By Huldah Shado

The Federal Inland Revenue Service (FIRS), has clarified that the National Identification Number (NIN), now automatically serves as the Tax Identification Number (TIN), for individual Nigerians.

The clarification was issued on Monday via a public awareness campaign on the Service’s official X handle, addressing concerns over new tax laws requiring a Tax ID for certain transactions, including banking activities.

FIRS also explained that registered businesses no longer need a separate TIN, as their Corporate Affairs Commission (CAC), registration number will serve as their tax identifier.

According to the Service, the provision is contained in the Nigeria Tax Administration Act (NTAA), scheduled to take effect from January 2026, though the requirement for a Tax ID has existed since the Finance Act of 2019.

“The Tax ID unifies all tax identification numbers previously issued by FIRS and State Internal Revenue Services into a single identifier,” the agency said, adding that no physical card is required.

FIRS said the reform aims to simplify identification, reduce duplication, curb tax evasion and improve transparency in tax administration, urging Nigerians to ignore misinformation surrounding the policy.

By Onyeanya Ebere Immaculata

Nigeria and Saudi Arabia have signed a five-year Memorandum of Understanding (MoU), to deepen defence and military cooperation, marking a significant boost to bilateral security ties.

The agreement, signed by Nigeria’s Minister of State for Defence, Dr. Mohammed Matawalle, and Saudi Arabia’s Dr. Khaleed Al-Biyari, covers military training, intelligence sharing, defence production and joint operations aimed at strengthening regional security.

Vice President Kashim Shettima, speaking during a visit by participants of the Executive Intelligence Management Course (EIMC), 18 to the Presidential Villa, reaffirmed President Bola Tinubu’s commitment to tackling Nigeria’s security challenges.

He said the administration is taking decisive steps to support security agencies and expand partnerships across Africa.

According to a statement from Ahmed Dan Wudil, media aide to the Minister of State for Defence, the pact represents a major step in Nigeria-Saudi relations and aligns both countries in tackling emerging threats.

Matawalle expressed confidence that the collaboration would help address security issues in affected regions.

Earlier, NISS Commandant Joseph Odama presented the EIMC 18 report titled “Non-state Actors in Security Management in Africa”, which called for better integration of local security initiatives into national and continental peace frameworks.

He noted that the 10-month programme produced 78 senior officers from Nigeria and five African countries, bringing the institute’s total graduates to 1,130.

By Adenike Lawal

The Central Bank of Nigeria (CBN), has scrapped restrictions on cash deposits and increased weekly withdrawal limits for individuals and businesses, effective January 1, 2026.

The new rules, issued in a circular titled “Revised Cash-Related Policies” and signed by Dr. Rita Sike, eliminate the cumulative cash deposit limit and the charges previously applied for exceeding it.

Under the revised policy, individuals may now withdraw up to ₦1.5 million weekly, while corporate bodies can access ₦5 million.

Withdrawals above these thresholds will attract excess withdrawal fees as approved by the CBN.

The apex bank also abolished the special monthly approval that allowed individuals and companies to withdraw ₦5 million and ₦10 million, respectively.

ATM withdrawal limits have been expanded to ₦100,000 daily and ₦500,000 weekly, which count toward the overall weekly withdrawal cap.

All denominations of the naira may now be loaded into ATMs.

Excess cash withdrawals will attract charges of 3% for individuals and 5% for companies, shared between the CBN and the servicing bank.

The CBN retained the ₦100,000 over-the-counter limit for third-party cheque encashment, which will also count toward weekly withdrawal totals.

Government revenue accounts and some financial institutions are exempt from specific provisions, but embassies, diplomatic missions, and donor agencies will no longer enjoy previous waivers.

According to the CBN, the reforms aim to curb cash-management costs, strengthen security, and reduce money-laundering risks as electronic payment usage continues to grow nationwide.