General News
Systematic Reopening of the Nigerian Economy by the PTF
By Chido Nwakanma
Eight months later, the arteries of the economy are pumping once again. Airports have reopened, bringing in 5,000 to 7,000 passengers daily. Schools have resumed, as have formal and informal markets. Machines are humming again in hitherto shut factories.
The full reopening of the economy after months of a lockdown that required careful management and phasing to reopen has brought relief. Nigerians are eager to get on with their lives. For the managers of the system, it was a delicate balancing act between health and economics. At times, it was akin to the famed chicken and egg scenario.
Caution governed the Presidential Task Force on COVID-19 in the management of the closing and opening of the Nigerian economy in the wake of the global pandemic. It has involved monitoring of local incident statistics and case numbers, international comparison, and trend analysis. It has been sequential and systematic and, importantly, data driven.
Many factors inform this extra caution. COVID-19 came into our shores through a visiting Italian businessman. It came against the backdrop of well-founded fears that Nigeria and other African countries could not cope with any widespread infection. Experts are currently trying to unravel how and why Africa escaped the feared doom.
Across the country, citizens now move freely to do their businesses. It was not so beginning 29 March 2020 when the PTF led the health authorities to announce the first lockdown.
It lasted 14 days during which the country banned interstate movements and imposed a curfew on Lagos and Ogun States as well as the Federal Capital Territory (FCT). The Federal Government ordered the full closure of all land borders and banned all large gatherings.
The ban on large gatherings affected many sectors of the economy from entertainment to religion and others in-between. Schools shut down with the more technically proficient turning to online lessons. Cinemas, restaurants, event centres and stadia all shut down.
The clampdown affected Lagos and Abuja the most for the simple reason that they had the most significant number of infections. Lagos has remained an epicentre of the incidence and spread of COVID19.
PTF then followed with two other shutdowns of less severity. At each stage, it eased the measures for each shutdown in line with what the figures and trends stated. For instance, while Europe and America are currently in the throes of a second round of the COVID-19, Nigeria’s incident numbers have remained low.
Health authorities in Nigeria worry about returnees for the Christmas period importing new cases into the country and the disregard of counsel on best practices to prevent infection by citizens in many cities across the country.
Opening of the economy followed even more caution and recommendations in the thematic areas the PTF established as a guide. These are movement, industry, labour, and community activities. Schools reopened, followed by the NYSC Orientation Camps. It was a significant test of its caution on mass gatherings.
As such, it followed the template of care and caution. Officials went round the states to certify the camps COVID-19 compliant. They then established COVID-19 testing facilities in each of the centres as well as the management of possible cases. It then lifted restrictions on outdoor sporting activities, including football, in consultation with the Ministry of Sports and Youth Development.
In recent times, PTF has increased the volume of its messaging on prevention practices. They include mandatory wearing of face masks in public settings, hand washing and sanitising routines, observing social distances of at least two metres between persons and limitations to the size of gatherings. No more than 20 people can stay together.
The PTF has since relaxed the restrictions on worship places. Worship places were a particular concern because of sensitivities around religion, but the intervention agency walked the tightrope skilfully.
Which comes first? The right to earn a living or the opportunity to stay alive in the first place?. Many a citizen fretted about the denial of the right to work, worship and gather during the restrictions.
Even in those periods, PTF allowed a window for the operations of banks, graduated opening of markets and shopping centres while exempting agricultural produce, petroleum products, manufactured goods, and essential services from the restrictions on movements. Logistics plays a central role in the chain of goods and services in the country.
With the international gateways now re-opened in select airports, Nigeria’s mandatory dual tests for incoming travellers is one of the strictest in the world.
Courtesy of the PTF, the Nigerian Centre for Disease Control (NCDC) and the Federal Ministry of Health, persons arriving Nigeria via the airport gateways must do a COVID-19 CPR test five days before boarding their flight. They then do a confirmation test in Nigeria on Day 7 after arrival.
