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No TIN Requirement For Nigerians To Operate Bank Accounts In Finance Bill 2022 —–Presidency

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The Presidency said on Sunday that there is no provision in the Finance Bill (2022) that states that banks will be required to request for Tax Identification Number before opening bank accounts for individuals and existing account holders must provide their TIN to continue operating their accounts.

A top Presidency said this in a statement titled ‘No TIN requirement for Nigerians to operate bank accounts in Finance Bill 2022, says Presidency”.

According to the source, there are no provisions in the Finance Bill 2022, now before the National Assembly, forcing Nigerians to have a Tax ID number in order to operate a bank account.

The presidency highlighted the main changes proposed under the bill, which it said would be further defended this week at both the Senate and the House of Representatives.

It said, “Capital gains tax at the rate of five percent to be applicable on disposal of shares in a Nigerian company worth N500m or more in any 12 consecutive months except where the proceed is reinvested in the shares of any Nigerian company within the same year of assessment. Partial re-investment will attract tax proportionately. Transfer of shares under the regulated Security Lending Transaction is exempted.

“Lottery and gaming business to be specifically taxable under CITA including betting, game of chance, promotional competition, gambling, wagering, video poker, roulette, craps, bingo, slot or gaming machines and the like.

“Companies engaged in petroleum operations including midstream and downstream operations will not be eligible for exemption on profits in respect of goods exported from Nigeria. Downstream companies were previously eligible under the old upstream and downstream classification.

“Federal Inland Revenue Service to be empowered to assess CIT on the turnover of a foreign digital company involved in transmitting, emitting, or receiving signals, sounds, messages, images or data of any kind including e-commerce, app stores, and online adverts.”

According to the presidency, changes proposed include the reduction of the minimum tax rate from 0.5 percent to 0.25 percent of turnover (less franked investment income) is to be applicable to any two accounting periods between January 1, 2019, and December 31, 2021, as may be chosen by the taxpayer.

It said, “Disputed tax assessment to be in abeyance until determination while undisputed tax assessment is to be paid within 30 days after service of the notice of assessment on the company except otherwise extended by the FIRS. Reference to provisional tax has been deleted in recognition of the well-established self-assessment tax regime.

“Withholding tax on interest earned from a unit trust to be treated as final tax. Only WHT on the dividend is currently treated as a final tax for local companies.”

“The deployment of technology to automate tax administration including assessment and information gathering by FIRS to now include third party technology (previously only proprietary technology may be deployed). A penalty of N50,000 to be applicable where a company fails to grant access to FIRS in addition to N25,000 for each day the failure continues.”

BIG STORY

FACT CHECK: Kemi Badenoch’s Claim That Her Children Can’t Get Nigerian Citizenship Is False — Report

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Kemi Badenoch, the head of the United Kingdom’s Conservative Party, has stated that she is unable to pass on her Nigerian citizenship to her children because she is a woman.

Speaking on Sunday during an interview with CNN’s Fareed Zakaria, Badenoch attempted to highlight differences between the immigration systems of Nigeria and the United Kingdom.

She argued that Nigerians have an easier path to acquiring British citizenship compared to the difficulty foreigners face in becoming Nigerian citizens.

She said, “It’s virtually impossible, for example, to get Nigerian citizenship. I have that citizenship by virtue of my parents, I can’t give it to my children because I’m a woman.”

She added, “Yet loads of Nigerians come to the UK and stay for a relatively free period of time, acquire British citizenship. We need to stop being naive.”

Badenoch’s statement sparked widespread responses from Nigerians, many of whom questioned the accuracy of her comments.

Born in the UK to Yoruba Nigerian parents, Olukemi Adegoke was raised in Nigeria for much of her early years before returning to the UK at the age of 16.

Before relocating to the UK, she attended a private school in Lagos for her primary education, without needing a student visa due to her Nigerian citizenship.

A student visa (R7A) is typically issued to foreign nationals studying in Nigeria. Nigerian citizens are exempt from this requirement.

