Economy

Shocker! Tinubu economic team proposes merger of Customs, NIMASA, FIRS

Bola Ahmed Tinubu, President of Nigeria

— wants President to extend deadline on old naira note to Dec. 2024.

The Eyewitness reporter

In what could be his first major economic reform in the country, President Bola Ahmed Tinubu is considering the merger of the Nigeria Customs Service, Nigerian Maritime Administration and Safety Agency ( NIMASA) and the Federal Inland Revenue Service ( FIRS) into a single revenue-generating entity to enhance the revenue collection drive of the federal government.

This followed the recommendation of the President’s Policy Advisory Council which said a state of emergency should be declared on the revenue generation in the country.

Members of the Policy Advisory Council are Senator Tokunbo Abiru (chair), Dr. Yemi Cardoso, Sumaila Zubairu, and Dr. Doris Anite.

Alarmed stakeholders have however faulted the merger recommendation which they feared may compromise the functions and duties of NIMASA, adding is not a revenue-generating agency but a security and safety regulatory agency in the maritime industry.

According to the report of the economic advisory team, the policy will be aided by the passage of an Emergency Economic Reform Bill which will grant the President special powers to drive the economic reform agenda and support the delivery of sustainable and inclusive economic growth.

The council further outlined the removal of fuel subsidies, sale or concession of select government assets, transition to a transparent and unified foreign exchange rate system, deepening tax collection and optimization of operating expenditure to reduce cost, as targets to be pursued by the President towards the achievement of some milestones within the first 100 days in office.

The council’s report, which focuses on fiscal and monetary policies, industry, trade and capital market reforms, emphasised that changes in the Central Bank of Nigeria and temporary increases in fiscal circuit breakers such as debt limits would help achieve N1trn Gross Domestic Product growth and over 50 million jobs for citizens in eight years.

The 90-page document further proposed that reforms in the CBN will help achieve about $50bn-$60bn in external reserves, with a monthly inflow of at least $6bn-$8bn from export earnings and other forms of capital inflow, to support the policy at an exchange rate of N500-N600/$.

On fiscal policies to be implemented, the council advised on the need to achieve a domestic refining capacity of two million barrels per day, while creating economic opportunity for the host communities.

They also proposed one-off Personal Income Tax reliefs for low-income earners for up to one year as non-cash palliatives to cushion the effect of fuel subsidy removal.

The advisory read, “Ramp up production capacity to four million barrels from offshore and onshore assets within four years and grow crude oil revenue and savings into ECA and NSIA.

“Formalise illegal refineries and encourage modular refineries to create economic opportunity for the host communities.

“Aggressively grow domestic refining capacity to 2 million barrels per day in the next 8 years, including modular refineries.

Other fiscal recommendations proposed include, “a policy directive that ensures proceeds from the sale of assets to settle existing FGN debt obligations.

“List shares of strategic and profitable NNPC subsidiaries. Privatise, concession or sell down FGN’s stake in corporate assets to partners and other investors (possibly with a buyback option) to generate liquidity in the short to medium terms (focus on sub-optimal assets e.g., NNPCL refineries).

“Leverage blockchain to create and provide access to a Government land registry and regionalise and concession the power transmission grid.”

Furthermore, the advisory council proposed the extension of old naira circulation till December 2024 in order to resolve the cash shortage situation, if required.

It also advised a five percent monthly gradual removal of the old notes and replacement with new notes through the deposit money banks.

They said, “Extend the December 31st, 2023 deadline to December 31st, 2024 (if required), and bring in new notes through the deposit money banks by 5% monthly and take out the old notes through the deposit money banks by the same 5 percent to solve cash shortage.”

The policy added, “ To transform Nigeria to become Africa’s most efficient trading nation, decongest the area up to 4km around the ports and designate them for cargo, roads and railway, enforce the Presidential directive on 48hr clearance of goods at seaports in line with Executive Order 001, redefine the performance measures of key agencies of government to emphasise trade facilitation and set up a whistle-blowing mechanism that enables and empowers transporters to report and escalate issues with the various authorities while transporting food and other critical items.”

