Economy

President Tinubu Returns After Abu Dhabi Trip, Signs UAE Trade Deal

Published

9 months ago

January 18, 2026

Q Tinny

President Tinubu returns to Nigeria after Abu Dhabi trip, witnessing a trade deal with UAE to boost economic ties, investment, and sustainable development

President Bola Ahmed Tinubu has returned to Abuja after spending 20 days abroad on his annual leave, during which he attended the 2026 Abu Dhabi Sustainability Week and witnessed the signing of a major trade agreement between Nigeria and the United Arab Emirates.

Also read: Tinubu moves VIP protection to NSCDC

Bayo Onanuga, Tinubu’s Special Adviser on Information and Strategy, confirmed the President’s return in a statement titled “President Tinubu returns to Nigeria after Abu Dhabi trip,” issued on Saturday.

The President departed Nigeria for Paris on December 28, 2025, before proceeding to Abu Dhabi for the summit, held from January 11 to 15. In 2025, Tinubu also attended the event, reflecting Nigeria’s sustained engagement in global discussions on climate action, energy transition, and sustainable development.

On the sidelines of the 2026 summit, Nigeria and the UAE signed a Comprehensive Economic Partnership Agreement (CEPA) designed to deepen economic cooperation, expand bilateral trade and investment, enhance technology transfer, and foster collaboration across key sectors, including energy, infrastructure, agriculture, mining, and renewable energy.

The agreement, signed on behalf of Nigeria by the Minister of Industry, Trade and Investment, Dr Jumoke Oduwole, and by UAE Minister of State for Foreign Trade, Thani bin Ahmed Al Zeyoudi for the Emirates, grants duty-free access for thousands of Nigerian products into the UAE market.

It also allows Nigerian businesses to establish offices and subsidiaries in the UAE, with business owners eligible to stay up to 90 days within a 12-month period.

Both President Tinubu and UAE President Sheikh Mohamed bin Zayed Al Nahyan witnessed the signing ceremony. Speaking afterward, Dr Oduwole noted that the agreement would provide Nigerian exporters with enhanced access to global markets.

During his address at the summit, President Tinubu announced plans to mobilise up to $30 billion annually in climate and green industrial finance to accelerate energy transition reforms and expand electricity access nationwide.

He also disclosed that Nigeria’s Climate Investment Platform would mobilise $500 million for climate-resilient infrastructure, while the National Climate Change Fund targets $2 billion to support climate-related projects.

The President further announced that a joint Nigeria-UAE Investopia summit would be held in Lagos in February, bringing together investors, innovators, policymakers, and business leaders to explore investment opportunities and strengthen economic partnerships.

Also read: Tinubu Makes Historic Appointment of Nigerian Law School DG

The 2026 Abu Dhabi Sustainability Week, themed “The Nexus of Next: All Systems Go,” focused on integrating finance, technology, energy, and human capital to drive sustainable transitions globally.

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Economy

NRS Assures Taxpayers VAT Remains at 7.5% Amid Tax Reform Concerns

Published

12 hours ago

October 27, 2026

Peculiar Adirika

NRS VAT rate remains 7.5%, the agency says, while addressing concerns over bank deductions, loans and the implementation of Nigeria’s tax reforms

The Nigeria Revenue Service (NRS) has assured taxpayers that Nigeria’s standard Value Added Tax (VAT) rate remains 7.5 per cent, while addressing concerns over the implementation of the country’s new tax reforms.

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The assurance was given by the Tax Administrator responsible for Kano, Jigawa and Katsina states, Samaila Abdullahi, during an NRS stakeholders’ engagement and tax reform sensitisation programme in Kano.

Abdullahi said concerns raised by individuals, traders, business owners and other stakeholders about the new tax laws were understandable, particularly questions relating to bank transactions, loans, family transfers, business income and the potential impact on small businesses.

He urged taxpayers to understand the reforms through the provisions of the law rather than rely on assumptions or misinformation.

According to him, the tax laws do not automatically authorise deductions from personal bank accounts.

He stressed that tax collection and recovery must follow the applicable legal provisions and procedures.

Abdullahi also clarified that money received as a loan should not automatically be classified as business income or profit, explaining that proper documentation is essential to establish the nature of a transaction.

“For instance, when a trader receives a loan of N500,000, the amount should not automatically be treated as N500,000 in sales or profit, provided the transaction is properly documented,” he said.

The NRS official’s comments were aimed at addressing public concerns about how the new tax framework would affect personal finances and business transactions.

He emphasised the importance of distinguishing between taxable business receipts and other funds, such as documented loans, when determining a taxpayer’s obligations.

The clarification comes amid heightened public interest in Nigeria’s tax reforms and questions about their implications for individuals, traders and small businesses.