The Federal Inland Revenue Service (FIRS) is strengthening its engagement with media professionals as part of efforts to enhance public understanding of tax policies and reforms, ultimately encouraging voluntary tax compliance among Nigerians. At a recent media sensitisation programme in Abuja, Arabinrin Aderonke Atoyebi, Technical Assistant (Broadcast Media) to the FIRS Executive Chairman and convener […]

In a bold call to strengthen tax enforcement, Justice Hakeem Oshodi of the Lagos State High Court has urged the full activation and use of designated revenue courts to prosecute tax-related offences in the state. Speaking at the recently held Revenue Recovery Summit organized by the Lagos State Ministry of Justice, Oshodi expressed concern over the underutilization of these courts. “I

In a significant step toward enhancing financial transparency and increasing tax compliance, the Federal Inland Revenue Service (FIRS) has introduced a new regulation requiring banks to report monthly transactions exceeding ₦5 million for individuals and ₦10 million for corporate accounts. What the New Law Means Effective immediately, all Nigerian banks are mandated to submit monthly

In a landmark move to modernize Nigeria’s tax system, President Bola Ahmed Tinubu signed a suite of tax reform bills into law on June 26, signaling a new era of simpler, fairer, and more efficient taxation in the country. These reforms aim to eliminate outdated and overlapping tax regulations, enhance compliance, and ease the burden

The Senate Committee on the Review of the 1999 Constitution has affirmed that it has taken note of the key issues raised by Nigerians during its recent series of public hearings and is committed to addressing them in the ongoing amendment process. Speaking at the conclusion of the South-West Public Hearing in Ikeja, Lagos, Deputy

In a major development affecting both individuals and businesses, Nigerian banks are now required to report customer accounts with monthly transactions exceeding ₦5 million to the Federal Inland Revenue Service (FIRS). This directive, recently announced by the National Orientation Agency (NOA), forms part of the 2025 Tax Reform Act aimed at enhancing tax compliance and

Gombe State has solidified its position as a leader in digital tax administration by securing the 4th spot nationwide in the latest assessment of digital maturity in tax management. This achievement was announced during a high-level Validation Workshop on Digital Public Infrastructure and Intelligence Revenue Authority Index Tools, organized by the Nigeria Governors’ Forum in

The International Monetary Fund (IMF) has endorsed Nigeria’s choice to postpone raising the Value Added Tax (VAT) rate, citing the country’s ongoing struggles with high poverty and food insecurity. In its recent Article IV consultation report, the IMF stated that deferring the VAT hike is a reasonable approach, especially since the national cash transfer system

The Federal Inland Revenue Service (FIRS) is gearing up to host its highly anticipated 2025 Tax Clinic, a flagship initiative dedicated to enhancing tax awareness and compliance among small businesses, startups, and operators in Nigeria’s informal sector. Organized by the Emerging Taxpayers’ Group (ETG), this two-day event will take place on Tuesday, July 15, and

Nigeria’s latest round of tax reforms—introduced through legislative amendments and fiscal policy announcements—has been branded by the government as transformational. With a vision to broaden the tax base, boost revenue, and reduce dependence on oil, the reforms promise a more equitable system. But the big question remains: Will they actually benefit millions of hardworking Nigerians—those