Value Added Tax (VAT)

The Nigeria Revenue Service (NRS) has rejected claims that the Nigeria Tax Act introduced Value Added Tax on banking fees, describing the narrative as inaccurate and misleading. In a statement issued on Thursday, the agency clarified that…

The federal government, 36 States, and 774 Local Government Councils shared a total of N1.659 trillion as federation allocation for May 2025. According to a communiqué issued after the June meeting of the Federation Account…

The Federation Account Allocation Committee (FAAC) has shared the federation allocation for November 2024 amounting to N1.727 trillion among the three tiers of government. The allocation was shared from a gross total of N3.143…

The Federation Accounts Allocation Committee (FAAC) has disbursed a total of N1.411 trillion amongst the Federal Government, States and Local Government Councils as allocation for October 2024. A breakdown of the total N1.411…

The Minister of Finance and Coordinating Minister of the Economy, Wale Edun has announced the federal government's plans to increase Value-Added Tax (VAT) to 15 per cent, specifically targeting luxury goods.   While speaking at an…

Some weeks after the federal government denied a plan to increase the Value Added Tax, (VAT), an executive bill proposing a consumption tax increase from 7.5 per cent to 10 per cent is currently in the works at the National Assembly.…

Company Income Tax has dwindled to N984.61 billion showing the stark reality of country's economy that has forced many businesses to close shop, sending more Nigerians into the unemployment market and increasing the poverty rate. Unlike…

The Federation Account Allocation Committee (FAAC) has injected a total sum of N802.407 billion into the economy as a June 2022 allocation for the three tiers of government. The committee after its meeting in Abuja disclosed the amount…