Tag: Federal Inland Revenue Service (FIRS)

FIRS says NIN is now automatically Tax ID for Nigerians
The Federal Inland Revenue Service (FIRS) has declared that the National Identification Number issued by the National Identity Management Commission (NIMC) has now automatically become a Tax ID for individual Nigerians.

The Service stated this in a public sensitisation video on the new tax laws shared on X by the Special Assistant to President Bola Tinubu on Social Media, Dada Olusegun.

For registered businesses, the FIRS said their RC number issued by the Corporate Affairs Commission (CAC) automatically becomes their tax ID under the new tax system.

This declaration comes amidst concerns over a provision of the tax laws mandating Tax ID for bank account ownership.

According to the FIRS, the Nigeria Tax Administration Act (NTAA) billed to come into force from January 2026, mandates the use of Tax ID for certain transactions.

It, however, noted that this requirement is not new, adding that it has existed since the Finance Act 2019 and has been strengthened under the NTAA.

“The Tax ID unifies all TINS previously issued by FIRS and states IRS into a single identifier.

“For individuals, your NIN automatically serves as your Tax ID, while for registered companies, your CAC RC number is used.

“You do not need a physical card, the Tax ID is a unique number linked directly into your identity,” the FIRS stated.

The FIRS added that the new tax ID systems simplify identification, reduce duplication, close loopholes for tax evasion and ensure fairness so that everyone who earns taxable income contributes their share.

With this development, all Nigerians with NIN now automatically have a Tax ID and can be easily brought into the tax net, provided they receive taxable income.
- Nairametrics reported that 123.9 million Nigerians had been issued the NIN as of October 2025, according to data released by the NIMC.
- The declaration by the FIRS erases the concerns that many Nigerians would have to go through another tedious process of acquiring tax ID from next year in order to open bank accounts.
Amid the concerns by Nigerians over the new tax laws, Chairman of the Presidential Fiscal Policy and Tax Reforms Committee, Mr. Taiwo Oyedele, had dismissed claims that all bank accounts are mandated to have Tax Identification Number (TIN) before January 2026.
- According to him, Section 4 of the NTAA requires a taxable person to require and obtain a Tax ID, and a taxable income is anyone who earns income through trade or any economic activity.
- He said individuals who do not earn income, such as students and dependents, do not need to obtain a Tax ID.
- He added that since 2020, anyone operating a bank account for businesses, or a corporate account, has needed a tax Identification number.
December 24, 2025
Feature- A Nation on Alert: Is FIRS’ Xpress Payments Move Consolidating a Revenue Cartel?
by Blaise Udunze

Nigeria’s national mood is tense. The country is facing economic hardship, insecurity, public distrust in institutions, and an increasingly widening gap between citizens and their government. Yet, in the midst of this fragility, a quiet administrative action by the Federal Inland Revenue Service (FIRS) has sparked a storm of public concern, political accusations, and renewed debate over who truly controls Nigeria’s revenue system.

The controversy began when the FIRS quietly announced the appointment of Xpress Payment Solutions Limited, a fast-rising Nigerian fintech company, as a Treasury Single Account (TSA) collecting agent, effectively giving the company authority to process federal government tax payments through the TaxPro Max platform. With this appointment, taxpayers can now remit Company Income Tax, Value Added Tax, Withholding Tax, and other federal payments using XpressPay or the company’s in-branch e-Cashier platform.

At first glance, the move appears technical and harmless, perhaps even a necessary step to modernize Nigeria’s digital tax infrastructure. But almost immediately, outrage erupted across political, civil society, and economic circles. And within hours, the debate had escalated into what is now being framed as a national question: Is Nigeria witnessing the quiet re-emergence of a revenue cartel, this time on a federal scale?

A Tax Gatekeeper Emerges Silently

Xpress Payments is not an unfamiliar name in Nigeria’s fintech landscape. Incorporated in 2016, the company has grown steadily, offering secure payment gateways, switching services, and enterprise financial solutions. Its Acting Managing Director, Wale Olayisade, expressed delight at the appointment, describing it as a major milestone, “We are honoured to be selected by FIRS. Our systems are built to ensure ease, speed, and security for every transaction.”

He insisted that taxpayers would enjoy a seamless, transparent, and reliable experience.

Ordinarily, such remarks should settle nerves. But the public response was anything but calm. Citizens and political stakeholders immediately raised a torrent of questions:
- Why was this appointment announced quietly, without public consultation?
- What new value does Xpress Payments add that existing TSA channels, such as Remita, do not already provide?
- Were there competitive bids?
- What are the contract terms, and who benefits financially?
- Why concentrate such a sensitive national function in private hands at a time when transparency is already strained?
The silence from government circles only deepened the suspicion. In governance, especially around revenue, silence is not neutrality; it is oxygen for mistrust.

Atiku Abubakar Explodes: “This Is Lagos-Style State Capture”

The loudest reaction came from former Vice President Atiku Abubakar, who issued one of his most forceful statements in recent years. Atiku accused the Federal Government of attempting to replicate the same at a national scale. The controversial Lagos revenue model was dominated for years by Alpha Beta, a private firm accused of enjoying a monopoly over the state’s revenue pipeline.

In his words, “This is the resurrection of the Alpha Beta revenue cartel. What we are witnessing now is an attempt to nationalise that template.”

Atiku warned that the move could concentrate power around politically connected private actors, enabling them to sit at the centre of federal revenue flows. He questioned the timing, calling it insensitive given the nationwide grief over insecurity, “When a nation is mourning, leadership should show empathy, not expand private revenue pipelines.”

He issued five demands:
1. Immediate suspension of the Xpress Payments appointment
2. Full disclosure of contract terms and beneficiaries
3. A comprehensive audit of TSA operations
4. A legal framework preventing private proxies from controlling public revenue
5. A shift in national priorities toward security and transparent governance
His final warning was blunt, “Nigeria’s revenues are not political spoils. They are the lifeblood of our national survival.”

The Ghost of Alphabeta: Why Nigerians Are Worried

For many Nigerians, this controversy triggers painful memories of earlier private-sector dominance over public revenue. The “Alphabeta era” in Lagos is widely remembered, fairly or unfairly, as a time when a single private company appeared to dominate the state’s tax collection landscape, shrouded in secrecy and controversy.

Nigeria’s fear is simple:
- If revenue collection becomes controlled by one or two private companies, transparency dies, and corruption flourishes.
- Allowing private entities to sit between taxpayers and government can create:
· Monopoly power

· Inflated service fees

· Data privacy concerns

· Political weaponization of revenue information

· Institutional dependency

· Centralization of sensitive national data

Each of these risks has real consequences for economic stability.

FIRS’ Defence: “It Is Only an Additional Option”

To be fair, the FIRS insists that Xpress Payments is only one of several available channels, not the exclusive gatekeeper. Remita and other payment service providers remain operational.

According to FIRS, the move is part of a broader effort to modernize and expand taxpayer options within the TSA. In a functional environment, this would be welcomed as healthy competition. But Nigerians are not reacting to the announcement; they are reacting to the pattern:
- Sudden appointments
- Lack of transparency
- Political undertones
- Private-sector centralization of public revenue
- Timing that coincides with widespread economic strain
The concern is not the company itself; it is the impenetrability surrounding how such decisions are made.

The Big Tax Picture: Major Reforms Coming in January 2026

While the Xpress Payments controversy rages, Nigeria is simultaneously preparing for the most ambitious tax reform in decades, one that may change how individuals and businesses perceive taxation entirely.

