The International Monetary Fund (IMF) has urged Nigeria and other major African economies to strengthen fiscal, monetary and governance reforms as part of efforts to improve economic stability and promote broader-based growth.

In its assessment of reform priorities across eight of the African Union’s largest economies, the IMF identified fiscal reform as a key priority in all but one of the countries reviewed. For Nigeria, the areas highlighted include tax policy, revenue collection, public financial management and more efficient government spending.

The Fund also identified improvements to monetary policy frameworks and policy transmission as priorities for Nigeria, Egypt and Ethiopia. In Nigeria’s case, it said governance reforms should include stronger fiscal transparency, better public financial management and improved anti-corruption measures.

The IMF said stronger domestic revenue mobilisation and more transparent and efficient public spending would help African economies build more resilient institutions. It argued that stronger fiscal and monetary frameworks can support sustainable and inclusive economic growth.

Nigeria’s tax reform agenda

The recommendations come as the Federal Government continues to implement a wide-ranging reform of Nigeria’s tax system. The new framework, which took effect in January 2026, is built around the Nigeria Tax Act, Nigeria Tax Administration Act, Nigeria Revenue Service (Establishment) Act and Joint Revenue Board (Establishment) Act.

The reforms are intended to simplify tax administration, remove overlapping taxes, improve compliance and broaden government revenue. They are also designed to reduce the regulatory and tax burden on smaller businesses.

However, businesses continue to cite taxation as a major operating challenge. The Central Bank of Nigeria’s July 2026 Business Expectations Survey found that 70.8 per cent of respondents identified high and multiple taxation as their biggest constraint, ahead of insecurity and high interest rates.

For the housing and construction sectors, the quality of fiscal policy has direct implications. Developers, contractors and property businesses operate within a wider environment shaped by taxation, public infrastructure spending, interest rates and access to finance. Changes that improve tax administration while reducing unnecessary duplication could affect project costs and investment decisions.

Monetary policy remains a concern

The IMF’s call for stronger monetary policy frameworks follows an aggressive tightening cycle by the Central Bank of Nigeria (CBN) in recent years.

After Olayemi Cardoso became CBN governor in 2023, the bank pursued tighter monetary and liquidity conditions alongside foreign exchange reforms. The measures were aimed at addressing inflationary pressures, strengthening market confidence and improving macroeconomic stability.

The Monetary Policy Rate stood at 18.75 per cent in 2023 before the CBN began raising it in 2024. The benchmark rate increased to 22.75 per cent in February 2024 and eventually reached 27.5 per cent by the end of that year.

The CBN also increased banks’ Cash Reserve Ratio from 32.5 per cent to 45 per cent in early 2024 and later to 50 per cent as part of efforts to reduce excess liquidity.

The policy environment has since moved towards gradual easing as inflationary pressures moderated and economic conditions improved. Presidential aide Tope Fasua has nevertheless argued that the country should reconsider its tight monetary stance, warning that persistently high interest rates could restrict economic expansion without delivering the desired reduction in inflation.

Financing risks and infrastructure

The IMF’s concerns also extend to Nigeria’s approach to sovereign financing. In June, the Fund cautioned the country over plans to raise as much as $5 billion through a derivatives-based financing arrangement with First Abu Dhabi Bank.

The IMF warned that such structures can expose governments to significant risks because their terms may be difficult to evaluate fully.

The Federal Government has also secured about $1.2 billion in financing from the United Arab Emirates for construction of a major section of the Lagos–Calabar Coastal Highway.

Infrastructure financing remains important to Nigeria’s wider development prospects because transport networks and public investment influence access to housing, construction activity, land values and the expansion of urban centres.

For Nigeria, the IMF’s recommendations therefore extend beyond macroeconomic indicators. Stronger public finances, effective monetary policy, transparent governance and disciplined infrastructure financing can shape the operating environment for businesses and determine how effectively public resources support economic and urban development.

