The Federal Government may lose as much as 0.5 per cent of the country’s Gross Domestic Product in revenue following its decision not to raise the Value Added Tax rate, the International Monetary Fund has disclosed.

Tax Reform Bills: BetweeN Oyedele’s Boldness and Governors’ Interests‎, by Ajibade Esther Mosunmola ‎ ‎The introduction of President Bola Tinubu’s Tax Reform Bill has ignited widespread debate across the country, dividing opinions between supporters and critics. Tax reform is generally pursued to enhance tax administration and...

FAAC Revenue Declines by N303bn in December The Federal Government, states, and local government councils shared a total of N1.424 trillion as revenue for December 2024, marking a significant decline from the N1.727 trillion shared in November 2024. This decrease of N303 billion represents a...

Governors Back Tax Reforms, Endorse New VAT Sharing Formula After weeks of intense debate, governors from Nigeria's 36 states and the Presidential Tax Reform Committee have finally reached an agreement on how to share the Value Added Tax (VAT). The governors, at the end of their...

Tax Reforms Bill have not Addressed Nigeria’s Regional Uniqueness – Report A recent survey by SBM Intelligence alleges that the federal government’s proposed tax reforms fail to account for the unique characteristics of certain Nigerian regions. The report, however, admits that the reforms aim to reduce...

Why We Must Address Inherent Injustice in Present VAT Regime - FIRS Boss   The Chairman of the Federal Inland Revenue Service (FIRS), Dr. Zacch Adedeji, has described the allocation of 70% of value-added tax (VAT) proceeds to Lagos, Rivers, and the Federal Capital Territory (FCT)...