In response to the new tax laws, the Nigerian Revenue Service, formally Federal Inland Revenue Service (FIRS) and the Office of the Accountant-General of the Federation (OAGF) have moved to enhance tax compliance across public institutions in Nigeria.
The collaboration was formalised during a two-day stakeholders’ engagement held in Abuja on Thursday.
The event themed “Enhancing Tax Compliance through Collaboration,” led by the Executive Chairman of the NRS, Dr. Zacch Adedeji, was attended by the Minister of Finance, the Accountant-General of the Federation, top directors from the OAGF, technical teams from GIFMIS and TaxPro MAX.
The event served as a strategic platform to address lapses in tax remittances, especially regarding Withholding Tax, VAT, and Stamp Duties by Ministries, Departments, and Agencies (MDAs).
The forum aimed to tackle these issues by fostering institutional collaboration, bridging knowledge gaps, and aligning financial systems for better revenue performance.
Through a series of strategic sessions, the engagement explored the NRS 2025 Strategic Roadmap, conducted technical deep-dives into key tax regimes, and hosted panel discussions on operational inefficiencies and institutional culture.
Emphasis was placed on leveraging technology and education to drive sustainable compliance.
In his remarks, Adedeji emphasised that the success of Nigeria’s revenue drive depends on the tax compliance of its own institutions.
“When government institutions are tax-compliant, the message it sends to the private sector is powerful – “that no one is above the law, and that transparency begins at home,” he stated.
CBN to cut interest by 25 basis points – Expert
BY SAM OTUONYE
Economist and chief executive of Financial Derivatives Company, Bismark Rewane, has said that the Central Bank of Nigeria Monetary Policy Committee may cut the interest rate by 25 basis points in its next meeting.
Rewane disclosed this on Thursday while answering questions on a news platform.
He explained that while global inflation is increasing Nigerian global inflation is decreasing.
“I think there will be a cut of 25 basis points. Why do I say that? It is because global inflation has increased and Nigeria’s inflation is declining. Depending on what methodology is used. Even if the old methodology is used,” he stated.
According to him, the Nigerian currency, the naira, is in good shape at N1,530 per dollar as of Thursday.
His comments come as Nigerian inflation dropped to 22.22 percent, according to the National Bureau of Statistics data released on Wednesday.
Recall that CBN fixed the 21st and 22nd for its MPC meeting to decide on Nigeria’s interest rate, which stood at 27.50 percent as of today(Thursday).