Economy

We haven’t stopped Customs, FIRS, NUPRC, others from deducting cost of revenue collection at source – FG

Funso OLOJO

The Federal government has debunked the widely- held insinuation that it has stopped the standard practice of revenue – generating agencies such as the Federal Inland Revenue Service (FIRS), the Nigerian Upstream Petroleum Regulatory Commission (NUPRC), and the Nigeria Customs Service (NCS) to deduct their cost of collection at source.

In a statement issued by the Federal Ministry of Finance and signed by Mohammed Manga, Director of Information and Public Relations in the ministry, at no point did the Minister of Finance and the Coordinating Minister of Economy, Wale Edun, announced the discontinuation of such practice.

“We categorically state that these reports are inaccurate and misleading.

“At no point during his remarks at the Nigeria Development Update (NDU) programme hosted by the World Bank did the Honourable Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun, announce or imply any change to the existing policy on the cost of collection deductions.

“For the avoidance of doubt, there has been no policy change regarding the deduction of costs of collection at source by revenue-generating agencies. The current framework remains in effect.

“What is underway are ongoing policy discussions in line with the directives of His Excellency, President Bola Ahmed Tinubu, to review cost of collection structure.

“These discussions are part of broader efforts to enhance transparency, efficiency, and value-for-money in public financial management.

“However, no final decision has been made on this matter.

“The Ministry assures all stakeholders and the public that revenue operations continue uninterrupted and that any future adjustments will be guided by due process, stakeholder engagement, and clear communication.

“We urge media organisations to seek clarification from official sources before publishing information that may cause unnecessary confusion.

“The Ministry appreciates the continued support of Nigerians as we work collectively to build a stronger, more transparent, and sustainable economy” the statement concluded

Economy

Le Look Nigeria marks 40 years of ingenious local fabric branded bags on October 1st

Gloria Odion

All is set to mark the 40 years anniversary of Le Look Nigeria Limited, makers of Le look Bags brands.

According to the founder and Chief Executive Officer(CEO), Chief Mrs. Chinwe Ezenwa, arrangements have been concluded to hold the event on October 1, 2025 at Federal Palace Hotel, Lagos.

The event with morning and award night sessions is themed: “Legacy of Resilience: Empowering Entrepreneurs for Africa’s Economic Future.”

Ezenwa added:”Le Look 40th Anniversary is a milestone that celebrates resilience, creativity, and the power of Nigerian enterprise.

“Founded in 1985, Le Look has grown from a small women-led business into a proudly Nigerian manufacturer, exporting unique, locally crafted bags to international markets.

“Over four decades, we have stayed true to our mission of:

Strengthening local manufacturing;

creating jobs and transferring skills;

opening doors for women and youth in enterprise;

supporting Nigeria’s non-oil export drive and the AfCFTA agenda.

“This anniversary is more than a celebration—it is a call to sustain entrepreneurship in Africa’s fast-changing economy,” she noted.

With expected over 300 distinguished guests, including senior government officials, private sector leaders, development partners, and entrepreneurs across generations;

the day will feature keynote address and fireside conversations with veteran entrepreneurs as well as panel sessions on business longevity.

Other features are African Continental Free Trade Agreement(AfCFTA) readiness;

Youth and women forums on inclusive business practices

Exhibitions by government and trade agencies will be part of the activities.

Le Look Nigeria Limited has grown to a global brand with the Le Look Bags Academy built in Abuja, Enugu and Lagos.

Le Look is a manufacturer of afro-centric luxury-life style branded bags inspired by African culture and sensibility.

These handbags are crafted from African prints in celebration of the rich African heritage with international and modern fashion flair.

The company offers multiple product categories, including ready-to-wear, handbags, Apple-support products and other carry-on unique and durable accessories.

“Our partnership with designers in Africa has catalysed the resurgence of retailing locally made goods across the continent,” Ezenwa said.

According to her, “Through our studio in Lagos, we provide on- the-job training, school tuition and health care benefits.

“Our philosophy is simple-to be the first and foremost African luxury brand with global reach”, she added.

Over the years, Le Look Bags Academy has partnered international and government institutions to promote trade and build capacities for the continent.

The Nigerian Export Promotion Council (NEPC) last year partnered Le Look Nigeria Limited to boost Nigeria’s non-oil exports and empower local artisans, particularly women and youth in Lagos. This collaboration, includes the launch of an export skills acquisition center and a fashion innovation hub to equip individuals with skills in bag-making and international trade to meet growing global demand for handcrafted bags.

