Economy

Nigeria Brazil Financial Cooperation Talks Boost Fintech

Published

1 year ago

August 31, 2025

Nigeria Brazil financial cooperation talks focus on fintech, mobile money, and payment systems to deepen trade and financial inclusion

Nigeria Brazil Financial Cooperation has entered a new phase as the two countries opened high-level talks in Brasília aimed at strengthening economic and financial ties.

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The discussions, held during President Bola Tinubu’s state visit, focused on payment systems, fintech innovation, and mobile money expansion.

Central Bank of Nigeria (CBN) Governor Olayemi Cardoso met with his Brazilian counterpart, Gabriel Galípolo, in a session that included technical meetings with officials of the Banco Central do Brasil.

The talks covered monetary policy, financial stability, and regulatory cooperation.

Cardoso described the engagement as a strategic opportunity to reinforce institutional collaboration. “Nigeria is building a more resilient financial system to attract capital, harness diaspora remittances, and create a stable environment where trade and investment can thrive,” he said.

He also highlighted the potential of knowledge exchange in digital finance, noting that Brazil’s success in financial inclusion could guide Nigeria, while Nigeria’s vibrant fintech sector offers valuable insights in return.

Cardoso further stressed the role of Brazil’s Afro-Brazilian community—the largest population of African descent outside Africa—in fostering stronger financial and cultural linkages, particularly through remittance flows.

Galípolo welcomed the initiative, affirming Brazil’s readiness to expand cooperation. “Closer ties will support financial stability and shared prosperity,” he said, describing the talks as mutually beneficial.

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The Nigerian delegation included senior CBN officials overseeing monetary policy, currency operations, and financial regulation, reflecting the comprehensive scope of the dialogue.

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Economy

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

Published

7 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.