: The Guardian Nigeria – https://guardian.ng/news/fg-raises-n1-1tr-from-first-2026-treasury-bills-auction/ 9 January 2026

    The Guardian Nigeria 2026-01-09

    Photo Credit: The Guardian Nigeria

  • Tinubu Insists New Tax Laws Stay on Track Despite Discrepancy Dispute, Reuters Reports

    Tinubu Insists New Tax Laws Stay on Track Despite Discrepancy Dispute, Reuters Reports

    Reporting by Reuters indicates President Bola Tinubu said Nigeria would implement new tax laws from January 1 despite calls for delay, describing the reforms as a major reset even as critics raised concerns about discrepancies and administrative powers.

    The dispute centers on trust in the legislative process, enforcement safeguards, and the practical impact on households and businesses facing inflation pressure.

    Government posture suggests implementation will proceed while flagged issues are addressed through engagement and clarifying measures.

    KPMG’s note said certified versions were meant to address discrepancy allegations but still contain “errors, inconsistencies, gaps, and omissions,” while Taiwo Oyedele’s public messaging insisted there is “No Going Back” on implementation.

    Echotitbits take: Watch for clarifying circulars and early enforcement restraint. The first quarter will reveal whether compliance rises—or resistance spreads.

    Source: Reuters — https://www.reuters.com/world/africa/nigeria-implement-new-tax-laws-january-1-despite-calls-delay-tinubu-says-2025-12-30/ January 10, 2026

    Reuters 2026-01-10

    Photo Credit: Reuters

  • CBN Projection Puts Petrol Around N950/Litre, Raising Fresh Inflation Concerns

    CBN Projection Puts Petrol Around N950/Litre, Raising Fresh Inflation Concerns

    According to Vanguard, a CBN-linked macro projection suggests petrol could average around N950 per litre, reflecting a model-driven outlook shaped by exchange rates and supply costs. (more…)

  • Naira Dips Slightly as Foreign Reserves Rise to $45.6 Billion

    Naira Dips Slightly as Foreign Reserves Rise to $45.6 Billion

    Figures cited by Daily Post show the naira recorded a mild dip at the official market, trading around ₦1,419.72 per dollar after a strong early-year run. The move marked the currency’s first reported depreciation of 2026.

    At the same time, the Central Bank of Nigeria said foreign reserves continued to rise, reaching about $45.64 billion, suggesting a strategy of building liquidity buffers rather than heavy immediate market intervention.

    The parallel market was also reported to have softened slightly. Analysts cited seasonal Q1 import demand and post-holiday business activity as factors behind short-term volatility.

    Vanguard and Leadership carried related market commentary, including calls to watch CBN liquidity actions and policy signals.

    Echotitbits take: A small dip isn’t panic territory. Rising reserves give the CBN more room to stabilize markets if pressure builds—watch policy signals at the next MPC meeting.

    Source: Daily Post – https://dailypost.ng/2026/01/02/naira-records-n100-appreciation-against-dollar-foreign-reserves-rise-to-45-5bn-in-2025/ 2026-01-09

    Photo Credit: Daily Post

  • States Harmonize Nine Tax Categories to Support National Reform

    States Harmonize Nine Tax Categories to Support National Reform

    In an update published by Premium Times, Jigawa State passed a Harmonised Taxes and Levies Bill to domesticate national tax reform measures, limiting collections to nine approved tax categories and aiming to curb multiple taxation on businesses.

    The move follows similar reforms by other states in late 2025 and is designed to reduce illegal levy enforcement—such as roadblocks—while shifting revenue collection toward transparent, technology-driven systems.

    Officials said the reforms are intended to broaden the tax base rather than raise rates, and to ensure collections flow through digital channels into public accounts.

    The Nation and Daily Trust also reported that federal incentives may support compliance and that the reforms signal a new phase of fiscal governance.

    Echotitbits take: Cutting tax complexity is a big step for SME growth and investment confidence. Expect reform-compliant states to become more attractive for business formalization in 2026.

    Source: The Guardian – https://guardian.ng/news/tax-reforms-lagos-seeks-harmonisation-proposes-9-taxes-levies-across-board/ 2026-01-09

    Photo Credit: The Guardian

  • NACCIMA Raises Alarm Over 139 Million Nigerians in Poverty

    NACCIMA Raises Alarm Over 139 Million Nigerians in Poverty

    In an update published by ThisDay, the President of the Nigerian Association of Chambers of Commerce, Industry, Mines and Agriculture (NACCIMA), Dele Kelvin Oye, said about 139 million Nigerians are living below the poverty line, citing updated World Bank data for 2025/2026. He argued that GDP growth is being undermined by the scale of economic hardship.

    Oye said Nigeria is facing a “dual-inflation” challenge: demand-pull inflation linked to deficit spending, and cost-push inflation tied to high energy and transport costs. He added that higher interest rates may curb liquidity but also squeeze private-sector investment.

    He called for a shift in fiscal policy, urging the government to prioritize manufacturing and agricultural productivity over heavy borrowing, and warned that weak purchasing power will keep pressure on prices and the naira.

    The Guardian and Vanguard also reported related concerns from analysts about the widening gap between market indicators and household conditions.

    Echotitbits take: The 139 million estimate highlights how macro gains can miss the street-level reality. The tension between tighter monetary policy and private-sector calls for cheaper credit could intensify into a major policy debate in 2026.

    Source: BusinessDay – https://businessday.ng/news/article/2026-budget-could-trap-nigeria-in-fiscal-time-loop-despite-gains-from-reforms/ 2026-01-09

    Photo Credit: BusinessDay