The reforms, spearheaded by the Presidential Fiscal Policy and Tax Reforms Committee, chaired by Mr. Taiwo Oyedele, will take effect in January 2026, and they promise sweeping changes.
1. Drastic Reduction of Tax Burden on 98 percent of Nigerians
Oyedele has repeatedly emphasized, “You will pay less or no tax if you are in the bottom 98 percent of income earners.” Under the new regime:
- Workers earning below N800,000 annually pay zero personal income tax.
- Basic food, healthcare, education, and public transport become VAT-exempt, lowering living costs.
- Small companies (turnover ≤ N100m) will pay zero corporate tax, zero capital gains tax, and be exempt from the new 4 percent development levy.
1. Consolidation of Multiple Tax Laws
The reform merges numerous existing laws, CITA, PITA, VAT Act, CGT Act, into a unified tax code. This eliminates duplication, confusion, and overlapping mandates that have plagued Nigeria for decades.
1. Increased CGT for Companies, Fairer Rates for Individuals
- Companies now pay 30 percent CGT.
- Individuals pay CGT based on their income band.
1. Tax on Digital and Virtual Asset Profits
The reforms modernize the tax base to include digital transactions and virtual assets.
1. Export Incentives
Profits from goods exported will now be income tax-free, provided proceeds are repatriated legally.
1. Stronger Tax Institutions
A new Nigeria Revenue Service (NRS) will become the sole federal tax collector, while the Tax Ombudsman will resolve disputes.
1. President Tinubu Sets Up an Implementation Committee
To ensure smooth rollout, President Tinubu has approved the National Tax Policy Implementation Committee (NTPIC) chaired by Joseph Tegbe and supervised by Minister of Finance, Wale Edun.

The goal:

Improve compliance, reduce leakages, and reinforce fiscal sustainability.

So, Why Are Nigerians Still Worried?

Because reform alone does not guarantee trust. Nigerians welcome the promise of lower taxes, simpler laws, and less harassment. But they fear that while the tax burden may be reduced, the control over tax collection may be quietly shifting into private hands.

The unsettling question persists:
- How can a nation modernize its tax system while simultaneously outsourcing its revenue gateways?
- What Exactly Is the Risk?
1. Over-Centralization of Revenue Gateways
Even if Xpress Payments is “an option,” such appointments can slowly evolve into de facto monopolies, especially in Nigeria, where political influence often determines market dominance.
1. Data Privacy and National Security
Tax data is deeply sensitive. It reveals income patterns, business operations, sectoral flows, and strategic economic information. Consolidating such data under private firms raises major cybersecurity concerns.
1. Potential for Political Capture
The fear is not that Xpress Payments lacks capacity; the company is reputable, but that future actors may exploit such arrangements for political financing or influence.
1. Risk of Middlemen Profiting from Public Revenue
If service fees or transaction charges apply, taxpayers may indirectly fund private intermediaries for basic access to government services.
1. Erosion of Public Trust
A tax system must be trusted to function. When people sense secrecy, they resist compliance.

What Nigeria Needs Now: Full Transparency, Not Silence

To rebuild confidence, the federal government must take immediate steps:
1. Publish All Contract Details
Service fees, revenue-sharing models, data access permissions, contracts’ duration, and ownership disclosures must be made public.
1. Conduct an Independent Audit of TSA Payment Providers
This should include Remita, Xpress Payments, and all other agents.
1. Prevent Monopolies in Revenue Collection
No single company should control more than 30 percent of federal tax traffic.
1. Strengthen FIRS Capacity
Modern digital tax administration should rely primarily on state capacity, not outsourcing.
1. Establish a Legal Framework for Digital Tax Contractors
To regulate:
- Data usage
- Infrastructure standards
- Profit margins
- Conflict-of-interest rules
Without such laws, Nigeria remains vulnerable.

A Nation at a Revenue Intersection

Nigeria stands at a defining moment. The 2026 tax reforms promise hope: lower taxes, simpler rules, better compliance, and reduced harassment. They present an opportunity to reset the social contract around taxation.

But that promise is threatened by the unsettling perception that tax collection is quietly being privatized, again. The public narrative is now locked in a dangerous contradiction; the government promises tax relief, while citizens fear revenue capture.

Until transparency is restored, the controversy surrounding Xpress Payments will not disappear. It has grown beyond a payment gateway issue. It has become a test of Nigeria’s commitment to:
- Accountability
- Institutional integrity
- Democratic oversight
- And the protection of national revenue
A country cannot modernize its tax system while leaving its revenue gateways in the shadows. Nigerians want answers. They want openness. And they want assurance that the era of revenue cartels, real or perceived, will never return. Anything short of full disclosure leaves the nation with a painful question: Who is truly controlling Nigeria’s money?

Blaise, a journalist and PR professional, writes from Lagos, can be reached via: blaise.udunze@gmail.com
December 8, 2025
FIRS Achieves Historic ₦47.39 Trillion Tax Collection, Surpasses Target by 115%

Nigeria’s Federal Inland Revenue Service (FIRS) has achieved a record-breaking ₦47.39 trillion in tax collections between October 2023 and September 2025, a 115% performance against target and a 15% overshoot of its revenue goal. Under the leadership of Chairman Zacch Adedeji, appointed in September 2023, the agency has sustained growth across oil and non-oil revenue sources, reflecting the impact of ongoing tax reforms and digital modernisation initiatives. Non-oil revenue accounted for 76% of total collections, underscoring Nigeria’s gradual shift from oil dependency. Non-import VAT and import VAT exceeded targets by 137% and 131%, respectively, while Company Income Tax remained the largest contributor at 32.6% of total receipts. Between January and September 2025 alone, the FIRS collected ₦22.59 trillion, 120% of its target for the period, with ₦5.29 trillion coming from oil taxes (98% of target) and ₦17.3 trillion from non-oil sources (128% of target). The surge was driven by reforms such as the National Single Window, E-Invoicing System, and 2025 tax law amendments, which streamlined compliance and strengthened enforcement. If sustained, total collections could exceed ₦25 trillion by December 2025, offering the government fiscal space for infrastructure spending and debt reduction, though the benefits will depend on actual cash realisation and macroeconomic stability.

Money Market

System liquidity remained buoyant throughout the trading week, opening at ₦3.78 billion on Monday and closing at ₦2.47 trillion. Week-on-week, the Open Buy Back (OBB) remained steady to close at 24.50%, while the Overnight (OVN) rates increased by 2bps to close at 24.86%.

We expect rate to continue to hover around this level.

Treasury Bills Market

The Treasury Bills market opened the week on a quiet note, as investors maintained a cautious stance ahead of the bond auction, with the Oct 23 bill quoted at 15.80%/15.65% and the Apr 7 OMO bill at 20.35%/20.00%. Midweek, activity picked up slightly, driven by interest in the Oct 22 bill, which traded around 15.75%, while mild offers were observed on the April 7 OMO bill quoted at 20.65%/20.20%. As the week progressed, the market traded on a mild but bullish note, with investors cherry-picking attractive maturities such as the September 17 bill at 16.00%/15.70% and the October 22 bill at 15.60%. Toward the end of the week, the market remained quiet as the CBN announced an OMO auction, offering ₦600bn across the 46-day and 60-day tenors. However, participation was weak, with total subscriptions of ₦359.28bn and only ₦1.11bn of the 60-day bill sold at a stop rate of 21.69%. Week-on-week, the average benchmark yield held steady to close at 17.47%.

