Business
RSG To Sponsor Multiple Taxation Bill
As part of efforts to restore investors confidence in the business environment of the state, the Rivers State Government has planned to sponsored a fiscal Responsibility Bill in the state House of Assembly, with a view to tackling the challenges posed by multiple taxation in the state.
The Rivers State Governor, Rt. Hon. Chibuike Amaechi made this known Friday at the opening ceremony of the 5th Port Harcourt International Trade Fair organised by Port Harcourt Chamber of Commerce Industry Mines and agriculture (PHCCIMA) at the Isaac Boro Park Port Harcourt.
The Governor who was represented by the Commissioner for Commerce and Industry, Hon Ogbonna Nwuke, said going by the need to protect and encourage business activities in the state multiple taxation must be discouraged to boost the economic moral of investors as way of incentive noting that the bill when passed into law will harmonised all forms of taxes.
It would be recalled that the state government has recently banned all revenue agents, both at state and local government levels, while urging tax payers to pay their taxes to designated banks.
According to him, government will pay more attention to small and medium scale enterprises and designe a way to empower them, emphasising that any state that undermines the importance of SMEs is heading to economic downturn. As a result of this, government is providing good roads power supply, health and, good water, he added.
The governor regretted that inspite of enormous power generated by the state, distribution remains a set back, saying that government is partnering with Power Holding Company of Nigeria (PHCN) to ensure adequate distribution of power to the consumers in the state.
He enjoined PHCCIMA members to embrace the public private partnership programme of the state government, stressing that government is only interested in 20 per cent equity as a way of encouraging the organised private sector to participate.
He described the Trade Fair as an alternate market for manufacturers and marketers to showcase their products and wares, as consumers also make their choices and urge participants to avail themselves of the available business opportunities.
Earlier, the President of PHCCIMA, Engr Vincent Furo, had said that the theme of this year’s fair is “stimulating the states economy through infrastructural development and effective public-private partnership”, noting that the major objective is to showcase investment and business potentials that abound in the state.
For the smooth running of business in the state, PHCCIMA boss calls for building of a second run way and installation of Landing Instrument System at the Port Harcourt International Airport, Omagwa to ensure effective night operations. A sustainable power policy be provided to encourage private sector participation Furo said, for government support for the chambers skill acquisition scheme for the youths.
The President, National Association of Chamber of Commerce, Industry, mines and Agriculture, Dr S.C. Okolo commended the state government for creating enabling environment for business to thrive, saying that the fair is coming at the time when government and organised private sector (OPS) are partnering for economic development.
He tasked federal government to improve on the power sector, put refineries in place, good road, security and in frastructural development before deregulating the down stream sector.
King Alfred Diette-Spiff, the Amayanabo of Twon Brass, in his good will message called on oil companies operating in Port Harcourt to identify themselves with the chambers, and as well drew the attention of government to the need to have a permanent Trade fair site.
Credit to Nigeria’s private sector rose to N83.26 trillion in June 2026 from N81.04 trillion in May, signifying a positive balance of N2.22 trillion month-on-month.
Year-on-year, the figure represents a nine per cent increase compared with the N76.13 trillion recorded in June 2025. The latest figures come as the CBN continues to balance efforts to control inflation with the need to support economic growth and expand credit to businesses.
The CBN data shows that credit to Nigeria’s private sector increased by approximately 2.74 per cent month-on-month between May and June 2026. Also, the CBN data noted that credit to the government fell slightly to N40.03 trillion from N40.38 trillion. Other assets, net, dropped to N10.76 trillion from N12.63 trillion.
The credit surge signifies sustained growth in lending to businesses and other private-sector borrowers during the month. The rise in private sector credit was recorded alongside an increase in net domestic credit, despite declines in credit to government and other assets.
Further analysis of the report says that compared with June 2025, private sector credit rose by about N7.13 trillion yea-on-year but net domestic credit increased by approximately N1.87 trillion during the month.
The CBN’s relatively tight monetary policy stance notwithstanding, more banks still loaded funds to the private sector within the period. The Monetary Policy Committee (MPC) of the Central Bank of Nigeria (CBN) held its 306th meeting on July 20 and 21.
The Committee reviewed recent developments in the global and domestic economies, assessed emerging risks to the outlook and considered their implications for monetary policy and retained all rates.
The Committee decided to retain the Monetary Policy Rate at 26.5 per cent; the Standing Facilities Corridor around the MPR at +50/-450 basis points and retain the Cash Reserve Requirement (CRR) for Deposit Money Banks at 45.00 per cent, Merchant Banks at 16.00 per cent, and non-TSA public sector deposits at 75.00 per cent.
The MPC decision means that credit extension in the private sector will likely continue to rise because of rising confidence in the sector and calls by stakeholders for banks to invest in the private scetor instead of government securities.
