Overview of Revenue Collection Costs in Nigeria The Federal Inland Revenue Service (FIRS), Nigeria Customs Service (NCS), and the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) have seen a significant rise in their cost of revenue collection for the first half of 2025. According to data from the National Bureau of Statistics, these agencies collectively retained…
Nigeria Faces Severe Revenue Losses Due to Illicit Financial Flows Nigeria is losing a staggering $18 billion annually due to profit shifting and aggressive tax avoidance by multinational corporations operating within the country. This alarming figure highlights the urgent need for comprehensive reforms to tackle illicit financial flows (IFFs) that are draining the nation’s resources…
New Tax Law in Nigeria: Stricter Penalties for Non-Compliance Nigeria has introduced a significant update to its tax administration system with the enactment of the Nigeria Tax Administration Act, 2025. This new law empowers the Federal Inland Revenue Service (FIRS), now rebranded as the Nigeria Revenue Service (NRS), to impose substantial fines and penalties on…
The Debate Over Capital Gains Tax and Wealth Taxes A leading expert on taxation has called for a re-evaluation of capital gains tax (CGT) as a means to address a significant shortfall in public finances. Arun Advani, who leads the Centre for the Analysis of Taxation think-tank, suggests that adjusting the CGT system could generate…