FIRS records N700bn revenue increase in 2017 from 4m new taxpayers

Businessam StaffMarch 21, 2018

Tunde Fowler, the head of Nigeria’s internal revenue agency, the FIRS, has disclosed that the tax collection body recorded a N700 billion increase in revenue in 2017 as a result of four million new taxpayers, including companies and individuals. Fowler said in the past two years, the service had increased its use of ICT to […]

Nigeria’s Buhari approves increased excise duties on tobacco, alcohol

Businessam StaffMarch 12, 2018

Nigeria’s finance ministry said in a statement Sunday that President Muhammadu Buhari has approved an increase in excise duties on tobacco and alcoholic beverages. The ministry said the changes will take effect from June 4 this year. In addition to a 20 percent tax on tobacco, the government will add an extra fixed tax per cigarette. […]

Former governor urges Nigeria federal government to review tax laws

Businessam StaffMarch 7, 2018

Adams Oshiomhole, former Edo state governor, has called for a review of Nigeria’s tax laws for an effective tax administration. Oshiomole, also a former President, Nigeria Labour Congress (NLC), made the call at the 26th Convocation Lecture of the Lagos State Polytechnic (LASPOTECH), Ikorodu. In his lecture entitled, “Crisis of Governance, Governance of Crisis : […]

Nigerian taxpayers warned against fraudsters

Businessam StaffMarch 5, 2018

Kemi Adeosun, Nigeria’s finance minister Sunday urged taxpayers to be wary of fake tax officials purportedly moving around in the guise of officials of the Voluntary Assets and Income Declaration Scheme (VAIDS). Adeosun urged Nigerians to request written documents whenever they receive phone calls from tax officers. The minister via a statement released by the […]

Nigeria government to enforce strict tax laws after amnesty deadline, March 31

Goddey OdinFebruary 26, 2018

The deadline given by the Nigeria federal government for tax amnesty under its Voluntary Assets and Income Declaration Scheme (VAIDS) draws nearer, and Babatunde Fowler, the executive chairman, Federal Inland Revenue Service (FIRS) warned that there would be no sacred cows after the cut-off date, March 31, 2018. This was said in an interview at the weekend in Lagos, where Fowler advised prominent […]

Nigeria Customs’s Tin-Can command generates N237.26bn in 10 months

Businessam StaffNovember 6, 2017

Tin-Can Command of Nigeria Customs Service (NCS), Lagos collected N237.26 billion revenue between January and October. This was an increase over the N207.93 billion recorded in the corresponding period in 2016. Bashar Yusuf, the Controller of the command, according to NAN, made this known in a statement in Lagos Monday, saying that the command had […]

Tax research network launched in Nigeria

Businessam StaffSeptember 13, 2017

The Nigerian Tax Research Network has been launched in Abuja. Set up with funding from the Bill and Melinda Gates Foundation, the International Centre for Tax and Development (ICTD) is driving this network. Speaking at the event, Ifueko Omoigui-Okauru, former chairman of the Federal Inland Revenue Service, FIRS, said that research is very important in […]

Nigeria to increase federal revenue by $30b in 10 years

Oluwafemi OgunjobiAugust 8, 2017

Maikanti Baru, Group Managing Director, NNPC

The Nigerian National Petroleum Corporation (NNPC) has disclosed that the four major investments it recently embarked upon with key upstream joint venture partners are capable of providing incremental revenue to the national treasury by over $30 billion within the next 10 years. Maikanti Baru, group managing director of the state-owned oil company said in the […]