Nigeria’s recently passed tax legislation are intended to boost economic competitiveness, draw in investments, and enhance long-term fiscal stability, according to the Federal Inland Revenue Service (FIRS). Additionally, the agency stressed that the much-discussed 4% Development Levy on imported goods is a simplified amalgamation of multiple existing taxes rather than a new or extra tax burden.According to Daily Trust, opinions on the new Nigeria Tax Act (NTA) and Nigeria Tax Administration Act (NTAA), which would go into effect in January 2026, have been conflicting. The 4% Development Levy is one of the most misunderstood aspects of the new tax regime, according to a statement from the FIRS that clarified some of the concerns.
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