The Federal Government has generated N103.7 billion in revenue from the Electronic Money Transfer (EMT) Levies in the first half of 2024. According to data from the Central Bank of Nigeria’s (CBN) statistical bulletin, this represents a 7.55 per cent increase compared to the N96.44 billion collected during the same period in 2023 of last year. This figure shows the …

There is this metaphorical joke which tries to paint the agony of living in Nigeria that goes something like this…in a question and answer form: “What do you do for a living”? “I live in Nigeria for a living”. In a manner of speaking, the joke is that it is so tough to live in Nigeria, and just living in …

I do not believe that the president of any country will deliberately wreck everything. Their problem may be arrogance or ignorance – or arrogance in ignorance. Or, they may be worshipping wrong gods or feeding their gods with what they must not eat. You remember Sir Shina Peters’ song for Moshood Abiola on the billionaire’s implacable friends who refused to …

The beverage sector in Nigeria is experiencing slower growth due to high tax burdens. This is in addition to the systemic challenges manufacturers face in the current economic environment, including rising inflation rates, forex volatility and declining demands. With many of the companies in the sector already recording huge losses, there is an imminent threat that increased pressures could lead …

Stakeholders across the organised private sector in Nigeria have raised concerns over proposals to increase the Sugar-Sweetened Beverage (SSB) tax, citing significant setbacks that will grossly impact the already struggling sector. They argue that the proposals for a tax hike is contentious at best, considering Nigeria’s existing economic challenges. With soaring inflation rates, unemployment, public debt, and poverty rates, industry …

Following President Bola Tinubu Executive Orders to curb arbitrary taxation policy in the country, the Nigerian Association of Chambers of Commerce, Industry, Mines and Agriculture, NACCIMA, has lamented the lack of clarity on implementation, saying it has resulted in rising costs, falling margins and capacity underutilisation for businesses. NACCIMA, which urged the Federal Government to engage with stakeholders and implement …

The manufacturing industry is crucial to a nation’s economy. It plays a significant role in generating employment, increasing productivity, and driving economic growth. In Nigeria, the manufacturing industry is a critical sector that contributes significantly to the country’s gross domestic product (GDP) through job creation, wealth creation, and increased tax revenue for the government. It has equally been identified as …

In a bid to promote tax compliance and sensitise the public on the importance of paying taxes, the Chartered Institute of Taxation of Nigeria (CITN) Lagos and District Society embarked on a sensitisation walk at the Mechanic Village, Agidingbi, Lagos. The walk, which was led by the sectoral group’s chairman, Zaynab Abdulkareem saw members of the Institute, including tax experts …

Lagos State Government has sealed a bilateral agreement with the Federal Government to harmonise tax administration, raise system efficiency and proffer solution to challenges of multiple taxation. On Monday, Governor Babajide Sanwo-Olu presided over a ceremony where Federal Inland Revenue Service (FIRS) and Lagos State Inland Revenue Service (LIRS) signed a Memorandum of Understanding (MoU) to establish a joint tax …

The carbonated soft drinks sub-sector of the Manufacturers Association of Nigeria (MAN) has raised a discomforting alarm over the Federal Government’s proposed 20 percent ad-valorem excise tax on non-Alcoholic beverages which covers the widely consumed Carbonated Soft Drinks (CSD) segment. Rising from a meeting last Thursday in Lagos, the heads of the sectoral group argued that such a move would …