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NESG Lauds 2021 Finance Act, Seeks Implementation
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.
Adedapo Segun, chief financial officer (CFO), Nigerian National Petroleum Company Limited (NNPC), has explained why there is a missing sum of N210 trillion in the company’s audited financial statement spanning from 2017 to 2023.
According to Segun, the missing funds are cash calls requested by joint venture (JV) partners and settlement to the JVs.
He spokeat a session of the Senate Committee on Public Accounts chaired by Aliyu Wadada.
Segun was responding to an alarm raised by the committee over missing N210 trillion in NNPCL’s audited financial statement.
Recall that Wadada issued a one-week ultimatum to NNPCL to account for the missing N210 trillion.
Reacting, Segun said, “The N103 trillion and N107 trillion are made up of joint venture cash calls that have been requested by the JV operators and JV cash call payments made by NNPCL, which are yet to be reconciled because governance procedures were not done at that time.
“That is why you see the description reflecting those two items would be washed out because they are two sides of the same transaction, which is the cash calls by JV partners and the settlement by NNPCL.”
However, Habu Sadeik, a financial analyst, in a post on X on Thursday, said Segun’s response was unsatisfactory.
Saidik faulted NNPCL’s response about the fund discrepancies, noting that something is not right with the audited financial statement.
“Forget about the senators’ lack of knowledge.
“The CFO’s response is not satisfactory. Are you saying that cash calls worth hundreds of trillions are just appearing on your FS only in 2024 without 31 disclosure?
“If it’s a cash call, why hasn’t the disclosure said so?
“Which cash call is over 100 trillion?
“Something is definitely not right, and I hope they retrospectively correct that FS.
“Someone somewhere did a chef’s work,” he wrote on X.
PalmPay, Nigeria’s leading fintech company, has partnered with Globacom to launch the second edition of the “Recharge and Win Bonanza” campaign. The promotion, which runs from June 19th to August 8th, 2025, offers Nigerians the chance to win amazing prizes when they purchase Glo airtime and data via the PalmPay app.
According to a joint statement by PalmPay and Globacom, “A weekly live raffle draw will be held and streamed on PalmPay’s official social media channels throughout the campaign. Customers who make Glo transactions through the PalmPay app will be eligible to win prizes, including the iPhone 15 Pro, Infinix Hot 40, and other exciting items”.
To participate, interested customers can log onto http://bit.ly/PalmPaySms .
The statement added that all transaction above N500 gives participants an extra shot at winning, adding that daily social media challenges will also offer participants a chance to win cash prizes.
Additionally, PalmPay users can enjoy up to 6% cashback when they buy Glo airtime and data through the PalmPay app. As an added bonus, customers who have not subscribed to a Glo data plan in the last 90 days will receive a 100% bonus on their recharge during the campaign period.
Wayne Ruppel, Head of Billers at PalmPay Limited expressed excitement about the partnership, stating that, “This collaboration is a major step in our mission to deliver MORE – more support, more rewards, and more innovation to our customers.
Partnering with Glo, a leader in the telecommunications sector, is a testament to our shared commitment to improving everyday experiences for all Nigerians. We are excited to reward our users and encourage everyone to take full advantage of this exciting opportunity.
Globacom also expressed delight at creating additional value for its subscribers through unique customer-appreciation schemes.
“Our partnership with PalmPay on the “Recharge and Win Bonanza perfectly underscores our commitment to delivering exceptional value and experiences. Over the years, we have always sought innovative ways to enrich the lives of our customers. We, therefore, enjoin our subscribers to utilize the opportunity provided by the bonanza and enjoy the many benefits it offers”, the company stated.
PalmPay and Glo will collaborate throughout the campaign period to deliver exceptional customer experience, reward loyalty, and reinforce their shared mission to make digital transactions more accessible, rewarding, and secure for millions of Nigerians.
News
UK Reaffirms 99% Duty-Free Access for Nigerian Exports Under Developing Countries Trading Scheme
United Kingdom has reiterated its long-term commitment to strengthening economic ties with Nigeria, confirming that 99% of Nigerian goods will continue to enjoy duty-free access to the UK market under the Developing Countries Trading Scheme (DCTS).
Dr. Richard Montgomery, British High Commissioner to Nigeria
The announcement reinforces the UK’s intention to bolster sustainable trade with Nigeria, boost export competitiveness, and promote inclusive economic growth across both nations. Introduced in June 2023, the DCTS is designed to reduce tariffs and simplify export rules for developing economies. It currently benefits 37 African countries, with Nigeria being a key player.
Nigerian exporters are set to gain substantial advantages from the scheme, which allows over 3,000 products—ranging from cocoa, plantain, and shrimp to processed items like cocoa paste, palm oil, and cotton garments—to enter the UK duty-free or with reduced tariffs. This shift supports value addition in Nigeria’s export ecosystem, encouraging the move from raw to processed exports.
British High Commissioner to Nigeria, Dr. Richard Montgomery, said: > “Nigeria stands at the heart of the UK’s global trade ambitions. This isn’t just about improved market access—it’s about building a fairer, freer global trading system that supports economic growth and job creation, both in developing countries and in the UK.”
He further noted that through the UK-Nigeria Enhanced Trade and Investment Partnership (ETIP), the UK continues to work closely with the Federal Ministry of Industry, Trade and Investment (FMITI) to tackle export challenges and maximise opportunities under the scheme.
The DCTS aligns with broader UK efforts to expand trade relations across the globe, complementing recent agreements with nations such as India and the United States.
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