The Federal Government may soon impose excise tax penalties on foreign exchange FX transactions in the black market as part of its current measures to discourage multiple foreign exchange (FX) rates in the country. The fiscal measure is one of the recommendations of the Presidential Fiscal Policy and Tax Reform Committee, established in July this […]
The outgoing Executive Chairman of the Federal Inland Revenue Service (FIRS), Muhammed Nami, has projected that the service will achieve a new revenue collection record of at least N13 trillion by the end of this year in view of its ongoing drives. If the projected target is met, it would imply that the federal revenue […]
The Chairman of the Presidential Committee on Fiscal Policy and Tax Reforms, Mr. Taiwo Oyedele, has promised tax payers in the country that ongoing fiscal policy and tax reforms by the President Bola Tinubu-led administration will not lead to higher taxes. Oyedele gave this assurance via his official X-app handle while answering FAQs from the […]
The Centre for the Promotion of Private Enterprise (CPPE), a private sector advocacy group in Nigeria, has charged the Federal Government on the need for strategic and sequencing approach in the implementation of the current reforms targeted at correcting the abuses in the nation’s fiscal and monetary policies to improve the performance of the economy. […]
The Federal Competition and Consumer Protection Commission (FCCPC) has issued an order asking Google to immediately delete Swiftcash and 17 other loan apps from the Play store. The Commission’s Chief Executive Officer, Mr. Babatunde Irukera, in a statement on Wednesday, said that the commission just observed that the apps had been operating on the Google […]
The Federal Government at the weekend unveiled plans to reduce the number of federally collectable taxes from 52 to 10 and also change the Federal Inland Revenue Service (FIRS) to Nigeria Revenue Service (NRS) as part of its renewed moves to harmonise tax collection activities and improve the efficiency of the fiscal system. President Tinubu’s […]
The House of Representatives on Thursday asked the Central Bank of Nigeria (CBN) to immediately clarify all interests and principal sums on the investments in the Excess Crude Account (ECA), Petroleum Profits (PTT) and Royalties Account to the Auditor-General for the Federation’s Office. The legislator’s call was sequel to a unanimous adoption of a motion […]
President Bola Tinubu has written a letter to the Senate seeking approval to obtain a loan of $800 million from the World Bank to finance the Federal Government’s National Safety Net Programme. The president’s letter titled “Request for Approval of Additional Financing of the National Social Safety Net Programme Scale-up by the National Assembly” was […]
President Bola Tinubu has approved the establishment of a Presidential Committee on Fiscal Policy and Tax Reforms of which the Fiscal Policy Partner and Africa Tax Leader at PriceWaterhouseCoopers (PwC), Mr. Taiwo Oyedele, will serve as Chairman. The committee will also fiscal experts from both the private and public sectors as members and have responsibility […]
The Nigerian Employers’ Consultative Association (NECA) has commended the recent measures adopted by President Bola Tinubu-led administration to create enabling business environment in Nigeria through strategic tax reforms. The association’s Director-General, Mr. Adewale-Smatt Oyerinde, gave the commendation in a statement issued on Thursday following the signing of four executive orders by the President. The Director-General stated: “In this context, […]