Tinubu’s $2.35bn borrowing plan, naira rebound… business stories to track this week

Here are the seven top business stories you need to track this week — November 3 to November 7.

REPS MOVE TO ESTABLISH FINTECH REGULATORY COMMISSION

A bill seeking to establish the fintech regulatory commission has passed the second reading at the house of representatives.

The bill, sponsored by Fuad Laguda, an All Progressives Congress (APC) lawmaker representing Surulere I federal constituency of Lagos state, scaled the second reading during a plenary on October 28.

Leading the debate on the bill, Laguda said the commission will oversee and regulate the rapidly-growing fintech industry in Nigeria.

REPS PANEL PROPOSES GREEN TAX ON POLYPROPYLENE MANUFACTURERS

Also, the green chamber’s ad-hoc committee on the ban of single-use plastics in Nigeria proposed introducing a green tax on polypropylene manufacturers.

Speaking on October 28 at the committee’s inaugural meeting, Terseer Ugbor, the chairman of the panel, said the house will also consider legislation to regulate polypropylene production and promote recycling as part of a national strategy to curb pollution and protect public health.

N’ASSEMBLY APPROVES TINUBU’S REQUEST TO BORROW $2.35BN

The national assembly has approved President Bola Tinubu’s request to borrow $2.35 billion to finance part of the 2025 budget deficit.

Both the house of representatives and the senate approved the request on October 29.

The upper and lower chambers also granted Tinubu’s request to issue a $500 million sovereign debut sukuk in the international capital market (ICM) to fund infrastructure projects and diversify Nigeria’s financing sources.

FIRS DIRECTS BANKS TO DEDUCT WITHHOLDING TAX FROM SHORT-TERM SECURITIES INTEREST

The Federal Inland Revenue Service (FIRS) has directed banks to deduct withholding tax from all interest payments on short-term investment securities.

In a public notice, Zacch Adedeji, chairman of the FIRS, said the directive applies to banks, discount houses, stockbrokers, corporate bond issuers, primary dealer market makers (PDMMs), government agencies, tax practitioners, and the general public.

Adedeji said the tax must be deducted from interests payable to any person, including non-corporate entities, on the date of payment.

SEC PARTNERS CBN, EFCC TO TRACK ILLICIT DIGITAL WALLETS

The Securities and Exchange Commission (SEC) has partnered with the Central Bank of Nigeria (CBN) and the Economic and Financial Crimes Commission (EFCC) to track and freeze illicit digital wallets used for money laundering and other financial crimes.

Emomotimi Agama, the director-general (DG) of the SEC, on October 30, said the partnership marks a major step in protecting investors and strengthening integrity in Nigeria’s fast-growing digital finance ecosystem.

NAIRA EXTENDS RECOVERY AT OFFICIAL MARKET

The naira appreciated to N1,421 per dollar at the official section of the foreign exchange (FX) market on October 31, signalling the naira’s strongest performance so far this year.

Data from the Nigerian foreign exchange market (NFEM) — the country’s official market — showed that the currency gained N15.23 or 1.04 percent from the N1,436/$ recorded on October 30.

NRC SUSPENDS WARRI-ITAKPE TRAIN SERVICES

The Nigerian Railway Corporation (NRC) has suspended train services on the Warri–Itakpe corridor following a derailment incident.

In a statement on November 2, Kayode Opeifa, the NRC’s managing director and chief executive officer, said the incident occurred around 7:30 pm at kilometre 212+8m, Agbor on November 1.

Opeifa said all passengers on board were safely evacuated to Agbor, with no casualties or injuries recorded.

He noted that normal operations will resume once the corridor is confirmed safe.