Highlights from the Recent Developments in Nigeria

President Bola Ahmed Tinubu has officially signed an executive order to implement a zero-tariff, consumption tax, and value-added tax (VAT) incentive policy for imported pharmaceuticals.

In a statement released on Friday, the Minister of Health and Social Welfare, Mohammed Ali Patt, emphasized that this move aims to revive Nigeria's healthcare sector and promote local production of medical products. He explicitly stated: "To drive the rejuvenation and transformation of Nigeria's healthcare sector, President Bola Ahmed Tinubu has signed an executive order to enhance the domestic production capacity of medical products, including pharmaceuticals, diagnostic equipment, needles and syringes, biologics, and medical textiles."

The Chairman of the Presidential Committee on Fiscal Policy and Tax Reforms, Taiwo Oyedele, stated that Nigeria can achieve revenue growth without increasing taxes through effective management and strategic adjustments. In a June 28th television interview, he emphasized that reducing tax loopholes and ensuring compliance from the unregistered taxpayer population is a reasonable approach to achieving this goal. Oyedele noted that by leveraging data, intelligence, and technological means, Nigeria can narrow the tax gap and ensure the comprehensiveness and collectability of its tax revenues.

The Minister of Aviation and Aerospace Development, Festus Keyamo, during the inauguration ceremony of the Ministerial Special Task Force on Illegal Charter Operations and Related Matters in Abuja, stated that some private aircraft owners are involved in money laundering and drug trafficking activities using their planes. He presented a five-point agenda covering safety, infrastructure, support for local operators, human capacity development, and revenue generation to guide his team in fulfilling the mandate given by President Tinubu.

In a report by the Nigerian News Agency on June 28th, the Chairman of the Senate Committee on Ecology and Climate Change, Dickson, noted that the main perpetrators of oil theft activities in the Niger Delta region are not from the local area, but rather from Lagos, Abuja, and other parts of the world. He expressed this view during his visit to the King of the Baramas Kingdom in Warri, Delta State.

The Nigerian Electricity Regulatory Commission (NERC) has issued a warning, requiring all Distribution Companies (DisCos) to complete the meter upgrade by the final deadline of July 31st. According to a statement released by NERC on Tuesday, this requirement was announced during the 2nd Nigerian Electricity Supply Industry (NESI) Stakeholders' Forum in 2024. NERC emphasized that DisCos must migrate the token identifier of Standard Transfer Specification (STS) meters from Key Revision 1 to Key Revision 2 by July 31st, or face penalties.

The Executive Director of the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA), Ogbugo Ukoha, stated that the country has not imported high-polluting fuels. He confirmed this during a meeting with oil marketers and local refiners in Abuja on Tuesday. He specifically mentioned that the sulphur content of the fuel imported this month did not exceed the legal limit. This statement came after Devakumar Edwin, the Vice President of Oil and Gas at Dangote Industries Limited (DIL), had accused the Indian National Oil and Gas Management Authority of issuing permits for the importation of highly polluted diesel and aviation fuel, which Ukoha's statement has now clarified.

The Independent Petroleum Marketers Association of Nigeria (IPMAN) stated that over 1,800 filling stations in northeast Nigeria have been shut down in protest against the anti-smuggling operations of the Nigerian Customs Service (NCS). According to a Reuters report, the IPMAN chairmen in Adamawa and Taraba states, Dahiru Buba, said on June 24th that these stations had ceased operations due to the NCS seizing their tankers. He also mentioned that the NCS had shut down some stations suspected of smuggling gasoline to Cameroon. During the "Operation Whirlwind," the customs initially confiscated some tankers belonging to IPMAN members, but later released them after the association's protest.