ABUJA, Nigeria -- Nigeria has been admitted as a “partner country” of the BRICS bloc of developing economies, according to Brazil, the group’s chair. BRICS was formed by Brazil, Russia, India and China in 2009, with South Africa added in 2010, as a counterweight to the Group of Seven leading industrialized nations.

Nigeria has officially joined BRICS as a partner country. This aligns with the group's strategy of increasing influence, particularly in opposing the G7 countries, with Russia playing a key role. The Ministry of Foreign Affairs of Brazil,

The federal government is expected to kick off its tax reforms aimed at simplifying Nigeria's tax system in July, according to Taiwo Oyedele,

Nigeria’s powerful state governors dropped their opposition to an overhaul of the nation’s taxes, provided that plans to cut corporate tax and raise value added tax are abandoned.

President Bola Tinubu on Friday said the primary aim of the Tax Reform Bills, which he described as “pro-poor,” is to promote national interests, improve the competitiveness of Nigeria’s economy, and attract both local and foreign investments.