Business
Senate rejects N6tn tax waivers in proposed 2023 budget
Senate Committee on Finance has opposed a N6 trillion tax and import duty waivers in the proposed 2023 budget.
The committee said this on Tuesday during a panel meeting between Minister of Finance, Budget and National Planning, Zainab Ahmed, and heads of revenue generating agencies in Abuja.
The meeting reviewed the proposed 2023-2025 medium-term expenditure framework and fiscal strategy paper (MTEF/FSP).
The minister informed the committee that the N19.76 trillion proposed as the 2023 budget would have a deficit of N12.43 trillion because N6 trillion had been projected as tax and import duty waivers, while fuel subsidy would take N6 trillion.
Chairman of the committee, Solomon Adeola, rejected the budget proposals.
Adeola said the projected N12.43 trillion budget deficit and the N6 trillion tax and import duty waivers should be adjusted before sending the proposals to the National Assembly for consideration and approval.
He told the minister to look into the list of beneficiaries of the waivers for the required downward review to N3 trillion to give room for the reduction of the N12.43 trillion deficit figure.
According to him, the issue of waivers should be given top paramount by relevant authorities, adding that Nigeria had no room for wastage and leakage.
He said, “The proposed N12.43 trillion deficit for the 2023 budget and N6 trillion waivers are very disturbing, and must be critically reviewed.
“Many of the beneficiaries of the waivers are not ploughing accrued gains made into expected projects as far as infrastructural developments are concerned.
“The same goes for tax credit window offered by the FIRS to some companies.
“Billions and trillions of naira can be generated by the government as revenue if such windows are closed against beneficiaries abusing them and invariably provide required money for budget funding with less deficit and borrowings.
“The NCS should help in this direction by critically reviewing waivers being granted on import duties for some importers just as the FIRS should also review the tax credit window offered some companies without corresponding corporate social services to Nigerians in terms of expected project executions like road construction.
“We cannot accommodate the N6 trillion tax waivers. It is in this way that the committee frowns on the projected N12.41 trillion budget deficit contained in the 2023-2025 MTEF/FSP and the alarming projection of ‘no provision for treasury-funded MDAs’ capital projects in 2023.
“This scenario is unacceptable, and we must find ways to drastically reduce the deficit.
“It is apparent that the borrowing trends cannot be allowed to continue unchecked and conscious efforts must be made to reduce budget deficits.
“Achieving these goals requires us to look inwards towards increased revenue generation, blocking of leakages and restraints on what are generally frivolous expenditures by MDAs, particularly the Government Owned Enterprises (GEOs).
“Our preliminary findings and directives to some of the agencies had led to the payment of millions of naira into CRF in accordance with the fiscal responsibility Act 2007 and the 1999 Constitution.
“It is needless to say that these millions not paid to CRF contribute to the yearly huge budget deficits of the federal government.
“The investigation was also able to get some agencies to accept opting out of the federal budget altogether based on their internal revenue generating ability. Some of these findings are relevant to the proceedings of this 5-day interactive session.
“From the challenges thrown up against our economy in terms of the Russia-Ukraine war, the impact of crude oil theft, insecurity, and continuing infrastructure deficits, it is time for all to agree that it cannot be business as usual for government revenue and expenditures.
“We need to block all revenue leakages and misuse in ministries, departments and agencies (MDAs) as well as control expenditure to free funds for needed infrastructure development and provision of social services.”
The committee also directed the Nigeria Customs Service (NCS) to carry out a downward review of the proposed waivers in the fiscal document by 50 per cent.
It added that the FIRS should critically look at abuse of tax credit by some companies.
Ahmed however said the issue of the budget deficit was a result of debt servicing, adding that tax credits are issued when companies construct projects and the projects were certified and issued certificates by the Federal Ministry of Works.
On his part, Muhammad Nami, FIRS chairman, told the committee that tax credit was an important innovation of government, adding that it had yielded positive results from September 2019 when it was introduced through Executive Order 007 by President Muhammadu Buhari.
He urged the committee not to move in the direction of scrapping, saying it is only given to companies with evidence of projects executed.
Comptroller-General of Customs, Hameed Ali, assured the committee of an improved revenue generation in the 2023 fiscal year.
Business
NNPC Remits N1.804 Trillion to Federation Account in February
NNPC Remits N1.804 Trillion to Federation Account in February
The Nigerian National Petroleum Company Limited (NNPC) has remitted N1.804 trillion to the Federation Account in February 2026, marking a significant jump from the N726 billion recorded in January, according to its latest Monthly Financial and Operational Report Summary.
The sharp increase highlights improved oil and gas revenue performance in Nigeria, stronger production output, and ongoing fiscal reforms aimed at boosting transparency and accountability in the petroleum sector.
NNPC Ltd reported that its total revenue increased to N2.68 trillion in February, up from N2.57 trillion in January, driven by higher crude oil sales, improved gas earnings, and operational efficiency gains across its assets. The company also recorded a profit after tax of N136 billion, reflecting improved financial performance despite fluctuations in global crude oil markets and domestic operational challenges.
