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From N50,000 To 10 Years In Prison: Nigeria’s Tax Act 2026 Sets Toughest Rules Yet.
The new Nigerian Tax Act, scheduled to take effect on January 1, 2026, has been praised for its potential to transform the nation’s economy, promote equity among citizens, enhance the financial capabilities of low- and middle-income earners, and significantly reduce Nigeria’s longstanding infrastructure deficit. According to Nivo News, the Act includes stringent guidelines and penalties designed to ensure compliance and effective enforcement.....KINDLY READ THE FULL STORY HERE▶
Under the Act, failure to register attracts a fine of N50,000 for the first month of default and N25,000 for each subsequent month. VAT return defaults will incur a N100,000 penalty for the first month and N50,000 for each following month. Companies failing to maintain proper books face a N50,000 fine, while refusal to grant access for technology deployment can attract N1,000,000 for the first day of default and N10,000 for each subsequent day. Non-compliance with fiscalisation requirements will result in a N200,000 fine, in addition to 100% of the tax due and interest at the prevailing CBN rate per annum.
The Act also imposes a 40% penalty for failure to deduct tax and N100,000 for failure to make attribution. Those who fail to remit taxes deducted at source or self-accounted are liable to pay the tax owed, along with an administrative penalty of 10% per annum and interest at the prevailing CBN monetary policy rate. Convicted individuals may face imprisonment of up to three years, a fine of no less than the principal tax due plus a penalty of up to 50% of the sum, or both.
Further penalties include N100,000 for failing to attend to demands, notices, or requests on the first day, with N10,000 for each subsequent day. Non-submission of requested tax information incurs N200,000 for the first day of default and N10,000 for each following day. Refusal to comply with obligations to provide information under the Act results in N1,000,000 for the first day and N10,000 for each subsequent day.
Virtual Asset Service Providers (VASPs) who fail to comply face N10,000,000 for the first month and N1,000,000 for each following month, with possible suspension or revocation of SEC operating licenses. Failure to stamp relevant documents incurs 10% of unpaid duty plus interest, while failure to disclose facts in a dutiable instrument leads to N100,000 or, upon conviction, a fine of N50,000, imprisonment of up to three years, or both.
Other offences include fraud related to stamps, impersonation of authorized officers, inducement of officers, obstruction of officials, and the use of weapons during tax-related duties, each carrying fines ranging from N500,000 to N2,000,000, and imprisonment from three to ten years depending on the offence. According to Nivo News, the new Act is one of the most comprehensive frameworks in Nigeria’s fiscal history, aimed at boosting compliance and strengthening revenue generation.
A group of Nigerians has staged a protest at the United Kingdom Parliament, calling for the removal of the Chairman of the Independent National Electoral Commission (INEC) ahead of the 2027 general elections.....KINDLY READ THE FULL STORY HERE▶
The demonstrators reportedly gathered outside the parliamentary complex, expressing dissatisfaction with the leadership of the electoral body in Nigeria and demanding immediate action.
They insisted that the INEC chairman should be removed, alleging concerns over credibility and trust in the electoral process as the country prepares for the next election cycle.
The protest drew attention from passersby and security personnel, as the group maintained their position that electoral reforms and leadership changes were necessary to restore public confidence.
Sir Uyi has responded strongly to critics of his involvement in nightclub businesses, insisting that such ventures represent only a small part of his wider activities.....KINDLY READ THE FULL STORY HERE▶
In a firm reaction to recent criticism linked to Vaniti, he stated that people are focusing too much on his nightlife businesses while ignoring other aspects of his work and achievements.
He stressed that his nightclub operations do not define his entire identity or professional portfolio, adding that he is involved in several other ventures beyond entertainment and hospitality.
According to him, the criticism reflects a narrow perception of what he does, and he believes his broader contributions are being overlooked.
Sir Uyi maintained that he remains focused on his various commitments despite public scrutiny surrounding his nightlife business interests.
The Benue State Police Command has confirmed the arrest of seven suspected militia herdsmen in connection with the abduction of passengers travelling in an 18-seater Benue Links bus along the Makurdi–Otukpo road last Wednesday.....KINDLY READ THE FULL STORY HERE▶
The victims, which included candidates of the Joint Admissions and Matriculation Board (JAMB) heading to Otukpo for their examinations, have all been successfully rescued.
Speaking while briefing Governor Hyacinth Alia in Makurdi during the presentation of the freed victims, the Commissioner of Police, Ifeanyi Emenari, said the rescue operation was achieved through coordinated efforts of multiple security agencies.
He explained that five of the abducted passengers were first released, while the remaining 13 were rescued on Sunday morning without injuries.
According to him, the combined pressure from security forces, supported by the state government and the Inspector-General of Police, led to the successful outcome of the operation.
Emenari further disclosed that eight suspects are currently in custody, adding that seven of them are strongly linked to the kidnapping incident, with some victims already identifying them.
He also noted that clearance operations have begun across forest areas in the state to flush out criminal groups, in line with directives from security authorities.
Governor Hyacinth Alia, while receiving the rescued passengers, expressed concern over rising cases of kidnapping in the state but welcomed the safe return of all 18 victims.
He confirmed that among those rescued were eight candidates on their way to write examinations, and called on the Joint Admissions and Matriculation Board (JAMB) to reschedule the affected exams for them.
The governor assured that the state government remains committed to supporting the victims and strengthening security across Benue State, while also urging residents to provide credible information to security agencies.
He further directed the state health authorities to conduct medical evaluations for all rescued persons and promised government support for those affected.
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