Business

Old Tax Laws Made Nigerians Poor — Tinubu Defends New Reforms

Published

3 months ago

April 15, 2026

Preport

President Bola Ahmed Tinubu has said that outdated, colonial-era tax laws contributed significantly to economic hardship and poverty among Nigerians.

The President made the remark during the commissioning of the 16-storey headquarters of the Nigeria Revenue Service (NRS) in Abuja, according to a statement issued by his Special Adviser on Information and Strategy, Bayo Onanuga.

Tinubu noted that the tax reforms introduced by his administration are aimed at replacing obsolete structures with a more inclusive and growth-driven system.

“On my inauguration day, I made a solemn pledge that we will move Nigerians from the dimness of uncertainty into the clear light of renewed hope,” he said. “I committed to confronting structural weaknesses, restoring financial stability, and building an economy anchored in discipline, equity, and opportunity.”

According to the President, the new tax system, which became fully operational in January, is designed to strengthen the country’s fiscal foundation while promoting long-term economic growth.

He described the reforms as a deliberate effort to build a transparent, efficient, and people-centred revenue system capable of restoring public trust and supporting national development.

Addressing public concerns, Tinubu said the new framework would simplify taxation, eliminate distortions, and promote fairness, while also protecting vulnerable citizens.

“The reforms are designed to simplify our system, eliminate distortions and create a fair, transparent and investment-friendly environment,” he stated. “Our direction is clear: to have a revenue system that rewards enterprise, supports growth, and ensures that every contribution to the national cause is matched by feasible value for the people.”

Up Next

Woman Confronts Alleged Harasser in Lagos Bus, Incident Captured on Video

Don't Miss

Plateau Hospital Dismisses Alleged Terror Attack, Abduction Plot, Reassures Public of Safety

Click to comment

Business

United Capital, Aradel, Custodian Investment top stock pick this week

Published

7 hours ago

July 27, 2026

Preport

Floor of the Nigerian Stock Exchange.png

Trading in Nigerian stocks last week hit a buoyancy last seen in the market more than six weeks ago, with transaction size accelerating 57.3 per cent to 4.4 billion shares as the earnings season kicked in in earnest.

A few inspiring half-year results, notably that of BUA Cement, were made public, but many more are expected as earnings release reaches fever pitch this week and companies hurry to beat the cut-off date for filing unaudited reports.

Investors will be pricing in companies’ chances of announcing interim dividends as they take position.

PREMIUM TIMES has assembled some stocks with sound fundamentals, adopting rigorous approaches to save you the risk of picking equities at random for investment.

The pick, a product of an analytical market watch, offers a guide to entering the market and taking strategic positions, with the expectation that selected stocks will record reasonable price appreciation with the passage of time.

This is not a buy, sell or hold recommendation but a stock investment guide. You may need to involve your financial advisor before taking investment decisions.

United Capital

United Capital tops this week’s pick on the basis of its strong fundamentals. The investment bank’s net profit ratio (NPR) is 51.2 per cent, while the price-to-earnings (PE) ratio is 10.4x. Its 14-day relative strength index (RSI) is 56.2.

Aradel Holdings

Aradel Holdings makes the selection for its strong fundamentals. The NPR of the energy company is 68.7 per cent, while the PE ratio is 8.8x. Its 14-day RSI is 43.2.

Custodian Investment

Custodian Investment appears on the pick on the basis of its robust fundamentals and for trading below its intrinsic value. The NPR of the company is 27.6 per cent, while the PE ratio is 6.3x. The 14-day RSI is 67.4.

Linkage Assurance

Linkage Assurance makes the cut by virtue of its strong fundamentals and for trading below its underlying value. The PE ratio of the insurer is 3.7x, while the 14-day RSI is 36.3.

Fidelity Bank

Fidelity Bank makes the selection on the basis of its strong fundamentals. The NPR of the lender is 16 per cent, while the PE ratio is 3.9x. Its 14-day RSI is 56.

Wema Bank

Wema Bank features on the list for its strong fundamentals and for trading below its underlying value. The NPR of the lender is 30.5 per cent, while the PE ratio is 1.2. Its 14-day RSI is 59.2.

Business

Cardoso, Okonjo-Iweala to Headline 7th Africa Emerging Markets Forum

Published

15 hours ago

July 27, 2026

Preport

The Governor of the Central Bank of Nigeria (CBN), Mr. Olayemi Cardoso, and the Director-General of the World Trade Organisation (WTO), Dr. Ngozi Okonjo-Iweala, will headline a high-level fireside dialogue at the 7th Africa Emerging Markets Forum in Abuja.

Scheduled for July 29–30, 2026, at the CBN Headquarters, the prestigious gathering will bring together global central bankers, finance ministers, and leading economists to tackle practical policy responses to growing global economic uncertainties.

The event which will be hosted by the CBN in collaboration with the EMF and the Centre for the Study of the Economies of Africa (CSEA), the 7th Africa Emerging Markets Forum will convene senior policymakers, central bankers, ministers, development partners, private-sector leaders and leading economists from Africa and around the world to examine practical policy responses to an increasingly uncertain global economic environment.

Held under the theme “Building Resilience Amidst Geoeconomic Uncertainties,” the 7th Africa Emerging Markets Forum will be headlined by the Cardoso–Okonjo-Iweala fireside dialogue, which will explore how African economies can build resilience, sustain reform momentum, deepen regional integration and unlock long-term growth amid an increasingly fragmented global economy.

The 7th Africa Emerging Markets Forum will also feature ministerial keynote addresses by the Minister of Finance and Coordinating Minister of the Economy, Mr Taiwo Oyedele, and the Minister of Science, Technology and Innovation, Dr Kingsley Udeh, underscoring the importance of coordinated fiscal, monetary and innovation policies in advancing Africa’s economic transformation and long-term resilience.

Other distinguished participants include Indermit Gill, Chief Economist and Senior Vice President for Development Economics at the World Bank Group; Harinder Kohli, Founding Director and Chief Executive of the Emerging Markets Forum; Professor Adamu Ahmed, Vice-Chancellor of Ahmadu Bello University; alongside senior policymakers, academics, development partners and business leaders from across Africa and beyond.

Over two days, participants will examine a wide range of issues critical to the future of emerging markets, including macroeconomic stability, regional economic integration, cross-border payments, financial technology, infrastructure, foreign direct investment, technology transfer, artificial intelligence, and the interconnected challenges of food price volatility, inflation and monetary policy transmission in fragile and post-crisis economies.

According to the organisers, the 7th Africa Emerging Markets Forum aims to foster open dialogue on issues of strategic importance to emerging markets and developing economies while identifying practical policy solutions that can be adapted to the unique circumstances of individual countries.

The Forum underscores the shared commitment of the Central Bank of Nigeria and its partners to strengthening regional cooperation, advancing evidence-based policymaking and promoting innovative solutions that enhance Africa’s resilience and support sustainable, inclusive economic growth.

The post Cardoso, Okonjo-Iweala to Headline 7th Africa Emerging Markets Forum appeared first on Business Today NG.