• FG pledges to build 77,400 homes for less privileged Nigerians
• Tinubu reshuffles his media team, rejects the role of an individual spokesperson
• UK government reveals British investors are worried about harmful business environment in Nigeria
• Tax Reforms Chairman reassures that personal income tax will not be increased
• Naira crashes to ₦1,690/$ in the official market

Across Nigeria’s 36 states and the Federal Capital Territory, these are the five top Nigerian news stories you shouldn’t miss.

FG pledges to build 77,400 homes for less privileged Nigerians

The federal government has announced its commitment to constructing 77,400 housing units for vulnerable and less privileged Nigerians across all 774 local government areas.

The name of the project is titled “National Social Housing Fund”, and the initiative aims to create ₦1.2 trillion through voluntary monthly donations from Nigerians.

Although the initiative has yet to be approved by the legislative body, the Housing and Urban Development Minister, Ahmed Musa Dangiwa, stated that the houses, if ever completed, would be offered for free to those who are financially incapable.

Tinubu reshuffles his media team, rejects the role of an individual spokesperson

President Bola Tinubu has reshuffled his media personnel, reintroducing the roles of his two recently appointed officials in the State House media and communications team.

According to a statement shared by Bayo Onanuga, now the special adviser on media and public communications, Daniel Bwala, who was earlier introduced as the special adviser on media and public communications, will be identified as a special adviser on policy communications.

“These appointments, along with the existing role of special adviser, information and strategy, underscore that there is no single individual spokesperson for the presidency,” the statement reads.

UK government reveals British investors are worried about harmful business environment in Nigeria

A United Kingdom government official has revealed that many British investors are concerned about the harmful business practices in Nigeria.

Simon Manley, the UK’s permanent representative to the World Trade Organisation (WTO) and United Nations (UN) in Geneva claimed that British investors were worried about the involvement of state-owned enterprises in the shocking business practices.

He praised Nigeria for going through its difficult but necessary economic reforms, stating that, however, as a Permanent Secretary, he urged Nigerians to push themselves further and faster.

“Other concerns that British businesses investing in Nigeria have raised include harmful subsidies, forced technology transfer, discriminatory enforcement of competition policy, and complex regulatory barriers,” he said.

Tax Reforms Chairman reassures that personal income tax will not be increased

With the House of Representatives formally beginning an interactive session on tax reform bills with Presidential Committee on Fiscal Policy and Tax Reforms Chairman Taiwo Oyedele, more information about the reform has been brought to light, assuring Nigerians that all personal income taxes will not be increased.

Taiwo Oyedele explained that the Value Added Tax (VAT) will not give states any advantage as assumed by the public and they would not undermine any part of Nigeria.

“The current law, for example, requires that MTN makes its VAT return from its head office in Lagos. But we are proposing that such a return should be made based on the location of the calls. That will allow smooth computation of the derivation,” he said.

Naira crashes to ₦1,690/$ in the official market

The Naira has continued its downward spiral trend in the official section of the foreign exchange market, trading at ₦1,690/$.

According to reports, this is the first time that the naira will experience a decline in value shortly after the Central Bank of Nigeria (CBN) introduced several policies to boost the performance of the Nigerian currency.

Similarly, the naira has appreciated in the black market section of the foreign exchange market, rising to ₦1,735/$ from its previously recorded rate of ₦1,740/$.