Log in or register
Share on LinkedInShare on LinkedIn

ARTICLE · 19 APRIL 2022

Nigeria Tax Issues: Key Changes Under The Finance Act 2021

SPA Ajibade & Co
Explore more from SPA Ajibade & Co

Consistent with a pattern of enacting an annual Finance Act, President Muhammadu Buhari on 31st December 2021 signed the Finance Act 2021 ("FA21") which took effect from 1st January 2022.

NigeriaTax
Olukolade O. Ehinmosan
Olukolade O. Ehinmosan
Oluwafunbi Ajayi
Oluwafunbi Ajayi
Author LinkedIn connections

Olukolade Ehinmosan1, Oluwafunbi Ajayi2

INTRODUCTION

Consistent with a pattern of enacting an annual Finance Act, President Muhammadu Buhari on 31st December 2021 signed the Finance Act 2021 ("FA21") which took effect from 1st January 2022.

The FA21 typically amended various existing tax laws and regulatory legislations in Nigeria, such as the Capital Gains Tax Act, the Companies Income Tax Act, the Value added Tax Act, the Customs and Excise Tariff (Consolidation) Act, the Tertiary Education Trust Fund Act, the Federal Inland Revenue Service (Establishment) Act, the Nigerian Police Trust Fund Act, the National Agency for Science and Engineering Infrastructure Act, the Finance (Control and Management) Act, the Fiscal Responsibility Act amongst others.

We operate a free-to-view policy, asking only that you register in order to read all of our content. Please login or register to view the rest of this article.

Register for freeORLog in

The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.

Related Articles

Legal Intelligence Newsletters: sign up for the latest legal and regulatory news on your chosen topics

Read more about

Related Comparative Guides

See more popular content from

Article

Nigeria Tax Reforms For Non-Residents: Expatriate & Foreign Company Guide

Nigeria's 2025 Tax Reform Acts introduce sweeping changes for non-residents, foreign investors, and expatriates operating in or deriving income from Nigeria. From expanded Permanent Establishment rules and Significant Economic Presence thresholds to mandatory VAT registration for offshore suppliers and Capital Gains Tax on indirect share transfers, the new framework fundamentally reshapes cross-border tax obligations. Understanding these provisions and taking proactive compliance steps is now essential for
NigeriaTax
Adeola Oyinlade & Co
Adeola Oyinlade & Co
Article

Examination Of The Value Added Tax Provisions Under The Nigeria Tax Act, 2025

On June 26, 2025, President Bola Ahmed Tinubu signed four transformative tax bills into law, fundamentally reshaping Nigeria's taxation landscape. The Nigeria Tax Act, 2025 repealed principal taxation legislations, introducing a comprehensive new framework that affects companies and taxpayers across the country. What are the key provisions of this new tax regime and how will it impact businesses operating in Nigeria?
NigeriaTax
Streamsowers & Köhn
Streamsowers & Köhn
Article

When A Signature Becomes A Liability: Understanding The Concept Of Guarantorship Under Nigerian Law

The concept of Guarantorship is often taken for granted in Nigeria. The seemingly small request we now hear from friends, family members or even colleagues can be captured in the following sample appeal: “I collected one small loan, and I need you to be my guarantor. Please just sign here, I already know how to pay back; it will not be a big deal.”
NigeriaCorporate/Commercial Law
SPA Ajibade & Co
SPA Ajibade & Co
Article

Substance, Procedure, And Proof: Unpacking The Supreme Court’s Judgment In Katagum v. Umar & Anor. And Its Effect On Witness Statements On Oath Improperly Sworn Or Signed

Modern legal practice has long evolved beyond witnesses testifying fully in court for their evidence-in-chief.2 To save valuable judicial time by expediting proceedings, and to enhance the due administration of justice, witnesses in civil proceedings now adopt their pre-prepared written statements at trial.
NigeriaLitigation, Mediation & Arbitration
SPA Ajibade & Co
SPA Ajibade & Co
Article

Nigeria Strengthens Cloud Governance And Sovereign Cloud Development

The National Information Technology Development Agency (NITDA) has introduced four key instruments to strengthen Nigeria’s cloud governance, digital infrastructure, and investment landscape: the National Cloud Computing Guideline 2026, National Cloud Technical Guideline 2026, National Digital Infrastructure Assurance Framework (NDIAF), and National Cloud Investment Strategy. The Guidelines, signed by the Director-General of NITDA, Kashifu Inuwa Abdullahi, on 4 August 2026, are scheduled to take effect on 1 January 2027.1
NigeriaGovernment, Public Sector
SPA Ajibade & Co
SPA Ajibade & Co
Article

The Legal Status Of Gas Flaring After The Petroleum Industry Act 2021: Is Routine Flaring Still Indirectly Legal In Nigeria

Gas flaring has been a source of pollution in the Niger Delta region for more than six decades, polluting the atmosphere the soil, and eroding the lives of communities living in one of the most oil-rich regions in Africa. The Nigerian government's efforts at solving this environmental problem have been characterized by delay and capture. The enactment of the Petroleum Industry Act 20212 represents the most ambitious legislative attempt yet to bring routine flaring to an end, through an explicit statutory prohibition, mandatory monetisation planning, and a new institutional architecture anchored around the Nigerian Upstream Petroleum Regulatory Commission.
NigeriaEnergy and Natural Resources
SPA Ajibade & Co
SPA Ajibade & Co
Article

An Overview Of The Economic Valuation Of Intellectual Property Assets

We currently live in an era where the most valuable assets of a corporation may never be seen, touched, or physically inspected. Patents governing life-saving pharmaceutical compounds, trademarks representing decades of consumer trust, software architectures powering digital economies, and trade secrets encoding proprietary processes have displaced machinery, land, and buildings as the primary reservoirs of corporate wealth.
NigeriaIntellectual Property
SPA Ajibade & Co
SPA Ajibade & Co