The Nigeria Economic Summit Group (NESG) has cautioned that the Federal Government could face significant revenue shortfalls if it does not proceed with increasing the Value Added Tax (VAT) rate as part of the ongoing tax reform process. Dr. Tayo Aduloju, the Chief Executive Officer of NESG, made this statement during an interactive media session […]

In March, the naira (NGN) experienced a notable decline against the US dollar (USD) across both official and parallel foreign exchange markets, despite significant interventions from the Central Bank of Nigeria (CBN). The naira depreciated by 3%, even as the CBN injected more than $1 billion into the official market to stabilize forex inflows. The

In the ever-evolving world of finance, what worked in the past may not necessarily work in the present or future. It’s important to regularly reassess your financial strategies and make adjustments as needed, either independently or with the help of a professional financial planner. The start of a new financial year is the perfect time

Ondo State Governor, Lucky Aiyedatiwa, has announced that the state is set to launch a digital platform designed to streamline tax collection and other government-related payments. This initiative is part of the government’s strategy to boost revenue generation and enhance accountability. The announcement followed a demonstration of the platform by consulting firm BBA Consult Ltd.

Nigerians have been encouraged to understand that taxes are crucial for funding essential public services and infrastructure. In a call for greater tax compliance, tax analyst Arabinrin Aderonke Atoyebi emphasized that paying taxes is not just a legal obligation but also a key driver of financial security, business growth, and national development. In an opinion

Renowned human rights lawyer and partner at Deji Adeyanju & Partners, Adeyanju Deji, has commended President Bola Tinubu and the Nigeria Customs Service (NCS) for their groundbreaking decision to grant a two-year exemption on import duties and Value Added Tax (VAT) for essential raw materials used in the manufacturing of healthcare products. This executive order

In the business world, numbers are more than just figures—they are the key to survival. However, financial reconciliation, which plays a crucial role in maintaining accuracy and ensuring operational efficiency, is often neglected. From startups to multinational corporations, poor reconciliation practices result in revenue losses, delayed decision-making, and compliance risks that can cost millions. When

The Gombe State Internal Revenue Service (GIRS) is taking significant steps to improve revenue collection and administration through strategic engagement and training of tax officers. This initiative aims to strengthen the state’s revenue generation capacity, ensuring a more efficient and transparent tax system. The GIRS has reaffirmed its commitment to transparency, diligence, and professionalism in

The Nigeria Customs Service (NCS) has introduced a new policy following a presidential executive order that offers a two-year exemption from import duty and value-added tax (VAT) on essential raw materials used in local pharmaceutical manufacturing. This policy, which was approved by President Bola Ahmed Tinubu and implemented by the Minister of Finance and Coordinating

The executive members of the Business and Hotelier Stakeholders’ Forum (BHSF) in Edo State have expressed deep concerns regarding the recent increase in the Consumer Tax and its potential negative impact on business survival in the state. In light of the current harsh economic conditions, the group has appealed to Edo State Governor, His Excellency,