Echotitbits – Nigeria News

Tag: Revenue

  • Customs Intercepts N3.3 Billion Contraband in South-West Operations

    Customs Intercepts N3.3 Billion Contraband in South-West Operations

    The Nigeria Customs Service (NCS) has recorded a significant breakthrough in its anti-smuggling campaign, seizing contraband valued at N3.32 billion within the last five weeks. According to Vanguard, the Federal Operations Unit (FOU), Zone ‘A’ in Ikeja, intercepted 144 smuggling attempts across the South-West corridor. The seized items include prohibited pharmaceutical products, foreign parboiled rice, and environmentally hazardous waste such as used refrigerator compressors.

    Reporting by Daily Post indicates that the operations also yielded the rescue of four live pangolins, highlighting the Service’s role in wildlife protection. The Customs Area Controller noted that the seizures were made possible through intelligence-led operations and increased surveillance at border points. Leadership validated these claims, quoting the Controller who said: “Our officers remain vigilant against those who seek to undermine our economy and the health of our citizens through illicit trade.”

    In an update published by The Nation, the NCS confirmed that several suspects were apprehended during the raids and are currently assisting with investigations. The report cited a spokesperson from the National Drug Law Enforcement Agency (NDLEA), who praised the synergy between the agencies: “The collaboration between Customs and NDLEA is crucial in choking the supply chains of narcotics and dangerous substances entering the country.”

    Echotitbits take:

    The sheer volume of these seizures reflects both the persistence of smugglers and the increasing effectiveness of the Customs Service’s tactical units. The inclusion of wildlife and hazardous waste shows a broadening of the NCS mandate beyond just revenue collection. Watch for a possible hike in the price of certain black-market goods as these supply routes remain under heavy pressure.

    Source: Vanguard – https://www.vanguardngr.com/2026/02/customs-intercepts-144-smuggling-attempts-seizes-n3-3bn-contraband/, February 9, 2026

    Photo credit: Vanguard

  • Nigerian Banks to Enforce Mandatory Tax ID for All Account Operations

    Nigerian Banks to Enforce Mandatory Tax ID for All Account Operations

    In an update published by Channels TV, Nigerian commercial banks have begun the full enforcement of mandatory Tax Identification Numbers (TIN) for both new and existing account holders. This policy, which stems from the new tax reforms, requires every individual and business to link their bank accounts with their tax records. Failure to comply will result in restricted access to banking services, including transfers and withdrawals, as the government seeks to widen the tax net and track illicit financial flows.

    The Central Bank of Nigeria (CBN) and the FIRS have collaborated on a unified platform that allows for real-time verification of tax IDs. Bank officials have urged customers to update their records immediately to avoid being locked out of the financial system. The policy is also aimed at identifying high-net-worth individuals who have previously evaded taxes while moving large sums of money through the banking sector.

    The enforcement was also documented by The Nation and Vanguard. The Nation reported that “banks have seen a surge in customers visiting branches to link their TINs,” while Vanguard noted that “the move is expected to significantly boost the government’s non-oil revenue.”

    Echotitbits take:

    This is the “no-escape” phase of Nigeria’s tax reform. By linking TIN to bank accounts, the government can now monitor income versus lifestyle in real-time. Watch for a rise in fintech usage and “under-the-mattress” cash holdings as some small businesses try to avoid the digital tax footprint.

    Source: Facebook – https://web.facebook.com/ReportYourself/posts/nigerian-govt-set-make-tax-identification-number-mandatory-for-bank-accounts-fro/1421006479380864/?_rdc=1&_rdr#, January 31, 2026

    Photo credit: Facebook

  • FG projects ₦33.39tn revenue and ₦15.91tn debt service for 2026 fiscal year

    FG projects ₦33.39tn revenue and ₦15.91tn debt service for 2026 fiscal year

    In a report by The Nation, the Federal Government’s 2026 Appropriation Bill projects about ₦33.39 trillion in revenue and sets aside roughly ₦15.91 trillion for debt servicing, highlighting the scale of fiscal pressure.

    The story breaks down projected revenue sources and explains that domestic debt service—often including Central Bank financing—remains a major budget burden.

    Economists warn that a heavy debt-service line can shrink space for infrastructure and social spending, unless revenue performance improves and borrowing costs fall.

