Economy

Tinubu Launches ₦200bn MSME Fund to Boost Growth

Published

1 year ago

October 6, 2025

Tinubu ₦200bn MSME fund aims to boost growth, empower small businesses, and rebuild Nigeria’s productive economy through innovation and inclusion

Tinubu ₦200bn MSME fund has been unveiled to strengthen Nigeria’s manufacturing base and enhance the competitiveness of small businesses, President Bola Ahmed Tinubu said on Monday.

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Speaking at the 31st Nigerian Economic Summit (NES31) in Abuja, the President explained that the fund was created to tackle structural challenges that have long hindered productivity and industrial growth.

Represented by Vice President Kashim Shettima, Tinubu said the initiative aligns with his administration’s broader mission to stimulate innovation, empower Micro, Small and Medium Enterprises (MSMEs), and promote inclusive development.

He revealed that Nigeria recorded a 4.23 per cent GDP growth in September 2025, exceeding projections by both international and domestic analysts.

According to him, the improvement reflects growing confidence in the nation’s economic management team and the impact of ongoing reforms.

“All our decisions have been guided by the pursuit of balance between economic logic and public expectation,” Tinubu said. “We remain committed to pragmatic policies that combine fiscal discipline with social impact.”

The ₦200 billion intervention, he noted, is designed to rekindle hope among poor and vulnerable Nigerians, especially young people, by expanding access to loans, grants, and equity financing for MSMEs and manufacturers.

“This initiative is a key pillar of our drive to rebuild the productive base of the economy and ensure that growth translates into sustainable opportunities for citizens,” he said.

The President added that the fund will complement other economic reforms aimed at reducing inflation, stabilising the naira, and supporting local production.

This year’s Nigerian Economic Summit, themed around industrial transformation and private sector inclusion, brings together policymakers, business leaders, and development partners to craft strategies that advance Nigeria’s long-term economic competitiveness.

Tinubu reaffirmed his administration’s faith in Nigerian economic professionals, saying their expertise has guided the nation through complex reforms that are already yielding measurable results.

Also read: Tinubu Visits Lagos Ahead of Nigeria’s 65th Anniversary

“Our objective is clear — to move from the rhetoric of potential to the reality of shared prosperity,” he concluded.

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Economy

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

Published

19 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.