Global oil prices extended their downward slide on Wednesday after United States President Donald Trump announced that between 30 million and 50 million barrels of Venezuelan crude oil would be turned over to the United States and sold for the benefit of both Countries, a move that eased supply concerns and pressured energy markets. The…
The Chartered Institute of Taxation of Nigeria (CITN) has clarified that bank account balances are not subject to taxation under Nigeria’s newly implemented tax regime, stressing that only certain electronic transfers attract a statutory ₦50 stamp duty. The clarification was given on Tuesday by the Chairman of the CITN Abuja District, Mr. Ben Enamudu, during…
Nigeria’s Banking Industry is confronting a renewed rise in non-performing loans following the Central Bank of Nigeria’s (CBN) withdrawal of regulatory forbearance measures introduced during the COVID-19 pandemic, Global Mirror News has gathered. Recent financial stability data indicate that bad loans across the sector have climbed above the CBN’s prudential benchmark, reflecting underlying credit stress…
Political parties across Nigeria, operating under the umbrella of the Forum of National Chairmen of Political Parties (NCPP), have announced plans to stage a Nationwide rally on January 10, 2026, in support of the Federal Government’s newly introduced tax regime, Global Mirror News reports. The decision followed an extensive consultative meeting of party leaders, led…
Nigeria’s Federal Government has dismissed widespread fears that personal bank accounts will be automatically debited under the Country’s newly enacted tax laws, assuring citizens that the reforms are built on transparency, self-assessment and due process. The Chairman of the Presidential Committee on Fiscal Policy and Tax Reforms, Mr. Taiwo Oyedele, gave the clarification amid growing…
Nigeria was plunged into widespread darkness on Monday following another collapse of the National electricity grid, Global Mirror News reports. Checks confirmed that the grid went down at about 3:00 p.m., cutting power supply across several parts of the Country and disrupting homes, businesses and essential services. Data available to Global Mirror News showed that…
The Federal Government has reaffirmed that Nigeria’s far-reaching tax reforms will officially take effect on January 1, 2026, dismissing renewed calls for postponement and insisting that preparations are on course. The confirmation followed a high-level meeting between President Bola Ahmed Tinubu and members of the Tax Implementation Committee on Friday, December 26, 2025. Chairman of…
The Federal Inland Revenue Service (FIRS) has announced that Nigeria’s National Identification Number (NIN) will automatically become the Tax Identification Number (TIN) for individual citizens from 2026, in a major reform aimed at streamlining tax administration across the Country. The clarification was made through a public awareness campaign on the new tax laws, shared by…
The Federal Government has announced plans to introduce a mandatory vehicle recycling fee beginning in 2026, a move expected to generate more than ₦150 billion annually while formalising Nigeria’s largely informal auto recycling sector. The initiative was disclosed by the National Automotive Design and Development Council (NADDC) in a statement issued on Sunday. The Director-General…
The Federal Competition and Consumer Protection Commission (FCCPC) has warned road transport operators across the Country against exploiting commuters through unfair or arbitrary fare increases during the yuletide season, stressing that while fare adjustments may be permissible, consumer exploitation will not be tolerated. The Commission gave the warning in a statement issued on Sunday by…
