Echotitbits – Nigeria News

Category: Taxation

  • Reps set up committee to verify alleged changes in Nigeria’s gazetted tax laws

    Reps set up committee to verify alleged changes in Nigeria’s gazetted tax laws

    Photo Credit: The Punch

    2025-12-18 10:00:00

    In an update published by Vanguard, Nigeria’s House of Representatives has constituted a seven-member ad hoc committee to examine allegations that gazetted tax laws differ from versions passed by lawmakers.

    The House says the issue goes to legislative integrity and public confidence, since agencies and taxpayers rely on gazetted texts for implementation and compliance.

    Committee members are expected to review records including Votes and Proceedings, harmonised versions adopted by both chambers, and the gazetted copies now in circulation.

    Premium Times reported the House was reacting to claims the gazetted laws “did not reflect what the National Assembly debated and approved.” Vanguard quoted the lawmaker who raised the issue saying, “I was here, I gave my vote and it was counted, and I am seeing something completely different.”

    Echotitbits take:
    If the committee confirms discrepancies, expect calls for corrections before full implementation to avoid litigation and compliance confusion. Watch for the committee’s report, any official certified copies, and whether timelines for rollout shift.

    Source: Vanguard — December 18, 2025 (https://www.vanguardngr.com/2025/12/reps-constitute-committee-to-probe-alleged-alterations-in-tax-laws/)
    Vanguard 2025-12-18

  • Presidency dismisses calls to pause new tax reforms as political backlash grows

    Presidency dismisses calls to pause new tax reforms as political backlash grows

    Photo Credit: The Punch

    2025-12-18 05:55:00

    Reporting by The Punch indicates the Presidency has rejected demands to suspend Nigeria’s newly signed tax reform laws, insisting implementation will proceed from January 1, 2026.

    Officials argue the reforms are meant to simplify compliance, reduce overlapping taxes, and modernise revenue collection. Critics, however, warn the changes could worsen hardship if rollout is rushed or unclear.

    The debate has intensified amid claims by some lawmakers that the gazetted copies differ from what the National Assembly approved—an allegation that could raise legal questions and slow compliance.

    Premium Times reported Speaker Tajudeen Abbas announced an ad hoc committee, stating, “I’m happy to announce to you that the following members have been appointed to the committee.” Vanguard also quoted a lawmaker complaining, “I was here, I gave my vote and it was counted, and I am seeing something completely different.”

    Echotitbits take:
    The policy risk is less about headlines and more about trust: investors and taxpayers need certainty on the final text. Watch for certified copies, a clear implementation guide, and whether the legislature confirms (or disputes) the gazetted versions before take-off.

    Source: The Punch — December 18, 2025 (https://punchng.com/fresh-storm-brews-over-new-tax-law/)
    The Punch 2025-12-18

  • FIRS Abuja office fire contained as agency begins investigation

    FIRS Abuja office fire contained as agency begins investigation

    Photo Credit: The Punch
    2025-12-21 00:05:00

    According to The Punch, a fire incident affected one of the Federal Inland Revenue Service (FIRS) offices in Wuse, Abuja, with officials saying there were no fatalities and the blaze was contained.

    FIRS said security personnel on duty responded quickly, supported by the FCT Fire Service and other emergency responders, preventing the flames from spreading to other parts of the building.

    The agency added that while some offices on the impacted floor were damaged, work to review safety protocols is underway as investigators determine what caused the outbreak.

    TheCable also reported the fire was contained and quoted FIRS’ statement that “no life was lost in the incident.” In a separate update, Punch quoted the agency saying preliminary findings point to “a possible electrical fault” as the likely cause.

    Echotitbits take:
    Even without casualties, any disruption at a key revenue agency invites scrutiny. Watch for an official incident report, confirmation of what infrastructure or records were affected, and any new safety measures rolled out across other FIRS locations.

    Source: The Punch — December 21, 2025 (https://punchng.com/firs-probes-abuja-office-fire/)
    The Punch 2025-12-21

  • FG grants two-year cushion as 149 pioneer-status firms transition to new tax regime

    FG grants two-year cushion as 149 pioneer-status firms transition to new tax regime

    Photo Credit: Wikimedia Commons
    2025-12-19 13:00:00

    As reported by The Punch, the Federal Government says 149 companies currently enjoying pioneer-status incentives will retain their tax holidays for at least two more years as Nigeria transitions to a new tax regime from January 2026.