We expect the CBN to conduct another OMO auction next week, which should guide market sentiment.

FGN Bond Market

The FGN Bonds market opened the week on a quiet note, as investors adopted a cautious stance ahead of the bond auction. The DMO offered ₦260bn across the 2030 and 2032 maturities, with total subscriptions reaching ₦1.06trn, out of which ₦313.79bn was allotted. Stop rates on the 2030 and 2032 maturities declined by 17bps and 35bps to 15.83% and 15.85%, respectively. Following the auction, the market turned active as unmet bids filtered into the secondary market, pushing the 2032s lower from 16.35%/15.95% to 15.80%/15.65% amid renewed buying interest. Midweek, activity was largely calm with trades concentrated around the mid-end of the curve, while yields hovered at similar levels. Toward the end of the week, the market remained subdued with slight upward adjustments, as the 2032s shifted modestly higher to 15.95%/15.75%. Week-on-week, the average benchmark yield increased by 2bps to close at 15.77%.

We expect a quiet start next week, with yields likely to maintain current levels barring any external triggers.

FGN Eurobond Market

The Eurobond market opened the week on a positive note, buoyed by trade optimism after U.S. and Chinese negotiators announced a series of agreements ahead of the highly anticipated meeting between Presidents Donald Trump and Xi Jinping, which fueled buying interest and drove yields lower across the curve. However, sentiment turned mixed midweek as investors adopted a cautious stance ahead of the U.S. Fed’s interest rate decision, with markets pricing in a near-certain 25bps rate cut. The market strengthened again ahead of the announcement, but sentiment quickly reversed after the Fed delivered the expected cut to keep rate at 3.75% – 4.0%, while Chair Powell struck a cautious tone on the prospect of another reduction in December, prompting yield repricing and mild sell-offs. Week-on-Week, the average benchmark yield declined by 14bps to 7.49%.

We look forward to key U.S. data releases, including ISM manufacturing & services, ADP employment numbers, and further updates on the government shutdown, as markets navigate past the 35-day impasse. Additionally, the recent interest of President Trump in Nigeria may weigh negatively on sentiment toward the country’s Eurobond performance.

Currency Market

The value of the Naira to the dollar appreciated by 2.48% to close at ₦1421.73/$ at the Nigerian Foreign Exchange Market Window (NFEM).

Equities Market

The local bourse ended the day with the benchmark NGX All-Share Index (ASI) appreciating by 29bps to close at 154,126.46. Market capitalization also increased, closing at ₦97.48 trillion. Market breadth was negative at 0.89x. Meanwhile, trading activity was mixed on the day, as the volume of shares traded increased by 6% to 525.62 million units, while the total value of shares traded declined by 12% to ₦23.05 billion.

Reflecting the week’s performance, the NGX All-Share Index declined by 0.98%, as gains in ASOSAVINGS (+56.06%), JBERGER (+13.28%) and OANDO (+11.87%) were offset by declines in OMATEK (-21.94%), JOHNHOLT (-16.92%), and CAVERTON (-16.15%).

Overall, the NGX has posted a year-to-date gain of 49.74%. Other notable indices are the NGX Top 30 Index (0.42%; -0.73% 1WK; 48.24% YTD), NGX Banking Index (0.83%; -2.11% 1WK; 35.21% YTD), NGX Oil & Gas Index (0.13%; 0.30% 1WK; 7.40% YTD), and NGX Insurance Index (-1.98%; -3.47% 1WK; 71.47% YTD).

November 4, 2025
CITN Announces the Passing of Chief David Ajibola Olorunleke, FCTI — Doyen of Taxation in Nigeria

The Chartered Institute of Taxation of Nigeria (CITN) has announced the passing of Chief David Ajibola Olorunleke, FCTI, the Institute’s founding and first President/Chairman of Council (1985–1995), widely revered as the Doyen of Taxation in Nigeria.

Chief Olorunleke passed away peacefully in the early hours of Friday, October 24, 2025, leaving behind a legacy of transformative leadership in Nigeria’s tax administration. He was a former Executive Chairman of the Federal Inland Revenue Service (FIRS), Permanent Secretary at the Federal Ministry of Finance, and Board Member of FIRS, among other distinguished roles.

He was a devoted husband, father, grandfather, and an enduring champion of the tax profession in Nigeria. His leadership, vision and foundational stewardship transformed CITN from a modest beginning into the distinguished professional body it is today.

“We mourn the loss of a visionary leader whose contributions shaped the very fabric of our profession. His legacy will continue to inspire our commitment to excellence and nation-building,” said Afolake Oso, Registrar/Chief Executive of CITN.

A condolence register has been opened at CITN offices in Lagos and Abuja, where members, colleagues, and well-wishers are invited to pay tribute and reflect on his enduring impact.

October 24, 2025
MAN cautions on the Possible Introduction of Tax Stamp System for Excisable Products
The Manufacturers Association of Nigeria (MAN) appreciates Government’s efforts to harmonize and modernize tax administration, and promote greater accountability within Nigeria’s tax system through the enactment of the Nigeria Tax Act 2025. Our members widely welcomed the Laws as they provide a simplified tax framework, harmonize the tax regime and deliver relief to industries, particularly the small and medium-sized industries (SMIs).

We are therefore disturbed about an imminent distraction from this positive narrative in the form of a possible introduction of a Tax Stamp System for excisable goods. MAN understands that this consideration is predicated on the supposed benefits of curbing smuggling and counterfeiting, enhancing transparency and traceability in the excise regime, and supporting revenue growth.

As we stated in 2018 when the Tax Stamp was initially suggested to Government and was roundly rejected, this fleeting proposition is typically the refrain of vendors who propose tax stamps as a measure against illicit trade. While the efficacy of this measure is yet to be validated, findings indicate that tax stamps portend significant adverse implications without tangible benefits.

However, as a critical stakeholder, MAN notes with concern that the proposed Tax Stamp System warrants careful reflection and caution. We firmly believe that while the intention is understandable, evidence around the world shows that the Tax Stamp System often imposes heavy compliance costs, creates operational bottlenecks, and yields limited incremental revenue.

KEY CONCERNS FROM MANUFACTURERS:

