Indications that Nigerian businesses are under-performing amid current fiscal and monetary whirlwinds triggered by the President Bola Tinubu’s administration emerged on Friday with the aggregate, Company Income Tax (CIT) for Q4 2023 dipping to an all-time-low of N1.13 trillion. The CIT collections indicated a growth rate of –35.40% on a quarter-on-quarter basis when compared with […]
Revenue Agencies
Nigeria’s VAT Collections Surge By 26.61% Q4 2023
The National Bureau of Statistics (NBS) reported on Friday that on the aggregate, Value Added Tax (VAT) collections in Nigeria increased to N1.20 trillion in the fourth quarter of 2023 (Q4 2023), showing a growth rate of 26.61% on a quarter-on-quarter basis from N948.07 billion raked in from the revenue source in Q3 2023. In […]
CBN Raises Customs FX Clearance Rate To N1612/$1
The Central Bank of Nigeria (CBN) has increased the foreign exchange (FX rate) for clearance of goods at different import points from N1593.84/$1 to N1612.28/$1, representing N18.44 increase. The latest FX rate displayed on the Nigeria Customs Service’s (NCS’) portal indicated that the latest FX rate was introduced on Monday, March 11. According to the […]
NNPCL Seeks EFCC’s Support To Combat Surging Oil Theft Incidents
The Nigerian National Petroleum Company Limited (NNPCL) has solicited the support of the Economic and Financial Crimes Commission (EFCC) in the current efforts of the Federal Government to combat the crude oil theft incidents nationwide in view of the destructive impacts on the nation’s economy. The Group Chief Executive Officer of NNPCL, Mele Kyari, appealed […]
FIRS Introduces Self-Registration Module On Tax-Pro Max Platform
In furtherance of its sustained drive to digitalize revenue collections at the federal level, the Federal Inland Revenue Service (FIRS) has introduced a self-registration module on the Tax-Pro Max platform. The revenue agency, in a public notice signed by its Executive Chairman, Dr. Zacch Adedeji, indicated that the initiative was part of reforms towards improving […]
RMAFC Advocates Transparency In Public Finance System
….Lauds Tinubu On Oronsanye’s Report Implementation The Revenue Mobilization Allocation and Fiscal Commission (RMAFC) has commended President Bola Ahmed Tinubu for adopting the Steven Oronsaye Committee’s Report in furtherance of his administration’s sustained efforts aimed at reducing high cost of governance through the restructuring and rationalization of federal agencies, parastatals and commissions. The commission, in […]
National Tax Crimes and Oversight Commission Bill Passes 2nd Reading
Nigeria’s House of Representatives has passed the second reading of the Bill on National Tax Crimes and Oversight Commission. The Green Chamber passed the Bill on Wednesday after its lead sponsor, Hon. Benjamin Kalu, outlined its main objectives during the plenary session. Joined by eight other lawmakers during the presentation of the draft legislation, the […]
LIRS Reminds Taxpayers On March 31 Annual Tax Return Filing Deadline
The Lagos State Internal Revenue Service (LIRS), on Monday issued a formal notification to all individual taxpayers, including self-employed individuals and employees under the PAYE Scheme to file their annual tax returns on or before 31st March this year in compliance with the stipulations outlined in the Personal Income Tax Amendment Act (PITA) Cap P8 […]
Reps Probe Multichoice Over Alleged N1.8Trn Unremitted Tax
The House of Representatives has initiated moves to investigate the alleged N1.8 trillion tax owed the Federal Government by Multichoice group, the operator of DSTV and GoTV services. The Green Chamber’s decision to probe the TV entertainment and other services providing firm was sequel to the adoption of a motion by Rep. Saidu Abdullahi during […]
Oronsaye Report: Tinubu Approves Mergers, Relocation Of Agencies
President Bola Tinubu on Monday has approved the mergers of some public parastatals and agencies in line with recommendations of the Oronsaye report submitted in 2012. The move is seen as public finance analysts as part of the government’s efforts to reduce the burgeoning cost of running the affected agencies, particularly when most of them […]