Nigeria’s public debt, tax reform laws… business stories to track this week

Here are the seven top business stories you need to track this week — June 30 to July 4.

NIGERIA’S PUBLIC DEBT HIT N149TRN IN Q1 — UP BY N4.7TRN

The Debt Management Office (DMO) says Nigeria’s total public debt has increased to N149.38 trillion in the first quarter (Q1) of 2025.

According to data from the debt office, the country’s total public debt increased by N4.72 trillion or 3.3 percent compared to the N144.67 trillion recorded in the fourth quarter (Q4) of 2024.

The DMO said the total domestic debt was N78.75 trillion ($51.2 billion) while the total external debt was N70.63 trillion ($45.9 billion).

TINUBU SIGNS TAX REFORM BILLS INTO LAW 

President Bola Tinubu has signed the four tax reform bills into law.

Tinubu assented to the bills at the presidential villa on June 26.

The four proposed laws are the Nigeria tax bill, the Nigeria tax administration bill, the Nigeria revenue service (establishment) bill, and the joint revenue board (establishment) bill.

‘NEW TAX LAWS TO TAKE EFFECT IN SEVEN MONTHS’

Zacch Adedeji, the chairman of the Federal Inland Revenue Service (FIRS), says Nigeria’s new tax laws will take effect from January 1, 2026, under a renamed agency — the Nigeria Revenue Service.

Adedeji spoke to journalists on June 26 in Abuja.

This, he said, is to allow “the administration six months for planning, education, and alignment with the fiscal calendar”.

‘NIGERIAN HOUSEHOLDS EARNING N250,000 WILL NOT PAY TAX — THEY ARE POOR’

Taiwo Oyedele, chairman of the presidential fiscal policy and tax reforms committee, says Nigerians earning N250,000 or less per month will be exempted from personal income tax under the new tax reforms.

Oyedele said the exemption is part of a broader effort to protect low-income earners, reform a historically opaque tax system, and make taxation fairer and more efficient.

Commenting on what his committee described as a poor household, Oyedele said they “came up with a N120,000 or N130,000 per two people working in a household of five”.

‘NIGERIA RECORDED N6.9TRN REVENUE IN Q1 2025’

Wale Edun, the minister of finance and coordinating minister for the economy, says Nigeria recorded N6.9 trillion in revenue in the first quarter (Q1) of 2025.

Edun spoke on June 23 at the citizens and stakeholders’ engagement on implementing President Bola Tinubu’s priorities for the second quarter (Q2) in Abuja.

He said the figure represents a 40 percent increase compared to the N5.2 trillion recorded in the same period last year.

NNPC INCREASES PETROL PRICE TO N925/LITRE IN LAGOS, N945/LITRE IN ABUJA 

The Nigerian National Petroleum Company (NNPC) Limited has increased the pump price of petrol to N915 per litre in Lagos and N945 per litre in Abuja.

The current price represents a N45 increase from the previous price of N870 per litre in Lagos and N35 hike from the prior price of N910 in Abuja.

OIL PRICE DROPS TO $68 PER BARREL

Brent crude oil price dropped on June 24 to $68.12 per barrel.

The product, which is a global oil benchmark, dropped by 3.4 percent from $71 a barrel on June 23.

Also, US West Texas Intermediate fell by 2.76 percent to 66.62 percent.

The development follows Israel’s agreement to United States President Donald Trump’s proposal for a ceasefire with Iran, alleviating concerns over supply disruptions in the Middle East.