Aeesha's Blog

Tag: 2026

  • Banks, Telcos Face March Deadline On Failed Airtime Refunds

    Banks and telecommunications companies have been given a firm deadline of March 1, 2026 to implement a comprehensive refund framework designed to protect consumers from losses arising from failed airtime and data purchases, the Nigerian Communications Commission (NCC) and the Central Bank of Nigeria (CBN) jointly announced on Thursday in Abuja.

    The new policy, finalised after months of consultations between the NCC, CBN, mobile network operators (MNOs), deposit money banks (DMBs), value-added service (VAS) providers and other relevant stakeholders, seeks to address mounting consumer grievances relating to debits without value during airtime and data transactions caused by network outages, system glitches and human input errors.

    According to the framework, subscribers who are debited for airtime or data that fail to deliver value will be entitled to an immediate refund within 30 seconds of the failed transaction — regardless of whether the failure occurred on the telecoms or bank side of the transaction chain. Where transactions are pending, the refund window may extend up to 24 hours.

    Nnenna Ukoha, Head of Public Affairs at NCC, said the initiative was driven by an increase in complaints from consumers who were often debited without receiving airtime or data, and who faced prolonged delays in obtaining redress.

    “Failed top-ups rank among the top three consumer complaints,” Ukoha stated, emphasising the need for a uniform, enforceable Service Level Agreement (SLA) across all players in the transaction ecosystem.

    Under the terms of the SLA, both banks and telecommunications operators are obligated to clearly define their roles and responsibilities in processing transactions and effecting refunds.

    The framework also mandates that customers receive SMS notifications on the success or failure of each airtime and data purchase, a move aimed at enhancing transparency and consumer confidence in digital transactions.

    The framework also provides for the establishment of a Central Monitoring Dashboard, to be jointly hosted by the NCC and CBN, which will enable real-time tracking of failed transactions, responsible parties, refunds and SLA breaches.

    Freda Bruce-Bennett, Director of Consumer Affairs at the NCC, explained that the monitoring tool is expected to improve oversight and accountability across the entire transaction value chain.

    Consumers have already started benefiting from the regulatory engagements. Bruce-Bennett disclosed that, pending final regulatory approval and technical integration, MNOs and banks have collectively refunded more than ₦10 billion to customers affected by failed airtime and data purchases.

    The NCC-CBN framework is expected to take effect on March 1, 2026, upon completion of technical integrations by mobile network operators, value-added service providers and banks, and final approvals by both regulators.

    Stakeholders have been urged to meet the deadline to avoid regulatory sanctions and enhance consumer trust in digital financial and telecommunications services.

  • TAX: Nigeria Introduces 4 New Income Tax Rules, Eases Burden On Low- And Middle-Income Workers

    Nigeria’s new tax rules took effect from January 1, 2026, as the Federal Government unveiled measures aimed at easing the financial burden on low- and middle-income earners.

    Officials say the reforms are intended to make the tax system fairer, encourage compliance, and protect vulnerable households.

    Under the revised Personal Income Tax (PAYE) framework, four categories of taxpayers are set to benefit from exemptions or special relief:

    • Workers earning the national minimum wage or below

    • Employees whose salaries are at or under the minimum wage are fully exempt from personal income tax.

    • Low-income earners with gross yearly income up to ₦1,200,000 – Nigerians in this bracket will not pay personal income tax. Reports indicate that this roughly corresponds to a taxable income of about ₦800,000 after allowable deductions.

    • Middle-income earners up to ₦20 million yearly – Individuals earning up to ₦20 million per year will enjoy reduced PAYE rates. While not fully exempt, this group will pay lower effective taxes compared to the previous system.

    Gifts – The new rules classify gifts as non-taxable, ensuring that receiving genuine gifts will not attract personal income tax.
    Rationale for the Reforms

    Government officials explained that the changes are designed to protect low-income Nigerians and reduce financial pressure on households struggling with high living costs.

    They noted that the reforms would also encourage broader compliance with tax regulations while maintaining sufficient revenue to fund public services.

    Economic analysts have welcomed the changes, suggesting that lighter tax obligations could increase disposable income and improve the financial wellbeing of both low- and middle-income earners.

    Source: Federal Ministry of Finance / Reports from tax experts.

  • No Going Back On Jan. 1 Tax Law Commencement – Tinubu

    President Bola Tinubu has reaffirmed that the implementation of Nigeria’s new tax laws will commence as scheduled on Jan. 1, 2026, declaring that there would be no reversal or postponement of the reform programme.

    Tinubu made this known in a statement personally signed by him on Tuesday, following rising public discourse surrounding the newly enacted tax legislation.

    The President said the tax reforms, including those signed into law on June 26, 2025, represent a “once-in-a-generation opportunity” to establish a fair, competitive and resilient fiscal framework for the country.

    According to him, the laws are not designed to impose additional tax burdens on Nigerians but to introduce a comprehensive structural reset of the nation’s tax system.

    “The reforms are meant to drive harmonisation, promote efficiency and protect the dignity of citizens, while strengthening the social contract between the government and the people,” Tinubu said.

    He urged all relevant stakeholders to support the implementation process, stressing that the reform agenda had moved decisively into the delivery phase.

    The President added that no substantial issues had been identified that would justify any disruption or suspension of the reform process.

    “Absolute trust is built over time through making the right decisions, not through premature, reactive measures,” he stated.

    Tinubu reaffirmed his administration’s commitment to due process and respect for the integrity of laws duly enacted, pledging continued collaboration with the National Assembly to promptly address any implementation challenges.

    He assured Nigerians that the government would continue to act in the overriding public interest to ensure the emergence of a tax system that promotes prosperity, fairness and shared responsibility.

    The News recalls that following a high-level meeting with the President on Dec. 26, the Chairman of the Presidential Committee on Fiscal Policy and Tax Reforms, Mr Taiwo Oyedele, confirmed that the final implementation phase of the reforms remained on course.

    Oyedele said the phase covers the Nigeria Tax Act and the Nigeria Tax Administration Act, both scheduled to take effect from Jan. 1, 2026.

    According to him, the decision to proceed with implementation is anchored on the pro-people nature of the laws, which are strategically structured to shift the tax burden away from vulnerable citizens.

    He noted that the reforms are expected to provide significant economic relief, with projections indicating that about 98 per cent of Nigerian workers and 97 per cent of small businesses would either be fully exempt from taxes or experience substantial reductions in their tax liabilities.

    Oyedele added that the reforms would enhance compliance, improve revenue efficiency and foster sustainable economic growth without undermining social welfare.

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