Tinubu pushes ahead with tax overhaul despite pushback
President Bola Tinubu has reaffirmed that Nigeria’s new tax laws will commence on 1 January 2026 as planned, dismissing calls for suspension amid allegations that some provisions were altered after parliamentary passage. In a statement personally signed on Tuesday, Tinubu described the reforms as a once-in-a-generation opportunity to build a fair and competitive fiscal foundation, insisting the laws are designed to harmonise the tax system rather than raise taxes.
The president acknowledged public discourse surrounding alleged changes to provisions but stated that no substantial issue has been established to warrant disruption of the reform process. “Absolute trust is built over time through making the right decisions, not through premature, reactive measures,” he said. The clarification follows weeks of controversy after a member of the House of Representatives claimed the gazetted versions contain provisions not approved during legislative debates. The Nigerian Bar Association, Nigeria Labour Congress, and opposition figures including former Vice President Atiku Abubakar have called for a halt until discrepancies are resolved. The House has established a committee to review and re-gazette the laws.
Ghana settles $709m eurobond ahead of schedule
Ghana has paid $709 million to holders of restructured eurobonds ahead of the 30 December due date, bringing total 2025 eurobond payments to $1.4 billion under the country’s debt restructuring programme. Finance Minister Cassiel Ato Forson said the early settlement, made on 30 December using government cash buffers, reaffirms Ghana’s credibility as a sovereign borrower and underscores the administration’s commitment to transparent debt servicing.
The payment follows two earlier instalments of $349.52 million each made during the year. Ghana entered a debt restructuring programme after economic pressures affected the country’s ability to meet external obligations. The ministry described the settlement as strengthening Ghana’s standing with investors and signalling the government’s determination to honour obligations after years of fiscal stress. External reserves increased to support the early payment, whilst the government pledged to intensify reforms in domestic revenue mobilisation, public financial management, and debt oversight. The ministry thanked Ghanaians for their patience and appealed for continued cooperation as additional economic reforms are implemented in 2026.
Read Also: New tax laws: Tinubu prioritises money over Nigerians, says PDP
Guinea junta leader wins controversial election
General Mamady Doumbouya has been declared president of Guinea after winning 86.72 per cent of the vote in elections held on 28 December, according to provisional results. The election marks the first since the 2021 coup in which Doumbouya ousted President Alpha Condé. Voter turnout stood at 80.95 per cent, officials said.
The result has drawn criticism from opposition groups and civil society organisations who describe the poll as a charade designed to legitimise military rule. Main opposition leaders were barred from contesting, whilst candidates who participated alleged serious irregularities including ballot stuffing and denial of access to vote-counting centres. A citizens’ movement calling for civilian rule said the majority of Guineans boycotted the election. Doumbouya had initially promised not to seek office after seizing power, stating that neither he nor any transition member would be candidates. However, a September referendum approved a new constitution permitting military leaders to run and extending presidential terms from five to seven years. Social media platforms including TikTok, YouTube, and Facebook were restricted as Guineans awaited results, with opponents viewing the move as an attempt to stifle criticism.
Nigeria records $4.6bn balance of payments surplus
Nigeria recorded a balance of payments surplus of $4.6 billion in the third quarter of 2025, reversing a deficit from the previous quarter, according to the Central Bank of Nigeria. The improvement was supported by a current account surplus of $3.42 billion, driven by stronger trade performance, resilient remittance inflows, and increased financial flows.
The goods account remained in surplus at $4.94 billion, reflecting higher export earnings. Crude oil exports rose to $8.45 billion whilst exports of refined petroleum products surged 44 per cent to $2.29 billion, signalling progress in domestic refining capacity. Workers’ remittances totalled $5.24 billion during the period. Foreign direct investment inflows increased sharply to $720 million from $90 million in the second quarter, a 700 per cent rise, whilst portfolio investment inflows declined to $2.51 billion from $5.28 billion. External reserves grew to $42.77 billion at end-September from $37.81 billion in June. The CBN attributed the outcome to strengthening external sector fundamentals, improved investor confidence, and ongoing reforms in the foreign exchange market and monetary policy implementation. The bank also reported that economic activity strengthened in December, with the composite purchasing managers’ index reaching 57.6 points.
World’s richest add record $2.2 trillion in wealth
The world’s 500 richest people added a record $2.2 trillion to their collective fortunes in 2025, bringing their combined net worth to $11.9 trillion, according to the Bloomberg Billionaires Index. The gains were accelerated by Donald Trump’s election victory and booming markets across equities, cryptocurrencies, and precious metals, though tariff fears in April briefly triggered the biggest one-day wealth wipeout since the pandemic.
Elon Musk led the gains, adding $190 billion to reach over $600 billion after a SpaceX valuation made it the world’s most valuable private company. Larry Ellison gained $57.7 billion, briefly overtaking Musk as the world’s richest person in September following Oracle’s push into AI infrastructure. About 25 per cent of all gains came from just eight individuals, though this represented a smaller contribution than the previous year. Significant losses occurred in real estate and cryptocurrency sectors, with Philippine property developer Manuel Villar losing more than $18 billion after shares plunged over 80 per cent. Cryptocurrency billionaires including the Winklevoss twins and Changpeng Zhao saw fortunes battered by a massive slide starting in October, despite Bitcoin’s initial surge following Trump’s election victory. Australian mining magnate Gina Rinehart benefited from global focus on securing rare-earth minerals.
