Oil and gas royalty collections by the Nigeria Revenue Service (NRS) surged by ₦220.09 billion in February 2026, marking an 87.6% increase from January, following the implementation of Executive Order 9, which centralised revenue collection in the sector. Federation Account Allocation Committee (FAAC) data show that royalties rose to ₦471.27 billion in February from ₦251.18…
The Federal Inland Revenue Service (FIRS) has clarified public concerns surrounding its recently signed Memorandum of Understanding (MoU) with France’s Direction Générale des Finances Publiques (DGFiP), stressing that the agreement does not undermine Nigeria’s sovereignty or grant foreign access to the country’s tax data. In a press release issued between December 12 and 13, 2025,…
The House of Representatives on Tuesday held a closed-door session with the Minister of Finance and Coordinating Minister of the Economy, Wale Edun, and the Chairman of the Federal Inland Revenue Service (FIRS), Zacch Adedeji, over the lingering non-payment of indigenous contractors. The meeting, presided over by Speaker Abbas Tajudeen, lasted two hours — from…
The Federal Inland Revenue Service (FIRS) has debunked reports suggesting that Nigerians without a Tax Identification Number (TIN) cannot open or operate bank accounts, describing such claims as misleading. According to Ireporter Online, Arabinrin Aderonke Atoyebi, Technical Assistant on Broadcast Media to the FIRS Executive Chairman, Zacch Adedeji, clarified that the nation’s tax administration framework…
The Federal Inland Revenue Service (FIRS) recently engaged stakeholders to focus on the practical application of the 2024 Withholding Tax (WHT) Regulations. The event brought together a diverse group of professionals, including tax consultants, representatives of professional bodies, and compliance experts, to delve into the details of the newly updated WHT framework. According to a…