The test represents one of the mitigation measures Nigeria has implemented to checkmate the spread (and importation) of COVID-19. Additionally, a recent travel advisory by NCDC has urged international travelers to suspend holiday plans to Nigeria unless deemed essential.
Even so, records on 2 December 2020 showed Nigeria had 67, 960 cases of COVID-19. Deaths stood at 1,177 persons. Hospitals had discharged 63,839 COVID survivors. By that date, Nigeria had done 779,708 tests.
The PTF has gradually unsealed the taps to allow the full blossoming of the economy. National Coordinator Dr Aliyu and the Chairman and Secretary to the Government of the Federation Mr Boss Mustapha continue to tread with caution even as they open up more and more of the economy.
The newly enacted Nigeria Tax Administration Act, 2025, has empowered the Federal Inland Revenue Service (FIRS), renamed Nigeria Revenue Service (NRS), to impose fines for individuals and companies for failing to register, file returns, use tax technology, or disclose basic information like a change of business address.
The Act is among the tax laws signed by President Bola Tinubu on June 26.
The tax administration law is expected to take effect from January 1, 2026, under a renamed agency — the Nigeria Revenue Service (NRS), currently known as the FIRS.
The Act, which is an updated version of previous fragmented tax enforcement provisions, outlines a comprehensive list of offences and corresponding penalties, with fines ranging from N10,000 to N10 million, as well as prison terms of up to 10 years for serious breaches.
Under the general offences and penalties section of the law, a taxable person who fails to register with the relevant tax authority is liable to a N50,000 fine in the first month and N25,000 for each subsequent month of default.
The Act stressed that companies that award contracts to unregistered vendors will face a N5 million penalty.
The law also imposes a N100,000 fine for failure to file tax returns, plus N50,000 monthly for as long as the failure continues.
“A taxable person who fails or refuses to file returns or knowingly files incomplete or inaccurate returns to the relevant tax authority in accordance with the provisions of this Act, shall be liable to pay an administrative penalty of (a) 100,000 in the first month in which the failure occurs; and (b) N50,000 for each subsequent month in which the failure continues,” the Act reads.
“A taxable person who Failure to books (a) fails to keep accounts, books and records of business transactions and income, to allow for the correct ascertainment of tax and filing of returns to the relevant tax authority; or (b) upon request by the relevant tax authority, fails to provide any record or book prescribed in this Act shall be liable to pay an administrative penalty of- (i) in the case of a person other than a company, N10,000, and (ii) in the case of a company, N50,000.”
Also, the law states that failure to notify the tax authority of a change of address within 30 days of such change, giving a wrong address, or failing to comply with the requirement for notification of permanent cessation of trade or business under the relevant tax laws shall be liable to an administrative penalty.
“A taxable person who fails to notify the relevant tax authority – Failure to notify change of address (a) N100,000 for the first month in which the failure occurs; and (b) 45,000 for each subsequent month failure persists,” the law reads.
In a bid to modernise tax compliance, the Act makes it compulsory for businesses to allow the Federal Inland Revenue Service (FIRS) to deploy fiscalisation technology or face a N1 million fine for the first day of refusal and N10,000 for each day after.
Any business that fails to process sales through the fiscalisation system will also be fined N200,000, pay 100 percent of the tax due, and accrue interest at the prevailing Central Bank of Nigeria (CBN) monetary policy rate.
The Act is especially punitive toward those who fail to deduct or remit taxes.
“A person that deducts, collects, or withholds any tax under this Act, and fails to remit the amount deducted, collected, or withheld by the 21st day of the month immediately succeeding the month in which the amount was deducted, collected, or withheld, is liable to pay,” it added.
“Failure to remit tax deducted source or self-account (a) the amount deducted, collected or withheld but not remitted; (b) an administrative penalty of 10% per annum of the tax deducted, collected or withheld but not remitted; and (c) interest at the prevailing Central Bank of Nigeria monetary policy rate. “A person convicted of any of the offences under this section shall be liable to a term of imprisonment not exceeding three years, or a fine of not less than the principal amount due plus a penalty of not more than 50% of the sum, or both.