A brief highlight of some of the concerns of the manufacturers is as follows:
1. Contradiction with the Nigeria Tax Act 2025: The Tax Act 2025 consolidated and rationalized taxes, providing businesses, especially SMIs, with relief from multiple levies. The introduction of a tax stamp system risks clawing back these gains, effectively imposing a new “hidden tax” on industries under the guise of compliance. Such a measure is tantamount to “giving with one hand and taking back with the other,” undermining the relief granted under the 2025 Tax Act. SMIs, in particular, would bear disproportionate burdens, weakening the Federal Government’s drive to promote local manufacturing and job creation.
2. Risk of upsurge in illicit trade: Ultimately, the high logistical costs and risks associated with tax stamps primarily benefit the vendor, not the government or the industry. There is a tendency that the Nigerian market risks an upsurge in illicit trade, which will erode government revenue, harm legitimate businesses, and jeopardize consumer safety.
3. Increased Costs Passed to Consumers: Producers and importers may raise prices to recover compliance costs, further straining consumers and potentially driving them toward cheaper, illicit alternatives.
4. Existing digital systems: The government has already invested in home-grown digital systems that can deliver full visibility of excise operations. The Nigeria Customs Service had launched the B’Odogwu Automated Excise Register System (ERS), digitizing excise tracking and providing real-time visibility. The Federal Inland Revenue Service (FIRS) has also implemented e-invoicing, which captures production and sales data. These tools already give Government the visibility that tax stamps claim to provide without adding redundant layers.
5. Risk to industry competitiveness: It is pertinent to note that Nigerian manufacturers compete with imported brands within AfCFTA and beyond. Introducing additional costs in the form of tax stamp will increase production costs and render locally made products less competitive in regional markets.
6. Increased production costs and reduced consumer demand: The implementation of a tax stamp system will inevitably raise production costs and discourage local patronage. At a time when households are already grappling with high inflationary pressures, the introduction of tax stamps would push consumers toward cheaper imported alternatives, fuel illicit trade, and risk driving local manufacturers out of the market.
7. Lost revenue and higher costs: International studies show that while stamp systems can increase reported excise revenue, the compliance costs (borne by manufacturers) often exceed the marginal revenue gains. In particular, a 2020 academic study from the University of Cape Coast found that compliance costs significantly affect small taxpayers’ profitability and tax compliance in Ghana
8. Increased circulation of counterfeit goods: Paper-based tax stamps, in particular, are prone to falsification, making it extremely difficult for consumers and retailers to distinguish between genuine and counterfeit products. In the same vein, our experience in other markets equally shows that digital stamps are counterproductive, cutting productivity by up to 40%, and have not reduced illicit trade. So, in all cases, rather than strengthening enforcement, tax stamps have not abated the circulation of counterfeit goods, they undermine both government revenue and the profitability of legitimate industry players”.
1. Costly implementation: Beyond effectiveness concerns, it is a case that the implementation of tax stamps comes with significant economic and operational burdens.
- Employment Risks: Added costs could force producers and distributors to cut jobs across the value chain.
- Investment Deterrence: Higher operating costs would limit reinvestment, stifle innovation, and discourage new market entrants.
  
  INTERNATIONAL EXPERIENCE WITH TAX STAMP SYSTEMS
  
  AFRICAN EXAMPLES
1. Kenya (2013–present): Implemented the Excisable Goods Management System (EGMS) with physical/digital stamps for alcohol and tobacco, and later expanded to bottled water, juices, cosmetics, and other excisable goods in 2019. While it raised some excise revenue, it triggered multiple legal disputes, high compliance costs, and public resistance. Many factories argued that the system nearly priced them out of the market. Illicit trade persists despite the scheme. The Food & Beverages Association of Ghana (FABAG) has publicly asked the Ghana Revenue Authority (GRA) to absorb the costs associated with digital tax stamp machines rather than manufacturers bearing them.
2. Tanzania: Adopted digital tax stamps (2019) covering alcohol, tobacco, and soft drinks. An initial revenue uptick was reported, but recurring costs (stamp fees, machine installation) and operational delays later surfaced. Several small firms reportedly exited the market.
1. Uganda: Introduced tax stamps in 2019. A 2024 study by the Private Sector Foundation Uganda (PSFU), in collaboration with PwC and supported by the Uganda Manufacturers Association (UMA), examined the impact of Digital Tax Stamps on manufacturers. The study confirmed:
  • High compliance costs (stamp fees, equipment installation, delays)
  • Operational strain on small and medium enterprises (SMEs)
  • Reduced competitiveness compared to neighbouring countries
  iv. Ghana (2018): Rolled out excise tax stamps for alcohol, cigarettes, bottled water. Manufacturers cited significant cost burdens (up to 5–7% of product cost), with limited impact on illicit trade because smuggling routes remained porous. The Ghana Revenue Authority (GRA) acknowledges ongoing challenges with goods in transit being diverted back into the domestic market.
  
  BEYOND AFRICA
  • Saudi Arabia & Gulf States: Adopted tax stamps on tobacco under the Gulf Cooperation Council (GCC) framework. While compliance is higher (due to stronger customs enforcement), costs are offset by state support and modern border infrastructure — conditions not yet present in Nigeria.
• United Kingdom: the UK recently reformed its tax stamp regime, recognizing it as outdated, costly, ineffective, and confusing for businesses. The reform highlights how legacy stamp-based systems can become bureaucratic burdens that stifle efficiency and investment, offering a clear warning to countries like Nigeria considering a similar excise stamp framework.

Tax stamps are only effective in limited contexts with a very strong enforcement capacity and government subsidies. In most emerging markets, they increase costs, shrink formal markets, and encourage illicit substitutes.

MAN RECOMMENDED POSITION
In view of the above, MAN:
1. Unequivocally reiterates its members’ commitment to excise contributions, while firmly maintaining its position on deliberate private–public sector efforts to co-create a conducive operating environment for industries to thrive.
1. Is worried that a tax stamp policy is coming at a time when industrial operators are already grappling with rising excise rates, high energy prices, inadequate energy supply, and high inflation, making the additional burden of implementing tax stamps a serious threat to industrial sustainability.
1. Call on the government to be wary of and reject any persuasion to rollout or implement Excise Tax Stamps, in whatever guise or form it may take, until a comprehensive stakeholder engagement process is undertaken and an inclusive impact assessment study is carried out.
1. Rely on existing digital systems (ERS and E-invoicing) which already provide end-to-end tracking and transparency, avoiding duplication and unnecessary vendor-driven solutions.
- Protect the gains of the 2025 Tax Reform Acts by avoiding measures that reintroduce complexity and costs, particularly for SMIs.
- Seeks a transparent framework for policy design and implementation that balances the government’s revenue goals with the need for a fair and conducive business environment.
Urge the government to adopt smarter and more cost-effective alternatives that strengthen tax compliance enforcement rather than imposing blanket excise tax stamps that will unduly burden manufacturers. Targeted border enforcement will help curb leakages and smuggling, digital traceability pilots can provide transparent and real-time monitoring of products, while risk-based audits will ensure that compliance efforts are focused where risks are highest.

CONCLUSION
MAN strongly urges the Federal Government to exercise caution in introducing a Tax Stamp System in Nigeria. Experiences in the international environment shows that tax stamps often hinder local industry, erode gains in tax simplification, and yield a limited revenue impact. We therefore implore the Government not to succumb to the proposal to introduce Tax Stamps, instead Government should strengthen existing digital fiscal tools and border controls to achieve compliance without imposing undue burdens on industry.
September 23, 2025
TaxADR, FIRS, & HMRC Partner to Unveil Roadmap for Tax Dispute Resolution in Nigeria

TaxADR, in collaboration with the Federal Inland Revenue Service (FIRS) and His Majesty’s Revenue & Customs (HMRC, UK), will host a pioneering two-day TaxADR Roundtable under the theme “Unlocking Revenue & Strengthening Dispute Resolution: A Roadmap to Tax ADR in Nigeria.” This hybrid event will take place at the Shehu Musa Yar’Adua Centre, Abuja (in-person and online) on 25–26 June 2025.

With Nigeria’s rapidly evolving economic landscape, protracted tax disputes are hindering revenue generation and investor confidence. The recently launched National ADR Policy and harmonised tax laws present a strategic opportunity to integrate Alternative Dispute Resolution (ADR) into the tax administration system. A structured TaxADR framework can help reduce dispute backlogs and litigation costs, bolster taxpayer trust and compliance, increase revenue efficiency, and align Nigeria with international best practices.

Mr. Lateef O. Yusuff, Barrister & Founder of TaxADR, emphasized during a press briefing in Lagos that the Roundtable comes at a pivotal moment. With the Attorney General’s recent approval of the National ADR Policy, the nation is poised to institutionalise ADR mechanisms across key sectors. The event will advocate for a tax-specific ADR framework aligned with this policy, fostering engagement among government officials, tax administrators, business and ADR experts, international practitioners, and development partners.

