The Manufacturers Association of Nigeria (MAN) engaged the Presidential Committee on Fiscal Policy and Tax Reforms on to explain benefits and address concerns over new tax laws. The engagement, held in Lagos, aimed to clarify misconceptions surrounding implementation and implications for manufacturers across different sectors. The forum, with the theme ‘From Legislative Assembly to […]
The Nigeria Revenue Service (NRS) has allayed the fears of several millions of Nigerian banking population that the new Nigeria Tax Act imposes Value-Added Tax (VAT) on banking services, including electronic money transfer, fees and commission. The NRS dispelled the news of the alleged imposition as incorrect and misleading. Special Adviser on Media […]
Taiwo Oyedele, chairman of the presidential tax reform committee, says uncertainty over the final gazetted version of Nigeria’s new tax laws has delayed the issuance of implementation guidelines. Oyedele spoke on Wednesday in Lagos at the 2026 Economic Outlook organised by the Institute of Chartered Accountants of Nigeria (ICAN). He said he had advised […]
Taiwo Oyedele, the Chairman of the Presidential Fiscal Policy and Tax Reforms Committee, has defended Nigeria’s newly gazetted tax laws, saying most of the concerns raised by KPMG Nigeria stem from misunderstandings of policy intent or disagreement with deliberate reform choices rather than genuine errors. Oyedele’s response follows a report by KPMG which highlighted several […]
Zacch Adedeji, chairman of the Nigeria Revenue Service (NRS), says the memorandum of understanding signed with France on tax cooperation is a routine operational agreement and does not threaten Nigeria’s data security. Speaking on Sunday during an interview on Arise TV, Adedeji said the agreement focuses on technical cooperation in areas such as digital taxation, […]
The Leadership of the National Assembly has taken note of public discussions concerning alleged discrepancies between the Votes and Proceedings of the National Assembly and the Gazetted versions of recently passed Tax Acts. In response to public calls for transparency, the Leadership of the National Assembly has directed the Clerk to make available […]
President Bola Tinubu has reaffirmed that the implementation of Nigeria’s tax reform will begin as scheduled on January 1, 2026, dismissing calls for a delay amid growing controversy. In a statement issued on Tuesday, the president described the reforms as a historic opportunity to overhaul the country’s fiscal framework, stressing that the new laws […]
The Peoples Redemption Party (PRP) has condemned what it described as “blatant executive misconduct and flagrant disregard for constitutional sovereignty” allegedly exhibited by the President Bola Tinubu administration in the recent “manipulation” of Nigeria’s tax laws. Referencing a revelation, by a concerned member of the House of Representatives, as commendable, the party said the exposure […]
Speaker of the House of Representatives, Abbas Tajudeen on Thursday set up a seven-man ad-hoc committee to probe the allegations of discrepancies between the tax bills passed by the National Assembly and the versions subsequently assented and gazetted. The committee is to be chaired by Hon. Muktar Aliyu Betara. Other members of the committee include […]
With the January 1, 2026, commencement of Nigeria’s new tax reforms drawing closer, businesses across the country are accelerating their transition to e-invoicing to reduce compliance risks and avoid potential penalties. Data from Afri Invoice shows a sharp uptick in onboarding, as companies rush to digitalise invoicing systems ahead of the Federal Inland Revenue Service […]
Taiwo Oyedele, chairman of the presidential fiscal policy and tax reforms committee, says Nigeria’s new tax reform laws will require commercial banks to report accounts with a quarterly turnover of N25 million to the tax authorities. Oyedele spoke on Friday during a media parley on the tax reform laws, noting that the reforms raised the […]
Nigeria’s energy transition is set for a major boost under the country’s newly implemented tax reforms, with lawmakers emphasising the strategic role of fiscal policy in transforming the nation’s energy landscape. Speaker of the House of Representatives, Abbas Tajudeen, underscored the National Assembly’s commitment to sustained tax reforms specifically aimed at supporting Nigeria’s energy transition […]
The National Orientation Agency (NOA) has expressed its determination to drive public support for the effective implementation of the tax reforms of the federal government whose implementation kicks off in January 2026 when the new Tax Act comes into effect. Director General of the NOA, Malam Lanre Issa-Onilu, made this commitment on behalf of the […]
President Bola Tinubu has approved the establishment of the National Tax Policy Implementation Committee (NTPIC) to ensure the effective rollout of his administration’s tax reforms. In a statement on Friday, Bayo Onanuga, special adviser to the president on information and strategy, said the move aligns with the government’s broader economic goals and its commitment to […]
President Bola Tinubu has revealed that the Nigeria’s tax-to-GDP ratio has risen to 13.5 percent, up from less than 10 percent. The president made the announcement in his Independence Day speech on Wednesday, noting that the increase signals progress in government revenue reforms. “Our tax-to-GDP ratio has risen to 13.5 percent from less than 10 […]
The Trade Union Congress (TUC) has rejected the Federal Government’s planned 5% tax on petroleum products. It described the proposal as a “reckless act of economic wickedness.” The union asked the government to withdraw the proposal within 14 days, vowing to shut down critical sectors in the country if it fails to do so. Daily […]
The Federal Inland Revenue Service (FIRS) has launched a new electronic invoicing solution to transform how businesses pay taxes in Nigeria. It is a move aimed at making tax compliance faster, easier, and more transparent. Zacch Adedeji, FIRS Executive Chairman, disclosed this in a statement by Dare Adekanmbi, his Special Adviser on Media, in Abuja […]
BY TUNDE OPALANA Nigeria’s tax reform bills, currently awaiting Senate approval, are poised to significantly boost disposable income, lower living costs, and protect low-income earners, according to the Presidential Committee on Fiscal Policy and Tax Reforms. Chairman of the Committee, Dr. Taiwo Oyedele, said the bills—already passed by the House of Representatives—include key provisions that […]
By Ukpono Ukpong The Federal Capital Territory Internal Revenue Service (FCT-IRS) has sealed the business premises of Phase3 Telecom and Cilantro Restaurant in Abuja after repeated warnings over unpaid tax obligations. Speaking during the enforcement exercise, the Acting Director of Legal Services and Head of the Enforcement Team, Festus Tsavsar, stated that the affected businesses […]
BY MOTOLANI OSENI The chairman of the Presidential Tax Reform Committee, Mr Taiwo Oyedele, has revealed that the proposed tax reform bill will exempt 97 per cent of Nigeria’s informal sector from taxation, stressing that the bill’s passage is imminent. Speaking at the Agusto & Co. 2025 Economic Roundtable in Lagos, Oyedele emphasised the need […]