She later married Hamish Badenoch, a banker from Scotland, and took his surname, becoming known as Kemi Badenoch.

The couple has three children.

Verification

CableCheck reviewed Badenoch’s claims based on the provisions of the Nigerian Constitution.

Under section 25(1)(c) of the 1999 Constitution, a child born outside Nigeria qualifies as a Nigerian citizen if either parent holds Nigerian citizenship.

This indicates that having one Nigerian parent is enough for a child to be considered a Nigerian citizen by birth. Therefore, Badenoch’s children automatically qualify.

Being a citizen by birth in Nigeria means that a person is granted citizenship from birth, based on their parents’ or grandparents’ Nigerian citizenship, not just their place of birth.

Such citizenship confers all rights under the law, including free entry into Nigeria and protection under the Constitution.

Nigerian law also permits dual citizenship, with specific guidelines.

According to Section 28(1), a person born as a Nigerian citizen may hold citizenship of another country without losing Nigerian citizenship.

However, someone who becomes Nigerian by registration or naturalisation loses Nigerian citizenship if they also acquire or retain another nationality.

Importantly, the Constitution does not make any distinction based on gender when it comes to citizenship by birth.

Gender plays a role only in cases involving foreign spouses.

Section 26(2)(a) of the Constitution provides that “any woman who is or has been married to a citizen of Nigeria” can be granted Nigerian citizenship.

Men who marry Nigerian women are not automatically eligible for citizenship by registration and must instead apply through naturalisation, which has stricter requirements.

This would make it harder for Badenoch’s husband, who is Scottish, to gain Nigerian citizenship automatically. However, this limitation does not apply to their children, who have Nigerian ancestry through their mother and grandparents.

Ashleigh Plumptre: A Case Of Mixed Heritage And Citizenship

Ashleigh Plumptre, 27, is a British-Nigerian professional footballer.

She plays as a central defender for Al-Ittihad in the Saudi Premier League and for Nigeria’s women’s national team, the Super Falcons.

Her father, Tim Plumptre, is of Nigerian heritage and hails from Lagos, while her mother is English.

Prior to the 2022 Women’s Africa Cup of Nations (WAFCON), Plumptre chose to represent Nigeria, acknowledging her Nigerian roots over continuing her football career with England.

In a recent interview, Tim Plumptre said he made sure to instill cultural awareness in his daughter by encouraging her to connect with her Nigerian family, including her grandfather Harry Dotun Plumptre.

Ashleigh Plumptre is one of the 24 players representing Nigeria in the ongoing 2025 WAFCON.

Verdict

The claim by Badenoch that she is unable to pass her Nigerian citizenship to her children is incorrect. This would only be true if she had renounced her Nigerian citizenship.

 

Credit: The Cable

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BIG STORY

Muhammed Babangida Accepts BOA Chairmanship, Thanks President Tinubu

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Muhammed Babangida has officially accepted his appointment as Chairman of the Bank of Agriculture (BOA), expressing deep gratitude to President Bola Ahmed Tinubu for the trust reposed in him.

In a press statement released Monday, Babangida dismissed as false and malicious the reports circulating online suggesting he had rejected the appointment. He described such claims as a deliberate attempt to mislead the public and tarnish the image of the Tinubu administration.

“We wish to clarify that Muhammed gratefully accepts the appointment as Chairman of the Bank of Agriculture, as announced by the federal government, and extends his sincere appreciation to President Tinubu for the trust and confidence bestowed upon him,” the statement read in part.

It further assured the public that those behind the fake reports would be identified and held accountable.

“We also want to assure the public that those spreading these falsehoods will be thoroughly investigated and brought to justice. We remain committed to transparency, accountability, and fostering unity within our nation,” it added.

The statement concluded with a call for Nigerians to remain discerning and to verify information from credible sources.

Muhammed Babangida’s appointment was among several strategic appointments approved by President Tinubu to strengthen leadership across key government institutions.

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BIG STORY

TINUBUNOMICS: Nigerian Stocks Are Experiencing Their Best Run Under Any President Since 1999 — Report

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Nigerian stocks have seen an exceptional surge under President Bola Ahmed Tinubu, marking the strongest performance by the market during any civilian administration since 1999.

