President Tinubu has signed Nigeria’s tax reform bills into law. The four tax reform bills are; Nigeria Tax Bill (Fair Taxation) Nigeria Tax Administration Bill Nigeria Revenue Service (Establishment) Bill Joint Revenue Board (Establishment) Bill The reform seeks to increase investor confidence, improve the tax system’s efficiency, and boost the economy. Download Nigeria Tax Act …
The Nigerian Investment Promotion Commission (NIPC) aims to boost and coordinate the participation of foreign businesses in the country. On 2 September 2024, NIPC issued a revised service fee schedule for business registration and pioneer status incentives in Nigeria. The new fees will apply from October 1 2024. NIPC has also introduced a fee for…
BRC Publication contains an investor’s guide to doing business in Nigeria in 2024. The document is a general guide for foreign investors who intend to establish a new business in Nigeria, Western Africa. It contain the different phases as well as type of business to start considering preference, skills, and funding requirements. To download the publication,…
The document is a general guide for foreign investors who intend to establish a new business in Nigeria, Western Africa. Country Profile: Population (2024): 229,152,217 Area: 923,768 square km Capital: Abuja Political system: Presidential GDP/capita (2024): $1,087.89 Currency: Naira (NGN) Language: English Key ethnic groups: Igbo, Yoruba, Hausa ISO Code: NGA Telephone code: +234 Nominal…
President Bola Ahmed Tinubu has signed four (4) Executive Orders to suspend provisions in the Finance Act (FA) 2023 and the Fiscal Policy Measures 2023. Details of the Executive Order are: Finance Act (Effective Date Variation) Order, 2023 shows a new commencement date of the FA 2023 as September 1 2023 rather than the initial…
On 7 December 2021, President Muhammadu Buhari released the Finance Bill 2021 (FB 2021) to the National Assembly for passage. Finance Bill 2021 seeks to amend and introduce relevant tax and fiscal laws for macroeconomic policy reforms and public financial management of Nigeria. FB 2021 proposes changes to some provisions in twelve (12) laws. They…
President Buhari signed the Petroleum Industry Act (PIA) 2021 into law on the 16th of August 2021. PIA contains five chapters. First chapter looks at the Governance and Institutions. Second chapter 2 covers the Administration while the third chapter 3 discusses Host Communities Development. Chapter 4 provides the fiscal framework for the petroleum industry. The…
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 2020 amends some provisions in fourteen laws and creates a new Act. They are Capital Gains Tax Act Companies…
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 expenditure was NGN13.08 trillion. Revised total expenditure is NGN13.58 trillion, while the revenue remains unchanged at NGN7.886 trillion. Two main…
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 stop police brutality in Nigeria as well as to seek political and economic reforms. The peaceful movement in October 2020…