Tax Matters
The Federal Government has dismissed a report suggesting that it was considering new taxes on telecommunications services and petroleum products. This is contained in a statement issued by the Head of Information and Public Relations, in the Federal Ministry of Finance, Efe Ovuakporie, in Abuja on Monday. The federal government said that the reports misrepresented ...
News
The Centre for the Promotion of Private Enterprise (CPPE) has issued an appeal to the House of Representatives, calling on the lawmakers to flatly reject the recently passed Sugar-Sweetened Beverage Tax Bill. The policy think tank expressed profound shock and concern over the Senate's decision to pass the legislation, noting that it directly disregards serious ...
Money market
Nigeria’s major flour milling and food manufacturing company, Honeywell Flour Mills Plc has posted a profit after tax (PAT) of N16.49 billion for the year ended March 31, 2026, with profit after tax rising by 13 per cent to N16.49 billion. According to the company’s audited annual report filed on the NGX on Saturday, its revenue stood ...
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Tax Matters
The Federal Government has reaffirmed its commitment to building a transparent, accountable, and citizen-focused tax administration system, describing the newly established Tax Ombud Office as a major milestone in strengthening public trust and fairness. The Minister of Information and National Orientation, Mohammed Idris, stated this on Monday in Abuja during the official unveiling of the ...
News
The Nigeria Revenue Service (NRS) and the Joint Revenue Board (JRB) have announced the commencement of the implementation of a unified Taxpayer Identification system, known as Tax ID, for all taxable persons in the country. In a public notice issued on Monday in Abuja, the revenue agencies stated that the development is in line with ...
Tax Matters
IThe Minister of Information and National Orientation, Alhaji Mohammed Idris, has urged the Office of the Tax Ombudsman to create more awareness for Nigerians to understand its roles in the nation’s tax sector. Idris gave the advice on Monday at the unveiling of the Official Website, Launching of a Toll Free Call Centre and Case ...
Tax Matters
The Nigeria Revenue Service (NRS) has officially launched Rev360, a modern digital tax administration platform that replaces the TaxProMax system, marking a significant advancement in Nigeria’s tax compliance landscape. Addressing key concerns among taxpayers, the NRS confirmed that Rev360 is secure. The platform incorporates modern cybersecurity measures, robust encryption, and comprehensive data protection controls fully ...
Tax Matters
The Executive Secretary of the Joint Revenue Board (JRB), Mr. Olusegun Adesokan, has said that the Harmonised Taxes and Levies Law being domesticated by States will equally help to improve revenue administration at the Local Government level. Mr. Adesokan who stated this at the 28th National Tax Conference organised by the Chartered Institute of Taxation ...
Tax Matters
The Nigeria Revenue Service (NRS) has revealed that the newly launched Rev360 platform will be deployed in phases. This was disclosed in a statement by the Service last week. According to the statement, the implementation of Rev360 will follow a phased approach, beginning with medium and emerging taxpayers before extending to government entities and large taxpayers, a ...
Economy
The Chartered Institute of Taxation of Nigeria (CITN) has inducted 1435 new members, urging them to uphold integrity and support ongoing tax reforms. The 17th President, Mr Innocent Ohagwa, gave the charge at the 54th induction ceremony in Abuja on Thursday. Ohagwa described the event as a renewal of institutional strength and a call to ...
Tax Matters
The Nigeria Revenue Service (NRS) has launched ‘Rev360’, a new digital tax administration platform designed to modernise the system and improve service delivery to taxpayers. In a statement on Wednesday, the NRS said the rollout marks its transition to what it described as “Tax Administration 3.0”, a shift from manual and fragmented processes to a ...
News
Lagos State Governor, Mr Babajide Sanwo-Olu, on Wednesday commended the performance of the Lagos State Internal Revenue Service (LIRS), describing it as a critical driver of the state’s economic growth, while calling for greater autonomy for tax agencies across the country. Sanwo-Olu spoke at the State House, Marina, while hosting members of the Joint Revenue ...
Tax Matters
Professor Uche Uwaleke, a Professor of Capital Market Studies at Nasarawa State University has disclosed that the newly signed tax reform laws provide reliefs for Small and Medium Enterprises (SMEs). Uwaleke made this remarks yesterday at a webinar themed “Tax Reform and the Real Economy: Unpacking the New Reality,” hosted by FirstBank. The session, featured ...
Tax Matters
The International Monetary Fund (IMF) has warned that effective domestic taxation is no longer just a policy goal but has become a critical necessity for the survival of nations traditionally reliant on foreign assistance. This warning follows a massive structural shift in global finance, with bilateral aid to Sub-Saharan Africa estimated to have plunged between ...
News
The Nigeria Economic Summit Group (NESG) has called on the National Assembly to amend the Nigeria Tax Act 2015, the Petroleum Industry Act (PIA), and the Electricity Act 2023 to improve the national business environment. This appeal followed the Abuja presentation of a policy brief by the Ernest Shonekan Centre for Legislative Reforms and Economic ...
Economy
By Ejire Folakunmi The Nigeria Revenue Service (NRS) has announced plans to launch a new digital platform, Rev360, in a move aimed at transforming tax administration and improving service delivery across the country. According to a statement issued in Abuja, the next-generation platform is scheduled to go live on April 30, marking a major step ...
