Economy

Tinubu Shea Export Ban Hailed as Bold Economic Step

Published

1 year ago

September 10, 2025

Tinubu shea export ban praised by Minister Idris as a bold move to boost local processing, create jobs, and strengthen Nigeria’s global shea economy

Tinubu shea export ban is not just a policy experiment but a bold, forward-looking step to unlock Nigeria’s rural economic potential, according to the Minister of Information and National Orientation, Alhaji Mohammed Idris.

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Speaking at the 20th Institute of Chartered Accountants of Nigeria (ICAN) Northern Zonal Accountants’ Conference in Minna, Niger State, Idris said the president’s suspension of raw shea exports would position Nigeria as a global leader in the shea economy.

Represented by the Director-General of the Voice of Nigeria, Mallam Jibrin Baba Ndace, Idris explained that Nigeria produces over 50% of the world’s shea but risks remaining a raw material supplier unless value-added processing takes root locally.

“By insisting that more of our shea be processed locally, the president is ensuring that Nigeria becomes a global leader in high-value shea products,” he said.

Niger State, the hub of shea production, stands to benefit greatly from the initiative.

The minister said the policy would stimulate investment, drive technology transfer, expand processing capacity, create jobs for youth and women, and deepen Nigeria’s participation in global value chains.

He praised the National Shea Products Association of Nigeria (NASPAN) for aligning with Tinubu’s vision and assured that the Federal Government was providing an enabling environment to make it work.

According to Idris, the shea policy is part of Tinubu’s wider Renewed Hope Agenda, which also includes fiscal discipline, infrastructure renewal, digital transformation, and youth empowerment.

He cited major projects such as the Lagos–Calabar Coastal superhighway, the Badagry–Sokoto superhighway, and the rehabilitation of the Eastern rail corridor as proof of equitable resource distribution.

Idris further noted that reforms such as the Treasury Single Account and GIFMIS are helping to cut leakages and restore financial discipline, contributing to Nigeria’s climb from 145th to 140th on the Transparency International Corruption Perceptions Index between 2023 and 2024.

Also read: Nigeria’s Economic Reforms Win Big Support in Powerful New Media Campaign

The minister concluded that accountability, inclusivity, and re-orientation remain central to the administration’s economic renewal strategy.

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Economy

NRS Assures Taxpayers VAT Remains at 7.5% Amid Tax Reform Concerns

Published

8 hours ago

October 27, 2026

Peculiar Adirika

NRS VAT rate remains 7.5%, the agency says, while addressing concerns over bank deductions, loans and the implementation of Nigeria’s tax reforms

The Nigeria Revenue Service (NRS) has assured taxpayers that Nigeria’s standard Value Added Tax (VAT) rate remains 7.5 per cent, while addressing concerns over the implementation of the country’s new tax reforms.

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The assurance was given by the Tax Administrator responsible for Kano, Jigawa and Katsina states, Samaila Abdullahi, during an NRS stakeholders’ engagement and tax reform sensitisation programme in Kano.

Abdullahi said concerns raised by individuals, traders, business owners and other stakeholders about the new tax laws were understandable, particularly questions relating to bank transactions, loans, family transfers, business income and the potential impact on small businesses.

He urged taxpayers to understand the reforms through the provisions of the law rather than rely on assumptions or misinformation.

According to him, the tax laws do not automatically authorise deductions from personal bank accounts.

He stressed that tax collection and recovery must follow the applicable legal provisions and procedures.

Abdullahi also clarified that money received as a loan should not automatically be classified as business income or profit, explaining that proper documentation is essential to establish the nature of a transaction.

“For instance, when a trader receives a loan of N500,000, the amount should not automatically be treated as N500,000 in sales or profit, provided the transaction is properly documented,” he said.

The NRS official’s comments were aimed at addressing public concerns about how the new tax framework would affect personal finances and business transactions.

He emphasised the importance of distinguishing between taxable business receipts and other funds, such as documented loans, when determining a taxpayer’s obligations.

The clarification comes amid heightened public interest in Nigeria’s tax reforms and questions about their implications for individuals, traders and small businesses.