The two-day event will be structured as follows:
Day One (25 June): Public Lecture – Free Entry

Open to all participants, Day One will feature two keynote addresses:

Anita Erinne, Coordinating Secretary of the Tax Appeal Tribunal, will speak on “The New Tax Reforms and the Role of ADR.”

Fiona McRoberts, Head of Alternative Dispute Resolution at HMRC, will address “A Decade of ADR in HMRC: A Collaborative Approach to Dispute Resolution.”This public session is designed to raise awareness, deepen institutional understanding, and build consensus for ADR’s role in Nigeria’s tax ecosystem.

Day Two (26 June): Technical Workshop – CPD Accredited (Paid Participation)
This practitioner-focused session will offer hands-on training and peer exchange among tax officials, legal experts, ADR professionals, and policy stakeholders. The workshop is formally accredited in the UK and by the Nigerian Bar Association (NBA) and will explore practical implementation of ADR mechanisms in dispute resolution across tax jurisdictions.

The organisers reiterated that strengthening Nigeria’s tax system is essential to national economic recovery. Multi-sectoral cooperation and a commitment to policy innovation, investment, and job creation are vital to achieving this goal. For enquiries, pls text: 08103316644 & 09054415548

Dignitaries expected at the Roundtable include the Honourable Attorney General and Minister of Justice, Minister of State, Finance, Executive Chairman of FIRS, amongst others. Participation is open to government officials, business leaders, tax experts, ADR practitioners, and academics.

June 23, 2025
Tinubu Proposes Budget Increase to N54.2 Trillion, Targets Inflation and Exchange Rate Improvement

President Bola Tinubu has increased the proposed 2025 budget from N49.7 trillion to N54.2 trillion, citing additional revenue inflows from key government agencies, including N1.4 trillion from the Federal Inland Revenue Service (FIRS), N1.2 trillion from the Nigeria Customs Service (NCS), and N1.8 trillion from other government-owned agencies. The adjustment, detailed in letters to the Senate and House of Representatives, aims to strengthen fiscal stability and allocate more funds to infrastructure, social services, and economic development. The Senate has referred the proposal to the Appropriations Committee for urgent consideration, with a commitment to finalizing the budget by the end of February. Tinubu also set ambitious economic targets, projecting a reduction in inflation from 34.6% to 15% and an improvement in the exchange rate from N1,700/$1 to N1,500/$1. While the revised budget signals increased government spending to stimulate growth, analysts have raised concerns over Nigeria’s rising debt servicing costs, which have surged from N8 trillion in 2024 to N16 trillion in 2025, posing potential risks to long-term fiscal sustainability.

Money Market

Market liquidity opened the day at ₦315.95 billion short. The Open Buy Back (OBB) rate and the Overnight (OVN) rate closed at 32.42% and 32.75%, respectively.

Treasury Bills Market

The market started the week on a bullish note, with activity primarily focused on the newly issued OMO bills and the 22 Jan NTB, which traded between 20.75% (bid) and 20.60% (offer). Ahead of the PMA, trades on the 22 Jan NTB settled at 20.45%, while OMO bills were bid at 21% with no offers. The NTB auction saw the DMO selling ₦670bn out of a ₦3.2tn subscription, with stop rates unchanged on the short and mid-tenor bills, while the 364-day bill declined by 148bps to 20.32%. Post-auction, the market remained active, with the 5 Feb NTB trading as low as 19%, marking a 132bps drop from the stop rate. Week-on-week, the average benchmark yield declined by 90bps to 22.46%

We expect the bullish trend to persist.

FGN Bond Market

The bonds market had a bullish tilt throughout the week, with demand concentrated on mid-to-long tenors. The newly issued 2035 bond initially traded at 22.40%. Midweek, demand extended to the 31s, 34s, and 35s, trading at 22.35%, 21.10%, and 22.25%, respectively. The bullish sentiment persisted, with the 2029 and 2035 maturities trading at 21.50% and 22.00%. Post-NTB auction, the market maintained momentum, with the 2031 and 2035 maturities being the most active at 21.60% and 21.40%, while the 2029s was bid at 20.95% amid limited offers. Week-on-week, the average benchmark yield declined by 12bps to 19.97%

We expect a continuation of recent bullish trend.

FGN Eurobond Market

The market opened the week bearish due to renewed trade tensions following Trump’s tariff enforcement but rebounded as the U.S. suspended tariffs on Mexico. A mixed session followed, turning bullish as U.S. JOLTS Job Openings data fell to 7.6M from 8.098M. Bullish momentum continued with strong U.S. economic data—ADP Non-Farm Employment (183K vs. 148K forecast) and ISM Services PMI (52.8 vs. 54.2 forecast). However, the week ended on a quiet note, with U.S. Initial Jobless Claims printing at 219K vs. 213K forecast. Week-on-week, the average benchmark yield declined by 2bps to 9.09%

We expect the market to hover around current levels.

Currency Market

The value of the Naira to the dollar declined by 150bps to close at ₦1500.41/$ at the Nigerian Foreign Exchange Market Window (NFEM).

Equities Market

The local bourse ended the day with the benchmark NGX All-Share Index (ASI) appreciating by 48bps to close at 105,933.03. Market capitalization also increased, closing at ₦65.61 trillion. The market breadth was positive at 2.11x, with 40 advancers and 19 decliners. This performance was driven by gains in ETERNA (+9.88%), CADBURY (+9.88%) and FIDSON (+9.77%), and losses in TRIPPLEG (-9.72%), GOLDBREW (-8.91%), and VERITASKAP (-7.81%).

Trading activity was mixed on the day, with the volume of shares traded decreasing by 28.95% to 380.78 million units, while the total value of shares traded decreased by 59.99% to ₦9.20 billion. The most actively traded stocks by volume were CUTIX with 24.31 million units, ACCESSCORP with 23.64 million units, and STERLING with 22.79 million units. In terms of value, ZENITH led with ₦854.79 million, followed by PRESCO at ₦821.25 million, and ACCESS at ₦657.66 million.

Reflecting the day’s performance, the NGX All-Share Index reflected a 1-week gain of 1.13% with an overall year-to-date gain of 2.92%. Other notable indices are the NGX Top 30 Index (0.47%; 1.13% 1WK; 3.06% YTD), NGX Banking Index (1.72%; 3.45% 1WK; 14.87% YTD), NGX Oil & Gas Index (0.11%; 0.56% 1WK; -1.06% YTD), and NGX Insurance Index (1.64%; 0.66% 1WK; 0.23% YTD).

February 9, 2025
FIRS Records 84.62% YoY VAT Growth, Exceeds CIT Targets

Nigeria’s Federal Inland Revenue Service (FIRS) reported a significant 84.62% year-on-year rise in Value Added Tax (VAT) collections, reaching N6.72 trillion in 2024, driven by strong growth across both import and non-import categories. Non-import VAT surged by 75.09% to N5.13 trillion, while import VAT more than doubled, growing by 122.38% to N1.59 trillion. Company Income Tax (CIT) rose by 102.5% to N6.78 trillion, and Education Tax (EDT) recorded the highest growth at 127.8%. Despite these gains, oil-related tax revenue underperformed, with Petroleum Profit Tax (PPT), Hydrocarbon Tax (HT), and Upstream CIT generating N5.76 trillion—falling short of the N7 trillion target due to lower-than-expected crude oil production. However, VAT and CIT collections exceeded expectations, with import VAT achieving 144.3% of its target and non-import VAT surpassing projections by 20.7%. These results highlight Nigeria’s success in expanding its tax base and reducing reliance on oil revenue while emphasizing the need for continued efforts in revenue diversification.

