Echotitbits – Nigeria News

Tag: Nigeria finance

  • Federal Government Proposes New Wealth Tax for Ultra-High-Net-Worth Individuals

    Federal Government Proposes New Wealth Tax for Ultra-High-Net-Worth Individuals

    The Ministry of Finance is reportedly drafting a Wealth Tax bill targeting Nigerians with assets above N5 billion, including luxury real estate and private jets, as part of a drive to increase non-oil revenue.

    The government says the proposal is designed to fund social safety nets and reduce the budget deficit without raising burdens on poorer citizens, with projections of significant annual revenue if implementation is effective.

    Business groups have raised concerns about capital flight and compliance complexity, while experts warn the policy only works if authorities can accurately track luxury holdings and offshore assets.

    Echotitbits take: Bold, controversial, and easy to politicize. The wealthy are skilled at loopholes, so enforcement capacity will determine success. Without credible asset tracking and compliance systems, the tax risks becoming symbolic—or investment-deterring.
    Source: BusinessDay – https://businessday.ng/business-economy/article/fg-proposes-25-tax-rate-on-wealthy-nigerians-earning-n100-million-monthly/ 2026-01-27

    Photo Credit: BusinessDay

  • SEC Plans Q1 2026 Shift to Digital Processing as January Renewal Deadline Approaches

    SEC Plans Q1 2026 Shift to Digital Processing as January Renewal Deadline Approaches

    Photo Credit: TheCable
    2025-12-22

    Documents reviewed by TheCable indicate the SEC will begin electronic receipt and processing of applications in Q1 2026 as it enforces a January renewal deadline for market operators.

    The shift is expected to reduce manual bottlenecks, shorten processing timelines, and improve transparency for regulated firms.

    If successful, the change could improve investor confidence by making compliance more predictable and less relationship-driven.

    TheCable reported SEC will commence “electronic receipt and processing of applications” in Q1 2026. BusinessDay reinforced the renewal timeline, stating operators should renew “from January 1 to 31, 2026.”

    Echotitbits take: Nigeria’s capital market needs both speed and trust. Watch for portal launch dates, clear fees, and published service-level timelines that reduce discretionary delays.

    Source: TheCable — December 22, 2025 (https://www.thecable.ng/sec-issues-deadline-for-capital-market-operators-to-renew-registration/)
    TheCable 2025-12-22

  • PenCom flags low funding for personal pension plans, urges stronger contributions

    PenCom flags low funding for personal pension plans, urges stronger contributions

    2025-12-15 08:00:00

    According to The Punch, the National Pension Commission (PenCom) expressed concern that personal pension plan (PPP) accounts are poorly funded, citing low contribution levels relative to account openings.

    Punch reports the commission said the funding gap could weaken retirement outcomes and called for improved contributor discipline and broader pension awareness, especially for informal-sector participants.

    The report adds that stronger compliance and product design could help scale voluntary pension savings and reduce old-age financial vulnerability.

    Analysis/Echotitbits take: Voluntary pension uptake is a key lever for Nigeria’s informal economy, but sustainability depends on regular contributions and trust. Watch for PenCom’s enforcement stance, incentives for contributors, and partnerships that make micro-savings easier.

    Source: The Punch — December 9, 2025

    The Punch https://punchng.com/unfunded-personal-pension-plans-worry-pencom/ December 9, 2025