    The debate in the National Assembly is expected to focus on realism of revenue assumptions and strategies to reduce recurrent costs and improve tax efficiency without harming growth.

    Echotitbits take: Nigeria’s fiscal stress is now structural: debt service competes with everything. Watch for credible revenue reforms and whether debt management reduces cost, not just raises more borrowing.

    Source: The Nation https://thenationonlineng.net/fg-targets-%E2%82%A633-39trn-revenue-sets-aside-%E2%82%A615-91trn-for-debt-service-in-2026/ 11 January 2026

    The Nation 2026-01-11

    Photo Credit: The Nation

  • Oyedele says tax ID won’t be required for strictly personal bank accounts under new regime

    Oyedele says tax ID won’t be required for strictly personal bank accounts under new regime

    In a clarification reported by Leadership, Taiwo Oyedele said Tax Identification Numbers (TINs) are not required for strictly personal bank accounts, pushing back against misinformation circulating around the new tax regime.

    The explanation is aimed at reducing panic and preventing unnecessary barriers to everyday banking, especially for low-income users and informal-sector participants.

    Policy experts stress that the real issue is how rules are implemented across banks and agencies: unclear guidance can still lead to inconsistent enforcement and customer frustration.

    Stakeholders are calling for a single, authoritative implementation circular—covering thresholds, exemptions and documentation—so banks can apply requirements consistently.

    Echotitbits take: The reform conversation is being distorted by misinformation. Watch for official FAQs, bank circulars and enforcement guidance—those documents will determine lived reality.

    Source: The Punch – https://punchng.com/oyedele-clarifies-tax-id-rules-for-bank-accounts/ 11 January 2026

    The Punch 2026-01-11

    Photo Credit: The Punch

  • New Federal Tax Laws Take Effect With Mandatory Electronic Receipting System

    New Federal Tax Laws Take Effect With Mandatory Electronic Receipting System

    In an update published by AllAfrica, the Federal Government of Nigeria officially commenced the implementation of new tax laws on January 1, 2026. A central feature of this reform is the rollout of a ‘Revenue Optimization Platform’ which makes electronic receipts the only legal proof of payment for federal services.

    The policy aims to eliminate cash leakages and ensure that all royalties, tariffs, and fees are remitted directly to the Treasury Single Account (TSA). This move is part of the broader 2026 Economic Growth Agenda which focuses on deepening domestic value creation and fiscal transparency.

    Vanguard highlighted the urgency of these reforms, noting that ‘revenue without trust is not reform’ and emphasizing the need for public accountability. Additionally, The Guardian reported that the Ministry of Finance is moving to ‘take over CBN development finance functions’ to better align fiscal policy with tax collection goals.

    Echotitbits take: Digitalizing the tax trail is a massive step toward curbing corruption in MDAs. The real test will be the ‘visibility’ the Ministry of Finance gains over daily collections and whether this leads to a tangible reduction in the budget deficit.

    Source: The Guardian — https://guardian.ng/news/new-tax-laws-to-take-effect-jan-1-as-scheduled-presidency/
    The Guardian January 3, 2026

    Photo Credit: The Guardian

  • 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

  • FG projects nearly ₦1.9trn from new 4% Development Levy in 2026 budget year

    FG projects nearly ₦1.9trn from new 4% Development Levy in 2026 budget year

    According to The Punch, the Federal Government is projecting about ₦1.899 trillion from the newly introduced 4% Development Levy in 2026, as the levy begins to feature in budget planning following Nigeria’s 2025 tax reforms.

    Punch reported that the levy is structured as a consolidation mechanism, rolling multiple earmarked levies into one charge on assessable profits, with the aim of simplifying compliance and improving collection efficiency.

    Deloitte’s tax update on the reform package described the measure as an “introduction of 4% development levy to replace the Tertiary Education Tax and various levies,” stressing the compliance and administrative simplification angle.

    EY’s highlights of the Nigeria Tax Act 2025 similarly note that Section 59 replaces several earmarked taxes with a unified 4% development levy on assessable profits (with stated exclusions for certain company categories).