Money Market

Market liquidity opened the day at ₦721.34 billion long. The Open Buy Back (OBB) rate and the Overnight (OVN) rate closed at 29.14% and 29.57%, respectively.

We expect rates to hover around current levels.

Treasury Bills Market

The FGN Treasury Bills Market started off the week on a calm note with trades consummated on the 22 Jan bill at 20.90% and 25 Nov OMO bills at 21.40%. The DEC OMO bills also garnered a bit of attention. Furthermore, demand was seen on the 11th Sept and 8 Jan bills both quoted 21.00/20.90. The 5 June bill was seen quoted at 26.00/24.90 while the 8 May bill was offered at 19.00%. On the last trading day of the week, the CBN floated 600bn across the long end. At the auction, N1trillion was sold out of a total subscription of N2.9trillion. Stop rates closed at 22.50% and 22.65% on the 347-day and 364-day bill, a 131bps and 119bps decline from the previous auction. Week-on-week, the average benchmark yield declined by 170bps to 23.36%

We expect activity to be skewed to the newly issued OMO bills.

FGN Bond Market

The FGN Bonds Market kicked off with the bond auction. At the auction, the DMO offered N450bn across the 29s, 31s and new 35s. A total of N606.455bn was sold out of total subscription of N669.94 billion. Stop rates on the 29s and 31s rose by 65bps and 50bps to 21.79% and 22.50% while the 35s closed at 22.60%. Sequel to the auction, the on-the run bonds were the most traded with quotes on the 29s, 31s and 35s at 21.70/21.60, 22.50/22.40 and 22.60/22.55, respectively. Week-on-week, the average benchmark yield declined by 1bp to 20.08%

We expect similar sentiments.

FGN Eurobond Market

The FGN Eurobonds Market traded on mixed sentiments in the week under review. The bearish sentiments were largely due to jitters ahead of FOMC Meeting, Trump tariffs and lower crude prices. The bulls surfaced after the Fed decision to hold rates steady as widely expected. Overall, it was a marginally bullish close to the week. Data this week showed that the US core PCE inflation held steady at 2.8% in December as expected. Week-on-week, the average benchmark yield declined by 12bps to 9.10%.

We await the ISM Manufacturing PMI data.

Currency Market

The value of the Naira to the dollar appreciated by 359bps to close at ₦1478.22/$ at the Nigerian Foreign Exchange Market Window (NFEM).

Equities Market

The local bourse ended the day with the benchmark NGX All-Share Index (ASI) declined by 24bps to close at 104,496.12. Market capitalization also decreased, closing at ₦64.72 trillion. The market breadth was positive at 1.29x, with 36 advancers and 28 decliners. This performance was driven by gains in BETAGLAS (+10.00%), VITAFOAM (+9.98%) and NNFM (+9.98%), and losses in OANDO (-10.00%), STANBIC (-9.94%), and IKEJAHOTEL (-9.84%).

Trading activity was robust on the day, with the volume of shares traded increasing by 135.63% to 1.17 billion units, while the total value of shares traded increased by 28.52% to ₦15.20 billion. The most actively traded stocks by volume were NSLTECH with 599.54 million units, FBNH with 85.45 million units, and VERITASKAP with 67.34 million units. In terms of value, FBNH led with ₦2.54 billion, followed by OANDO at ₦2.22 billion, and GTCO at ₦2.03 billion.

Reflecting the day’s performance, the NGX All-Share Index reflected a 1-week gain of 0.87% with an overall year-to-date gain of 1.63%. Other notable indices are the NGX Top 30 Index (-0.06%; 1.54% 1WK; 1.63% YTD), NGX Banking Index (-0.33%; 4.56% 1WK; 9.76% YTD), NGX Oil & Gas Index (-0.01%; 0.97% 1WK; -1.61% YTD), and NGX Insurance Index (0.96%; -4.94% 1WK; -1.36% YTD)

February 2, 2025
FIRS Commends SIFAX Group for Supporting Tax Revenue Growth in 2024

The Federal Inland Revenue Service (FIRS) has recognized SIFAX Group for its significant contribution to Nigeria’s tax revenue growth and compliance efforts in 2024.

During an appreciation visit to SIFAX Group’s headquarters in Lagos, Mr. Kazeem Olanrewaju, Head of the Taxpayers Service Unit at FIRS’ Lagos Mainland West Medium Taxpayers Office, announced that SIFAX Group is now ranked among the Top 20 companies under FIRS’ jurisdiction, out of 300 assessed organizations.

Mr. Olanrewaju noted that the visit reflects FIRS’ customer-focused approach in acknowledging top-performing companies that have demonstrated consistent diligence in tax filing compliance throughout the year.

As part of the visit, the agency presented SIFAX Group with a formal commendation letter co-signed by Mr. Olanrewaju and Tax Controller, E.F. George. The letter praised SIFAX Group’s exceptional dedication, stating:

“As the year comes to a close, it is with great pride and gratitude that we write to commend your company for being part of the Federal Inland Revenue Service (FIRS) revenue collection success story for the year 2024. This milestone could not have been possible without your company’s unwavering dedication and exceptional support in the area of tax filing compliance.”

Mr. Olanrewaju further emphasized that SIFAX Group’s commitment to tax compliance played a substantial role in helping FIRS meet its revenue target for 2024. He also encouraged the company to maintain its exemplary efforts as the agency sets its sights on the coming fiscal year.

Responding on behalf of SIFAX Group, Mr. Oliver Omajuwa, Director of Strategy and Operations, expressed gratitude for the recognition. He reaffirmed the company’s commitment to supporting FIRS and contributing to Nigeria’s socio-economic development.

“As a socially responsible organization, we firmly believe in the principle of corporate social responsibility (CSR), and prompt regulatory compliance is a key aspect of our commitment. We remain dedicated to supporting the government’s vision of widening the tax net and fostering economic growth,” said Mr. Omajuwa.

The Federal Inland Revenue Service’s commendation underscores the importance of strong partnerships between the private sector and government agencies in driving national development.

January 13, 2025
NLNG receives FIRS’ Most Compliant Taxpayer Award

NLNG has received the prestigious award of Most Compliant Taxpayer by the Federal Inland Revenue Service (FIRS) at the 2024 FIRS Day, which took place during the Lagos International Trade Fair.

This recognition is part of the FIRS Compliant Taxpayer Award and Recognition Programme, designed to acknowledge companies that consistently meet their tax obligations, contributing to the development of Nigeria’s economy.

This award marks a significant achievement for NLNG, following the Company’s receipt of the FIRS Most Supportive Taxpayer Award in 2021. The 2021 recognition was conveyed by FIRS, commending the top-performing taxpayers for their compliance, which helped the service surpass its tax collection target.

In a statement, the FIRS commended NLNG for its consistent and exemplary adherence to tax laws, emphasising the Company’s contributions to national development. The service highlighted NLNG’s unwavering commitment to fulfilling its tax responsibilities, recognising the Company’s exceptional compliance with tax regulations and its role in the broader economic growth of the country.

The award was received by Titi Horsfall, Head of Editorial and Digital Content, on behalf of the Company.

