The former agency responsible for tax collection in Nigeria, now merged into the Nigeria Revenue Service.
How Nigeria plans to use banks and fintechs to recover tax debt
From 2026, banks and fintechs will serve as debt recovery agents for Nigeria's tax authority under the new Nigeria Tax Administration Act, 2025. The Federal Inland Revenue Service (FIRS) has been replaced by the Nigeria Revenue Service (NRS), marking a significant overhaul in tax administration.
Nigeria targets tax leakages with real-time VAT platform
FIRS launched a real-time transaction monitoring portal for VAT oversight. The new system mandates integration from banks, fintechs, and payment service providers.
Condia Insider: How Nigeria’s new tax law will affect you
President Tinubu signed four major tax reform bills to overhaul Nigeria's tax system. The reforms include modernizing VAT with real-time e-invoicing and zero-rating essential goods.
Nigeria sues Binance for $81.5bn, 30% over the exchange's valuation
Nigeria's FIRS has filed a lawsuit against Binance for $81.5 billion, including $79.5 billion for economic losses and $2 billion in back taxes. The lawsuit alleges that Binance operated without proper registration and failed to comply with Nigerian tax laws.
Nigeria Prepares for Comprehensive Tax Reform, Including Cryptocurrency Regulation
The Nigerian government plans to introduce new tax legislation by September 2024, including regulations for the cryptocurrency industry. The Federal Inland Revenue Service (FIRS) aims to streamline revenue administration and simplify tax laws.
