There’s a recent update to fifteen laws covering tax as well as non-tax laws in Nigeria. On 31 December 2020, President Muhammadu Buhari approved the 2021 Appropriation Bill and Finance Act 2020. The Finance Act…
The Nigerian Senate passed the 2021 Budget containing an additional expenditure of NGN505billion (+3.84%) on 21 December 2020. President Buhari presented the 2021 Budget to the National Assembly in October 2020, and the amount for…
While Nigeria was trying to recover from the economic disruption from the COVID-19 pandemic, another nationwide lockdown emerged in October 2020. The lockdown was an outcome of the EndSARS protest. EndSARS is a movement to…
On 8 October 2020, President Mohammadu Buhari presented the 2021 Budget to the National Assembly. The estimate for expenditure is NGN13.082 trillion, while revenue is NGN7.886 trillion. The fiscal deficit is NGN5.196 trillion: an increase…
Further to the tensions of Lagosians on the exorbitant rates for land use charge, the Lagos State Government has issued a reform that will ease the financial burden of residents. The Lagos State Government (LASG)…
The COVID-19 pandemic has changed the way businesses sustain their operations; likewise, the tax and regulatory authorities. A tax authority may choose from two options in the post COVID-19 economy. Option 1: Maintain status-quo and…
Nigerian President has approved the waiver of Value Added Tax (VAT) and import duty for essential medical equipment and supplies. It takes effect from May 1, 2020, and is valid for an initial period of…
The Federal Inland Revenue Service (FIRS) has announced extra tax concessions in response to COVID-19. Option to pay tax in Naira: Tax is payable in the currency of the transaction. For transactions in foreign currency,…
Apart from being the end of Quarter 1 2020, March 2020 was a defining moment in the Nigerian tax system. Tax and regulatory authorities had to issue various concessions due to the COVID-19 pandemic. In…
Lagos State Government has released Lagos State Infectious Diseases (Emergency Prevention) Regulations 2020 (the Regulation). The Regulation aims to prevent and lower the spread of COVID-19 in Lagos State. COVID-19, also referred to as Coronavirus,…
As at 31 March 2020, Nigeria confirmed 139 cases of coronavirus (COVID-19). The pandemic reduced the level of economic activities in Nigeria within a couple of days. Businesses and individuals providing non-essential goods as well…
President Muhammadu Buhari signed the 2020 Budget into law on 17 December 2019 within two months after the first presentation at the National Assembly. The 2020 Budget shows a total expenditure of ₦10.59 trillion while…