FG cuts interest on late tax payments

The Federal Government has reduced the interest rate on late tax payments, effective October 1, 2026. The new rate will be the Central Bank of Nigeria's Monetary Policy Rate plus one percentage point, down from the previous five-percentage-point spread. The measure is contained in the Nigeria Tax Administration (Interest on Late Payment of Tax) Order, 2026, issued by the Minister of Finance, Mr Taiwo Oyedele. The order applies uniformly to federal, state, and Federal Capital Territory tax authorities.

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