Business

New WHT Regime Starts On January 1st, 2025 ~ FIRS

Published

1 year ago

October 3, 2024

The Federal Inland Revenue Service (FIRS) has notified taxpayers that the new withholding tax (WHT) regime will take effect from the 1st of January 2025.

In a notice signed by Zacch Adedeji, the Executive Chairman of the FIRS, the service noted that the current withholding tax regime as provided in the Company Income Tax (CIT) regulation would continue to remain in force until December 25th 2024.

It further encouraged citizens to comply with regulations with respect to tax payments

The notice reads, “The Federal Inland Revenue Service (“the Service”) hereby notifies taxpayers, tax practitioners, and the general public as follows:

The Deduction of Tax at Source Withholding (WHT) Regulations, 2024 published in the Federal Government Gazette takes effect from 1st January 2025.
The current WHT regime as enshrined in the Companies Income Tax (Rates, ETC, of Taxes Deducted at Source (Withholding Tax) Regulations (S.I.10 of 1997) and relevant WHT provisions remains in force up to and until 31st December 2024.”

Yesterday, the Federal government officially announced the new withholding tax regulation titled; The Deduction of Tax at Source (Withholding) Regulations, 2024. The new withholding tax regime seeks to repeal major provisions of the former withholding tax regulation which was approved as far back as 1978.

The Chairman of the Presidential Committee on fiscal policy and tax reforms had earlier in June stated that the federal government had approved a new withholding tax regime for the country awaiting official gazette.

The earlier withholding tax system, established in 1978, faced challenges such as ambiguity due to the expanded scope of transactions, leading to an increase in the number of taxes, inequities in the system, and strain on the working capital of low-margin businesses.

Business

OPEC+ Output Dips as Nigeria, Libya, Venezuela Miss Targets

Published

2 days ago

November 5, 2025

By Onyeanya Ebere Immaculata

Crude oil production in Nigeria, Libya, and Venezuela fell in October, slowing overall OPEC+ output and undermining the group’s monthly targets.

Reuters reported that OPEC+ added only 30,000 barrels per day (bpd), in October, down sharply from September’s 330,000 bpd increase. Nigeria’s output, which briefly reached 1.5 million bpd in July, slipped back to 1.3 million bpd in September.

NNPCL CEO Bayo Ojulari attributed the decline to industrial disputes involving Dangote Refinery and petroleum unions NUPENG and PENGASSAN.

Oil prices fell amid global market weakness and a stronger U.S. dollar. Brent crude dropped 6 cents to $64.38 per barrel, WTI lost 10 cents to $60.46, and the OPEC Basket fell 0.26 cents to $66.72.

Analysts noted that rising U.S. crude inventories and negative risk sentiment pressured the market.

OPEC+ plans to raise output by 137,000 bpd in December but will pause increases in early 2026, a move analysts say is unlikely to boost prices in the near term.

Business

Onafowokan Unveils Africa’s Largest Fibre-Optic Cable Plant in Ogun

Published

3 days ago

November 4, 2025

By Samson Adeyanju

Chairman of Coleman Technical Industries, Asiwaju Solomon Onafowokan, has inaugurated Africa’s largest fibre-optic cable factory in Sagamu, Ogun State, to boost Nigeria’s digital infrastructure and reduce reliance on imports.

The launch, which marked Coleman’s 50th anniversary, drew senior government officials and telecom executives.

The 350,000-square-metre facility can produce 9 million kilometres of fibre-optic cable yearly, alongside smelting units for aluminium and copper.

Onafowokan said the project reinforces Coleman’s commitment to local manufacturing and supports the government’s digital economy agenda, targeting ₦15 trillion in domestic and export revenue.

President Bola Tinubu, represented at the event, lauded the project as a milestone for industrial diversification and broadband expansion.

The Minister of Communications, Dr. Bosun Tijani, also announced a $500 million World Bank-backed partnership to deploy 90,000 kilometres of fibre nationwide.

Business

Private Sector Key to Africa’s Growth Under AfCFTA -Randle

Published

1 week ago

October 29, 2025

By Omoniyi David

Chairman of the NEPAD Business Group Nigeria (NBGN), Bashorun J. K. Randle, has emphasized the vital role of the private sector in driving Africa’s economic growth under the African Continental Free Trade Area (AfCFTA).

Randle made the remark ahead of a high-level business forum scheduled for October 30, 2025, at Eko Hotels & Suites, Lagos, themed “Mobilising Africa’s Private Sector for AfCFTA towards Africa’s Economic Development Amid Global Uncertainty.”

He said Africa’s economic transformation depends on the active participation of private enterprises, noting that the forum seeks to develop strategies to boost intra-African trade, industrial competitiveness, and inclusive prosperity.

According to NBGN, the event will promote partnerships and dialogue on policy alignment, trade facilitation, investment promotion, and value-chain development among African economies.

Participants are expected from government agencies, financial institutions, business associations, and regional economic communities across the continent.