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FG Commits To Gender-Inclusive Tax Reforms—Bagudu

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The federal government has reaffirmed its commitment to gender-inclusive tax reforms, highlighting the need for a fairer financial system to enhance revenue generation and economic development.

Speaking in Abuja at the launch of IBP Nigeria’s Strategy and Gender Research Findings, Minister of Budget and Economic Planning Abubakar Atiku Bagudu underscored the role of women’s advocacy groups in shaping budgetary decisions.

The former Governor of Kebbi State defended recent policy changes, such as the removal of subsidies and the simplification of tax systems, arguing that these measures would expand the tax base and improve revenue collection.

He also addressed the financial barriers women face, noting that systemic challenges often prevent them from accessing capital and fully participating in economic activities.

The IBP report called on governments at all levels to modernise tax collection through electronic payments and transparent processes, reducing inefficiencies and preventing exploitation.

It also recommended tax harmonisation to eliminate arbitrary levies.

A key focus of the report was the importance of raising public awareness about tax obligations and benefits, particularly among informal sector business owners, many of whom are women.

The report urged targeted campaigns using local media and community outreach to improve tax compliance.

Additionally, the report advocated for greater financial inclusion, recommending support for women’s access to microloans and savings programmes to empower female entrepreneurs and foster business growth.

It also called for grievance redress mechanisms tailored to the informal sector, with accessible reporting channels and gender-sensitive training for tax officials.

IBP Nigeria’s Country Manager, Yinka Babalola, stressed the organisation’s commitment to ensuring that public budgets work for all, particularly marginalised groups.

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“We are looking at the entire process of raising and spending public resources, which we call the public resource governance system,” she said.

“It extends beyond traditional financial management to include the role of private sector operators, legislative bodies, and auditors in ensuring accountability.”

Norwegian Ambassador to Nigeria, Svein Baera, expressed his country’s support for IBP’s research on gender and taxation, emphasising that public money belongs to the people and that civil society plays a crucial role in advocating for financial transparency and equality.

“Gender equality is central to achieving sustainable development goals,” he stated.

“Women’s voice, power, and agency must be strengthened at all levels, from households to governments, to ensure meaningful change.”

Baera praised IBP Nigeria’s locally led initiatives, highlighting the importance of community-driven approaches in tackling systemic financial inequalities.

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Investors gain N377bn on NGX amid bullish trend

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April 11, 2025

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The Nigerian stock market on Thursday rebounded with a gain of N377 billion on the Nigerian Exchange Ltd.

Market capitalisation rose by N377 billion or 0.58 per cent to close at N65.847 trillion, compared with N65.470 trillion posted on Wednesday.

Similarly, the All-Share Index (ASI) climbed by 601.25 points or 0.58 per cent, to settle at 104,788.25 from N104,187.00 earlier recorded.

The uptrend was driven by strong buying interest in medium and large capitalised stocks such as Caverton Offshore Support Group, VFD Group, Neimeth, among others

Meanwhile, the market breadth closed positive with 47 gainers and 11 losers

On the gainers’ chart, FG152028S1 grew by 100 per cent to close at N100.00 while Caverton Offshore Support Group increased by 10 per cent to close at N2.31 per share.

VFD Group soared by 9.92 per cent to close at N79.80 and Neimeth International Pharmaceutical gained by 9.92 per cent to close at N2.88 per share.

Veritas Kapital Assurance grew by 9.57 per cent to close at N1.03 per share.

On the losers’ chart, ABC Transport dropped by 10 per cent to close at N1.26 while Eterna fell by 9.90 per cent to close at N32.30 per share.

CAP Plc declined by 7.45 per cent to close at N43.50 and Regalins lost by 3.64 per cent to close at 53k per share.

Also, the Nigerian Exchange Group dropped by 3.23 per cent, to close at N34.50 per share.

A total of 432.56 million shares worth N9.719 billion were exchanged across 12,027 transactions.

This is compared to 376.61 million shares valued at N11.89 billion that was exchanged across 11,576 transactions earlier.

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Transactions in the shares of Access Corporation topped the activity chart with 77.861 million shares worth N1.62 billion.

Ellah Lakes followed with 44.24 million shares valued at N132.76 million while Fidelity Bank transacted 32.46 million shares worth N614.78 million.

Zenith Bank traded 30.20 million shares valued at N1.466 billion and United Bank for Africa sold 20.45 million shares worth N718 million. (NAN)

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Renaissance Energy assumes Shell’s liabilities, says NOSDRA

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April 10, 2025

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The National Oil Spill Detection and Response Agency (NOSDRA) confirmed Shell’s liabilities will transfer to Renaissance Africa Energy after its acquisition of SPDC.