Also, UNDP Nigeria is in partnership with Le Look Bags Academy, to launch a training program designed to equip unemployed youth with limited formal education, primarily women, with practical skills in bag-making as a sustainable livelihood mechanism.

Le Look Bags Academy serves as the leading hub for mastering bag-making and digital technology skills.

The academy provides a unique, personalized approach to equipping learners with the necessary skills to succeed in the dynamic global landscape.

Le Look Nigeria Limited is the first Small and Medium Enterprise (SME) to receive the Authorized Economic Operator (AEO) certificate from the Nigeria Customs Service (NCS).

As a certified AEO, Lelook benefits from trade facilitation, reduced costs, and improved efficiency in its export and import activities, supporting Nigeria’s goal of becoming a leading trade hub.

Le Look Nigeria is No 0001 under the AFCFTA guided trade Initiative to receive the Certificate of Origin to trade across Africa

Economy

Tinubu orders take-off of National Single Window in Q1 2026

Funso OLOJO

President Bola Ahmed Tinubu has given a marching order to the National Single Window (NSW) Steering Committee to ensure the platform becomes fully operational by the first quarter of 2026.‎

The directive was delivered during Tuesday’s fifth steering committee meeting at the State House, Abuja.

President Tinubu was represented by his Chief of Staff, Femi Gbajabiamila.‎

Gbajabiamila said the recent Tax Reform Acts, signed into law in June, underscored the urgency of accelerating reforms and pursuing Nigeria’s $1 trillion economy target.‎

He highlighted the importance of financial and trade reforms in achieving national economic transformation.‎

“It’s important that we continue to stay focused on this project. So that at the end of the day, we meet our timelines and achieve the results the President expects.‎

“As you all are aware, the project is one of the transformative initiatives of Mr. President which we collectively must ensure is effectively and commendably implemented,” Gbajabiamila said.‎

He emphasised the role of a unified electronic platform in simplifying Nigeria’s import and export operations.‎According to him, the NSW will boost investment and trade revenues, improve transparency, and strengthen Nigeria’s global business credibility.‎

Gbajabiamila urged all agencies to refine their targets and Key Performance Indicators (KPIs) to meet the Phase 1 deadline.‎“I do expect that since the last meeting of the steering committee which was held on the 8th April, 2025, all stakeholders have operated and actively progressed with all the required KPIs and set targets to ensure that we go live with phase 1 in Q1 2026 as was previously scheduled,” he said.‎

Minister of Finance and Coordinating Minister of the Economy, Wale Edun described the progress as encouraging but stressed the need for swift execution.‎

He urged a shift from strategy to concrete implementation, calling the project complex but transformational.‎

Edun urged the committee to improve collaboration and resolve final hurdles to meet the rollout timeline.‎

Minister of Industry, Trade and Investment Jumoke Oduwole also charged the committee to work diligently and meet the Q1 2026 deadline without fail.

Dr. Zacch Adedeji, Executive Chairman of the Federal Inland Revenue Service (FIRS), thanked the President for consistently supporting the project.‎

“Thank you on behalf of the steering committee. We thank you for the relentless support that you have given to us.”‎

“And to all my colleagues here, we can see that the reward for hard work is more work.

“When we started last month, it is now law; the single window is now in the law.”‎

He asked committee members to stay focused on the mission ahead.‎

The Director of the National Single Window (NSW) Project, Tola Fakolade, gave a brief overview of the steering committee’s progress toward implementing the project.

“All second quarter 2025 key project milestones have been successfully achieved. And the customisation of the Single window platform has commenced,” he said.

He gave assurances that the committee would meet up with the timelines.

The National Single Window project is a Federal Government initiative to streamline trade processes by creating a centralised electronic platform for importers and exporters.

It is a digital trade facilitation platform expected to accelerate economic growth and facilitate cross-border transactions.‎

Launched in April 2024, the NSW seeks to consolidate all agencies involved in imports and exports onto a unified electronic portal.‎

It is expected to reduce trade costs, cut delays, and enhance transparency and efficiency at Nigerian ports.‎

Committee members include representatives from the Ministry of Trade and Investments, the Ministry of Finance, FIRS, and the Nigeria Customs Service.