In an update published by Daily Post, the Nigerian Presidency has dismissed claims made by former Transportation Minister Rotimi Amaechi regarding a purported plan to implement a 25% tax increase following the next general election. Presidential spokesperson Bayo Onanuga labeled the allegations as “egregious lies” intended to incite public fear and create political instability. The government insists there are no such provisions in the current or proposed tax laws.
The controversy erupted after a viral video showed the former minister warning citizens that an APC victory would lead to a significant tax burden on business transactions and rent. Amaechi had suggested that the government was delaying the implementation of these taxes to avoid voter backlash, urging the public to verify the “new tax law” with legal experts.
In its rebuttal, the Presidency clarified that the ongoing tax reforms are focused on simplification and efficiency rather than arbitrary increases. The administration reiterated its commitment to creating a business-friendly environment and cautioned political actors against spreading misinformation that could disrupt the economy.
The Nation corroborated the Presidency’s stance, noting that the Federal Ministry of Finance has no such 25% levy in its 2026 projections. A legal expert quoted in ThisDay stated, “There is no legislative record of a post-dated tax law of this magnitude; such claims appear to be purely speculative.” Additionally, Channels TV reported that the viral video has sparked intense debate on social media, with one analyst noting, “Political rhetoric regarding taxation must be grounded in documented policy to avoid unnecessary market panic.”
Echotitbits take: This exchange highlights the heightening political tension as the 2027 election cycle begins to loom. Expect taxation to remain a central, albeit contentious, campaign issue as both sides scramble to define the economic narrative.
Source: Vanguard – https://www.vanguardngr.com/2026/01/presidency-rebuts-kpmgs-claims-on-new-tax-laws-defends-reform-choices-2/, and February 15, 2026
Photo credit: Vanguard
Tag: tax reforms
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Presidency Rebuts Allegations of Looming 25% Post-Election Tax Hike
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Capital Gains Tax Collections Hit Historic ₦522 Billion Milestone
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 -
Senator says subsidy removal saves Nigeria ₦10tn yearly, urges patience with reforms
Figures cited by Punch show Ogun West senator Solomon Adeola says removing petrol subsidy is saving Nigeria over ₦10tn annually, arguing the funds can support economic predictability and infrastructure.
Adeola also defended tax-law implementation, insisting the versions being rolled out align what lawmakers passed and were not altered after signing.
The remarks reflect the government’s broader reform narrative—short-term pain for medium-term fiscal stability—though citizens continue to weigh claims against lived inflation pressures.
Echotitbits take: The savings claim will be tested by transparency: where exactly does the money go, and can Nigerians see it in services and inflation relief? Watch for audited baselines, monthly fiscal reporting, and how palliatives/infrastructure spending track against ‘savings’ narratives.
Source: The Punch — January 3, 2026 (https://punchng.com/subsidy-removal-saving-nigeria-over-n10tn-annually-adeola/)
The Punch January 3, 2026
Photo Credit: The Punch
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Ports on edge as shipping lines weigh new charges under Nigeria’s tax reforms
2026-01-02 06:00:00
In a report by Punch, freight forwarding groups say tension is rising at Nigeria’s ports as shipping lines consider higher freight-related charges following the rollout of new tax reforms from January 1, 2026.Industry operators warn that any sudden increase in port-related costs can ripple into inflation, import prices, and cargo diversion to neighbouring countries—especially at a time when businesses are still adapting to currency and cost pressures.
Stakeholders are calling for clarity on how the new tax implementation applies across shipping, terminal logistics, and associated services, to avoid inconsistent billing and disputes.
The Guardian reports that “increasing tariffs at this critical time will further escalate the cost of doing business at Nigerian ports” and could encourage cargo diversion. The Sun also reports a tariff-hike angle, noting the Shippers’ Council is set to review certain charges while approving an increase for shipping lines in early 2026.