According to the report, Nigeria’s crude oil and condensate production averaged 1.51 million barrels per day (bpd) in February 2026. NNPC attributed the output stability to improved asset reliability, faster resolution of evacuation constraints, and enhanced coordination with upstream operators across key oil fields.
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The rise in remittances follows major fiscal policy changes introduced by President Bola Ahmed Tinubu in February 2026, including an Executive Order mandating full remittance of oil and gas revenues to the Federation Account. The directive also suspended the retention of management and frontier exploration fees previously deducted by NNPC Ltd and established an inter-agency committee led by the Minister of Finance to enforce compliance.
Officials say the reforms are designed to strengthen public revenue management in Nigeria, reduce leakages, and improve transparency in the oil sector.
The company said improved output was supported by infrastructure upgrades, better asset management, and stronger collaboration with industry stakeholders. It also highlighted progress on the Ajaokuta–Kaduna–Kano (AKK) gas pipeline project, noting that construction works are advancing toward early gas delivery to Abuja, a key milestone for Nigeria’s domestic gas expansion strategy.
The performance aligns with broader recovery trends in Nigeria’s oil industry, supported by efforts to curb crude theft, improve pipeline security, and enhance upstream efficiency. Data from the Nigerian Upstream Petroleum Regulatory Commission (Nigerian Upstream Petroleum Regulatory Commission) also indicates fluctuations but overall resilience in production levels, as the sector continues stabilisation reforms.
Analysts say sustained growth in NNPC remittances will depend on consistent crude production, stable global oil prices, and continued enforcement of fiscal transparency measures. As of the time of filing this report, NNPC Ltd has not provided additional breakdowns beyond its monthly financial summary.
NNPC Remits N1.804 Trillion to Federation Account in February
Auto
CFAO Mobility Open Day to offer special deals on new vehicles, parts, diagnostics
CFAO Mobility Open Day to offer special deals on new vehicles, parts, diagnostics
CFAO Mobility has announced plans to host the 2026 edition of its flagship CFAO Mobility Open Day, aimed at showcasing a wide range of innovative mobility solutions.
In a statement, the company said the event would take place on Thursday, April 30, 2026, at Harbour Point, Victoria Island, Lagos, from 9am to 6pm.
The Open Day is expected to bring together leading global automotive and equipment brands in a dynamic exhibition tailored to meet diverse mobility needs.
Participating brands are Toyota, BYD, Mitsubishi, Suzuki, Fuso, JCB, Howo, Sino Equipment, King Long, TechKing Tyres, Yamaha, Winpart and Auto Fast.
According to CFAO Mobility, attendees will experience an extensive display of products and services, ranging from brand-new vehicles and motorcycles to outboard engines, fleet management solutions, spare parts and aftermarket services.
The event, which is free and open to the public, will also feature test drives, professional vehicle diagnostics and exclusive spare-parts deals, offering participants a hands-on and engaging experience.
The company urged car enthusiasts, business owners and prospective buyers to take advantage of the Open Day to explore mobility solutions tailored to their personal and business needs.
With over 120 years of presence in Nigeria, CFAO Mobility remains a key player in the mobility and healthcare sectors.
It added that the Open Day reflects its continued commitment to delivering innovative, customer-focused mobility solutions.
Business
Naira Strengthens to ₦1,359.31/$ as CBN Data Shows Further Gain in Official Market
Naira Strengthens to ₦1,359.31/$ as CBN Data Shows Further Gain in Official Market
The Naira continued its positive performance on Thursday, appreciating further in the official foreign exchange market to close at ₦1,359.31 per US dollar, according to data published by the Central Bank of Nigeria (CBN).
The latest figure represents an improvement of ₦12.50 compared to the previous trading day, reflecting a 0.9 percent gain from Wednesday’s closing rate of ₦1,371.82/$.
The appreciation highlights continued stability in the official foreign exchange window, where recent policy measures have helped improve liquidity and reduce pressure on the local currency.
Market analysts attribute the naira’s relative strength to ongoing foreign exchange reforms by the CBN, increased dollar supply in official channels, and tighter regulation aimed at narrowing the gap between official and parallel market rates.
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The CBN has in recent months intensified efforts to stabilise the currency through measures such as improved FX market transparency, better coordination with market participants, and steps to attract foreign portfolio inflows.
Despite the gains in the official market, traders note that the parallel market remains more volatile, with rates still influenced by strong demand for foreign currency from importers, travellers, and businesses outside official allocation channels.
Economists say the recent appreciation could help ease short-term inflationary pressure, particularly on imported goods, fuel pricing, and manufacturing inputs, although they caution that sustained stability will depend on broader macroeconomic fundamentals.
These include stronger foreign reserves, improved export earnings—especially from crude oil—and continued investor confidence in Nigeria’s economic policy direction.
The naira’s performance also comes amid renewed attention on Nigeria’s broader economic outlook, with stakeholders closely monitoring the impact of monetary tightening and ongoing fiscal reforms.
As of the latest trading sessions, market participants expect the CBN to maintain its current policy stance in the near term as it works to consolidate recent gains in the foreign exchange market in Nigeria.
Naira Strengthens to ₦1,359.31/$ as CBN Data Shows Further Gain in Official Market
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