Lagos Tax Filing Deadline, Aviation Crisis, and Policy Shifts: Key Nigeria Business Updates This Week

Nigeria’s business landscape is set for a pivotal week as several major developments unfold between April 20 and April 24. From tax deadlines in Lagos to urgent aviation sector talks and new federal policies, these updates are expected to impact businesses, workers, and everyday Nigerians alike. Here’s a breakdown of the key stories shaping the economy this week.

Taxpayers in Lagos are racing against time as the deadline for filing individual annual income tax returns arrives on April 21. The Lagos State Internal Revenue Service (LIRS) had earlier extended the deadline following a surge in activity on its eTax platform. The extension, described as the final window, aims to give residents enough time to comply, but many are still navigating last-minute filings, highlighting ongoing challenges with digital tax systems.

Meanwhile, the aviation sector faces mounting pressure as Aviation Minister Festus Keyamo prepares to meet with industry stakeholders on April 22 in Abuja. The meeting comes amid warnings from airline operators about a possible shutdown of domestic flights due to the soaring cost of Jet A1 fuel. Prices have reportedly jumped by over 300 percent in recent weeks, raising concerns about ticket prices, travel disruptions, and the sustainability of airline operations in Nigeria.

Tensions are also rising in the maritime sector, where retirees of the Nigerian Ports Authority (NPA) are threatening nationwide protests over unpaid pension benefits spanning more than 16 years. The pensioners have issued a seven-day ultimatum, signaling potential disruptions at ports if their demands are not addressed. This development adds to concerns about welfare and accountability in public institutions.

On the policy front, the federal government has introduced sweeping import restrictions, banning certain goods—including cement, pharmaceuticals, and agricultural products—from countries outside the ECOWAS region. At the same time, the Central Bank of Nigeria (CBN) has launched the Nigerian Overnight Financing Rate (NOFR) to improve transparency and efficiency in the money market. Alongside this, the Nigeria Deposit Insurance Corporation (NDIC) is moving to conclude the liquidation of dozens of defunct banks, marking another step in efforts to stabilize the financial sector. Together, these measures reflect a broader push to reshape Nigeria’s economic framework while addressing both immediate and long-term challenges.

source: The cable