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As the March 31 deadline for filing annual tax returns closes, many Nigerian taxpayers remain unclear about the process despite new legal requirements under the Nigeria Tax Act 2025.

The law mandates that every income-earning Nigerian must file an annual tax return, covering earnings from the previous year. Personal Income Tax (PIT) is administered by the relevant State Internal Revenue Service based on where the taxpayer resides—not their state of origin.

For most salary earners, taxes are deducted automatically through the Pay-As-You-Earn (PAYE) system. However, the new law now requires employees to still file annual returns for proper documentation, verification, and to obtain a Tax Clearance Certificate (TCC).

Requirements for filing
To file successfully, taxpayers must have a Tax Identification Number (TIN), which can be generated using a National Identification Number (NIN) or obtained from tax authorities.

Other required documents include valid identification, payslips or income statements, bank statements, and records of business or freelance income. Taxpayers may also need proof of deductions such as pension contributions or insurance, rent receipts for relief claims, and previous tax records where applicable.

How the process works
Taxpayers are expected to declare all income sources, including salaries, business earnings, freelance income, dividends, interest, and any foreign income.

Returns must clearly state total income, applicable deductions, and the final tax payable. Filing can be done online through state tax portals or physically at designated tax offices. Importantly, submissions must be made in the taxpayer’s state of residence with accurate personal and financial details.

Who must file
Even under PAYE, filing is compulsory for individuals with additional income streams, multiple jobs, business activities, or those who changed employment within the year.

After submission, taxpayers receive an acknowledgment, and authorities may either accept the filing or issue a revised tax assessment. Taxpayers also retain the right to challenge any assessment within the legal timeframe.

Why compliance matters
Filing tax returns is now a legal obligation tied to access to key services such as government contracts, loans, and visa applications, all of which often require a valid TCC.

Failure to comply attracts penalties. Under the law, defaulters risk a fine of ₦100,000 for the first month and ₦50,000 for each additional month of default.

In extreme cases, tax authorities may invoke the “power of substitution,” allowing them to recover unpaid taxes through third parties such as banks, tenants, or business associates holding funds on behalf of the taxpayer.

The measure is typically enforced after due notice and when a taxpayer fails to settle established liabilities, reinforcing the government’s push for stricter tax compliance across the country.

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The House of Representatives Minority Caucus Ad-hoc Committee has confirmed that several of Nigeria’s recently passed tax laws were illegally altered before publication, raising concerns about executive interference in legislative affairs.

The committee’s interim report, released Friday, focused particularly on the Nigeria Tax Administration Act, 2025, identifying discrepancies between the versions passed by the National Assembly and those gazetted by the government.

The controversy began after Rep. Abdulsamad Dasuki highlighted the circulation of altered tax laws that differed from those approved by lawmakers. In response, the Minority Caucus, led by Kingsley Chinda, set up a seven-member fact-finding team chaired by Victor Ogene.

According to the report, key sections of the tax laws were modified in ways that expanded executive powers, changed taxpayer thresholds, and introduced additional enforcement measures not passed by the legislature. For instance, the gazetted Act reduced the individual reporting threshold from N50 million to N25 million and introduced mandatory deposits for disputed tax appeals—changes absent in the authentic versions.

The committee also flagged alterations in the Nigerian Revenue Service (Establishment) Act, noting that oversight provisions for the National Assembly were removed in the gazetted version, undermining parliamentary accountability.

The findings prompted the committee to request an extension to conduct a deeper investigation into these irregularities, emphasizing that the anomalies “undermine constitutional powers and the independence of the legislature.”

The Speaker of the House, Tajudeen Abbas, had earlier instructed the public release of all four tax reform Acts for verification:

• Nigeria Tax Act, 2025
• Nigeria Tax Administration Act, 2025
• National Revenue Service (Establishment) Act, 2025
• Joint Revenue Board (Establishment) Act, 2025

The revelations have reignited debates over the checks and balances between Nigeria’s legislative and executive branches, with calls for urgent corrective measures to safeguard the integrity of national lawmaking.

