The Lead Story
Ready or Not, Here Comes 2026
The clock is ticking toward January 1, when Nigeria’s first fully consolidated Tax Code in decades officially kicks in. Former FIRS executive chairman Ifueko Okauru used the AIESEC Alumni Congress podium to deliver a simple warning: "Read the laws, or risk nasty surprises," Punch reports.
What’s in the 1,200-page bundle? Four reform statutes,Nigeria Tax Act, Tax Administration Act, Revenue Service Act, and Joint Revenue Board Act, all signed in June. Together they promise to streamline levies and squash the multiple-taxation maze that has haunted businesses for years.
But the overhaul isn’t all kumbaya. Business leader Dele Kelvin Oye says the package could “cripple competitiveness” by tripling corporate Capital Gains Tax to 30 %, layering on a 4 % Development Levy, and imposing a 15 % minimum effective tax rate for multinationals, according to The Guardian. He warns of capital flight just when Nigeria needs fresh inflows.
The reaction was swift. Committee chair Taiwo Oyedele countered on ThisDay that higher CGT won’t erode Nigeria’s allure, arguing the reforms finally deliver certainty and fairness. Meanwhile, the National Orientation Agency (NOA) has mobilised its 200-plus radio partners to battle misinformation, stressing the law will “end double taxation for everyday traders,” Voice of Nigeria notes.
Bottom line: Whether you cheer the simplification or fear the new rates, January is coming, and ignorance won’t be a defence.
Around the Tax World
• NOA hits the road: The agency pledged nationwide town halls and AI-powered chatbots to explain the Tax Act before launch ( Guardian ).
• FIRS flips the switch: The service plans a three-day IT shutdown this week to migrate data to the new platform, expect e-filing downtime ( Chronicle ).
• Aviation plea: Airlines asked Abuja for single-digit loans and tax waivers to cushion fuel costs even as new levies loom ( Radio Nigeria ).
• Banking shake-up: First HoldCo’s ₦450.9 bn nine-month profit survived a merchant-bank divestment, showing that deal-making still thrives under tighter compliance rules ( The Whistler ).
Tax Stat of the Day
30 %, the new corporate Capital Gains Tax rate, up from 10 %, making Nigeria’s CGT the highest in West Africa (Guardian).
Looking Ahead
All eyes are now on the Federal Inland Revenue Service’s updated guidelines,expected mid-December,to clarify filing mechanics before the New Year bell rings.