Yemisi

In March, the naira (NGN) experienced a notable decline against the US dollar (USD) across both official and parallel foreign exchange markets, despite significant interventions from the Central Bank of Nigeria (CBN). The naira depreciated by 3%, even as the CBN injected more than $1 billion into the official market to stabilize forex inflows. The rise in demand for US dollars put significant pressure on the exchange rate, causing the naira to struggle against the greenback. Without the CBN’s aggressive FX interventions, analysts suggest that the naira’s performance could have been worse in March. CBN’s Support Helps Stabilize the Official Window During the final week of March, the official forex window saw relative stability, aided by an increased dollar supply from the CBN. Early in the week, the CBN sold $41.6 million, with exchange rates fluctuating between N1,527.50 and N1,531. This action helped curb further volatility in the market. Midweek, the CBN injected an additional $27.9 million, with the NGN/USD exchange rate trading within a narrow range. By the end of the week, rates ranged from N1,520.00 to N1,542.00, with the naira showing a slight week-on-week appreciation of 0.5 basis points, closing at N1,536.82. Market Overview: CBN Injects $1.03bn in March Throughout March, the CBN supported the market with a total of $1.03 billion, yet the official exchange rate still saw a 3% depreciation, ending at N1,536. The parallel market fared similarly, with a 3.23% drop, reaching N1,550. Despite the downturn, the year-to-date gains were positive, with the official rate up 0.09% and the parallel market up 6.13%, as reported by TrustBank Financial Group Limited. FX Reserves Decline, Forward Contracts See Naira Appreciation The nation’s foreign exchange reserves declined for the second consecutive week, dropping by $913.14 million to $38.33 billion. Meanwhile, in the forwards market, naira rates saw an increase across various contracts. The 1-month FX forward contract appreciated by 0.5% to N1,572.44, the 3-month contract rose by 1.3% to N1,635.09, the 6-month contract climbed by 2.4% to N1,727.16, and the 1-year contract surged by 4.8% to N1,899.27 per dollar. Market Outlook: CBN to Continue Liquidity Support Experts predict that the CBN will likely maintain its support for market liquidity, particularly amid weaker Foreign Portfolio Investment (FPI) participation in the FX market. This intervention is expected to help maintain stability for the naira in the short term. Global Oil and Gold Prices: A Mixed Outlook On the global stage, oil prices dipped on Friday amid concerns that ongoing U.S. tariff disputes could trigger a global recession. However, prices still remain on track for a third consecutive weekly gain, largely due to rising U.S. pressure on Venezuela and Iran. Brent crude futures fell by 0.6%, settling at $73.54 per barrel, while WTI crude dropped 0.9% to $69.31. Meanwhile, gold surged to a record high as investors flocked to safe-haven assets in response to escalating trade war fears. For professional advice on Accountancy, Transfer Pricing, Tax, Assurance, Outsourcing, online accounting support, Company Registration, and CAC matters, please contact Sunmola David & CO (Chartered Accountants & Tax Practitioners) at Lagos, Ogun state Nigeria offices, www.sunmoladavid.com. You can also reach us via WhatsApp at +2348038460036

Nigerian banks have collectively paid N205.49 billion ($132 million) in windfall taxes to the Federal Government, a move proposed by President Bola Tinubu to strengthen the nation’s financial reserves. Last year, Nigerian lawmakers approved a 70% tax on foreign-exchange gains earned by banks. This tax was set to take effect from the start of the new foreign-exchange rate policy, continuing until the end of 2025. The naira’s sharp depreciation following Tinubu’s relaxation of foreign exchange controls in 2023 resulted in substantial profits for some banks. In July 2024, the Nigerian government passed the Windfall Tax Bill, amending Section 29A of the Finance Act 2023, which imposed taxes on realized foreign exchange gains made by banks. As of now, nine banks have released their full-year 2024 earnings reports, confirming that the windfall tax payments have begun to be made to the Federal Inland Revenue Service (FIRS). Zenith Bank topped the list with the highest payment, contributing N63.3 billion, followed by United Bank for Africa (UBA) with N57.9 billion and Guaranty Trust Holding Company (GTCO) at N51.24 billion, according to data compiled by MoneyCentral. GTCO reported in its 2024 full-year financial statement: “The Federal Inland Revenue Service (FIRS) has assessed the Bank’s liability for the windfall tax, advising a total provision of N51 billion, which includes N23.7 billion for the year 2023. The Bank has recognized this provision in its financial statements, reflecting its commitment to comply with tax obligations and contribute to national revenue.” Other banks that paid the tax include Stanbic IBTC with N17.1 billion, Fidelity Bank with N13.3 billion, and Wema Bank with N2.616 billion. Ecobank Transnational, FCMB, a tier-2 lender, and FirstHoldCo Plc have not disclosed any windfall tax payments. FirstHoldCo Plc, which reported a currency revaluation loss of N332.78 billion in 2023, is likely exempt from the tax. As of the time of this report, Access Bank had yet to release its full-year 2024 results. The windfall tax is levied on foreign currency revaluation gains, which include net gains from the revaluation of foreign currency-denominated assets and liabilities, as well as the effective portion of gains on derivatives designated in fair value hedge of foreign currency risks. Moody’s Ratings indicated last year that the increase in the windfall tax rate to 70% from the previous 50% would have negative credit implications for banks. This new tax comes after the Central Bank of Nigeria (CBN) gave banks two years to strengthen their capital, ordering international banks to raise their capital ten-fold to N500 billion ($314 million) and local banks to increase their capital by eight-fold to N200 billion. For professional advice on Accountancy, Transfer Pricing, Tax, Assurance, Outsourcing, online accounting support, Company Registration, and CAC matters, please contact Sunmola David & CO (Chartered Accountants & Tax Practitioners) at Lagos, Ogun state Nigeria offices, www.sunmoladavid.com. You can also reach us via WhatsApp at +2348038460036