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The Real Estate Developers Association of Nigeria (REDAN) will on February 4, 2026, convene industry stakeholders in Abuja for its 17th Annual General Meeting (AGM), with discussions set to examine how Nigeria’s evolving tax framework can be leveraged to strengthen real estate financing and improve housing affordability.

The meeting will hold at Conference Hall A, Los Angeles Events & Conference Centre, Ahmadu Bello Way, Kado, Abuja, and is scheduled to begin at 9:00 a.m.

With the theme, “The New Tax Law as a Strategic Tool for Real Estate Finance and Housing Affordability,” the AGM is expected to address growing concerns within the real estate sector over rising construction costs, limited access to long-term funding, and the impact of taxation on housing delivery. Participants are expected to assess how recent tax reforms can be better aligned with housing policies to stimulate private sector investment and ease constraints on affordable home ownership.

The event will serve as a high-level engagement platform, bringing together real estate developers, government officials, financial institutions, regulators, and professionals across the built environment. Key discussions are expected to focus on the effective use of tax incentives, improved compliance mechanisms, and financing structures capable of supporting large-scale housing development.

REDAN has said outcomes from the AGM will feed into its ongoing advocacy efforts aimed at creating a more enabling business environment for developers, while supporting national housing objectives. According to the association, better integration of tax policy with housing finance frameworks could significantly accelerate the delivery of affordable housing across the country.

Established in 2002, REDAN is the umbrella body for real estate developers in Nigeria and plays a central role in housing policy advocacy. Its annual general meeting is regarded as one of the sector’s most influential forums, often shaping industry perspectives and recommendations submitted to policymakers.

As housing affordability continues to feature prominently in national policy discussions, the 17th AGM is expected to contribute to conversations on how fiscal reforms can translate into tangible benefits for developers, investors, and prospective homeowners nationwide.

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A prominent Islamic cleric based in Kaduna State, Sheikh Abubakar Alkali Zaria, has declared that residents of northern Nigeria will not comply with the newly approved tax reforms scheduled to take effect on January 1, 2026.

In a video circulating on social media, the cleric criticised the tax laws, describing them as inconsistent with the will of the people and democratic principles. He warned that northern lawmakers who supported the reforms would face backlash from their constituents upon returning home.

“We are waiting to see who will come and force us to pay these taxes,” Alkali said in the video. “Those who were sent to represent us but supported this law will have to answer to the people.”

Alkali also referenced the removal of fuel subsidy, arguing that the policy did not improve the welfare of ordinary Nigerians, and accused the government of imposing economic decisions without adequate public consent.

Controversy has continued to trail President Bola Tinubu’s tax reforms following claims by Abdussamad Dasuki, a House of Representatives member from Sokoto State, that discrepancies existed between the version of the tax bills passed by lawmakers and the copies later signed into law.

Several political figures, including former Vice President Atiku Abubakar and Borno South Senator Ali Ndume, have called on President Tinubu to suspend implementation of the reforms pending the outcome of investigations into the alleged alterations.

In response, the National Assembly on Friday directed that the tax laws be re-gazetted to correct unapproved changes and align them with the versions harmonised and passed by lawmakers.

Despite the backlash, the Chairman of the Presidential Committee on Fiscal Policy and Tax Reforms, Taiwo Oyedele, said the Federal Government would proceed with the implementation of the reforms as scheduled.

“The plan to commence the new tax laws on January 1, 2026, remains unchanged,” Oyedele said, adding that the reforms were designed to provide economic relief and strengthen Nigeria’s fiscal framework.

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The Federal Inland Revenue Service (FIRS) has announced that Nigeria’s National Identification Number (NIN) will automatically serve as the Tax Identification Number (TIN) for individual taxpayers, while Corporate Affairs Commission (CAC) registration numbers will now function as tax IDs for registered businesses.

