The CNPD argues that this formula does not take into account productivity and economic growth, which are critical factors in determining a state’s contribution to the national economy. They believe that this formula may inadvertently penalize states that are making efforts to diversify their economies and promote economic growth. Instead, the CNPD urges the National […]

Introduction Nigeria’s fiscal framework is undergoing significant transformation, driven by a series of tax reforms aimed at modernizing the tax system, expanding the tax base, and promoting economic growth. These reforms are part of the government’s broader strategy to address inefficiencies, increase revenue, and align the country’s tax system with global best practices. Over the

Introduction Nigeria’s commitment to regional integration has taken a significant leap forward with the adoption of the Community Rules for the Elimination of Double Taxation with member states of the Economic Community of West African States (ECOWAS). These rules, enacted through an Order signed by the Minister of Finance on May 1, 2023, aim to

Introduction On 1 September 2024, the Federal Government of Nigeria took a major step towards transforming the tax landscape by issuing the Value Added Tax (VAT) (Modification) Order 2024. Signed by the Honorable Minister of Finance and Coordinating Minister of the Economy, the Order introduces significant amendments to the VAT Act in line with Nigeria’s

The Federal Government, on 2 October, 2024 published in its gazette, the Deduction of Tax at Source (Withholding) Regulations 2024 (the Regulations) which was earlier introduced by the Federal Ministry of Finance on 1 July 2024. The Regulations set out the rules for the deduction of taxes at source from payments to taxable persons under

Introduction As Nigeria faces a turbulent economic landscape characterized by soaring inflation, currency devaluation, and rising interest rates, businesses across various sectors, including multinationals, have found it increasingly difficult to sustain operations. Many have been forced to exit the market, leaving behind a challenging environment for those that remain. To survive and thrive amidst these

Introduction In today’s business environment, strong corporate governance is essential for ensuring the transparency, accountability, and sustainability of organizations. This is particularly crucial for public companies in Nigeria, where past corporate failures linked to weak governance practices led to the need for stronger oversight. In response, the Securities and Exchange Commission (SEC) revised the Code

Introduction Running an e-commerce business is about more than just offering great products or services. To succeed, businesses must also comply with important regulatory obligations, ensuring both business protection and a secure, trustworthy environment for customers. In Nigeria, the e-commerce space is growing rapidly, making it essential for businesses to align with legal standards to

Introduction On July 17, 2024, President Bola Ahmed Tinubu sent an executive bill to the Nigerian Senate, proposing an amendment to the Finance Act 2023 via the Finance Bill 2024. This bill introduces a one-time windfall tax of 50% on the realized foreign exchange profits derived by banks during the 2023 financial year. The tax,