Speaking on the announcement, NLNG’s Managing Director and Chief Executive Officer, Dr. Philip Mshelbila, noted that the recognition coincides with a milestone for NLNG, marking its 35th anniversary of incorporation and the 25th anniversary of successful LNG production in Nigeria. He reaffirmed that this award is a testament to NLNG’s long-standing commitment to supporting Nigeria’s development, particularly in the energy sector.

“We are honoured to receive this prestigious recognition from the Federal Inland Revenue Service. It reflects the dedication of our Board, management, and staff, who work tirelessly to ensure that NLNG remains a responsible corporate entity. This award also reinforces our ongoing commitment to contributing to the sustainable development of Nigeria’s economy.”

He further emphasised that NLNG’s commitment to compliance is integral to the Company’s mission to be a global leader in energy, driving not only Nigeria’s energy sector forward but also contributing to the improvement of lives through responsible business practices.

November 9, 2024
Comercio Partners Weekly Markets Round-up

This week, Nigeria witnessed notable developments in both tax administration and non-oil export growth. The Federal Inland Revenue Service (FIRS) introduced the e-Invoice system to modernize the country’s tax framework, aiming to improve transparency and compliance in business transactions. This initiative aligns with broader tax reforms, including efforts to simplify tax regimes for small businesses and enhance revenue collection, with a target of increasing Nigeria’s tax-to-GDP ratio. Concurrently, APM Terminals Apapa recorded a 25% rise in non-oil export cargo volumes in the first half of 2024, underscoring the country’s efforts to diversify away from oil dependency. The terminal plans to host an exporters’ forum to address challenges in the non-oil export sector, further boosting Nigeria’s export growth. These measures reflect Nigeria’s broader strategy to strengthen its economy through reforms in taxation and export sectors.

Money Market

Market liquidity opened the day at ₦272.48 billion short. The Open Buy Back (OBB) rate and the Overnight (OVN) rate closed at 29.69% and 29.97%, respectively.

We expect rates to hover around current levels.

Treasury Bills Market

The FGN Treasury Bills Market traded on a quiet note this week. Nevertheless, the 20 Feb bill was quoted 20.70/20.20 while the 22 May bill was largely offered at 20.25% as bids remained scarce. Minimal activity was skewed to the September bills with the Sept 11 quoted 18.50/18.30 while the 2 Sept bill was largely offered with no bids to match. There was also movement seen on the 27 Mar bill bid at 20.55% and offered at 20.25% while the 6 Mar bill was seen offered at 19.80%. Week-on-week, the average benchmark yield appreciated by 28bps to close at 20.80%

We expect similar sessions as the illiquidity persists.

FGN Bond Market

The FGN Bonds Market traded began the week on a bullish bias. Evidently, bids improved on the 33s to 19.98% while offers stood at 19.90%. Also, the FEB 2034 bond was quoted 19.75/19.50. Sometime during the week, we had trades consummated on the May 19.89% 33s and FEB 34s at 19.70% and 19.55%, accordingly. However, the bears were evident at the close of the week with offers on the 33s and 34s seen at 20.20% and 20.00% respectively. In addition, the old 2027 bond exchanged hands at 18.70%. Week-on-week, the average benchmark yield declined by 4bps to close at 18.45%

We expect mild buying sentiments.

FGN Eurobond Market

The FGN Eurobonds Market sustained the bullish momentum as we saw the Federal Reserve cut rates by 50bps, bringing the Fed fund rate to 4.75-5.00%. The United States Retail sales data showed a 0.1% growth in comparison to an expected 0.2% decline. Also, Unemployment Claims printed at 219k vs 230k forecast vs 231k prior. However, the week closed on a negative note as investors indulged in profit-taking activities. Week-on-week, the average benchmark yield declined by 33bps to close at 9.42%

We expect similar sentiments.

Currency Market

The value of the Naira to the dollar appreciated by 32bps compared to the previous week, printing at ₦1541.52/$ to close the week at the Nigerian Autonomous Foreign Exchange Market Window (NAFEM).

Equities Market

The local bourse ended the day with the benchmark NGX All-Share Index (ASI) appreciating by 20bps to close at 98,247.99. Market capitalization also rose, closing at ₦56.45 trillion. Market breadth was positive at 1.48x, with 64 stocks advancing and 43 declining. This performance was driven by gains in FIDSON (+10.00%), MEYER (+9.98%), and CAVERTON (+9.82%), and losses in FBNH (-9.98%), NNFM (-9.96%), and FLOURMIL (-9.91%).

Trading activity was mixed, with the volume of shares traded appreciated by 17.15% to 554.22 million units, while the value of shares traded depreciated by 10.91% to ₦10.12 billion. The most actively traded stocks by volume were FBNH with 151.90 million units, JAPAULGOLD with 149.76 million units, and FIDELITY with 27.23 million units. In terms of value, FBNH led with ₦4.37 billion, followed by OANDO at ₦691.22 million, and UACN at ₦536.23 million.

Reflecting the day’s mixed performance, the NGX All-Share Index reflected a 1-week gain of 0.81% and a 4-week gain of 2.45%, with an overall year-to-date gain of 31.39%. Other notable indices are the NGX Top 30 Index (+0.15%; +1.09% 1WK; +30.82% YTD), NGX Banking Index (-0.61%; +1.26% 1WK; 1.80% YTD), and NGX Oil & Gas Index (+0.41%; +0.02% 1WK; +84.80% YTD)

September 21, 2024
Re: Tax Tribunal orders NLNG to pay $27.5m to FIRS as 2016 revised Corporate Income Tax

Nigeria LNG Limited (NLNG) has noted media reports suggesting that a Tax Appeal Tribunal ordered NLNG to pay $27.5 million to the Federal Inland Revenue Service (FIRS) as a revised Company Income Tax (CIT) settlement for 2016.

NLNG clarifies that these reports misrepresent an out-of-court settlement that was reached amicably between the parties, without prejudice to their respective legal positions, which the Tribunal merely adopted as Consent Judgment in the appeal. The payment by NLNG was thus made in furtherance of a settlement agreement reached between the parties and not because of any order made by the Tribunal.

NLNG remains a responsible corporate citizen, and consistently operates in compliance with Nigerian laws and will continue to operate in line with its vision of being “a globally competitive LNG company helping to build a better Nigeria.”

July 18, 2024
Investigate MTN board appointments, ActionAid tells ICPC, FG
According to a report in ThisDay newspaper, ActionAid Nigeria (AAN) has condemned MTN Nigeria’s board appointments, which showed the inclusion of former top government officials.

Speaking in Abuja yesterday, the Country Director of AAN, Andrew Mamedu, called on ICPC and the federal government to investigate the board appointments.

Mamedu stated that: “The appointments of former government officials which includes Ernest Ndukwe, former Chief Executive Officer of the Nigerian Communications Commission (NCC); Ifueko Omoigui Okauru, former Executive Chairman of the Federal Inland Revenue Service (FIRS); Omobola Johnson, Nigeria’s former Minister of Communication Technology and Mr. MK. Ahmad, the pioneer Director-General and Chief Executive Officer of the National Pension Commission, raise serious concerns about corporate governance, regulatory capture, and conflicts of interest.”

He added that: “It is unacceptable that MTN Nigeria, a company entrusted with providing essential telecommunications services to millions of Nigerians, would choose to stack its board with individuals who have a history of regulatory oversight, pensions, and taxation authorities.

“This move raises serious concerns about the potential for backdoor negotiations and conflicts of interest, as well as the impact on the Nigerian community.