Tax Matters
By Fredrick Ameh The Federal Government of Nigeria has unveiled sweeping fiscal reforms for 2026, introducing new tariffs, excise duties, and trade regulations aimed at boosting economic stability and aligning with regional trade frameworks. Announced by the Minister of Finance and Coordinating Minister of the Economy, Wale Edun, the measures took effect from April 1, ...
Tax Matters
President Bola Tinubu has applauded the results of the new tax laws. Speaking at the commissioning of the 16-storey Nigeria Revenue Service (NRS) Headquarters, Tinubu said the colonial-era tax laws impoverished Nigerians through fragmentation, multiplicity, and inconsistencies, and assured that the new reforms will deliver greater prosperity and inclusivity. He further emphasised that the new tax system ...
Abuja Update
President Bola Ahmed Tinubu on Tuesday commissioned the corporate headquarters of the Nigerian Revenue Service in Abuja, describing the development as a significant step in the Federal Government’s ongoing efforts to strengthen revenue generation and institutional efficiency. The commissioning marks a key milestone in Nigeria’s tax administration reforms, following the transition from the Federal Inland ...
Tax Matters
The Presidential Fiscal Policy and Tax Reforms Committee has dismissed as “misleading” reports alleging that the Minister of State for Finance, Taiwo Oyedele, admitted to errors in Nigeria’s newly implemented tax laws. Earlier, there were reports that while speaking at the 2026 Annual Conference of the Nigerian Bar Association Section on Legal Practice, Oyedele, who ...
Tax Matters
By Ejire Folakunmi The Minister of State for Finance, Taiwo Oyedele, has acknowledged errors in Nigeria’s new tax reform laws, assuring that steps are underway to correct the identified issues. Oyedele spoke during a fireside chat at the 2026 Annual Conference of the Nigerian Bar Association (NBA) Section on Legal Practice, themed: “From Policy to ...
Tax Matters
By Ejire Folakunmi The Minister of State for Finance, Taiwo Oyedele, has assured that enforcement of Nigeria’s new tax laws will not be arbitrary, stressing that the reforms are anchored on transparency, fairness, and clear policy intent. Oyedele gave the assurance during a fireside chat at the 2026 Annual Conference of the Nigerian Bar Association ...
Tax Matters
Analysts have lauded the recently signed Presumptive Tax Regulations, describing the policy as a pragmatic intervention aimed at broadening Nigeria’s tax base and formally integrating millions of operators within the informal economy. Recall that on March 4, 2026, the Minister of Finance and Coordinating Minister of the Economy, Wale Edun, signed the Presumptive Tax Regulations ...
Finance
The Lagos State Internal Revenue Service (LIRS) has announced a two-week extension for the filing of individual annual income tax returns, moving the deadline from April 1 to April 14, 2026.This was made known in a statement signed by the Head of Corporate Communications at LIRS, Monsurat Amasa-Oyelude.The Executive Chairman of LIRS, Ayodele Subair, stated ...
Business
The Regional Working Group on Tax Policy Alternatives (RWOGTAPA) has underscored the need for policy alternatives to bolster more meaningful growth in tax regime. The group at a two-day regional meeting in Abuja, said that the meeting had become imperative as the tax systems in Ghana and Nigeria had some similar challenges. The meeting was ...
Tax Matters
The International Monetary Fund (IMF) has urged Nigeria to broaden its tax revenue base in order to strengthen its fiscal policy. IMF Managing Director, Kristalina Georgieva, stated this at a news conference in Washington D.C. on the sidelines of the 2025 IMF Spring Meeting. In achieving this, Georgieva said Nigeria, like other African nations should ...
Tax Matters
The Federal Inland Revenue Service (FIRS) has announced the commencement of the implementation of the withholding tax system. This is aimed at streamlining tax collection, enhancing compliance, and boosting revenue for critical sectors. In a statement issued on Monday, Special Adviser to the Executive Chairman of the FIRS on Communication and Advocacy, Collins Omokaro, said ...
Tax Matters
Presidential Fiscal Policy and Tax Reform Committee says it will use the Federal Capital Territory (FCT) as a model in the implementation of harmonisation of taxes in the country. The Chairman, Mr Taiwo Oyedele, disclosed this during a meeting on harmonisation of revenue administration in Abuja on Friday. The meeting was organised by the FCT ...
Tax Matters
The maximum lending rate in the banking sector hit 29.13 per cent, while savings deposit rates stood at 4.13 per cent as of December 2022. On Monday, figures from the Central Bank of Nigeria on money market indicators were revealed. According to the report, the prime lending rate was 13.85 per cent, while the inter-bank ...
Tax Matters
The Chartered Institute of Taxation of Nigeria (CITN) has commended the Kaduna State Internal Revenue Service (KADIRS) for the successes being recorded in the state’s tax administration and revenue collection. CITN President and Chairman in Council, Mrs Gladys Simplice, gave the commendation when the institute visited the Executive Chairman of KADIRS, Dr Zaid Abubakar, in ...