Finance
LASG Reveals Strategies That Kept Lagos Economy Booming


Lagos State Governor, Babajide Sanwo-Olu has said that the State withstood the attendant effects of the Coronavirus pandemic through strategic planning and rejigging of the economy to meet the demands of its residents.
The Governor made the submission on Thursday, through the Honourable Commissioner for Economic Planning and Budget, Mr. Sam Egube, at the 10th Annual Public Lecture of the Institute of Chartered Accountant of Nigeria (ICAN), Lagos State Public Service Chapter, themed: “The Global Economic Realities of COVID-19 Pandemic: Lagos State as a Case Study”.
According to him, “The State Government realised early that the pandemic was not going to be about health alone in the long run but that of the economy. We understood that the economic pandemic, which COVID-19 will be bringing was going to outlast the health pandemic, as such, we had to make necessary adjustments where necessary”.
“Our administration had already taken cognisance that the world economy is going to be affected as a result of the pandemic, as supply chain and production was going to be adversely affected, which will in effect put a clog in the wheel of the government’s drive to keep up employment”, he added.
Sanwo-Olu stated that the government had to intervene by ensuring that food security was tackled as a strong response to the pandemic, creation of safety nets, economic intervention in the area of businesses as sources of livelihood are going to be hit and the empowerment of vulnerable, among others.
He stated that the administration had to review the budget in order to stimulate the economy and mitigate the effect of the pandemic by focusing more on infrastructure development as construction requires labour, which encourages employment as well as massive investment in the agricultural sector.
The Governor said the review of the budget was not a direct cut down of budget but redirecting the budget to create an effect and outcome to stimulate employment, to support small and medium businesses and to ensure that the pandemic is being tackled effectively.
Also speaking at the event, the Accountant-General and Permanent Secretary, State Treasury Office, Dr. Abiodun Muritala, noted that the State Government was already proactive before the advent of the COVID-19 pandemic, stressing that the administration of Governor Babajide Olusola was very forward-looking and strategic in its positioning and plans.
He added that the State Government already had a contingency plan in place in case of any emergency, hence the impact of COVID-19 was minimal on all the sectors of the State.
In his words: “The level of preparedness on the part of the present administration enabled the government to make a lot of quick decisions, with the aid of technology and the full backing of the cabinet members, to salvage the State’s economy”.
The President of the Institute of Chartered Accountant of Nigeria (ICAN), Dame Joy Adewuyi, in her goodwill address at the lecture, stated that the theme of the public lecture is timely as it will help to readjust to the economic realities of COVID-19, adding that it might take a long time for business to return back to normal.
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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