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IMF Urges Abuja to Extend VAT to Petrol, Propose Telecom Tax Amid Rising Inflation

Federal Government yet to adopt recommendations as Nigerians raise concerns over cost of living and subsidy removal fallout

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Federal Government yet to adopt recommendations as Nigerians raise concerns over cost of living and subsidy removal fallout

The International Monetary Fund (IMF) has advised the Federal Government in Abuja to introduce new taxes on fuel and telecommunications services as part of measures to boost revenue, according to its latest economic assessment released this week. The proposals, which include extending Value Added Tax (VAT) to petrol and imposing excise duties on mobile calls and data, have sparked debate nationwide as at Friday.

According to the IMF’s report, Nigeria’s government revenue remains among the lowest globally relative to GDP. The global lender recommended several steps: applying VAT on petrol and other petroleum products, introducing excise taxes on telecom services such as calls and data, gradually increasing VAT rates over time, and reducing certain tax exemptions and customs waivers. The IMF said these measures would help fund critical sectors like infrastructure, healthcare, and education while reducing government borrowing.

The recommendations come at a time when many Nigerians are struggling with high inflation, rising food prices, and reduced purchasing power following the removal of fuel subsidy and recent currency reforms. Any new tax on fuel is expected to drive up transportation costs for both commuters and businesses across states like Lagos, Kano, Rivers, and beyond. Experts warn this could lead to a further spike in prices of essential goods due to higher logistics costs.

Millions also depend on mobile phones for communication, business, and education. Additional excise duties on telecom services could increase the cost of airtime, voice calls, SMS, and data plans—an issue that has drawn concern from civil society groups and economists alike. Dr. Aisha Yusuf of the Nigerian Economic Society said during a phone interview that “any new tax regime must consider the current hardship faced by ordinary citizens before implementation.” As at Friday evening, the Federal Ministry of Finance had not issued an official statement on whether it would adopt any of the IMF’s advice.

While the IMF recommendations remain non-binding advice for now—the final decision rests with the Federal Government and National Assembly—public debate continues amid fears that such measures may worsen living conditions for many Nigerians already affected by economic reforms. Whether policymakers will adopt all or part of these proposals remains uncertain.

Source: https://www.pulse.ng/story/imf-nigeria-tax-recommendations-fuel-telecom-2026061511165832725

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Nigeria News (Standard)

Lagos: RetailWings Africa, Corner Block Sign Deal to Boost Working Capital for SMEs

Agreement enables retailers using RetailWings ERP platform to access credit without traditional collateral, targeting sector-wide growth

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8 minutes ago

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June 15, 2026

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Agreement enables retailers using RetailWings ERP platform to access credit without traditional collateral, targeting sector-wide growth

RetailWings Africa has entered into a strategic partnership with Corner Block Services Limited to expand access to working capital for small and medium-sized retailers across Nigeria. The agreement was formally signed at the RetailWings Africa head office in Lagos on 15 June 2026 by Managing Partner Akinola Akintilebo and Corner Block’s Head of Sales and Business Development, Matthew Enemona Ameh.

Under the new arrangement, eligible merchants operating on the RetailWings ERP platform can now apply for working capital financing through Corner Block Services Limited. Unlike conventional bank loans that require physical collateral, this initiative will use business performance data from the RetailWings system as a basis for credit assessment.

The companies said that limited access to credit remains a major constraint for many Nigerian retailers, especially small businesses that struggle to meet strict collateral demands from traditional lenders. According to both firms, this lack of financing continues to hinder inventory expansion, operational growth, and long-term sustainability within the retail sector.

“This partnership is designed to address one of the most pressing challenges facing African retailers — access to affordable working capital,” Akintilebo said during the signing ceremony. Ameh added that by leveraging digital business records, more SMEs would be able to scale up operations and improve their resilience in a competitive market.

Industry observers note that technology-driven solutions are increasingly being adopted to bridge financing gaps for local entrepreneurs. With this collaboration, stakeholders expect improved business stability and increased job creation in Nigeria’s retail sector over the coming year.

