Tag: Tax

‘Every individual must file tax returns by March 31’ – Oyedele

Aminu Imam
Oyedele on tax reforms

Chairman of the Presidential Committee on Fiscal Policy and Tax Reforms, Taiwo Oyedele, has urged Nigerians to file their annual tax returns. Oyedele, who made this known during a webinar organised for HR managers, payroll officers, CFOs and tax managers in collaboration with the Joint Revenue Board, stressed that both employers and individuals must comply under the law. In the webinar, which was posted on YouTube on Friday, Oyedele said many Nigerians remain non-compliant in filing self-assessment returns. “In terms of filing returns, you need to file annual returns as…

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New Taxes: Bank customers, tenants decry rising charges

Aminu Imam
New taxes & charges

…Demand clarity, CBN oversight Nigeria’s sweeping tax reforms are beginning to hit everyday life, sparking growing frustration among bank customers, tenants and businesses who say the new charges are poorly explained, inconsistently applied and increasingly burdensome amid rising living costs. Across the banking sector, customers are already feeling the impact of the newly enforced 7.5% Value Added Tax (VAT) on selected electronic banking services, which takes effect from January 19 following a directive by the Nigerian Revenue Service, (NRS). The VAT applies to service charges on mobile and online transfers,…

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Reforms: Banks kick-off 10% withholding tax on forex deposits

Aminu Imam
Screenshot 20260101 222448

Banks in Nigeria have begun deducting a 10% withholding tax on interest earned from foreign currency (Forex) deposits, effective yesterday, January 1, 2026, in line with the newly enacted Nigeria Tax Act, 2025. Customers were notified of the changes through emails sent by commercial banks, including Access Bank, which said the deductions form part of adjustments to banking transactions under the new tax regime. According to the bank, interest earned on foreign currency deposits will now attract a 10 percent withholding tax, while the Electronic Money Transfer Levy (EMTL) of…

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“Sex workers must pay taxes on their earnings from 2026” – FG 

Aminu Imam
Taiwo Oyedele

The Federal Government has reiterated that all income earned in Nigeria is subject to taxation, including money made by sex workers, so-called  ‘runs girls’. Chairman of the Presidential Committee on Fiscal Policy and Tax Reforms, Taiwo Oyedele, made the clarification yesterday, during a tax education session held by the Redeemed Christian Church of God, City of David, Lagos. A video of the session has since gone viral online. Oyedele emphasised that while all earnings are taxable, funds sent to dependents or relatives for upkeep are exempt. He described these transfers…

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FG removes 5% Telecom tax on voice, data services

Aminu Imam
FG Telecom tax

The Federal Government has revoked the 5% excise tax previously imposed on telecommunications services in Nigeria, a move expected to ease cost pressures for millions of mobile users. The tax, which was intended to apply to both voice calls and data, had drawn widespread criticism from industry players and consumer advocates since its introduction under the Muhammadu Buhari administration. Executive Vice-Chairman of the Nigerian Communications Commission (NCC), Aminu Maida, disclosed that President Tinubu directed the removal of the tax during discussions on the recently passed Finance Act. The development is…

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Obi slams FG over new 5% fuel tax

Aminu Imam
Obi slams FG

…Says Nigerians ‘can’t breathe’  Former presidential candidate of the Labour Party, (LP), Peter Obi, has criticised the Federal Government over its decision to introduce a 5 percent tax on all refined fossil fuel sales, including petrol and diesel, from January 2026. In a post on his official X handle yesterday, Obi described the move as ill-timed and insensitive, questioning why citizens who are already struggling should face additional financial burdens. Obi wrote: “When will Nigerians truly breathe? A timely and relevant question, as a new 5% tax on all refined…

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President Tinubu scraps 5% telecoms levy

Aminu Imam
Tinubu scraps levy

President Bola Tinubu has scrapped the controversial 5% excise duty on telecommunications services, a policy reversal aimed at reducing the financial burden on Nigerians and boosting growth in the country’s digital economy. Executive Vice-Chairman of the Nigerian Communications Commission (NCC), Aminu Maida, announced the decision during a media briefing in Abuja on Tuesday. Maida said, “The 5% excise duty is no longer in effect. Initially, it was only suspended, but the President has now completely removed it. I was present when the issue was raised, and he firmly said: ‘No,…

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Hardship: Govs. agree to dismantle illegal road blocks, multiple taxes

Aminu Imam
Govs. on road blocks

Governors of the 36 states of the federation have agreed to dismantle illegal road blocks and multiple taxes across the country. They made the resolution after a meeting of the Nigeria Governors’ Forum (NGF) in Abuja, which ended on Thursday. Lagos State governor, Babajide Sanwo-Olu, who read the communiqué  at the end of the meeting, said the governors resolved to dismantle illegal road blocks and multiple taxes, which they said contributed to food inflation in the country. The communiqué  was signed by NGF Chairman and Governor of Kwara State, AbdulRahman…

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‘IOCs owe Nigeria $6bn in taxes’- Falana

Aminu Imam
Femi Falana

Human rights lawyer and Senior Advocate of Nigeria (SAN), Femi Falana, has raised serious concerns over the country’s weak tax enforcement system, revealing that oil and gas companies owe Nigeria a staggering $6 billion in unpaid taxes. Speaking yesterday, during a paper presentation titled: ‘Tax Law and Administration: Challenges of Compliance’, at the ongoing 27th Annual Tax Conference of the Chartered Institute of Taxation of Nigeria (CITN) in Abuja, Falana criticised the Federal Government for allowing such massive revenue losses while continuing to borrow to fund national budgets. He described…

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FG begins implementation of new withholding tax policy

Aminu Imam
Withholding tax written on a paper. Financial concept.

The Federal Government has commenced the implementation of the ‘2024 Withholding Tax Regulations’. The deduction of Tax at source implementation kicked-off on Wednesday, January 1, 2025. According to the Chairman of the Presidential Committee on Fiscal Policy and Tax Reforms, Taiwo Oyedele, who announced the kick-off in a statement through his official X account on Wednesday, Small, Medium Enterprises (SMEs) and manufacturers are exempted from the new tax regulation. Oyedele described the regulation as a move expected to alleviate administrative challenges and financial constraints, thereby fostering growth and innovation in…

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