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Value Added Tax

Federal, states, local governments share N647.35 billion for January

The Federal Government, States and Local Government Councils have shared a total of N647.353 billion from the Federation Account Revenue for January 2020.
Ahmed Idris, the Accountant-General of the Federation (AGF)

VAT: States, local councils to get more allocation from February – AGoF

Mr Ahmed Idris, Accountant-General of the Federation, says States and Local Government Councils will receive additional funds from February following the implementation of the 7.5 increase in Value Added Tax (VAT).
The Executive Chairman, Federal Inland Revenue Service (FIRS), Mr Muhammad Nami, has launched a national tour of the six geo-political zones to sensitise the nation, especially taxpayers, on the 2019 Finance Act.

Nigeria: FIRS sole collector of stamp duty

The federal government has finally put to bed the controversy over who will collect stamp duty has finally been rested.
The Executive Chairman, Federal Inland Revenue Service (FIRS), Mr Muhammad Nami, has launched a national tour of the six geo-political zones to sensitise the nation, especially taxpayers, on the 2019 Finance Act.

FIRS chief takes Finance Act advocacy to stakeholders

The Executive Chairman, Federal Inland Revenue Service (FIRS), Mr Muhammad Nami, has launched a national tour of the six geo-political zones to sensitise the nation, especially taxpayers, on the 2019 Finance Act.
President Muhammadu Buhari

BMO: Why President Buhari will not implement anti-poor policies

The Buhari Media Organisation says the administration of President Muhammadu Buhari will not implement policies that will affect the existence of the poor while raising revenue to fund the nation’s infrastructure projects.
Clement Agba, the Minister of State, Federal Ministry of Finance, Budget And National Planning has reiterated the Federal Government’s determination to go into partnerships to create jobs as well as boost the economy.

Nigeria not borrowing too much – minister

Minister of State for Budget and National Planning, Mr Clem Agba, has allayed fears that President Muhammadu Buhari led administration was plunging the nation into debt problem by borrowing a lot.
Minister of Communication and Digital Economy, Mallam Ali Pantami, yesterday, insisted that it is the duty of the Nigerian Postal Service (NIPOST) to collect Stamp Duty for the Federal government instead of the Federal Inland Revenue Service (FIRS), saying it is selfish and an injustice trying to deny NIPOST of collecting the duty

Minister: FIRS collecting 7.5 percent VAT on calls, SMS

The Minister of Communications and Digital Economy, Dr. Isa Pantami, said the 7.5 per cent Value Added Tax deductions on voice calls and text messages fell under the purview of Federal Inland Revenue Service.
Phone SMS is used for more than just text messaging in Africa

Calls, data costs rise as VAT implementation begins

As implementation of the 7.5 per cent VAT, which was increased from 5 per cent, becomes effective yesterday, February 1, 2020, telecoms subscribers have started paying for data and calls accordingly.
The Executive Chairman of the FIRS, Mohammed Nami, who was guest on a breakfast programme of the Nigerian Television Authority, urged all businesses to ensure that they register with the FIRS for VAT purpose.

Federal government begins implementation of 7.5 percent VAT

The Federal Inland Revenue Service has warned businesses and individuals against tax evasion as the Federal Government begins the implementation of the 7.5 per cent Value Added Tax on Saturday (today).

Eko Disco to begin new VAT rate on meters from February 1

Eko Electricity Distribution Company has announced that the prices of meters sold to customers under the Meter Asset Provider scheme would be reviewed upward from Feb. 1.

Port Harcourt Disco to begins 7.5% VAT February

Port Harcourt Electricity Distribution Company (PHED) will on Feb. 1 begin the implementation of 7.5 per cent Value Added Tax (VAT) to customers in four states.
The Vice President, Prof. Yemi Osinbajo, on Saturday reiterated the commitment of the Federal Government towards free and compulsory education of the first nine years of a child school life across the country.

VP Osinbajo: Finance act will stimulate Nigerian economy

Vice-President Yemi Osinbajo on Saturday asserted that the Finance Act 2020 would stimulate the Nigerian economy and put the country on the path of geometric economic growth.
Nigeria Naira

Why inflation may rise further – analysts

Economists at Financial Derivative Company (FDC) have said the country will experience a rise in the inflation rate and a further decline in its foreign exchange reserves as the government juggles various options to steady the economy on the path of growth in the year.
Zainab Ahmed, the minister of finance, budget and national planning, says state and local governments share some of the responsibility to fix roads in Nigeria.

Minister: 7.5 percent VAT to take effect February 1

The Minister of Finance, Budget and National Planning, Mrs Zainab Usman, disclosed in Abuja that the implementation of Value Added Tax (VAT) new rate of 7.5 per cent will commence on February 1, 2020, after all the necessary administrative procedures have been completed, especially the gazette of the Act by the Federal Ministry of Justice.
Zainab Ahmed

Federal, states, local councils share N716.298 billion for December 2019

The Federation Accounts Allocation Committee (FAAC) has shared a total of N716.298 billion to the three tiers of government for the month of December, 2019.
President Muhammadu Buhari on Monday signed into law the Finance Bill 2019 (now Finance Act), which among other objectives, seeks to increase government revenue while supporting struggling small businesses in Africa’s largest economy.

New finance law will have ‘significant’ impact on businesses in Nigeria

President Muhammadu Buhari on Monday signed into law the Finance Bill 2019 (now Finance Act), which among other objectives, seeks to increase government revenue while supporting struggling small businesses in Africa’s largest economy.
Zainab Ahmed

Minister hails Buhari for signing Finance Bill

Minister of Finance, Budget and National Planning, Mrs. Zainab Shamsuna Ahmed, on Tuesday commended President Muhammadu Buhari for signing the Finance Bill into law.
President Muhammadu Buhari on Monday signed the finance bill into law.

New VAT rate takes off as President Buhari signs Finance Bill into law

The increase of the Value Added Tax (VAT) rate from 5 per cent to 7.5 per cent has taken effect following the signing into law the Finance Bill, 2019, by President Muhammadu Buhari on Monday.

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Kano State Government has banned street begging by Almajiri children in a bid to fully consolidate the free and compulsory primary and secondary schools education policy in the state.
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‘Yahoo boy’ bags 66 years jail term for €55,000 fraud

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Senate berates Ogoni cleanup despite $360 million provision

The Senate on Tuesday expressed disappointment over the slow pace of work on the Ogoniland cleanup project despite the $360m released for it.
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Algeria announces first confirmed case of coronavirus

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Pressure on Kaizer Chiefs manager to drop Daniel Akpeyi for Soweto derby

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