10 results for “Tax”
At its annual meetings, the International Monetary Fund urged Nigeria to broaden its revenue base beyond oil and redirect subsidy savings to vulnerable households, warning that blanket energy subsidies are expensive, regressive and unsustainable.
The Federation Account Allocation Committee distributed N2.428 trillion to the Federal Government, states and local councils from N3.913 trillion gross revenue for September 2026, with Value Added Tax emerging as the states' single largest allocation source.
Kenya's National Assembly has extended the reduced 8 per cent VAT rate on petroleum products for three months, forgoing about KSh81 billion in revenue to cushion consumers as crude prices rise.
NNPC Limited reported a 33% rise in profit after tax to N7.2 trillion for 2025, even as revenue fell 24%, with crude output at a five-year high of 1.77m bpd.
Nigeria's 36 states and the FCT collected N2.64 trillion in PAYE taxes in 2025, a 40.3% rise, as personal income tax dominated sub-national revenue.
Five leading Nigerian financial institutions reported a combined pre-tax profit of about N2.29 trillion in the first half of 2026, cementing banking's dominance of corporate earnings.
The lender reported N637.6 billion in profit before tax for the six months to June, while after-tax earnings fell and the board proposed a N1.50-per-share interim payout.
Stronger collection is narrowing the gap between the fiscal deficit and its financing.
The group paired a 16.2 percent profit increase with faster deposit growth and a lower cost-to-income ratio in its 2025 accounts.
The sharp month-on-month rebound strengthened state revenue, but comparisons with December require care because deductions and the timing of collections can move between periods.