Echotitbits – Nigeria News

Tag: revenue mobilisation

  • Sokoto begins strict enforcement of monthly tax filing with penalties for defaulters

    Sokoto begins strict enforcement of monthly tax filing with penalties for defaulters

    Figures cited by Punch show Sokoto State’s revenue service is pushing full compliance on monthly tax filings for taxable persons starting January 2026, warning that penalties will apply for non-compliance.

    The policy is positioned as a compliance reset—bringing more individuals and businesses into regular filing, tightening documentation, and strengthening the state’s ability to plan and enforce revenue rules.

    The enforcement angle extends to public contracting, where tax registration is expected to become a more visible compliance gate for suppliers.

    For SMEs and informal operators, the practical issue is capacity: monthly filing needs simple processes and predictable treatment to avoid turning compliance into harassment.

    Punch also highlighted an enforcement detail that statutory bodies or companies awarding contracts to unregistered persons risk a “₦5 million” penalty. Another Punch recap echoed the state IRS announced “full enforcement of compulsory monthly tax filings.”

    Echotitbits take: This succeeds only if enforcement is paired with ease—online filing, helpdesks, clear templates, and dispute resolution. Watch whether the net broadens or the pressure just shifts to already-compliant taxpayers.

    Source: Punch – https://punchng.com/sokoto-irs-begins-enforcement-of-compulsory-monthly-tax-filings/  January 7, 2026
    Punch January 7, 2026

    Photo Credit: Punch Newspapers

  • Enugu sets N870bn IGR target for 2026 as agencies are told to ramp up collections

    Enugu sets N870bn IGR target for 2026 as agencies are told to ramp up collections

    In a report by ThisDay, Enugu Governor Peter Mbah set an N870 billion internally generated revenue target for 2026, urging MDAs to intensify revenue mobilisation amid global uncertainty.

    The target is positioned as a core funding pillar for the state’s programme, implying stronger compliance drives, more automation, and broader clarity on what qualifies as collectible revenue.

    The funding mix also points to the continuing role of FAAC allocations and capital receipts, but with IGR expected to carry a heavier share of budget ambition.

    If pursued aggressively, the tension will be balancing expansion of the tax net with maintaining a business-friendly environment that doesn’t choke SMEs and investment.

    The Guardian noted the governor’s funding mix includes “N870 billion IGR” alongside other streams, while The Sun also reported the same direction around the N870bn target tied to the 2026 budget framework.

    Echotitbits take: Enugu’s ambition is plausible only with digitised collections, fewer leakages, and clearer taxpayer services. Watch reforms in land administration, transport levies, and business licensing—the fastest IGR accelerators and the most abused if not controlled.

    Source: The Punch – https://punchng.com/mbah-urges-agencies-to-boost-revenue-meet-budget-target/ January 7, 2026
    The Punch  January 7, 2026

    Photo Credit: The Punch

  • Nigeria’s revenue agency rebrands as Nigeria Revenue Service, unveils new logo

    Nigeria’s revenue agency rebrands as Nigeria Revenue Service, unveils new logo

    2026-01-01 07:05:00
    According to Punch, Nigeria’s former Federal Inland Revenue Service has formally transitioned to the Nigeria Revenue Service (NRS) and unveiled a new corporate identity as part of a wider revenue-administration overhaul.

    The agency’s leadership framed the change as more than a cosmetic update—positioning it as a unified, service-focused revenue authority aligned with Nigeria’s economic transformation agenda.

    The rollout is linked to the legal framework establishing the NRS, with expectations of improved efficiency, transparency and taxpayer-facing service upgrades.

    The Guardian Nigeria also described the rebrand as “an important milestone in the evolution of Nigeria’s revenue administration framework.”

    Leadership similarly reported the agency “unveils official logo” as it transmutes into the NRS.

    Echotitbits take:

    The real test isn’t branding—it’s delivery. Watch for clearer taxpayer guidance, faster dispute resolution, smarter digital enforcement, and proof that reforms expand the tax net without punishing already-compliant businesses.

    Source: The Punch — January 1, 2026 (https://punchng.com/nigeria-revenue-service-replaces-firs-unveils-new-logo/)

    The Punch 2026-01-01

    Photo Credit: The Punch

  • Tinubu doubles down: Nigeria’s new tax laws kick off January 1

    Tinubu doubles down: Nigeria’s new tax laws kick off January 1

    2025-12-31 08:00:00

    According to PUNCH, President Bola Tinubu said the new tax laws will begin on January 1, 2026, insisting the government is moving ahead despite lingering debate around implementation and potential pushback from some quarters.

    The presidency’s line is that the reforms are designed to modernise the tax system, widen the base, and improve collection efficiency—while reducing leakages and uncertainty that have long weakened fiscal planning.

    Officials also framed the rollout as part of a broader reform bundle meant to stabilise the economy and strengthen public finances, with the administration urging stakeholders to focus on execution rather than delay.

    Premium Times also reported Tinubu calling the reforms a “once-in-a-generation opportunity,” while Reuters quoted him saying “No substantial issue should cause us to renege on a programme that will benefit our economy.”

