Dear Subscriber,

A much needed break

Nigeria’s relative high Company Income Tax rate (CIT) has limited small businesses’ ability to formalise, scale, and increase their levels of investments. Nevertheless, on June 26, 2025, there was major development with the signing of the new income tax bill. At the heart of these reforms is one clear goal, relief! Under the new framework, small businesses with annual turnover below ₦50 million are now exempt from CIT. For consumers, the reforms go further, exempting incomes below ₦1 million from personal income tax and applying a zero VAT rate to essential goods and services such as food, rent, healthcare, and education. In a country where inflation hits hardest at the base of the economic pyramid, these reforms offer more than policy, they provide a space to breathe, build, and thrive.

Nigeria’s PMS prices decline, whilst Angola fuel prices rise

In June, Nigeria’s Dangote Refinery surprised markets by cutting its ex-depot petrol price by 4.5% to ₦840 per litre, reflecting softer global oil prices that eased to $68 per barrel after tensions in the Middle East subsided. Against this backdrop, Dangote’s rollout of 4,000 CNG-powered tankers marks a bold step toward reducing inefficiencies, promising smoother deliveries, fewer regional shortages, and a hopeful path to more stable prices.

Meanwhile, Angola, Africa’s third-largest oil producer, recently shook up its fuel market with a hefty 33% diesel price hike. This spike sent transport fares soaring by up to 50%, spotlighting the delicate balance between cutting costly subsidies and protecting households from rising expenses. Angola’s move vividly illustrates how energy reforms can swiftly ripple through everyday life across the region.

This edition of the Unity Bank Digest provides a comprehensive analysis of these economic trends and engaging lifestyle and entertainment stories for your reading pleasure.

Enjoy!