“A person who (a) fails to comply with the requirements of a notice served under this Act or any other tax law; (b) fails to attend or provide answers to a notice, summons or process served under this Act or any other tax law; or (c) having attended, fails to answer any question lawfully put to him, is liable to an administrative penalty of N100,000 in the first day of default and N10,000 for every subsequent day where the default.”
Lagos State Environmental and Special Offences Enforcement Unit (Taskforce) has apprehended six suspects allegedly involved in a fraudulent lottery scheme that targeted unsuspecting residents at Iyana-Ipaja.
Those arrested include Amaike Nelson, Kenneth Opuana, Oguntade Olusegun, Ogologo Obi, Goodluck Abel, and Oluwafunmilayo Adebimpe. The syndicate was tracked down following intelligence reports about their activities.
According to the taskforce, the suspects lured a 19-year-old student, identified as Rukayat Kamilu, into a manipulated street game. During the encounter, the group reportedly coerced her into surrendering her mobile phone and personal belongings.
The victim said one of the suspects, later identified as Oguntade Olusegun, posed as a confused passer-by seeking help to pick a “winning number.” After she got involved, her phone was seized, and she was allegedly pressured to pay N100,000 to retrieve it.
Acting on a tip-off, operatives led by CSP Adetayo Akerele, chairman, stormed the area and arrested the suspects. Several empty Android phone boxes, allegedly used as props in the scam, were recovered during the operation.
Condemning the criminal act, Akerele assured residents that the agency is intensifying its crackdown on street scams across the state.
“Our responsibility is to safeguard the lives and property of Lagosians. We will leave no room for such fraudulent activities to thrive,” he stated.
The suspects were subsequently arraigned before a Magistrates’ Court on charges bordering on gambling, extortion, theft, and conspiracy.
They all pleaded guilty. The court ordered that they remain in custody pending further hearing, scheduled for August 7, 2025.
In a giant stride to support innovation, entrepreneurship and economic transformation, the Federal Government is set to unveil a N50 million grant for Science, Technology, Engineering, Mathematics and Medical Sciences (STEEM) students in Nigeria’s tertiary institutions.
The project, which is referred to as the Student Venture Capital Grant (S-VCG), is a pioneering initiative designed to empower the students towards building the next generation of scalable, job-creating ventures.
According to a statement by the Director of Press and Public Relations in the Ministry of Education, Folashade Boriowo, Friday, the initiative will be formally unveiled in August by the Minister of Education, Dr. Tunji Alausa.
Boriowo stated that the minister made the disclosure during a stakeholders’ engagement session held in Abuja in the presence of vice-chancellors, provosts, rectors, student leaders, academic staff, and development partners, and will chart a collective course for nurturing student-led innovation.
The statement noted that the grant targets full-time undergraduate students in STEMM disciplines (Science, Technology, Engineering, Mathematics and Medical Sciences), specifically those in 300 level and above.
“Each selected student-led project will be eligible to receive startup funding of up to N50 million, along with access to mentorship, incubation services and business development support.
“The initiative will be implemented in partnership with the Bank of Industry (BoI) to ensure financial transparency, impact measurement and effective project execution.
“S-VCG is not just a grant. It’s a launchpad for bold, young innovators to lead Nigeria’s industrial and technological transformation,” said Alausa.
Speaking at the session, the Minister of State for Education, Prof. Suwaiba Sa’id Ahmad, described the grant as a strategic investment in Nigeria’s knowledge economy.
“We’re building a stronger, more competitive future by supporting innovation from the ground up,” she said, adding that the programme’s design was informed by months of consultation with students, faculty and institutional leaders.
Participants at the event welcomed the STEMM-Up Grant as a timely, strategic and high-impact initiative that will drive youth innovation, tackle graduate unemployment, and position Nigeria as a hub for student-led entrepreneurship in Africa.
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