The Federal Government has taken legal action against Binance Holdings Limited, a global cryptocurrency exchange, seeking $79.51 billion and N231 million in compensation for alleged economic losses caused by its operations in the country. The Federal Inland Revenue Service (FIRS) filed the lawsuit at the Federal High Court in Abuja, accusing Binance and two of its executives, Tigran Gambaryan and …

The Nigerian National Petroleum Company Limited (NNPCL) has deducted a sum of $525.09 million from its remittances to the Federal Inland Revenue Service (FIRS) as part of the Road Infrastructure Tax Credit Scheme (RITCS). This is according to a report from a Federation Account Allocation Committee (FAAC) Post-Mortem Sub-Committee meeting held in January 2025 and seen by Sunday PUNCH. According …

The Federal Inland Revenue Service (FIRS) has a mandate to generate N25.2 trillion in tax revenue this fiscal year, its Executive Chairman, Dr. Zacch Adedeji, confirmed yesterday. This ambitious target followed the agency’s historic achievement last year. It raked N21.6 trillion last year, surpassing its N19.4 trillion goal. Adedeji described the 2024 performance as a landmark in Nigeria’s tax administration …

Google, Netflix, Facebook, and other foreign companies operating in Nigeria paid N3.85 trillion in taxes to the Federal Government in the first nine months of 2024, according to The PUNCH. The amount represents an increase of 68.12 per cent from N2.29 trillion collected in the preceding period of 2023. The figure includes the amount paid as Company Income Tax and …

The National Assembly, on Monday, questioned President Bola Tinubu’s request for loan requests as some revenue-generating agencies of the Federal Government disclosed that they had already surpassed their budgetary revenue target for 2024. The Chairman of the Federal Inland Revenue Service, Zacch Adedeji, said the Federal Government generated N1.5 trillion in education tax, a substantial amount above it N70 billion …

The Tinubu Stakeholders Forum (TSF) has described reports by the National Bureau of Statistics (NBS) of a 150 per cent increase in Company Income Tax (CIT) in the second quarter of 2024 as a remarkable achievement and positive development. In a statement by its Chairman, Ahmad Sajoh, and Secretary Afolabi Josiah, TSF said the massive improvement in the Q2 2024 …

In a strategic move to rework the nation’s obsolete tax policy, the Federal Inland Revenue Service (FIRS) and the National Assembly recently deliberated on policies and laws critical for revenue growth. Deliberations on the front burner included Interaction between Tax Policy, Legislation and Administration: Implications for Tax Revenue Collection amidst Nigeria’s Current Economic Challenges; The Path to Realizing FIRS Mandate, …

President of the Commonwealth Association of Tax Administrators (CATA) and chairman of the Federal Inland Revenue Service (FIRS), Zacch Adedeji, has called for increased capacity building to enhance tax administration processes among members of the global body. Adedeji made the call on Wednesday in his remarks at the opening of CATA management meeting held at Marlborough House, Pall Mall, London. …

The House of Representatives, on Thursday, directed the Federal Inland Revenue Service (FIRS), to recover all taxes totalling over N5.19 trillion owed the Federal Government by ministries, departments and agencies (MDAs), oil companies as well as individuals. The resolution followed the adoption of a motion by the member representing Oredo Federal Constituency of Edo State, Esosa Iyawe. Iyawe’s motion was …

The Federal Inland Revenue Service (FIRS), on Tuesday,  kicked against the imposition of additional taxes and levies on business owners to raise money for funding the Child’s Online Access Protection Bill. The FIRS Chairman, Mr Zacch Adedeji, represented by Mr Mathew Osanekwu, made this known when he appeared before the House Committee on Justice in Abuja on Tuesday. The News …