    Analysis/Echotitbits take: The test will be whether “consolidation” actually reduces friction for businesses or simply changes the label on compulsory payments. Watch for implementation guidance, agency handovers (who collects what and when), and whether the levy materially affects investment decisions—especially for sectors that previously paid some of the constituent levies at different effective rates.

    Source: The Punch — 14 Dec 2025 (https://punchng.com/fg-eyes-n1-9tn-from-new-2026-development-levy/)

     

    Photo: Twitter/@atikuabagudu

  • Nigeria’s Oil Output Rises by 35,000 Barrels Per Day in November

    Nigeria’s Oil Output Rises by 35,000 Barrels Per Day in November

    Photo Credit:Punch Newspapers

    Nigeria’s crude oil production increased by 35,000 barrels per day in November, according to new data from industry trackers. The rise reflects modest gains from improved security in some fields and ongoing efforts to tackle theft and pipeline vandalism.

    While still below the country’s full capacity and official quota, the uptick offers slight relief for government revenues and foreign‑exchange inflows. Analysts caution, however, that sustained recovery will require deeper reforms, including infrastructure upgrades, better metering and stricter enforcement against illegal bunkering.

    Source: Punch Newspapers – 12 Dec 2025

    2025-12-12 10:00:00 Punch Newspapers – 12 Dec 2025 2025-12-12

  • Sanwo-Olu Promises Better Service Delivery, Inspects Lagos Revenue House & Multi-agency Building

    Sanwo-Olu Promises Better Service Delivery, Inspects Lagos Revenue House & Multi-agency Building

    In line with his administration’s determination to ensure prompt completion of the projects conceived by Lagos State Government, Governor Babajide Sanwo-Olu has inspected the progress of work at Lagos Revenue House and Multi-agency Building at Alausa, assuring that the projects would be delivered by December 2020.

    Speaking during an unscheduled visit to the two iconic structures, the governor expressed his administration’s determination to reduce the cost of governance and promote inter-communication among agencies through provision of sustainable office infrastructure for its workforce.

    Sanwo-Olu explained that the projects were conceived by the state government out of the twin desire to scale down the incidental costs of premises rentals and accommodate most parastatals of the state within the vicinity of Lagos State’s secretariat.

    The governor noted the need to accommodate the phased delivery of the projects so as to meet the delivery by December 2020.

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    “I have inspected the progress of work at Lagos Revenue House and Multi-agency Building at Alausa.

    “These public buildings will create a better work environment for our workers and enhance workplace productivity when completed.

    “We have an end-of-year completion target and this inspection is in line with our commitment to ensure prompt completion of government projects.

    “The goal is to accommodate Ministries, Departments and Agencies (MDAs) within the vicinity of the state’s secretariat for better service delivery,” Sanwo-Olu said.

    He urged the contractor handing the projects to ensure an early completion of the infrastructure.

    The governor was accompanied on the visit by his Deputy, Obafemi Hamzat; Head of Service, Hakeem Muri-Okunola; Special Adviser to the Governor on Works and Infrastructure, Aramide Oduyoye, and Lagos State Commissioner for Budget, Samuel Egube, among other top government officials.

    Lagos Revenue House (formerly Elephant House) building consists of four wings of seven floors, including a wing of eight floors, while the Multi-agency Building has a multi-storey structure, consisting of three blocks on a total area of site of 2.01 hectares.

    Lagos Revenue House is located at the Central Business District Ikeja. When completed, it’s proposed to accommodate all government agencies involved with revenue generations in the state.

    The project comprises four wings – A, B, C and D, with three of the wings consisting of seven floors and D with eight floors. Some of the facilities provided in the building are borehole water, storage tank, water treatment plant, central sewage treatment plants and pumping machines.

    Other ancillary facilities include: four gate houses, a generator house, a central open courtyard, four lifts, offices, toilets and other conveniences.

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    On the other hand, the Multi-agency Building comprises two blocks (A and C) of five floors and one Block B of eight floors with Pent House on each of the last floors for conference and meeting spaces.

    The ground and first floors are designed to accommodate car parks, while the second to seventh floors are designed as office accommodation.

    Others features include in the project are: two elevators per block, canteen and kitchens for each block, conveniences, central air conditioning systems and tamp concrete finishes for the carport, among others.

    Photos:

    Idowu Sowunmi