Echotitbits take: If port charges jump abruptly, consumers pay twice—at the checkout and through slower supply chains. Watch the Nigerian Shippers’ Council and Customs for harmonised guidance, and whether freight forwarders push for phased implementation or explicit exemptions to prevent surprise billing.
Source: The Punch — January 2, 2026 (https://punchng.com/tax-reforms-spark-tension-as-shipping-lines-plan-hikes/)
The Punch 2026-01-02Photo Credit: The Punch
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Debt Service and Salaries Outstrip Federal Revenue in 2025 Budget Data
2025-12-18 00:00:00
According to Punch, official budget documents show that debt service and personnel costs consumed more than the Federal Government’s total revenue in the first seven months of 2025, underscoring the pressure on fiscal space.
The report says earnings came in well below pro-rata targets, forcing deep cuts to capital spending and tightening the room for new projects without additional borrowing or revenue reforms.
The figures add weight to growing concerns about budget credibility, cash-backing of appropriations, and the need for stronger domestic revenue mobilisation.
BusinessDay reported that “debt servicing and personnel costs consumed more than the Federal Government’s entire revenue” for the period, citing official budget documents. (BusinessDay)
Another report on the same figures said Nigeria earned far below targets between January and July and that the gap hit capital releases hard. (Legit.ng)
Analysis/Echotitbits take: When “fixed” obligations swallow revenue, the real economy suffers via delayed infrastructure and weak service delivery. Watch for 2026 revenue measures, credible subsidy/accounting reforms, and how government aligns spending plans with cash realities.
Source: Punch — December 18, 2025 (https://punchng.com/salaries-debt-service-gulp-105-of-govt-revenue/)
Photo credit: Punch
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Nigeria’s 2025 Revenue Gap Hits ₦30tn, Finance Ministry Signals Tougher Budget Choices
Photo Credit: Punch
2025-12-17
According to *The Punch*, Nigeria’s Finance Minister Wale Edun says the Federal Government recorded about ₦30 trillion in revenue shortfall in 2025, underscoring how weaker-than-expected inflows are tightening fiscal space.
The report points to the knock-on effect on budget execution: with revenue underperforming, the government may face sharper trade-offs between debt servicing, capital spending, and core social obligations.
It also raises questions around the pace of non-oil revenue reforms and the reliability of projected collections as Nigeria navigates inflation, exchange-rate pressures, and a still-fragile recovery.
Other reporting on the same development includes:
– Reuters: “Nigeria’s fiscal pressures are intensifying as revenue performance lags spending needs.”
– Bloomberg: “Officials are weighing additional measures to close the gap as financing costs remain elevated.”Analysis/Echotitbits take: A ₦30tn gap is a warning flare for 2026 planning—expect tougher scrutiny of waivers, leakages, and under-remittance. Watch the next FEC/Finance briefings for concrete revenue-side actions and whether spending is reprioritised toward high-multiplier projects.
Source: The Punch — December 17, 2025 (https://punchng.com/fg-recorded-n30tn-revenue-shortfall-in-2025-edun/)
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FIRS pushes back on sovereignty fears over France tax cooperation MoU
2025-12-15 08:00:00
According to The Punch, the Federal Inland Revenue Service (FIRS) said a tax-cooperation MoU with France does not compromise Nigeria’s tax sovereignty amid public debate and calls from some groups to terminate the arrangement.
The report says FIRS framed the agreement as technical cooperation and capacity support, rather than any transfer of authority over Nigeria’s tax administration.
Punch notes the controversy underscores rising sensitivity around external partnerships as Nigeria pursues broader revenue and tax reforms.
Analysis/Echotitbits take: Cross-border tax cooperation can improve enforcement against profit shifting and illicit flows, but trust and transparency are essential. Watch for publication of key MoU terms, parliamentary oversight, and how FIRS explains safeguards on taxpayer data and jurisdiction.
Source: Business Insider Africa — December 2025
Business Insider Africa https://africa.businessinsider.com/local/lifestyle/nigeria-signs-tax-data-mou-with-france-raising-sovereignty-concerns/db2qdg7 December 2025