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Nigeria News (Standard)

NBS Reports 31% Decline in Company Income Tax Collection, Raises Concerns for Nigerian Businesses

Sharp drop in tax revenue for Q1 2026 attributed to inflation, forex volatility and higher operating costs across sectors

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4 months ago

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Sharp drop in tax revenue for Q1 2026 attributed to inflation, forex volatility and higher operating costs across sectors

Company income tax revenue in Nigeria dropped by 31.05 percent year-on-year to ₦1.37 trillion in the first quarter of 2026, according to fresh data released by the National Bureau of Statistics (NBS) in Abuja on Saturday. The agency said the figure reflects a significant fall from the ₦1.98 trillion recorded in Q1 of 2025, and an 8.08 percent decrease from the ₦1.49 trillion collected in the previous quarter.

The NBS report highlights that company income tax collections have continued to slide despite ongoing economic reforms and government initiatives aimed at boosting non-oil revenue streams. Most of the tax receipts during the quarter came from foreign companies operating within Nigeria, signalling persistent pressure on local firms.

Analysts say this steep decline is a worrying indicator for Africa’s largest economy, as businesses struggle with surging inflation, unstable foreign exchange rates, increased borrowing costs and rising operational expenses. The development has sparked concerns about reduced government capacity to fund key infrastructure and social programmes, especially at a time when public finances are already stretched.

Economic experts warn that without urgent interventions to stabilise macroeconomic conditions and support private sector recovery, company income tax performance may remain weak in coming quarters. Stakeholders have called on government agencies to address inflationary pressures and improve access to affordable credit for businesses.

With company earnings under strain across major sectors including manufacturing, telecoms and services, observers say policymakers must act swiftly to prevent further erosion of Nigeria’s non-oil revenue base. The NBS noted it will continue monitoring trends in corporate tax payments as part of efforts to provide timely economic guidance.

Source: https://guardian.ng/news/nigeria/national/corporate-tax-revenue-drops-31-amid-economic-strain-nbs/

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Nigeria News (Standard)

NSCIA Expands National Executive Council to Strengthen Muslim Representation Nationwide

Islamic council increases leadership body size, aims for broader inclusion of stakeholders across Nigeria’s six geopolitical zones

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3 weeks ago

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October 5, 2026

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Islamic council increases leadership body size, aims for broader inclusion of stakeholders across Nigeria’s six geopolitical zones

The Nigerian Supreme Council for Islamic Affairs (NSCIA) has announced the expansion of its National Executive Council, a move aimed at deepening representation and strengthening the council’s capacity to address Muslim affairs across Nigeria. The development was made public on Monday, 5 October 2026, following a meeting of top council officials in Abuja.

According to the statement released after the meeting, the NSCIA leadership resolved to increase the number of seats on its executive body. The council said this adjustment will allow for greater input from Muslim leaders and scholars from all six geopolitical zones, reflecting the diverse interests and challenges faced by Nigeria’s Muslim community.

The decision comes at a time when many stakeholders in the Islamic community have called for more inclusive governance structures within faith-based organisations. The council noted that as Nigeria’s Muslim population continues to grow and diversify, it is critical that leadership bodies remain responsive to changing realities. The expanded executive is expected to facilitate improved consultation and coordination on religious matters affecting education, social welfare, and interfaith relations.

In its official statement, the NSCIA emphasised that “the expansion will enhance collaboration among stakeholders and ensure that voices from every region are properly represented.” While no specific figures were disclosed regarding the number of new seats or names of new appointees, the council assured members that transparency and merit would guide all selections. Attempts to reach opposition or dissenting voices within the council were unsuccessful as at press time.

The NSCIA said it will release a full list of new executive council members following its next general assembly. Observers say this move could influence policy directions within Nigeria’s wider religious landscape over the coming months.

Source: https://www.premiumtimesng.com/news/more-news/914524-nscia-expands-its-national-executive-council.html

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Nigeria News (Standard)

Lagos Tenant Discovers Landlord’s Father Buried Beneath Living Room After Over a Year

Landlord’s family exhumes remains in Surulere flat, pledges to repair sitting room after tenant expresses shock

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3 weeks ago

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October 5, 2026

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Landlord’s family exhumes remains in Surulere flat, pledges to repair sitting room after tenant expresses shock

A Lagos tenant, identified as Mr Bachelor, has revealed he lived for more than a year in a Surulere apartment without knowing his landlord’s late father was buried beneath the living room floor. The discovery was made on September 20, 2026, when members of the landlord’s family visited the property and informed the tenant of their intention to exhume the remains.

According to Mr Bachelor, who shared details of the incident on X (formerly Twitter), he was in his apartment when the landlord’s relatives arrived and disclosed that their late brother—who is also the landlord’s father—had been buried in the middle of his sitting room. “He was buried right in my living room, and I was not aware until they came around today,” he stated.

The family explained that they planned to move the body to another location they had prepared and assured Mr Bachelor that necessary repairs would be made to his sitting room after the exhumation. The tenant noted that he was the first occupant of the newly built house and had spent over a year there before learning about the burial.

The incident has raised fresh concerns among Lagos residents about transparency from landlords regarding property histories. Some social media users responding to Mr Bachelor’s post urged prospective tenants across Nigeria to conduct due diligence before moving into rental properties. Others called for clearer regulations around residential burials and disclosure by property owners.

As at press time, neither local authorities nor tenants’ rights groups have issued official statements on the matter. The landlord’s family has not provided additional comments beyond assurances of repairs. The situation highlights ongoing gaps in property regulation and tenant protection in Lagos State.

Source: https://www.pulse.ng/story/man-discovers-corpse-buried-under-living-room-2026100506463406930

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Nigeria News (Standard)

INEC to Address Nigerians Nationwide as 2027 Election Countdown Reaches 100 Days

Electoral commission prepares public statement amid growing anticipation for next general polls across all states

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3 weeks ago

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October 5, 2026

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Electoral commission prepares public statement amid growing anticipation for next general polls across all states

The Independent National Electoral Commission (INEC) has announced plans to address Nigerians nationwide as the countdown to the 2027 general elections hits the 100-day mark. The development, expected to take place across all states, comes as political parties and voters begin preparations for one of the country’s most significant democratic exercises.

According to information from INEC headquarters in Abuja, the commission will issue a formal statement to outline its readiness and call on citizens to participate actively in the electoral process. This move is seen as part of efforts to assure stakeholders of INEC’s commitment to credible and transparent polls, following widespread debates over electoral integrity in recent cycles.

The announcement is particularly significant given Nigeria’s recent history of tightly contested elections, with issues such as voter turnout, technological deployment, and security logistics taking centre stage. Many Nigerians, especially young voters, have expressed concerns about the credibility of past elections and are watching closely for signals of improvement in 2027.

While details of INEC’s planned address remain under wraps, observers expect the commission’s leadership to emphasise the importance of voter registration, collection of Permanent Voter Cards (PVCs), and adherence to election guidelines. Political analysts note that early communication from INEC could help build public confidence and encourage broader participation ahead of the polls.

With just over three months before Nigerians return to the ballot box, all eyes are on INEC’s next steps. The commission is likely to face scrutiny from both ruling and opposition parties over its preparations. As at Monday, October 5th, no official response has been issued by major political parties regarding INEC’s planned address.

Source: https://www.premiumtimesng.com/news/top-news/914520-2027-inec-to-address-nigerians-as-election-countdown-hits-100-days.html

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