Business
Revenue Board, OGFZA To Partner On Tax Collection
The Rivers State Internal Revenue Service (RIRS) has signed a Memorandum of Understanding (MoU) with the Management of the Onne Oil and Gas Free Zone Authority on areas of mutual collaboration and partnership.
A press release made available to newsmen in Port Harcourt also said that the MoU is to aid the seamless collection of taxes accruable from individuals and employees in the oil and gas free zone.
According to the release signed by the Executive Chairman, Rivers State Internal Revenue Service Mrs Onene Osila Obele-Oshoko states that, “The MoU is aimed at easing the payment of taxes by the affected persons, increasing revenue to the state and enhancing the relationship between both government agencies.
Meanwhile, Onene Oshoko has condemned the incessant harassment of staff of the Board by some members of the public.
Addressing newsmen recently in her office, the Executive Chairman said that nobody has the right to molest staff of the Board as they are working for the state.
According to her, when you fight these people, you are fighting the state and urged for a halt to such harassments.
She also restated the commitment of the Board to check touting in revenue generation, stressing that the Board is working with the various security agencies to arrest fake revenue agents.
L-R: Permanent Secretary, Ministry of Commerce and Industry, Rivers State, Ms Kadilo Brown representing Governor of Rivers State, Chairman, MAN Rivers/Bayelsa State, Hon. Charles Beke, Senior Special Assistant to Bayelsa State Governor on SME Development, Hon. Ebirkure Eradiri during the 30th Annual General Meeting of MAN Rivers /Bayelsa States at Atrium along Stadium Road Port Harcourt, recently.
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.
