PENCOM issues guidelines on withdrawals from voluntary contributions

The National Pension Commission (PENCOM) on 16 November 2017 issued a Circular to all Pension Fund Administrators (PFAs) and Pension Fund Custodians (PFCs) communicating new guidelines on withdrawals from voluntary pension contributions (VC). The new guideline, effective 1 December 2017, mandates compliance with the procedures by all licensed PFAs/PFCs or face sanctions from PENCOM.

Federal Government of Nigeria’s 2018 Budget

President Muhammadu Buhari presented the 2018 Budget of the Federal Government of Nigeria (FGN) to a joint session of the National Assembly on Tuesday, 7 November 2017. The Budget, tagged Budget of Consolidation, is aimed at ensuring growth and stability as Nigeria recovers from a period of economic recession. The President had earlier submitted the Medium Term Expenditure Framework and Fiscal Strategy Paper for 2018 to 2020 (MTEF/FSP) to the National Assembly for approval. Explore the full details of our take on the budget here. Download an infographic on the budget here .

NIPC launches compendium of investment incentives in Nigeria

Nigeria Investment Promotion Commission (NIPC) in collaboration with Federal Inland Revenue Service (FIRS), on Friday, 3 November 2017, published the first edition of the Compendium of Investment Incentives in Nigeria (the Compendium).

The latest business competitiveness ranking: How close is Nigeria to the Promised Land?

It is heartwarming to read the latest doing business report of the World Bank and Nigeria’s giant leap to 145th among 190 economies on the ease of doing business. Nigeria gained 24 places on the latest ranking, an improvement on the prior year’s ranking of 169, and exceeded the short term target of 20-place movement. According to the Report, Nigeria, alongside El Salvador, India, Malawi, Brunei Darussalam, Kosovo, Uzbekistan, Thailand, Zambia and Djibouti are the top 10 most improved countries on the ease of doing business index.

Nigeria gains momentum on ease of doing business

The World Bank Group (World Bank) on Tuesday, 31 October 2017, published its 2018 Doing Business Report (the Report) in which Nigeria is now ranked 145th among 190 economies on the ease of doing business index. Nigeria gained 24 places on the latest ranking, an improvement on the prior year’s ranking of 170.

FEC Approves Revised National Tax Policy

FG introduces infrastructure tax credit scheme through Road Trust Fund

The Federal Executive Council at its meeting on Thursday, 26 October 2017, approved the establishment of Road Trust Fund (RTF or the Scheme). RTF is conceptualized as a public private partnership (PPP) initiative by Federal Ministry of Finance (FMF) and Federal Ministry of Power, Works and Housing (FMPWH). The aim is to incentivize private sector participation in development of Federal road infrastructure through a tax credit scheme.

Fiscal opportunities of a restructured sports sector: Football as pilot (3)

There is a simple question that the Football Association in Nigeria must answer.  It is that, “does Nigeria operate a league system that makes a football clubside self-sustaining and ultimately, profitable?”[1] 

Vacancies for entry-level and experienced tax professionals

Role: Tax Associate Business Unit: Tax and Regulatory Services Location: Abuja, Lagos and Port-Harcourt Main Purpose of the Job Tax Associate role provides opportunity for young and vibrant individuals desirous of building a career in professional tax services to be mentored in realizing their dream. Successful candidates will join a team of tax experts to render professional tax services to multinational companies and other strategic clients.

Nigeria unveils its MTEF and Fiscal Strategy Paper 2018 – 2020

The Federal Government of Nigeria (FGN) has released the Medium Term Expenditure Framework (MTEF) and Fiscal Strategy Paper (FSP) for 2018 to 2020 fiscal years.

Deloitte partners with European Union’s (EU) Agency for Small and Medium Enterprises

Deloitte is working with European Union’s (EU) Agency for Small and Medium Enterprises on a business matching engagement to aid ten European companies find suitable Nigerian companies with whom they can showcase their diverse portfolios at the upcoming Lagos International Trade Fair, and potentially establish long-term trade partnerships.