The clarification was made through a public awareness campaign on Nigeria’s new tax laws shared by the Service on its official X (formerly Twitter) account on Monday.

According to the FIRS, individuals will no longer be required to apply separately for a Tax Identification Number, as their existing NIN—issued by the National Identity Management Commission (NIMC)—now fulfils that role under the new tax framework.

Similarly, registered businesses will not need a separate tax ID, as their CAC registration (RC) numbers will automatically serve as their official tax identifiers.

The announcement comes amid growing public concerns over provisions in Nigeria’s revised tax laws that require a Tax ID for certain financial transactions, including the ownership and operation of bank accounts.

Explaining the policy, the FIRS stated that the Nigeria Tax Administration Act (NTAA)—scheduled to take effect from January 2026—mandates the use of a Tax ID for specific transactions. However, it stressed that the requirement is not new, noting that it has existed since the Finance Act of 2019 but has now been strengthened.

“The Tax ID unifies all Tax Identification Numbers previously issued by the FIRS and State Internal Revenue Services into a single identifier,” the Service said.

“For individuals, your NIN automatically serves as your Tax ID, while for registered companies, your CAC RC number is used. You do not need a physical card, as the Tax ID is a unique number linked directly to your identity.”

The FIRS added that the new system is designed to simplify identification, reduce duplication, close loopholes that enable tax evasion, and promote fairness by ensuring that all eligible taxpayers contribute appropriately.

The agency urged Nigerians to disregard misinformation surrounding the reform, assuring the public that the revised tax framework is aimed at improving efficiency, transparency, and compliance in tax administration.

Meanwhile, the Chairman of the Presidential Committee on Fiscal Policy and Tax Reforms, Taiwo Oyedele, had earlier disclosed that banks will be required to request a TIN from all taxable Nigerians as part of the federal government’s tax administration framework, effective January 1, 2026.

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Chairman of the Presidential Committee on Fiscal Policy and Tax Reforms, Taiwo Oyedele, says pastors and imams must pay tax on their earnings once they exceed the approved non-taxable threshold.

He explained that the new rule aligns with Nigeria’s commitment to fairness and equal treatment in its tax system.

Speaking during a public session, Oyedele stressed that no religion is exempt from taxation when income crosses the legally defined limit. He added that tax laws apply to every worker, whether they operate in the church, mosque, private sector, or public service.

He said the government cannot create a system where one religious group receives preferential treatment over another. According to him, fairness demands that all income-earning adults, including religious leaders, contribute to the country’s tax base.

Why the Clarification Matters

The explanation is part of broader reforms aimed at simplifying Nigeria’s tax structure. The policy seeks to reduce confusion, close loopholes, and make tax compliance easier for individuals and organisations.

Oyedele has intensified public awareness as Nigeria prepares to implement the new tax regime in January 2026. The reforms focus on widening the tax net, improving compliance, and ensuring that all earners contribute appropriately.

Taxation of Remote Workers

During a webinar hosted by the National Orientation Agency, Oyedele also addressed the taxation of Nigerians working remotely for foreign companies. He said every remote worker must declare their income, regardless of where the employer is located.

Nigeria, he noted, has signed information-sharing agreements with over 100 countries to enforce digital economy taxation.

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Nigerians earning income from remote jobs, social media influencing, or imports will begin paying tax from January 1, 2026, under the Federal Government’s new fiscal reforms.

Chairman of the Presidential Committee on Fiscal Policy and Tax Reforms, Taiwo Oyedele, said Nigerians working for foreign companies are required to declare their earnings in Nigeria. He explained, “If you are a remote worker, you are a worker. You may be employed by a company in the U.S. or Europe, but what you earn is still your salary. You are required to self-declare it.”

He warned that those who fail to declare their income would be traced and penalised. “If you refuse to declare, the government will see the movement of the money, deem it as your income, charge you tax, add penalty and interest,” he said.

