TAX

Virtual-asset tax defaulters face a N10 million penalty in the first month and N1 million for every subsequent month, according to PwC’s analysis of the NRS guidelines. Failure to deduct tax at source attracts a 40 percent penalty,...

The Federal Government approved tax waivers for nearly 4,000 electric vehicles imported into Nigeria in the first half of 2026. Nigeria is pushing electric mobility towards its 2050 target despite unreliable electricity and only about 48 public charging...

Nigeria’s tax collections rose 113 percent from ₦12.3 trillion in 2023 to ₦27.1 trillion by July 2026, with the Nigeria Revenue Service attributing the increase to tax-system digitisation, new tax laws and measures to close revenue leakages. The...

Nigeria Revenue Service Chairman Zacch Adedeji says the government’s tax reforms are designed to increase economic prosperity rather than extract more money from households and businesses. Adedeji said the NRS has a direct interest in businesses succeeding because...

The Nigeria Revenue Service has issued new guidelines outlining the tax treatment of cryptocurrency and other virtual asset transactions under the 2025 tax laws. The framework sets out registration, reporting, valuation and record-keeping requirements for taxpayers, Virtual Asset...

Large taxpayers with annual turnover above ₦5bn have until July 31 to comply with the Nigerian Revenue Service's e-invoicing requirement or face statutory penalties. The NRS says businesses that fail to transmit invoices electronically risk a ₦200,000 fine...

Nigeria LNG Limited has generated about ₦204.2 trillion ($149.6 billion) in revenue since inception and remitted approximately ₦14.74 trillion ($10.8 billion) in taxes since becoming tax compliant in 2009, while also paying $47.2 billion in dividends to shareholders. ...

Ex-NACCIMA boss Dele Oye warns that government agency proliferation is crippling business growth and stalling investment. Over 900 federal MDAs are actively competing to inspect, fine, and license local products under overlapping mandates. Revenue agencies extracted N658 billion...

July 20, (THEWILL) — A few months ago, an angry citizen looked me straight in the eye and accused me of "promoting tax laws written to exploit the average Nigerian citizen." The very next week, during a technical presentation...

July 19, (THEWILL) — Despite the tax reform framework in Nigeria and the associated laws, the initiative has not delivered the expected relief to the business environment, consequently compromising the operational landscape to the detriment of logistics and courier...