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…
Nigerian President has signed the Petroleum Industry Bill (PIB) 2020 into law. The PIB aims to reform the oil and gas sector after two decades of deliberation. Though Nigeria relies heavily on oil revenue, the industry was fraught with problems. Over the years, previous administrations had attempted to change the energy industry with no progress….
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…
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 of 4% compared to the prior year’s figure. President Buhari also disclosed that the Honorable Minister of Finance, Budget, and…
Paying taxes is one of the four parameters that need major reform in the Ease of Doing Business in Nigeria. A taxpayer in Nigeria needs 347.4 hours to complete the tax compliance cycle which makes the country ranks as 159th out of 190 economies. Research also shows that a higher amount of government control in…
President Muhammadu Buhari has appointed Muhammad M. Nami, as the new Executive Chairman of the Federal Inland Revenue Service (FIRS). FIRS is responsible for assessing, collecting and accounting for tax and other revenue accruing to the Federal Government of Nigeria. According to the FIRS Establishment Act 2007, the President shall appoint the executive chairman subject…
On 4 November 2019, the Nigerian President assented to the Deep Offshore and Inland Basin Production Sharing Contract (Amendment) Bill 2019. The amended bill reviews the regulation of deep offshore oil fields in Nigeria. Four (4) proposed changes to the Principal Act First (Amendment of Section 5): Substitution of production-based royalty system with a dual…
“To be?” or “Not to be?” “Would President Mohammadu Buhari assent to the National Housing Fund (Establishment) Bill, 2018? That was the question on the lips of the Nigerian masses as they awaited the President’s verdict on the National Housing Fund (Establishment) Bill, 2018 at the Senate’s plenary session of April 2, 2019. The National…