Finance
IMF chief alarms global trade in danger


The head of the International Monetary Fund is warning that the global trading system is in danger of being “torn apart.”
In a speech prepared for delivery in Hong Kong Wednesday, Christine Lagarde urged nations to “steer clear of protectionism.” That may be a reference to Washington’s recent moves to slap large tariffs on imported steel and other products. China responded by raising tariffs on U.S.-made products, beginning a cycle that some experts warn could escalate further into a trade war.
Lagarde says the benefits of trade far outweigh the costs and has credited unfettered global trade for drastically reducing the number of people around the world living in extreme poverty. Lagarde and other experts say everyone loses in trade wars, particularly the 800 million people around the world who, the World Bank says, remain mired in poverty.
While Lagarde’s comments implied criticism of the Trump administration, she also urged nations, presumably including China, to do a better job of protecting intellectual property. President Trump and many foreign businesses operating in China have complained that they are pressured to turn over technology secrets to Chinese partner companies in exchange for access to the huge Chinese market. She also urged economic reforms, including ending policies that unfairly favor state-owned enterprises.
Lagarde says the global economy is experiencing a strong upswing, and says now is the time for nations to make economic reforms such as opening up the service sector in developing economies, and doing more to use digital technology to improve the delivery of government public services. She warns that economic reform is more urgent now because of the growing uncertainties arising from trade tensions, uncertain geopolitics and rising fiscal and financial risks.
Lagarde’s speech comes ahead of next week’s meetings of the International Monetary Fund and World Bank in Washington, where top economic and financial leaders and experts from around the world will gather to seek solutions to problems in banking, trade, deficits and many other topics. (VOA
Finance
Tinubu Launches Personal Income Tax Calculator to Improve Compliance, Fairness
By ORJI ISRAEL


President Bola Tinubu has launched a Personal Income Tax Calculator to help Nigerians work out their tax obligations under the new tax law.
The tool is expected to make compliance easier and improve transparency in the system.
In a post on his X page, the president said the calculator shows how the recent reforms protect low-income earners while ensuring fairness.
“A fair tax system must never punish poverty or weigh down the most vulnerable. With the new tax laws I recently signed, taking effect from January 2026, we have lifted this burden and created a path of equity, fairness, and true redistribution in our economy,” Tinubu said.
Some months ago, he signed four major tax bills into law to bring Nigeria’s scattered tax system under one framework. These include the Nigeria Tax Administration Law, which sets out a uniform process for tax administration across federal, state, and local governments; the Nigeria Revenue Service (Establishment) Bill, which replaces the current Federal Inland Revenue Service Act with a stronger, more independent revenue agency; and the Nigeria Revenue Service (NRS) and Joint Revenue Board (Establishment) Bill, which creates a formal structure for cooperation between revenue bodies at all levels.
The introduction of the tax calculator, together with these reforms, is expected to reduce confusion for both individuals and businesses, while also making it easier for them to meet their obligations and contribute to national growth.
Tinubu added that the reforms are part of building renewed hope for the economy and urged Nigerians to trust in the country’s future for themselves and their families.


The Federal Inland Revenue Service (FIRS) says that no fewer than 1,000 companies, representing 20% of total eligible firms, have begun integrating its newly launched electronic invoicing (e-invoicing) system less than two weeks after it went live.
The FIRS e-invoicing platform, which went live on August 1, 2025, after a successful pilot phase that began in November 2024, was designed to modernise Nigeria’s tax administration, curb evasion, and enhance transparency in revenue generation. It also provides the FIRS with real-time visibility into commercial transactions, ensuring authenticity and completeness of invoices.
According to a statement by Dare Adekanmbi, special adviser on Media to FIRS Chairman Zacch Adedeji, at least 1,000 companies, representing 20% of more than 5,000 eligible firms, have already adopted the system and begun integrating with the FIRS platform.
Adekanmbi noted that the initiative, also known as the Merchant-Buyer Model, will be rolled out in phases. “Large taxpayers, which are companies with annual turnover of N5 billion and more, are expected to be the first to be onboarded on the platform,” he said.
FIRS revealed that MTN Nigeria was the first taxpayer to transmit live electronic invoices to the platform, while Huawei Nigeria and IHS Nigeria have concluded test transmissions and are expected to go live soon.
The agency added that the initial compliance deadline of August 1, 2025, has been extended by three months to accommodate companies currently facing onboarding challenges. The new deadline is now November 1, 2025.
Finance
NGX Boss, Umaru Kwairanga, to Chair Business Journal Fintech Roundtable 2025
By Our Correspondent


Dr. Umaru Kwairanga, Group Chairman, Nigerian Exchange Group (NGX) will Chair the 2nd Business Journal Fintech & Financial Inclusion Roundtable 2025 scheduled for Friday, August 29, 2025 at Oriental Hotel, Lekki, Lagos. Time is 10-am prompt.
The theme of the Roundtable is: Fintech & Financial Inclusion: The Opportunities & Challenges for Nigeria.
In a statement, Prince Cookey, Publisher/Editor-in-Chief of Business Journal Media Group said the choice of Umaru Kwairanga to chair the event is a reflection of his immense and chequered journey in the Nigerian economic system over the years.
“Dr. Umaru Kwairanga is a noted player in the Nigerian economy and financial services sector. Over the years, he has carved a positive niche in driving the narrative in national policy formulation, implementation and review. He remains a worthy point of reference and role model to current and future players in the Nigerian economy.”
Alhaji (Dr.) Umaru Kwairanga, Sarkin Fulani Gombe and Group Chairman, Nigerian Exchange Group (NGX), is a notable player in the Nigerian corporate world, a thorough-bred professional and a prominent community leader in Gombe State and the North East region.
He has served at the highest levels of the banking, pension, investment, manufacturing and commercial sectors of Nigeria’s economy. He is the current Chairman of the Nigerian Exchange Group Plc, Nigeria’ oldest stock exchange and also Chairman of Tangerine General Insurance Limited.
The NGX Chairman is also a Director on the Boards of First Bank Senegal Limited, Tangerine Apt Pensions Limited and the Group Managing Director of Finmal Finance Services Limited.
He is a past Chairman of Ashaka Cement plc and previously served on the Boards of Jaiz Bank Plc, Central Securities Clearing System Plc, Lafarge Africa Plc and First Bank Mortgages Limited to mention a few.
Professionally, Alhaji Kwairanga is a Fellow of the Chartered Institute of Stockbrokers, Chartered Institute of Directors of Nigeria, the Certified Pension Institute of Nigeria and the Abuja Commodities and Securities Exchange.
He is also a Council Member of the Chartered Institute of Stockbrokers; the Chartered Institute of Directors and he is the current President of the Certified Pensions Institute of Nigeria.
Kwairanga is a holder of the prominent traditional title of Sarkin Fulani Gombe and has led several initiatives for peace and development in Gombe State and the North East region in general.
He has also been involved in policy and strategy formulation in the public sector as a Member of the Vision 2020 Committee, the Presidential Advisory Committee on the Nigerian Industrial Revolution Plan and several committees of the Securities and Exchange Commission (SEC).
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