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NESG Lauds 2021 Finance Act, Seeks Implementation

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The Nigerian Economic Summit Group, NESG, has lauded 2021 Finance Act as it enhances non-oil revenue and supports the implementation of Nigeria’s annual budget.

This was stated by Laoye Jaiyeola, the CEO of the NESG,  who was represented by a Board member of the NESG, Nnanna Ude, during a webinar on ‘Impact Assessment of 2021 Finance Act The Fiscal Policy Roundtable the NESG’.

Jaiyeola said the Fiscal Policy and Planning, Trade Investment and Competitive Policy Commission of the NESG organised the event in order to address the impact of the 2021 Finance Act on the macro and micro economy of the nation.

He also explained that the primary objective of the 2021 Finance Act is to enhance non-oil revenue and support the implementation of Nigeria’s annual budget and that the Act addresses critical areas including fiscal policy, domestic mobilisation, tax administration, financial sector reforms and public financial management, noting that the 2021 Finance Act will accelerate non-oil revenue generation and help close the widening fiscal gap.

However, he (Jaiyeola) pointed that the 2021 Finance Act poses “a dilemma on how much tax revenue can be raised without a deleterious impact on households and that it introduced some tax increases that may be burdensome for individuals businesses”, and that impact assessment of the 2021 Finance Act with the aid of evidence-based advocacy to assess the impact on households, sub-sectors and its wide economic impact will aid the identification of crucial bottlenecks while articulating an action plan that will assist the implementation of the Act.

Also speaking was the thematic lead, Fiscal Policy and Planning, Trade Investment and Competitive Policy Commission of the NESG, Taiwo Oyedele, asserted that the fiscal landscape must be seen from the perspective of public debt, public revenue and public spending, noting that Nigeria’s debt is growing faster than her revenue.

According to Oyedele, Nigeria’s tax base is small and faces structural problems, but policies must be instituted to solve the issues by ensuring appropriate fiscal policy responses and review of extant laws while encouraging growth and raising revenue.

The president of the Manufacturers Association of Nigeria, MAN, Engineer Mansur Ahmed, during the panel discussion, pointed that it is needful to put short- and long-term considerations into the implementation of the 2021 Finance Act.

Ahmed maintained that the need to balance revenue mobilisation alongside tax burden on taxpayers and that for government to improve revenue, there is a need to critically analyse the fiscal space with consideration of Nigeria’s tax net not broad enough to ensure that taxable people pay the right amount of taxes as at when due.

“The finance act 2021 introduced technology for tax collection. It must be implemented so that taxpayers don’t see it as an additional burden, and stakeholders should be sensitized, helped or exempted, particularly small and medium scale businesses.

“Regulators should become more effective and help promote the growth of relevant sectors and should not see themselves as gate-keepers of incentives but help ensure that the implementation of the Act does not hamper small businesses.

“The manufacturing and industrial sectors should be supported to strengthen their capacity and competitiveness, especially considering the African Continental Free Trade Area (AfCFTA)”, he stated.

Also speaking was the Vice President and Managing Director of Coca-cola Nigeria, Alfred Olajide, made it clear that all arms of government have to collaborate in attracting foreign and local investors.

Olajide noted that sections of the 2021 Finance Act, including the Excise duties, are targeted at production, as opposed to consumption.

Meanwhile, the President of the Nigeria, NLC, Comrade Ayuba Wabba wo was represented by Head, Research Department, NLC, Dr Onoho’Omhen Ebhohimien, asserted that subsidy on petroleum products ought to be provided to firms that would reduce production costs, and then passed on down to encourage consumption, but that is not the case in Nigeria due to several factors including the fact that Nigeria imports petroleum products which makes the country subject to the volatility of the foreign exchange market.

“Insurance of the petroleum products, the vessels and freight charges make up 74 percent of petroleum subsidy in Nigeria. Every barrel of crude oil contains 1,500 bye products.

“We export the crude and import only six refined products. The theory of subsidy is not sustainable”, Wuba added.

Temi Popoola, the Chief Executive Officer, CEO, Nigeria Exchange Limited, pointed that the 2021 Finance Act currently helps the government in diversifying its resources.

Popoola also said it has helped provide clarity, strengthen the capital market and eliminate double taxation.

He added that the Act has helped boost investor confidence, but it still has the potential to stifle investors, which may create long-term problems.

 


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NITDA Strengthens Collaboration with NIPSS to Drive Digital Innovation, Orange Economy Growth

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The National Information Technology Development Agency (NITDA) has reinforced its commitment to advancing Nigeria’s digital transformation agenda through strengthened collaboration with key strategic institutions, as it hosted the Director General of the National Institute for Policy and Strategic Studies (NIPSS), Professor Ayo Omotayo, alongside participants of the Senior Executive Course (SEC) 48, 2026.

The visit, which builds on an earlier strategic study tour, provided a platform for in-depth engagement on the role of digital innovation in driving sustainable economic growth, with particular focus on the Orange Economy.

Representing the Director General of NITDA, Kashifu Inuwa CCIE, the Director of Stakeholder Management and Partnerships, Dr Aristotle Onumo, highlighted the Agency’s commitment to fostering a vibrant digital ecosystem through inclusive policies, strategic partnerships, and capacity development initiatives.

