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Tax Compliance in Nigeria Tax administration in Nigeria is handled by: Federal Inland Revenue Service (FIRS) – handles federal taxes (company income tax, VAT, etc.). State Internal Revenue Service (SIRS) – handles personal income tax (for sole proprietors and employees). Taxes You May Need to Pay: Apply for a TIN (free) from FIRS. Required for…
Financial analysis helps investors evaluate the value, performance, and risks of an investment before committing money. It goes bey”ond surface-level numbers to reveal a company’s true financial health. By analyzing revenue growth, profit margins, and cash flow, investors can determine if a company is financially strong enough to deliver good returns. Example: Comparing two companies…
customers to question quality. volume, and profitability.
Economist and founder of Awabah, Tunji Andrews, asserts that the Nigerian insurance sector is on the brink of significant change following the implementation of the Nigerian Insurance Industry Reform Act (NIIRA) 2025. Enacted earlier this month by President Bola Tinubu, this legislation brings forth extensive modifications designed to modernize the industry, enhance regulatory supervision, and…
Kashifu Inuwa, the Director-General of the National Information Technology Development Agency (NITDA), has articulated the rationale behind his team’s recommendation for the Nigeria Bureau of Statistics (NBS) to update the Information and Communications Technology (ICT) sector’s measurements. Inuwa emphasized that the NBS’s adjustment of the ICT GDP was essential due to the digital economy’s integration within every facet of the Nigerian economy. He shared these insights on Wednesday while serving as the keynote speaker at the 3rd Annual Economic Confidential Lecture & PRNigeria Book Presentation focused on the theme ‘AGENDA FOR A DIGITAL GLOBAL ECONOMY.’ Interplay of Digital Economy and Nigeria’s EconomyInuwa explained that there was no such thing as a digital economy standing on its own, but rather digital technology remains a tool that can power the Nigerian economy.“If you think of agriculture, healthcare, education, finance—today they all rely on digital. Therefore, we also push for…
The Federal Government has said that many federal workers cannot access its housing loan schemes because their salaries are already burdened by deductions from multiple loans taken from commercial lenders. Executive Secretary of the Federal Government Staff Housing Loans Board, Hajiya Salamatu Ahmed, made this known at the Permanent Secretaries’ Quarterly Forum with Union Leaders,…
With reference to the All-Share Index, the Nigerian stock market concluded on a high note on August 26, adding 321.59 points and extending its upward momentum for the third consecutive session after a week of declines. Ending the day at 141,761.36, up from an opening of 141,439.77, the index grew by 0.23%, resulting in a…
On Thursday, Bank of Japan board member Junko Nakagawa expressed concerns that ongoing ambiguity related to U.S. tariff regulations could negatively impact corporate and consumer confidence, potentially hampering both the Japanese and global economies. Nakagawa remarked in a speech available on the BOJ’s website that although a trade deal has been established between Japan and…
China has donated $1 million to Nigeria to support affected by the recent devastating floods. The donation was formalised on Wednesday in Abuja through a signing ceremony between the Chinese government and Nigeria’s Ministry of Budget and Economic Planning, as reported by the News Agency of Nigeria (NAN). At the event, Chinese Ambassador to Nigeria,…
The naira yesterday recorded further weakness against the United States dollar, with the margin between the official and parallel market exchange rates widening to N13 per dollar. Figures from the Nigerian Foreign Exchange Market (NFEM) showed that the naira closed at N1,537 per dollar, a one-kobo depreciation from Monday’s N1,536.99 per dollar. In contrast, the…
