Economy

Tinubu Hails Mastercard Youth Skills Partnership

Published

4 months ago

June 24, 2026

President Bola Ahmed Tinubu welcomes Mastercard partnership to train five million Nigerian businesses and empower tech-savvy youth, advancing digital inclusion and economic growth

President Bola Ahmed Tinubu received a delegation from Mastercard led by its Global Chief Executive Officer Michael Miebach at the State House in Abuja on Tuesday 23 June 2026, where he described Nigeria’s youthful population as the country’s greatest asset and warmly welcomed proposals to equip millions of businesses with vital digital skills.

Also read: Group Presses INEC Over Tinubu Certificate Questions

The 72-year-old Nigerian leader, who has prioritised economic reforms since assuming office, assured the Mastercard team that the country’s repositioned economy stands ready to integrate fully into the global market through empowered youths and small enterprises.

Tinubu expressed delight at the company’s familiarity with the Nigerian terrain and its longstanding presence since 2011. He noted the gradual shift in business orientation, with more small firms registering and embracing technology amid ongoing formalisation of the largely informal sector.

“I am glad that you are very familiar with the terrain. I can classify you as a Nigerian,” Tinubu said, adding that opportunities continue to spread across the country.

The president further emphasised the importance of collaboration with institutions such as the Bank of Industry, which holds a comprehensive database of micro, small, and medium enterprises. He pledged continued government support for Mastercard’s initiatives targeting the youth.

Michael Miebach, who personally established Mastercard’s initial operations in Nigeria, described the visit as something of a homecoming. He highlighted the company’s contributions, including preventing $200 million in fraud and generating $2 billion in foreign exchange, while committing to further empower the nation’s estimated 40 million small businesses.

“We have a three-year programme for small businesses. A technical workshop has been planned for this, so it is not just talk but action and impact,” Miebach stated.

Minister of Finance and Coordinating Minister of the Economy Taiwo Oyedele reinforced the alignment between the partnership and President Tinubu’s reforms, noting efforts to digitise government services and empower at least three million youths.

He pointed to the surge in informal business registrations, exceeding 10,000 daily applications in recent months, as evidence of growing opportunities.

This engagement builds on Mastercard’s established footprint in Nigeria’s fintech ecosystem, where five of Africa’s nine unicorns are based, and reflects broader government moves to harness the country’s youthful demographic dividend amid challenges such as unemployment and the need for digital inclusion.

Also read: Umahi Hails Tinubu Over Major South-East Road Revival

The discussions underscored a shared vision for a thriving intra-African digital economy, with commitments to enhance payment systems, credit access, and cybersecurity resilience through initiatives like a proposed Cyber Centre of Excellence.

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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.