President Tinubu Establishes National Tax Policy Implementation Committee
President Bola Ahmed Tinubu has approved the creation of the National Tax Policy Implementation Committee (NTPIC) to oversee the smooth rollout of Nigeria’s new tax reforms.
The committee, chaired by Mr Joseph Tegbe and overseen by the Minister of Finance and Coordinating Minister of the Economy, Mr Wale Edun, will work with stakeholders across the public and private sectors to ensure the reforms are effectively implemented.
Mr Tegbe, will leads a team that includes Mrs Sanyade Okoli as Secretary, along with Ismaeel Ahmed, Rukaiya El-Rufai, and other professionals from finance, law, and civil society.
President Tinubu emphasised that the new tax laws are key to building a fair, transparent, and modern tax system that supports economic growth and protects citizens and businesses.
The NTPIC will focus on nationwide consultations, public awareness, better coordination among government agencies, and ensuring the reforms boost revenue, reduce leakages, and strengthen Nigeria’s economy.
Lead counsel for Nnamdi Kanu, Kanu Agabi, has today withdrawn from representing the detained IPOB leader, citing that Kanu has decided to manage his legal matters independently. Kanu informed the court that he will be acting as his own legal representative for the time being.
Electronic payment transactions increased by 17.7%, reaching a total of N284.99 trillion in the first quarter of 2025.
Point-of-Sale (PoS) transactions across the country reached N10.45 trillion in the first quarter of 2025. This represents 209% surge compared to the N3.62 trillion recorded in the same timeframe of 2024.
The recent industry data from the Nigeria Inter-Bank Settlement System (NIBSS) revealed that there is an increasing dependence of consumers on digital platforms, and a greater adoption of cashless methods within the financial sector.
The NIBSS Instant Payment (NIP) data for the initial quarter of 2025 indicates a robust start for electronic transactions, with January alone witnessing a processing volume of N100.06 trillion.
February saw a decrease to N88.87 trillion, probably because the month has fewer days. Nevertheless, transaction values increased in March to N96.07 trillion, ending the quarter slightly under the peak seen in January.
In an analysis of the same timeframe in 2024, there was a clear indication of growth. NIP transactions amounted to N72.11 trillion in January 2024, rose to N79.33 trillion in February, and further climbed to N83.05 trillion in March.
The breakdown of the first quarter of 2025 by month reveals that point-of-sale transactions amounted to N4.12 trillion in January alone.
The amount decreased to N3.12 trillion in February, followed by a slight increase to N3.22 trillion in March.
During the same timeframe in 2024, the value of Point of Sale transactions was lower.
In January 2024, the recorded amount was N850.09 billion. February and March figures were N805.05 billion and N961.86 billion, respectively.