Ada Chukwudozie, Chairman of Keystone Bank, has urged the Institute of Chartered Accountants of Nigeria (ICAN) to address the digital skills gap within the accounting profession. She made this appeal on Wednesday while delivering the keynote address at ICAN’s 75th induction ceremony for new members, held in the Amuwo Odofin area of Lagos. During the […]

In today’s evolving economic landscape, Value Added Tax (VAT) has become a central topic in Nigeria’s fiscal policy discussions. With the federal government actively pursuing tax reforms to boost revenue and reduce reliance on oil, VAT is increasingly recognized as a powerful tool for sustainable development. What is VAT? VAT is a consumption tax levied

President Bola Tinubu has reaffirmed that the federal government’s ongoing tax reforms aim to boost revenue generation and eliminate inefficiencies within Nigeria’s tax system. Represented by the Minister of State for Finance, Doris Uzoka-Anite, at the 27th Annual Tax Conference in Abuja, Tinubu stated that these reforms are central to the administration’s broader economic agenda.

Nigeria’s economy posted its strongest quarterly growth in ten years at the close of 2024, according to the World Bank. The country’s GDP grew by 4.6% year-on-year in the fourth quarter (Q4), driven by stronger fiscal performance, sustained reform efforts, and improved macroeconomic indicators. During a presentation on Monday, Alex Sienaert, the World Bank’s lead

Lagos State recorded a 45% increase in revenue in 2024, reaching N1.3 trillion—up from N895 billion in 2023. This was disclosed by the Commissioner for Finance, Abayomi Oluyomi, during a statement commemorating the second anniversary of Governor Babajide Sanwo-Olu and Deputy Governor Obafemi Hamzat’s second term in office. Speaking at the annual ministerial briefing on

The belief that Nigeria must work has long fueled our collective hope. So when news broke that the Senate had passed all four tax reform bills, it felt like one of those rare moments that made you pause and wonder, “Is this really happening?” For years, the tax system has been a point of national

The Senate has passed the remaining two tax reform bills, completing legislative approval for all four key components of Nigeria’s sweeping tax policy overhaul. These bills now proceed to the harmonisation phase, where a joint conference committee of the Senate and House of Representatives will reconcile any differences before forwarding the final versions to President

In a significant fiscal shift set to enhance state revenues and reshape Nigeria’s tax framework, the Senate has passed two of four critical tax reform bills. These include a new Value Added Tax (VAT) revenue-sharing formula, though the VAT rate remains unchanged at 7.5%. Under the revised formula, the Federal Government’s share of VAT will

In a statement released on Workers’ Day, the Chairman of the Presidential Fiscal Policy and Tax Reforms Committee, Mr. Taiwo Oyedele, emphasized that the proposed tax reform bills are designed to support Nigerian workers and small businesses. Sharing his message via his official X account, Oyedele called for collective support of the reforms, noting they

If you own property in Nigeria or aspire to you should be aware that property ownership comes with certain tax obligations. Whether you’re building, renting out, or selling real estate, there are taxes to be paid to various levels of government. In some cases, you’re taxed simply because your property benefits from public infrastructure. Property