Economy

Nigeria Adopts Unified Gaming Regulation to Boost Economy

Published

8 months ago

March 9, 2026

Q Tinny

Nigeria adopts unified gaming regulation, aligning federal and state oversight to enhance the sector’s contribution to the economy

The Federal Government and gaming regulators from 25 states have adopted a unified gaming regulation aimed at strengthening oversight of advertising, fostering collaboration among regulators, and enhancing the sector’s economic contribution.

Also read: Nigeria’s Economy Expands 4.07% in Q4 2025, Services Lead Growth

The announcement came on Monday during the signing of a Memorandum of Understanding establishing a unified regulatory framework across 25 member states.

The agreement seeks to address complexities in the gaming sector, which authorities classify as both critical and high-risk.

The Advertising Regulatory Council of Nigeria (ARCON) signed on behalf of the Federal Government, while the Federation of State Gaming Regulators of Nigeria (FSGRN) represented the states.

The Director-General of ARCON, Olalekan Fadolapo, stated that the MoU will create a coherent regulatory framework requiring sustained cooperation among stakeholders.

“There is a need for streamlining and aligning advertising regulation for the gaming and lottery sector. Each state has its own framework, and this MoU brings everything into a single system,” he said.

Fadolapo highlighted that the initiative will benefit operators and consumers alike, noting that a unified framework will prevent regulatory overlaps across traditional, broadcast, print, and digital media.

“If we allow all these things to be done in silos, it is going to create more problems. This framework ensures the sector is sanitised and contributes positively to the Nigerian economy,” he added.

Bashir Are, Chairman of FSGRN and CEO of the Lagos State Lottery and Gaming Authority, described the partnership as a tangible example of true federalism.

He emphasised that the initiative aligns with President Bola Tinubu’s policy of promoting collaboration between federal and state agencies.

“Since most gaming operators utilise television, radio and digital platforms – all under federal advertising control – a formal partnership was the logical step to ensure industry sanity,” Are said.

Also read: Africa Green Economy Summit 2026 Seeks $3.09bn Funding

Are also pointed to similar successful frameworks in federal systems such as the United States, Canada, and Switzerland, underscoring that Nigeria’s approach reflects international best practice.

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Economy

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

Published

1 day 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.

Also read: Wike Celebrates Fintiri at 59, Hails Him as Loyal Friend

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.