    The decision is framed as a stability measure so firms approved under the old regime don’t face a sudden cliff-edge while a redesigned incentive framework takes effect.

    Verification: MSME Africa also reported the two-year cushion for existing beneficiaries, while KPMG’s tax note discusses the transition to the Economic Development Tax Incentive (EDTI) scheme effective January 1, 2026.

    Quotes: MSME Africa: “retain their tax holidays for at least two more years…” KPMG: “transition… takes effect January 1, 2026.”

    Analysis/Echotitbits take: Incentives must be disciplined and outcome-based. Watch for transparency on beneficiaries/sectors, measurable investment and jobs delivered, and whether the new scheme reduces rent-seeking.

    Source: The Punch — 2025-12-19 — https://punchng.com/149-firms-retain-tax-holidays-under-new-law-fg/

    The Punch 2025-12-19

  • Reps open probe into alleged ‘edited’ gazetted tax laws as politics heats up

    Reps open probe into alleged ‘edited’ gazetted tax laws as politics heats up

    Photo Credit: Punch / File
    2025-12-19 12:00:00

    Punch reports that the House of Representatives has set up an ad hoc committee to investigate claims that versions of new tax laws in circulation differ from what the National Assembly passed.

    The controversy is high-stakes: investors and citizens need certainty on what the law actually says—especially ahead of the planned January 2026 effective date.

    Verification: Premium Times confirms the House set up a seven-member committee to probe alleged discrepancies, while The Guardian reported the political demand to shift commencement.

    Quotes: Premium Times: “set up a seven-member ad hoc committee to investigate alleged discrepancies…” The Guardian: “demanded that the commencement date… be shifted…”

    Analysis/Echotitbits take: If citizens believe laws can be altered after passage, legitimacy collapses. Watch for publication of an authenticated gazette, version control, and sanctions if wrongdoing is established.

    Source: The Punch — 2025-12-19 — https://punchng.com/reps-probe-tax-law-tweaks-pdp-demands-suspension/

    The Punch 2025-12-19

  • Nigeria Halts Wood Exports, Revokes Licences in New Anti-Deforestation Push

    Nigeria Halts Wood Exports, Revokes Licences in New Anti-Deforestation Push

    2025-12-18 00:00:00

    In a report by Punch, the Federal Government has imposed a ban on the export of wood and allied products while revoking relevant licences, citing forest depletion and environmental damage.

    The policy is positioned as a clampdown on unsustainable logging and a bid to curb deforestation, with authorities expected to tighten enforcement at ports and along known timber routes.

    Industry players will be watching whether government pairs the restrictions with traceability standards and incentives for legal forestry and replanting.

    BusinessDay reported that the government “revoked licences” and moved to halt exports in a bid to curb forest loss. (BusinessDay)

    Vanguard also reported the ban and framed it as part of a broader strategy to curb deforestation and environmental degradation. (Vanguard)

    Analysis/Echotitbits take: Export bans can slow illegal extraction, but enforcement is the real test—especially with long supply chains linking rural loggers to coastal ports. Watch for compliance mechanisms, penalties, and whether legal timber producers get a clear pathway to operate sustainably.

    Source: Punch — December 18, 2025 (https://www.vanguardngr.com/2025/12/deforestation-fg-slams-total-ban-on-wood-export-revokes-all-existing-licenses/)

    Photo credit: Vanguard News

  • Senate Advances Overhaul of Nigeria’s Audit Framework With Updated Federal Audit Bill

    Senate Advances Overhaul of Nigeria’s Audit Framework With Updated Federal Audit Bill

    2025-12-18 00:00:00

    The Nation reports that the Senate has concluded work on amendments aimed at replacing the decades-old audit framework, with lawmakers advancing a Federal Audit Service Bill meant to strengthen oversight and public sector accountability.

    The report says the legislation updates Nigeria’s audit architecture and could impact how ministries, departments, and agencies are scrutinised, especially around procurement and project execution.

    Supporters argue the reform is overdue, while critics insist effective enforcement will matter more than new legal text.

    Punch reported that the Senate concluded consideration of the bill, describing it as a move to modernise federal audit structures. (Punch)

    The Guardian similarly covered the development and framed it as a step toward stronger accountability in government spending oversight. (Guardian Nigeria)

    Analysis/Echotitbits take: Modern audit rules can tighten leakages only if institutions are independent and audit findings lead to consequences. Watch the final bill text, implementation timelines, and whether audit reports become more timely and publicly accessible.