Based on Nairametrics analysis, the All-Share Index (ASI) has increased by 136% since Tinubu took office in May 2023.

From 55,769.28 points on May 29, 2023, the ASI has risen to approximately 131,000 points, setting a new benchmark in the history of the Nigerian capital market.

This represents the largest market growth recorded at a comparable point in any presidency since the country’s return to democracy.

For context:

During the Buhari presidency at this point in 2016, the market was up by 4.47%.

Under Goodluck Jonathan, the gain was 47% as of June 2013.

During the Yar’Adua tenure, the market had dropped by 49% during Nigeria’s most severe market crash.

The Obasanjo government had seen a 115% increase by July 2001.

Looking at market capitalization, the Nigerian Exchange (NGX) grew from around N30 trillion in May 2023 to beyond N75 trillion, adding N45 trillion in value.

Even though this growth may appear smaller when exchange rate depreciation is factored in, it still stands out against the backdrop of broader economic difficulties.

What’s driving the rally?

President Tinubu’s reform-oriented economic policies have significantly contributed to the stock market’s rise.

The government’s decisions such as removing fuel subsidies and unifying the foreign exchange rate have been critical in improving investor confidence and strengthening public finances.

Despite causing inflation and putting pressure on household incomes, these reforms have earned recognition from global financial bodies and investors for being market-friendly and essential for future growth.

Several additional factors have also boosted market performance:

The Central Bank’s bank recapitalization program has elevated bank stock values and drawn new capital into the exchange, with over N5 trillion expected to be raised by 2026.

Increased FAAC allocations after the subsidy removal have injected more liquidity into the economy.

Fewer opportunities for currency speculation have led investors to seek better yields from equities and other financial instruments.

The money supply has expanded significantly, helped by funds left over from previous administration’s Ways and Means borrowing.

High interest rates, currently at 27.5%, have also prompted more investment in stocks and bonds.

Many listed firms have posted profit increases, even as consumers face rising prices and reduced purchasing power.

Local investors in the driver’s seat
Nairametrics noted that local retail and institutional investors have been the main force behind the ongoing market rally, even though foreign investor participation has risen slightly in early 2025.

Between January and March 2025, local trades amounted to N1.418 trillion, making up 63.63% of the total N2.23 trillion market activity.

During the first two years of Tinubu’s presidency (May 2023 – May 2025), figures from NGX’s Domestic and Foreign Portfolio Report show that Nigerian investors accounted for N9.375 trillion of the N11.535 trillion total transactions, while foreign investors contributed N2.159 trillion.

This change shows growing trust among Nigerians in the stock market, especially with fewer investment alternatives available.

Sectors such as banking, agriculture, manufacturing, and oil and gas have seen significant gains, with numerous leading stocks reaching record highs.

For instance, banks added more than N7 trillion in value between 2023 and 2025, with GTCO alone rising by N2 trillion and Zenith Bank by N1.7 trillion.

In telecoms, MTN Nigeria’s market capitalization grew by over N3 trillion, while Airtel Africa gained about N1.8 trillion.

Recent listings and upcoming public offerings have also improved investor sentiment. Aradel Holdings, which joined the exchange last year, added over N2 trillion in value. Future listings like Dangote Fertilizer and a potential NNPC IPO could continue this momentum.

What next

By mid-July 2025, Nigerian equities had risen by 27.84% for the year, and analysts predict that the market could end the month with double-digit returns. If this positive trend continues throughout the year, Tinubu may be remembered as the president with the strongest stock market legacy.

However, many Nigerians still feel disconnected from the market’s gains, as they struggle with rising costs, limited job opportunities, and access to basic services.

Ultimately, public opinion may be shaped not by stock charts but by how well the average citizen fares economically.

That said, for analysts and investors, the performance data tells its own story. The Nigerian stock market is in an unprecedented bull run—and it is unfolding under the leadership of President Tinubu.

 

Credit: Nairametrics

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