Economy

FG Assures Mining Investors of Strong Asset Protection

Published

8 months ago

February 24, 2026

Federal Government assures mining investors of asset protection and legal safeguards to boost confidence and attract investment in Nigeria

The Federal Government has assured investors in Nigeria’s mining sector that their assets will be fully protected, reinforcing efforts to attract more investment.

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Minister of Solid Minerals Development, Dele Alake, provided the assurance during a recent engagement with stakeholders, emphasising the government’s commitment to safeguarding investments and creating a stable business environment.

Alake highlighted Nigeria’s adoption of international standards, including the Cape Town Convention, which offers legal protection for mining equipment and other movable assets in the sector.

“The move is expected to boost investor confidence, improve access to financing, and encourage both local and foreign participation in the mining industry,” he said.

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The minister added that ongoing reforms aim to strengthen regulations, enhance transparency, and position Nigeria as a competitive destination in the global mining market.

Related Topics:asset protection Dele Alake featured FG reforms mining investment Nigeria mining sector

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Economy

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

Published

11 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.