    Source: The Nation — December 18, 2025 (https://pmnewsnigeria.com/2025/12/17/senate-concludes-amendment-to-69-year-old-audit-act/)

    Photo credit: PM News Nigeria

    December 18, 2025
  • Nigeria’s 2025 Revenue Gap Hits ₦30tn, Finance Ministry Signals Tougher Budget Choices

    Nigeria’s 2025 Revenue Gap Hits ₦30tn, Finance Ministry Signals Tougher Budget Choices

    Photo Credit: Punch

    2025-12-17

    According to *The Punch*, Nigeria’s Finance Minister Wale Edun says the Federal Government recorded about ₦30 trillion in revenue shortfall in 2025, underscoring how weaker-than-expected inflows are tightening fiscal space.

    The report points to the knock-on effect on budget execution: with revenue underperforming, the government may face sharper trade-offs between debt servicing, capital spending, and core social obligations.

    It also raises questions around the pace of non-oil revenue reforms and the reliability of projected collections as Nigeria navigates inflation, exchange-rate pressures, and a still-fragile recovery.

    Other reporting on the same development includes:
    – Reuters: “Nigeria’s fiscal pressures are intensifying as revenue performance lags spending needs.”
    – Bloomberg: “Officials are weighing additional measures to close the gap as financing costs remain elevated.”

    Analysis/Echotitbits take: A ₦30tn gap is a warning flare for 2026 planning—expect tougher scrutiny of waivers, leakages, and under-remittance. Watch the next FEC/Finance briefings for concrete revenue-side actions and whether spending is reprioritised toward high-multiplier projects.

    Source: The Punch — December 17, 2025 (https://punchng.com/fg-recorded-n30tn-revenue-shortfall-in-2025-edun/)

     

  • Petrol pricing dispute deepens as Dangote pushes for probe of NMDPRA chief

    Petrol pricing dispute deepens as Dangote pushes for probe of NMDPRA chief

    2025-12-15 01:06:00

    According to The Punch, the petrol market dispute between Dangote and the downstream regulator escalated as Dangote called for a probe of the NMDPRA boss, alleging sabotage and impropriety in the ongoing pricing and supply tensions.

    The story outlines claims and counter-claims around access, pricing, and oversight in Nigeria’s post-subsidy downstream landscape, with stakeholders watching for regulatory response.

    The development comes as consumers and marketers track pump prices amid volatility, while policymakers weigh competition and transparency in the sector.

    Analysis/Echotitbits take: This is a credibility test for downstream regulation. The next signals to watch are any official inquiry, clarifications from NMDPRA, and whether the dispute affects depot-to-retail supply or triggers fresh price adjustments.

    Source: THISDAYLIVE — December 15, 2025 — https://www.thisdaylive.com/2025/12/15/dangote-nmdpra-ceo-must-be-probed-prosecuted-for-graft-economic-sabotage/

    Photo credit: THISDAYLIVE

    THISDAYLIVE https://www.thisdaylive.com/2025/12/15/dangote-nmdpra-ceo-must-be-probed-prosecuted-for-graft-economic-sabotage/ December 15, 2025

  • FIRS pushes back on sovereignty fears over France tax cooperation MoU

    FIRS pushes back on sovereignty fears over France tax cooperation MoU

    2025-12-15 08:00:00

    According to The Punch, the Federal Inland Revenue Service (FIRS) said a tax-cooperation MoU with France does not compromise Nigeria’s tax sovereignty amid public debate and calls from some groups to terminate the arrangement.

    The report says FIRS framed the agreement as technical cooperation and capacity support, rather than any transfer of authority over Nigeria’s tax administration.

    Punch notes the controversy underscores rising sensitivity around external partnerships as Nigeria pursues broader revenue and tax reforms.

    Analysis/Echotitbits take: Cross-border tax cooperation can improve enforcement against profit shifting and illicit flows, but trust and transparency are essential. Watch for publication of key MoU terms, parliamentary oversight, and how FIRS explains safeguards on taxpayer data and jurisdiction.

    Source: Business Insider Africa — December 2025

    Business Insider Africa https://africa.businessinsider.com/local/lifestyle/nigeria-signs-tax-data-mou-with-france-raising-sovereignty-concerns/db2qdg7 December 2025