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COMMENTARIES ON THE FIRS + NEPZA MARRIAGE OF UNLAWFUL PROPOSITIONS

On Wednesday, February 21, 2024, the Federal Inland Revenue Service (FIRS) in conjunction with the Nigeria Export Processing Zones Authority (NEPZA) issued a public document, captioned “Guidelines for Tax Compliance by Approved Enterprises Operating in Nigeria Export Processing Zone” (the Guidelines). The Guidelines is issued, purportedly, pursuant to the provisions of the Federal Inland Revenue Service (Establishment) Act 2007, as amended (FIRS Act), the Companies Income Tax Act, Cap. C21, LFN 2004, as amended (CITA), Value Added Tax Act, Cap. VI LFN 2004, as amended (VAT Act), and the Nigeria Export Processing Zones Act, Cap N107 LFN 2004, as amended (NEPZA Act).

PENSION FUND ADMINISTRATORS AND PENSION FUND CUSTODIANS: RETHINKING THE STRICTURES ON COMMON CONTROL

The Pension regime in Nigeria under the Pension Reform Act 2014 (“PRA” or the “Act”) is structured in a such manner that it creates role bifurcation between Pension Fund Administrators (“PFAs”) and Pension Fund Custodians (“PFCs”). The roles are stratified in such a manner that PFCs are restricted to keeping the Pension Funds within their custody while the PFAs are saddled with the responsibility of managing and investing the Pension Funds in viable investment portfolios as may be approved by the National Pension Commission (the “Commision”).

NIGERIA’S PRESIDENTIAL ORDER ON GAS INCENTIVES: AN ATTEMPT TO TEND TO THE GOLDEN GOOSE?

NIGERIA’S PRESIDENTIAL ORDER ON GAS INCENTIVES: AN ATTEMPT TO TEND TO THE GOLDEN GOOSE?

On 28th February 2024, the President of the Federal Republic of Nigeria, Bola Ahmed Tinubu issued an Executive Order and Presidential Directives relating to the Oil and Gas Industry. The Executive Orders include: (i) the Oil & Gas Companies (Tax Incentives, Exemption, Remission, ETC) Order 2024; (ii) Presidential Directives on Local Content Compliance Requirement 2024; and (iii) the Presidential Directive on Reduction of Petroleum Sector Contracting Cost and Timelines, 2024.