“NITDA is committed to creating an enabling environment where innovation can thrive by bringing together government, private sector, academia, and creatives to drive Nigeria’s digital economy,” he stated.

Inuwa underscored the growing importance of the Orange Economy, describing it as a critical driver of innovation and economic value through intellectual property. He identified sectors such as digital content creation, film, animation, and digital art as key contributors to national development.

“The Orange Economy represents a powerful opportunity to transform our rich cultural heritage and creativity into sustainable economic growth,” he noted.

He further highlighted Nigeria’s unique advantage, particularly its youthful and creative population, while calling for stronger collaboration among stakeholders to fully harness the sector’s potential.

“With our youthful population and rich cultural assets, Nigeria is well-positioned to become a global leader in the Orange Economy if we deepen collaboration and investment across the ecosystem,” he added.

During the engagement, NITDA also presented its strategic initiatives aimed at supporting the digital and creative sectors, including digital infrastructure development, promotion of digital literacy, and implementation of policies that enable startups and innovators to scale.

Addressing challenges facing the sector, Inuwa pointed to issues such as limited access to funding, infrastructure gaps, weak intellectual property protection, and ecosystem fragmentation, while emphasising the need for coordinated action.

“Addressing challenges such as funding gaps, infrastructure deficits, and intellectual property protection is critical to unlocking the full potential of Nigeria’s creative economy,” he said.

The Agency reiterated its target of achieving 70 per cent digital literacy by 2027, noting that ongoing programmes are equipping millions of Nigerians with essential digital skills, including those in underserved and informal sectors.

In his remark, Professor Omotayo described the visit as an important opportunity to deepen understanding of how digital technologies are reshaping economic sectors, particularly the creative industry. He noted that the insights gathered would contribute significantly to policy recommendations aimed at strengthening Nigeria’s economic framework.

Participants of the SEC 48 programme engaged actively during the session, raising questions on capacity development, access to tools, and frameworks for protecting digital content. NITDA highlighted its ongoing collaborations with industry stakeholders to provide training, innovation hubs, and access to digital tools for young Nigerians.

The engagement concluded with a renewed commitment from both NITDA and NIPSS to strengthen collaboration in research, policy development, and capacity building, aimed at positioning Nigeria as a globally competitive force in the digital and creative economy.

 


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NRS Takes Over Mineral Royalties Collection Under New Tax Laws

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Nigeria Revenue Service (NRS) has assumed responsibility for collecting mineral royalties from mining operators nationwide, following new tax laws effective January 1, 2026.

NRS Takes Over Mineral Royalties Collection Under New Tax Laws

NRS

The shift emerged from a Thursday meeting between Solid Minerals Development Minister Dele Alake and NRS Chairman Dr. Zacch Adedeji. Their joint statement, endorsed by both, confirms NRS now administers all federally collectible revenues, including royalties.

Enacted by President Bola Tinubu on June 26, 2025, the Nigeria Tax Laws 2025 empower this transition. The Ministry of Solid Minerals Development remains a key partner, supplying pricing data, geological insights, and sector coordination.

NRS Special Adviser Dare Adekanmbi’s statement outlines collaborative steps: a nationwide sensitization program for operators on filing and payments; development of a digital royalty system; and regular joint technical sessions to address issues.

Both agencies pledge orderly, transparent implementation to boost the mining sector. Operators must comply with obligations and join upcoming programs.

The move aims to streamline revenue collection while fostering mining growth.


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Microsoft Revamps Copilot in Workplace AI Push

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Microsoft has rolled out a new set of features for its Microsoft 365 Copilot platform, including tools for complex, multi-step work and deeper research tasks, as competition in workplace artificial intelligence (AI) intensifies.

The update introduces Copilot Cowork, a capability aimed at handling long-running tasks across Microsoft 365 applications.

The feature is being made available through the company’s Frontier programme, which typically gives early access to experimental tools.

Microsoft is also integrating technology linked to Claude – an AI model developed by Anthropic –into Copilot, signalling a broader shift toward using multiple AI systems within a single product rather than relying on a single model.

Jared Spataro, chief marketing officer for AI at Work at Microsoft, says the company is positioning Copilot as a system embedded directly into workplace software, rather than a standalone tool.

“Microsoft 365 Copilot is your AI for work,” he says, adding that it draws on multiple AI models and is integrated into existing workflows.

Alongside this, Microsoft has upgraded its Researcher feature, which is designed to analyse information from multiple sources and generate structured reports.

A new “Critique” function separates the drafting and review process between different AI models – one generates an initial response, while another evaluates and refines it.

The company says this approach improves output quality, with Researcher showing gains on its internal benchmark for accuracy, completeness and objectivity.

Another addition, called Model Council, allows users to compare outputs from different AI models side-by-side, highlighting differences in responses and reasoning.

The updates form part of what Microsoft calls “Wave 3” of Copilot, as it pushes to embed generative AI deeper into enterprise software. The move reflects a wider industry trend towards combining models from multiple providers, including OpenAI and Anthropic, to improve performance and reliability.

 


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