NOSDRA Director-General, Mr Chukwuemeka Woke, stated this on Wednesday in Abuja during a visit by Renaissance Africa Energy’s Managing Director, Tony Attah.

Renaissance, a consortium of independent oil firms, has completed the acquisition of Shell Petroleum Development Company in Nigeria.

The acquisition gives Renaissance control of Shell’s onshore assets across the Niger Delta region.

Woke said Renaissance must address environmental issues resulting from Shell’s past operations and honour all liabilities incurred.

He assured the agency’s continued collaboration with Renaissance, particularly on projects like the Bodo cleanup and related efforts.

“As regulators, NOSDRA ensures oil operations align with international environmental standards and national laws,” Woke emphasised.

He added, “This acquisition does not exclude Shell’s responsibilities — they are now Renaissance’s to bear.”

He urged Renaissance to prioritise environmental sustainability and energy security while complying with all regulations.

He also noted the significance of abiding by the Polluter Pay Principle and addressing oil spills caused by third-party activities.

Earlier, the Renaissance MD clarified the company is not replacing Shell, but has a distinct mission.

“Our aim is to lead Africa in clean energy generation and security,” Attah stated.

He promised a viable partnership with NOSDRA and strong commitment to environmental preservation.

Attah identified energy poverty, environmental conservation and regulatory adherence as key industry challenges.

He outlined Renaissance’s focus on clean, affordable energy, especially natural gas, to fuel Nigeria’s industrial growth.

The company seeks NOSDRA’s partnership in achieving its goals while ensuring regulatory compliance. (NAN)

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CBN: Petroleum Imports Declined 23.2%, Non-Oil Imports Fell 12.6% In 2024

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2 days ago

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April 10, 2025

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The Central Bank of Nigeria (CBN) has announced a balance of payments (BOP) surplus of $6.83 billion for the 2024 financial year.

The BOP is a record of all financial transactions made between a country and the rest of the world over a specific period—usually a year or a quarter.

CBN, in a statement signed on Wednesday by Hakama Sidi-Ali, its acting director of corporate communication, said the balance of payments in 2024 represents a surplus compared to the deficit of $3.34 billion recorded in 2023 and $3.32 billion in 2022.

The apex bank said the improvement reflects the impact of wide-ranging macroeconomic reforms, stronger trade performance, and renewed investor confidence in Nigeria’s economy.

According to the CBN, the current and capital accounts recorded a surplus of $17.22 billion in 2024, driven largely by a goods trade surplus of $13.17 billion.

“Petroleum imports declined by 23.2% to $14.06 billion, while non-oil imports fell by 12.6% to $25.74 billion,” CBN said.

The decline in petroleum products imports occurred the same year Dangote Petroleum Refinery commenced petrol production, providing oil marketers an alternative to importation.

Dangote refinery began to sell petrol to the Nigerian market on September 20.

On the export side, CBN said gas exports rose by 48.3 percent to $8.66 billion, while non-oil exports increased by 24.6 percent to $7.46 billion.

“Remittance inflows remained resilient, with personal remittances rising by 8.9% to $20.93 billion. International Money Transfer Operator (IMTO) inflows surged by 43.5% to $4.73 billion, up from $3.30 billion in 2023, reflecting stronger engagement from the Nigerian diaspora,” CBN said.

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“Official development assistance also rose by 6.2% to $3.37 billion.”

More so, the apex bank said Nigeria recorded a net acquisition of financial assets totalling $12.12 billion.

“Portfolio investment inflows more than doubled, increasing by 106.5% to $13.35 billion, while resident foreign currency holdings grew by $5.41 billion, indicating stronger confidence in domestic economic stability,” the apex bank said.

“Although foreign direct investment fell by 42.3% to $1.08 billion, the overall financial account posted notable gains.”

CBN also reported that the country’s external reserves increased by $6.0 billion to $40.19 billion by year-end 2024, further strengthening its external buffer.

According to the financial regulator, net errors and omissions narrowed significantly by 79.5 percent to negative $5.10 billion in 2024 – down from $24.90 billion in 2023,

The development, the apex bank said, reflects progress in data capture, transparency, and reporting integrity.

Commenting on the report, Olayemi Cardoso, governor of CBN, said the positive turnaround in “our external finances is evidence of effective policy implementation and our unwavering commitment to macroeconomic stability”.

Carsoso also said the surplus marks an important step forward for Nigeria’s economy, benefiting investors, businesses, and everyday Nigerians alike.

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