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)...
FG Plans 25% Tax on Nigerians Earning Above N100m Monthly
The Chairman of the Presidential Fiscal Policy and Tax Reforms Committee, Taiwo Oyedele, has said that wealthy Nigerians earning N100m and above monthly will face a 25 per cent personal income tax rate if a...
N'assembly Considers Bill to Increase VAT by 2.5% in 2025
Consumption tax, also known as value-added tax (VAT) may soon become higher in Nigeria.
According to a report by The Cable, the National Assembly is reportedly considering a bill to increase value-added tax (VAT) from 7.5%...
