Nigeria’s President signs the Petroleum Industry Bill into law
President Muhammadu Buhari has assented to the Petroleum Industry Bill (PIB). The PIB is now referred to as the Petroleum Industry Act (‘PIA’ or ‘the Act’). The Act, which was recently passed by the two houses of the National Assembly, has been in the works since the early 2000s.
Federal Government of Nigeria reviews provisional protocol for travellers arriving from Brazil, India and Turkey
The Federal Government of Nigeria, on 02 May 2021, announced that travellers arriving from Brazil, India and Turkey (BIT countries) will be denied entry into Nigeria with effect from Tuesday, 4 May 2021
2020 Industrial Training Fund Compliance
The Industrial Training Fund (ITF) Act governs the ITF scheme. The Scheme was set up to provide, promote and encourage the acquisition of skills in the industry and commerce.
Securities & Exchange Commission issues guidelines on crypto assets
The Securities & Exchange Commission, on 11 September 2020, issued a public notice to regulate the operation of crypto assets (which may include cryptocurrencies) in Nigeria, where the crypto assets have the character of securities.
FGN releases provisional protocol for travellers ahead of international flights resumption
The Federal Government of Nigeria (FGN) has released the provisional protocol (the Protocol), in preparation for the resumption of international flights to Nigeria, which is scheduled to commence from 5 September 2020
Nigeria issues new visa policy
The Nigeria Visa Policy 2020 (NVP 2020 or the Policy) was officially presented by the President, Muhammadu Buhari on 4 February 2020. The Policy, designed to revolutionize the visa regime in Nigeria, adopted four (4) visa categories which were further expanded to seventy-nine (79) visa classes/types.
Nigeria to sign agreement establishing the African Continental Free Trade Area
The Federal Government of Nigeria has indicated its intent to sign the agreement establishing the African Continental Free Trade Area (AfCFTA) at the 12th Extraordinary Summit of the African Union slated for 7 July 2019.
Federal Government of Nigeria’s 2019 Budget signed into law
President Muhammadu Buhari has signed the 2019 budget of the Federal Government of Nigeria into law. The Budget, which was signed on Monday, 27 May 2019, puts total spending for 2019 at ₦8.92 trillion.
FIRS warns defaulting taxpayers about potential restriction on their bank accounts
Federal Inland Revenue Service (FIRS) has issued a warning to defaulting taxpayers on the impending lien to be imposed on their bank accounts for non-compliance
Federal Government of Nigeria’s 2019 Budget of Continuity
President Muhammadu Buhari provided a sneak peek into Nigeria’s fiscal direction for 2019 on Wednesday, 19 December 2018, as he presented the 2019 Budget of the Federal Government of Nigeria (FGN) to the joint session of the National Assembly. The FGN’s 2019 Budget is intended to continue Nigeria’s quest for inclusive growth, economic diversification and sustainable development.