President Bola Tinubu on Thursday signed into law four tax reform bills, declaring that it signals Nigeria’s readiness for modern economic growth and international investment. Following President Tinubu’s assent to four tax reform bills, key revenue-generating agencies, including the Nigeria Customs Service, Nigerian Upstream Petroleum Regulatory Commission, and several federal ministries and agencies, may lose their tax collection mandates. The …

The Chairman of the Federal Inland Revenue Service (FIRS), Mr. Zacch Adedeji has said that new tax laws would take effect from 1 January 2026, under a renamed agency — the Nigeria Revenue Service. In the same breath, the Chairman of the Presidential Committee on Fiscal Policy and Tax Reforms, Mr. Taiwo Oyedele said that under the new tax laws, …

The Federal Inland Revenue Service (FIRS) has inducted a new generation of professionals following a transparent, merit-based recruitment process, hailed as a landmark achievement in Nigeria’s public sector. The exercise, conducted under the FIRS ‘Work With Us’ initiative, is being celebrated as one of the most transparent recruitment drives in the nation’s history, signaling a significant shift in the agency’s …

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, …