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The Federal Government has approved a special production-linked tax credit for Shell Plc’s Bonga Southwest Aparo deepwater oil project in a move aimed at unlocking an estimated $20 billion in fresh investment and increasing Nigeria’s crude oil production. According to reports citing sources familiar with the development, President Bola Tinubu approved revised fiscal terms granting…
The International Monetary Fund (IMF) has advised the Federal Government of Nigeria to consider introducing new taxes on fuel products and telecommunications services as part of broader efforts to strengthen public revenue and create fiscal space for national development. The recommendation was contained in the IMF’s latest assessment of Nigeria’s economy, where the Fund emphasized…
Read More “IMF Recommends Fuel and Telecom Taxes to Boost Nigeria’s Revenue” »
The Lagos State Government has taken a decisive step to strengthen tax enforcement, announcing that it will begin recovering unpaid taxes directly from banks and other third parties linked to tax defaulters. The move, which is already generating widespread public debate, signals a tougher stance by the state on revenue collection and tax compliance. The…
Read More “Lagos Govt Moves to Recover Unpaid Taxes Through Banks, Employers and Third Parties” »
The National Economic Council (NEC) has resolved to formally engage the Presidential Fiscal Policy and Tax Reforms Committee over emerging issues linked to Nigeria’s newly enacted tax laws, signaling a coordinated effort to address concerns around interpretation, implementation, and impact across the federation. The resolution was reached during NEC’s first meeting of the year, chaired…
Read More “NEC Moves to Engage Presidential Tax Reform Committee as Questions Trail New Tax Laws” »
Public anger is mounting across Nigeria following confirmation that a 7.5 per cent Value Added Tax (VAT) will be imposed on mobile bank transfers and USSD transactions starting January 19, 2026, a move many Nigerians say will deepen the cost-of-living crisis and punish the poor who rely heavily on digital banking for daily survival. The…
The Joint Revenue Board (JRB), in collaboration with the Nigerian Revenue Services (NRS), formerly known as the Federal Inland Revenue Service (FIRS), has announced the launch of a new digital platform known as the Nigerian Tax ID Portal, aimed at simplifying tax identification for individuals and businesses across the country. According to the announcement, the…
Read More “Joint Revenue Board Launches Nigerian Tax ID Portal for Easier Tax Identification” »
The controversy surrounding Nigeria’s newly gazetted tax reform laws has escalated following claims by Taiwo Oyedele, Chairman of the Presidential Fiscal Policy and Tax Reforms Committee, that President Bola Tinubu lacks the constitutional power to suspend or halt the implementation of the laws once they have been assented to and gazetted. The dispute centres on…
The Federal Inland Revenue Service (FIRS) has confirmed a major reform in Nigeria’s tax administration system, announcing that the National Identification Number (NIN) will serve as the official Tax Identification Number for individual Nigerians, while the Corporate Affairs Commission (CAC) registration number will become the recognized tax identifier for businesses. The clarification follows growing public…
The Presidency has pushed back strongly against allegations that Nigeria’s newly enacted tax reform laws were altered after approval by the National Assembly, as former Vice President Atiku Abubakar, Labour Party’s 2023 presidential candidate Peter Obi, and other political actors call for an immediate suspension of the laws’ implementation. The controversy has ignited a fresh…
The Federal Inland Revenue Service (FIRS) has achieved another historic milestone, collecting a massive ₦22.59 trillion in tax revenue within the first nine months of 2025 and an impressive ₦47.39 trillion over the last two years. The development marks a significant leap in Nigeria’s domestic revenue generation drive, reflecting the impact of far-reaching fiscal and…