    Validation: Premium Times said “once-in-a-generation opportunity” and Reuters reported “No substantial issue should cause us to renege on a programme that will benefit our economy.”

    Echotitbits take: This is the kind of policy moment where the headline is easy, but the real story is implementation. Watch for the early guidance notes, compliance timelines, and how disputes (if any) are resolved without undermining confidence.

    Source: Lindaikejisblog — 31 December 2025 (https://www.lindaikejisblog.com/2025/12/president-tinubu-insists-new-tax-law-to-commence-january-1-2026.html)

    Lindaikejisblog 31 December 2025

    Photo Credit: Lindaikejisblog

  • FG’s Deficit Funding: N6.1trn Raised Locally in Six Months

    FG’s Deficit Funding: N6.1trn Raised Locally in Six Months

    Photo Credit: The Punch
    2025-12-25 09:10:00

    In a budget-performance update cited by The Punch, Nigeria’s federal government reportedly raised about N6.10 trillion from domestic sources in the first half of 2025 to help plug a wide fiscal gap. The report points to a deficit of roughly N5.70 trillion, with financing largely driven by local borrowing instruments.

    The same performance data indicates debt service pressure remains heavy, with large outflows to service obligations even as revenues lag spending needs. That combination—high deficits and high debt service—continues to compress fiscal space for social and capital priorities.

    The report also suggests the borrowing mix leaned heavily on bonds and other local issuances, reinforcing the concern that domestic credit may be crowded toward government paper instead of private-sector lending.

    Corroborating the same Budget Office picture, another outlet reported the government had to finance the deficit through “domestic borrowing… of N5.70tn” and proceeds including “privatisation… N64.92bn,” while a separate report noted “debt service was N4.44tn,” underscoring the weight of repayments in the fiscal structure.

    Echotitbits take: Nigeria’s deficit story is increasingly a debt-service story. Watch for (1) whether revenue reforms lift the non-oil base fast enough, and (2) whether domestic borrowing costs ease—because a sustained high-rate environment makes deficits more expensive and squeezes development spending.

    Source: The Punch — December 25, 2025 (https://punchng.com/budget-deficit-fg-raises-n6tn-locally-in-six-months/)

    The Punch 2025-12-25

  • Experts say Lagos could unlock ₦1tn yearly from property tax—if data gets fixed

    Experts say Lagos could unlock ₦1tn yearly from property tax—if data gets fixed

    Photo Credit: The Punch
    2025-12-24 07:33:00

    Figures cited by PUNCH show that Lagos could generate as much as ₦1 trillion annually from property tax if the state builds credible property registers, accurate valuations, and transparent enforcement systems.

    Speakers at a tax reform summit argued that property tax is one of the most stable revenue anchors because it grows with urban development and is harder to evade when the register is accurate.

    The policy push is shifting from rhetoric to implementation—enumeration, valuation, harmonisation, and building trust that revenue collected translates into visible public services.

    Taiwo Oyedele said: “Property taxation is one of the most underutilised yet stable revenue sources available to states and local governments.” Governor Babajide Sanwo-Olu added: “Taxation is ultimately a social contract. People comply willingly when they trust that the government is responsible, accountable, and responsive.”

    Echotitbits take: The upside is huge, but the politics are delicate. Watch for a transparent register, clear rates, dispute-resolution for valuations, and visible reinvestment in services—otherwise compliance will be resisted.

    Source: The Punch— December 24, 2025 (https://punchng.com/lagos-can-generate-n1tn-yearly-from-property-tax-oyedele/)
    The Punch 2025-12-24

  • FIRS moves to make NIN and CAC numbers the backbone of Nigeria’s tax IDs

    FIRS moves to make NIN and CAC numbers the backbone of Nigeria’s tax IDs

    Photo Credit: The Nation
    2025-12-24 06:12:00

    Reporting by The Nation indicates the Federal Inland Revenue Service (FIRS) is pushing a unified identity approach for taxation—where individuals’ NIN and companies’ CAC registration numbers function as the primary tax identifiers.

    The change is positioned as a cleanup of Nigeria’s fragmented tax identity ecosystem—multiple identifiers, inconsistent databases, and loopholes that make compliance tracking and enforcement harder.

    By linking tax identity to the national identity system and corporate registry, authorities say they can reduce duplication, improve taxpayer coverage, and make it harder to “disappear” across systems.

    For individuals and businesses, the biggest shift is conceptual: you’re expected to treat your NIN/CAC number as your tax identity anchor, with tax records mapped to that single ID across agencies.

    The Guardian quoted FIRS: “For individuals, your NIN automatically serves as your Tax ID… You do not need a physical card,” and Channels TV echoed the same clarification: “You do not need a physical card; the Tax ID is a unique number linked directly to your identity.”

    Echotitbits take: This can either tighten compliance or widen mistrust, depending on how transparently it’s implemented. Watch for data-protection safeguards, dispute-resolution for wrong linkages, and whether state tax authorities harmonise—or keep parallel systems that recreate confusion.

    Source: The Nation — December 23, 2025 (https://thenationonlineng.net/nin-becomes-automatic-tax-id/)
    The Nation 2025-12-23