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Prior to the issuance of the Executive Orders on cost efficiency and project execution timeline, on the average, there was an additional 40% cost premium on petroleum exploration in Nigeria compared to peer countries.

This article explores some of the changes introduced by the new standard in accounting for financial assets and possible tax implications.

All may not be rosy for many companies that are currently enjoying, or have recently enjoyed tax holiday status under the pioneer tax regime.

June 30, 2022 would mark the fourth anniversary of filing transfer pricing (TP) returns under the revised Transfer Pricing (TP) Regulations, 2018 for taxpayers with a December 31 year end.

In Nigeria, every company whether resident or non-resident is subject to the taxation of its income in line with the provisions of the Companies Income Tax Act (CITA).

The Nigerian economy has continued to face the challenge of a remarkably low tax revenue to Gross Domestic Product (GDP) ratio, compared to other economies worldwide.

The Nigeria Transfer Pricing Regulations 2018 include various compliance obligations for taxpayers, one of which is the filing of annual statutory Transfer Pricing returns with the Federal Inland Revenue Service.

One of the highlights of former President Muhammadu Buhari's administration was the annual passage of Finance Acts, to ensure a resilient tax administration, as well as to support the execution ...

The Nigeria Revenue Service (the “NRS”) has announced that its offices nationwide will operate on Saturdays from 8 May to 27 June 2026, between 10:00 a.m. and 3:00 p.m.

One of the best legacies of this administration is the implementation of the framework for annual review of Nigeria's tax laws to keep up with changing global economic landscape.

Road infrastructure is one basic and critical factor that shapes the face of development in every economy.

Africa is said to be the world's last economic frontier and massive potential for economic growth abounds on the continent.

Conducting business in Nigeria may present a range of complexities, particularly for companies engaged in cross-border transactions.

Providing the right infrastructure required for sustainable growth and development is always a challenge even for developed countries.

On 31 December 2020, the President signed the Finance Bill, 2020 (now Finance Act, 2020) into law, alongside the 2021 Appropriation Act.

The Federal Inland Revenue Service (FIRS or "the Service") recently published the Non-Interest Finance (Taxation) Regulations 2022 ("the Regulations"), which provide a framework...

On Friday, September 27, 2019, the Tax Appeal Tribunal, Lagos Zone ("TAT" or the "Tribunal") held, inter alia, that where the action of a tax authority purports to make an assessment final and conclusive.

It is expected that the draft Executive Orders and Bills will be exposed for engagement of key stakeholders while being considered by the Federal Executive Council and before they are presented to the National assembly.