People have been talking about the proposed bill, discussing its potential, the concerns, and the necessary changes it could bring to Nigeria’s tax system. The Tax Reform Bill, with its proposed shift in the VAT derivation formula, is no small matter. The reform has the power to reshape Nigeria’s tax system and, by extension, its…

With a total of N668.291 billion collected in October 2024 as value-added tax (VAT), as against the N583.675 billion collected in September, the revenue available for sharing to the three tiers of government in October rose to N1.411 trillion. This amount is higher than the N1.298 trillion that was shared in September by N113 billion.…

The Federal Government on Monday moved to calm the nerves of governors and stakeholders who are worried about the proposed tax reform bills, particularly the new derivation-based model for Value-Added Tax (VAT) distribution. The government assured that the reforms will benefit all states fairly and are not targeted at any region. Chairman of the Presidential…

The Coalition of Arewa Groups, representing 300 organisations from Nigeria’s 19 northern states, has expressed support for President Bola Tinubu’s Nigeria Tax Bill 2024, urging the National Assembly to expedite its passage. The coalition, which met in Kaduna, praised the bill’s potential to reshape Nigeria’s fiscal landscape, drive economic growth, and promote sustainability. They endorsed…

The Chairman of the Arewa Economic Forum (AEF), Ibrahim Shehu Dandakata, has raised key issues affecting the people of Arewa and the broader Nigerian population, with focus on tax reform, energy security, and combating insecurity. He emphasized that stability in Northern Nigeria is crucial for agricultural productivity, commerce, and mining potential, and called on government…

The Presidency on Thursday moved to address concerns surrounding the proposed derivation-based Value Added Tax (VAT) distribution model, which has met with opposition from Northern governors. Specifically, the Northern Governors' Forum had expressed concerns that the proposed derivation-based VAT model would lead to job losses and disadvantage the region. However, the Presidency reassured that the…

An official of the Federal Inland Revenue Service (FIRS), Arabirin Aderonke, says the proposed Tax Reform Bill regarding the shift to a derivation-based model for VAT distribution would not impact negatively the 19 Northern states. In an open letter to Governor Inuwa Yahaya led the Northern Governors Forum, she stressed that looking more closely at…

Chairman, Presidential Committee on Fiscal Policy and Tax Reforms, Taiwo Oloyede, has denied rumours that he proposed a reduction

Barely a month after the Taiwo Oyedele-led Presidential Fiscal Policy and Tax Reforms Committee disclosed it was proposing a law to the National Assembly to increase Value Added Tax (VAT) from the current 7.5 per cent to 10 per cent, details emerged yesterday that the lawmakers are considering a bill on the proposed hike.

A leading accounting organisation, Kreston Pedabo, has raised concerns over loopholes that may undermine the effective implementation of the Value Added Tax (VAT) modification introduced by the Federal Government, especially in the energy sector. The Nigerian government introduced the 2024 VAT Modification Order, expanding tax exemptions to promote the adoption of renewable energy and settle…

The Federal Government of Nigeria has exempted 63 items from Value-Added Tax (VAT) as part of its latest fiscal reforms. This development was revealed by Taiwo Oyedele, Chairman of the Presidential Committee on Fiscal Policy and Tax Reforms, in a post on X (formerly Twitter) on Friday. The exemptions are listed in the official "Value…

The Federal Government has announced the removal of Value Added Tax (VAT) on diesel, Liquefied Natural Gas (LNG), also known as cooking gas, Compressed Natural Gas (CNG), and Electric Vehicles (EVs), among others.