“By allowing former government officials who were supposed to regulate MTN Nigeria to occupy top positions on its board, there is a risk of regulatory capture and undue influence over regulatory decisions.

“This not only undermines the integrity of our institutions, but also jeopardises the interests of consumers, investors, and shareholders.

“ActionAid Nigeria demands that MTN Nigeria must immediately reconsider its board appointments and ensure that future appointments are made in a transparent and accountable manner, with due consideration given to the principles of diversity, independence, and expertise.

“Furthermore, we urge the NCC and the Securities and Exchange Commission to investigate these appointments and take appropriate action to hold MTN Nigeria accountable for any breaches of regulatory standards or corporate governance norms.’’

It further demanded that: “The Independent Corrupt Practices and Other Related Offences Commission (ICPC) launch an investigation into the circumstances surrounding MTN Nigeria’s board appointments to determine whether there have been any acts of corruption, regulatory capture, or abuse of power.

“This investigation must include examining the selection process, evaluating potential conflicts of interest, and scrutinising any undue influence exerted by former government officials.

“The federal government must also launch an independent investigation into MTN Nigeria’s board appointments to determine the extent of regulatory capture and conflicts of interest; strengthen regulatory oversight of the telecommunications sector to prevent the undue influence of corporate interests on regulatory agencies; and impose penalties or sanctions on MTN Nigeria if it is found to have violated regulatory standards or corporate governance norms.”
March 14, 2024
LCCI make recommendations to President Tinubu on 2024 Appropriation Bill

The Lagos Chamber of Commerce and Industry (LCCI) has made recommendations to President Bola Ahmed Tinubu on the proposed 2024 budget of N27.5 trillion ($33.4 billion) is the biggest in the country’s history, representing 21.4% increase compared to N22.65 trillion in the previous year with strong focus on defence, internal security and job creation presented to the National Assembly.

In a statement signed by the Director General, Lagos Chamber of Commerce & Industry, Dr Chinyere Almona,which noted that it is commendable to note that the strategic objective of the expenditure policy is expected to tackle macro-economic stability, investment environment optimization, human capital development, poverty reduction and social security.

A review of the proposed budget revealed oil price benchmark of $77.96 per barrel and a daily production estimate of 1.78 million barrels per day, and exchange rate of N750/US$ was adopted. Further breakdown indicates that non-recurrent expenditure is 9.92 trillion, which is N1.59 trillion or 19.1% higher than the 2023 budget, while debt service is projected to be N8.25 trillion (N1.94 trillion or 30.7% more than the 2023 budget) and capital expenditure is N8.75 trillion.

The Lagos Chamber of Commerce and Industry (LCCI) notes that the assumptions are conservative, particularly in terms of oil prices and exchange rates. However, daily oil production remains a major concern due to persistent underinvestment, vandalism, oil theft, and rising production costs in the oil sector.

The Chamber also notes that relative to Nigeria’s GDP size, the proposed budget is 12.2%, which is very low compared to its African peers like South Africa, with a government expenditure to GDP ratio of 32.5%, Egypt (24.7%), Kenya (23.0%) and Ghana (27.1%). This is a serious issue that needs to be addressed by the Government in the light of its renewed hope agenda.

Beyond the figures and policy statements contained in the 2024 Appropriation Bill, the Chamber wishes to highlight some recommendations for implementation:

1.     Government must improve its budget performance in terms of capital expenditure in 2024. Over the years, the performance of the capital expenditure has been very low relative to the recurrent expenditure, with implications for the country’s infrastructure sector. The situation is worrisome and calls for urgent solutions.

2.     Particular attention must be paid to investing more in transport infrastructure to mitigate the high cost of fuel and resolve the many logistical challenges that have impacted the movement of goods across the nation.

3.     Looking beyond oil revenues, government must build investors’ confidence and enhance our forex earnings through non-oil exports. We need to invest more in export infrastructure through automation and implementation of critical port reforms to reduce the bottlenecks in our export logistics and processes.

4.     In addressing the most significant components of human capital development, we urge governments at all levels to be committed to significantly improving budget implementation in strategic sectors of the economy, including agriculture, education, health, infrastructure, and security.

5.     Efforts must be made to scale up revenue collection by the Federal Inland Revenue Service (FIRS) through consistent tax administrative measures, digitalization, and policy reforms.

November 30, 2023
NCC reiterates Commitment to Strengthen Nigeria’s Telecoms Sector

The Nigerian Communications Commission (NCC) has said it remains committed to its regulatory role of continually implementing requisite reforms to strengthen the communications sector in Nigeria.

The Executive Commissioner, Stakeholder Management at the NCC, Adeleke Adewolu, stated this while addressing stakeholders at the combined second and third quarters 2023 meeting of the Industry Working Groups (IWG) on multiple taxation and regulations in the telecoms sector.

The meeting, which held in Ibadan, Oyo State on Tuesday, was convened as a precursor to a more elaborate Regional Stakeholders Workshop on Multiple Taxation and Regulations, scheduled to take place in the State on Wednesday.

Addressing the meeting, attended by senior executives of telecom licensees and their umbrella body, the Association of Licensed Telecom Operators of Nigeria (ALTON), as staff of the Commission, Adewolu said the IWG’s activities are geared towards ensuring fair tax policies and eliminating every incident of multiple taxation and regulations impacting the Nigerian telecommunications industry.

He stated that a lot of milestones have been recorded by the industry since the establishment of the IWG over two decades ago, as the platform has proven to be effective in articulating industry concerns in this area and also proffering solutions to these issues.

“Considerable industry gains have been recorded lately, particularly as it relates to the issue of multiple taxation. For instance, His Excellency, President Bola Ahmed Tinubu recently signed Four Executive Orders designed to curb multiple taxation in the Country.

“Key amongst them is the Executive Order for the suspension of the five per cent Excise Duty on telecommunication services as well as Excise Duties escalation on other locally manufactured products,” he said.

He described the gains as laudable as, according to him, they continue to serve as inspiring landmarks for the industry, underscoring what can be achieved when the entire industry come together harmoniously to speak with one voice on existential concerns undermining the economic health of the communications industry.

However, the Executive Commissioner said there remains a lot of work to be done as the industry was still beguiled by arbitrary Right of Way (RoW) charges, hidden nuisance taxes and unauthorised regulatory encroachment into the communications industry.

As such, he said the Commission has continued to work assiduously to ensure harmonisation of RoW charges across the country.

He said aside several existing agencies the Commission has been working with, it is also collaborating strategically with sister agencies such as the Federal Inland Revenue Service (FIRS), in line with the National Economic Council (NEC) resolution of 2012 and the Nigerian Maritime Administration and Safety Agency (NIMASA).

“We are also working with the Nigerian Mainstream and Downstream Petroleum Regulatory Authority (NMDPRA), all in a bid to ensure the regulatory actions taken by the agencies are well synchronised with the regulatory objectives of the Commission, in a manner that boosts market development and industry sustainability,” he said.

While tasking telecom licensees to continue to bring burning issues on multiple taxation and regulation to the attention of the Commission as they experience in their daily operation, Adewolu also assured them of NCC’s decision to always make necessary regulatory intervention to boost industry growth.

“The Commission is always inclined to executing the requisite reform that will strengthen the Communications Sector and deepen market development,” he said, as he urged all stakeholders at the IWG meeting to deliberate frankly and productively in highlighting pressing and key issues that require urgent attention.

September 6, 2023