Oyedele noted that the same rules apply to influencers, saying, “You are influencing online, that’s okay. You earn income, you pay tax as well.”

On concerns about multiple taxation, he said the new law clearly defines jurisdiction across federal, state and local governments. “At the end of the day, whatever number of taxes you are paying now is reduced significantly to a few,” he said.

He described the reform as “the most transformative in the nation’s history,” aimed at simplifying compliance, reducing disputes, and boosting government revenue.

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Nigeria’s real estate industry may be on the verge of a major shake-up following the proposed tax reforms under the Presidential Fiscal Policy and Tax Reform Committee. The reforms are designed to reduce the cost of property transactions, boost affordable housing, and create a clearer regulatory environment for investors.

A key highlight of the proposal is the removal of Value Added Tax (VAT) on real estate transactions, meaning no VAT will be charged on land purchases, rent, or property sales. This move is expected to ease the financial burden on Nigerians, particularly low and middle income earners who have long struggled with high property costs.

The reform package also includes incentives for local producers of building materials such as cement, tiles, and blocks, offering them tax breaks and easier access to financing. This is expected to lower construction costs, encourage local production, and eventually reduce home prices. Rent agreements below ₦10 million annually will also be exempted from stamp duty, making rentals more affordable and encouraging landlords to keep rates competitive in mid-income housing areas.

Another critical part of the reform seeks to harmonize property taxes, streamline land titling processes, and eliminate overlapping charges from multiple agencies, giving investors much-needed clarity and confidence. Government officials have said that one of the main goals of the reform is to make housing more accessible and inclusive.

For buyers, the reforms could lower the final cost of acquiring property. Renters will benefit from the removal of VAT and stamp duty relief, while developers may see reduced construction costs. Investors, both local and in the diaspora, can look forward to a more transparent tax system. If fully implemented, the reforms could mark one of the most significant and investor-friendly shifts in Nigeria’s real estate sector in years.

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The signing ceremony took place at the Presidential Villa, Abuja, with key national figures in attendance, including the Senate President, House Speaker, principal officers of both chambers, state governors, and senior federal government officials.

The Nigeria Tax Bill, Nigeria Tax Administration Bill, Nigeria Revenue Service (Establishment) Bill, and Joint Revenue Board (Establishment) Bill—were passed by the National Assembly following extensive stakeholder consultations across sectors.

President Tinubu described the laws as central to building “a modern, transparent, and efficient tax system that supports inclusive national development, promotes investment, and eliminates the burden of multiple taxation.”

Breakdown of the Reforms:

Nigeria Tax Bill (Ease of Doing Business): Consolidates various tax statutes into a single framework, aimed at reducing duplication and simplifying compliance for businesses and individuals.

Nigeria Tax Administration Bill: Establishes a unified structure for tax operations across federal, state, and local governments, promoting harmonized and efficient tax practices nationwide.

Nigeria Revenue Service (Establishment) Bill: Replaces the Federal Inland Revenue Service (FIRS) with a new, performance-driven Nigeria Revenue Service (NRS) empowered to collect both tax and non-tax revenues. It introduces mechanisms to boost transparency and accountability.

Joint Revenue Board (Establishment) Bill: Sets up a coordinating body to align tax collection efforts across all tiers of government. It also creates a Tax Appeal Tribunal and an Office of the Tax Ombudsman to safeguard taxpayer rights and strengthen dispute resolution.

Analysts and stakeholders have hailed the reforms as a critical step toward boosting investor confidence, enhancing government revenue, and ensuring a fairer tax environment for Nigerians. The bills are also expected to spur job creation, improve public service delivery, and support Nigeria’s economic recovery efforts.

The reforms are part of Tinubu’s broader economic strategy to stabilize the macroeconomy, attract investments, and lay the groundwork for long-term growth through effective governance and fiscal discipline.

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