Source: https://guardian.ng/business-services/firms-partner-to-expand-access-to-working-capital-for-retailers/

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Nigeria News (Standard)

Abuja Court Orders Deregistration of ADC, Accord and Three Other Parties Over INEC Application

Judgement follows suit by electoral commission citing failure of affected parties to meet constitutional requirements

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28 minutes ago

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June 15, 2026

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Judgement follows suit by electoral commission citing failure of affected parties to meet constitutional requirements

A Federal High Court sitting in Abuja on Monday ordered the deregistration of African Democratic Congress (ADC), Accord Party, and three other political parties after an application by the Independent National Electoral Commission (INEC). The court delivered its judgement on 15 June, granting INEC’s request to remove the parties from its register for failing to meet constitutional thresholds.

According to court filings, INEC approached the court seeking an order to deregister the five affected parties following their inability to win any seat in the last general elections. The presiding judge ruled that the electoral body acted within its constitutional powers as stated in Section 225A of Nigeria’s Constitution, which empowers INEC to deregister political parties that do not meet minimum requirements such as winning a seat in either federal or state elections.

This development is significant for Nigeria’s political landscape, as it underscores ongoing efforts by authorities to streamline the number of registered political parties. Since 2019, many Nigerians have raised concerns about ballot paper congestion and confusion at polling units due to proliferation of small parties. The ruling is expected to have immediate impact on future elections, especially ahead of upcoming off-cycle governorship polls.

INEC officials welcomed the ruling, noting that it will help sanitise the party system and make election administration more efficient. “The court has affirmed our power to ensure only viable parties remain on the ballot,” one senior commission official said after proceedings. However, representatives of some affected parties have expressed disappointment and hinted at plans to appeal the judgement, arguing that all parties should have opportunity for political participation regardless of electoral performance.

With this judgement, INEC is expected to issue a formal statement listing the deregistered parties in coming days. Political observers say this may further encourage existing smaller parties to intensify grassroots mobilisation so as not to suffer a similar fate in future.

Source: https://www.premiumtimesng.com/news/headlines/887849-breaking-court-orders-deregistration-of-adc-accord-three-other-parties.html

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Nigeria News (Standard)

House of Representatives Reshuffles Committee Leaderships After Minority Caucus Changes in Abuja

Move follows recent shifts in minority caucus composition; affected lawmakers to receive new committee assignments, say officials

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28 minutes ago

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June 15, 2026

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Move follows recent shifts in minority caucus composition; affected lawmakers to receive new committee assignments, say officials

The House of Representatives in Abuja has carried out a major reshuffling of its committee leaderships following recent changes within the minority caucus. The development took place on Monday, 15 June 2026, with several standing and ad hoc committees seeing new chairpersons and deputies appointed by the House leadership.

The reshuffle comes amid internal realignments among opposition members, as parties like the Peoples Democratic Party (PDP), Labour Party (LP), and New Nigeria Peoples Party (NNPP) adjusted their caucus structures within the chamber. Sources in the House said the shake-up was necessary to reflect new political realities and ensure effective legislative oversight.

Committee assignments are considered crucial for lawmakers as they determine influence over key legislative areas such as finance, education, oil and gas, security, and health. In Nigerian parliamentary practice, committee leaderships are often distributed according to party strength, seniority, and regional balance. The latest reshuffle is expected to impact oversight functions and policy debates across several sectors.

Officials who spoke on condition of anonymity explained that affected lawmakers would be notified of their new postings before the next plenary session. There has been no official statement from House Speaker Tajudeen Abbas or principal officers as at press time. Meanwhile, some aggrieved members from minority parties have reportedly expressed concerns about transparency in the selection process.

The House is expected to reconvene later this week, where formal announcements on the new committee leaders will be made public. Observers say the development could alter legislative alliances ahead of key debates on national budget implementation and electoral reforms.

Source: https://www.premiumtimesng.com/news/top-news/887853-house-reshuffles-committee-leaders-after-minority-caucus-changes.html

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