The Nigeria Economic Summit Group (NESG) has cautioned that the Federal Government could face significant revenue shortfalls if it does not proceed with increasing the Value Added Tax (VAT) rate as part of the ongoing tax reform process. Dr. Tayo Aduloju, the Chief Executive Officer of NESG, made this statement during an interactive media session in Abuja over the weekend. He stressed that while reforms to the VAT system are crucial, keeping the current VAT rate without an increase could result in considerable revenue loss for the government. Aduloju commented, “Without those rate hikes, it means that the government might lose some revenue.” He explained that the ongoing fiscal and tax reforms aim to address the complexities of the tax system while ensuring sufficient revenue generation to support the government’s ambitious budget plans. He further emphasized that the current tax reform process must strike a balance between simplifying the tax system and increasing the VAT rate to ensure revenue stability. “Simply reducing the number of taxes without adjusting the VAT rate could weaken the government’s revenue base,” Aduloju noted. Aduloju also suggested that even if the VAT rate hike is postponed for up to three years, it would still be a positive outcome, as it would demonstrate efficiency and help attract more foreign investment into Nigeria. “If we win on the reform of the VAT system, and even if we postpone the rate hike by three years, it will still be a win,” he said. While acknowledging the need for tax reforms to reduce the multiplicity of taxes, Aduloju stressed that these reforms should not come at the expense of revenue generation. He also highlighted the importance of unlocking investment opportunities to boost revenue, pointing out that Nigeria has ample assets that could attract foreign direct investment if legal, regulatory, and policy barriers were addressed. Additionally, Aduloju called for better coordination between monetary and fiscal policies to tackle inflation, particularly those caused by high energy costs. He emphasized that energy security plays a critical role in managing inflation, noting that inefficiencies in the downstream petroleum sector contribute to persistent price increases. The proposed VAT rate hike has faced opposition from the Trade Union Congress of Nigeria and the Nigeria Governors’ Forum, both of which warn that such a move could exacerbate the economic hardships experienced by many Nigerians. For professional advice on Accountancy, Transfer Pricing, Tax, Assurance, Outsourcing, online accounting support, Company Registration, and CAC matters, please contact Sunmola David & CO (Chartered Accountants & Tax Practitioners) at Lagos, Ogun state Nigeria offices, www.sunmoladavid.com. You can also reach us via WhatsApp at +2348038460036

Ondo State Governor, Lucky Aiyedatiwa, has announced that the state is set to launch a digital platform designed to streamline tax collection and other government-related payments. This initiative is part of the government’s strategy to boost revenue generation and enhance accountability. The announcement followed a demonstration of the platform by consulting firm BBA Consult Ltd. at the governor’s office in Akure. The State’s Internal Revenue Service (IRS) has partnered with BBA Consult Ltd. to implement the project. “This new platform will not only simplify tax payments but also significantly increase revenue for Ondo State,” Aiyedatiwa stated. “By adopting this system, the government aims to reduce leakages, improve compliance, and create a more accountable tax structure.” Increased Revenue The governor emphasized that the additional revenue generated from this initiative would be channeled toward crucial infrastructure projects across the state. He encouraged residents and businesses to embrace the digital system, assuring them of its security, user-friendliness, and long-term benefits for Ondo’s economic growth. Speaking on behalf of BBA Consult Ltd., Maryam Abisola, the firm’s Director, explained that the platform assigns each taxpayer a unique identification number linked to their personal profile, which includes details such as phone number, address, and age. She assured that all records would remain confidential and accessible only to the individual taxpayer. Abisola further emphasized, “The digital system is designed to eliminate bottlenecks associated with manual payments, ensuring seamless transactions across various sectors.” What You Should Know This move places Ondo State at the forefront of adopting innovative solutions in tax administration, in line with the federal government’s recent tax reforms. Last week, the Nigerian House of Representatives passed four key tax reform bills after extensive discussions. The reforms include the Joint Revenue Board of Nigeria (Establishment) Bill, the Nigeria Revenue Service (Establishment) Bill, and the Nigeria Tax Bill, 2024. Among other provisions, the Nigeria Tax Bill outlines a phased increase in the value-added tax (VAT) rate, starting from 7.5% to 12.5% between 2026 and 2029, with a target of 15% by 2030. These reforms aim to streamline tax administration, optimize revenue collection, and strengthen Nigeria’s economy. The federal government’s efforts reflect a broader push to enhance fiscal policies and address inefficiencies in revenue collection. The House of Representatives noted that Nigeria’s VAT rate of 7.5% would remain unchanged as the Tax Reform Bills were adopted as a working document. The finance committee of the House recommended repealing the Federal Inland Revenue Service and establishing the Nigeria Revenue Service, which will be responsible for collecting revenues for the Federal Government of Nigeria. For professional advice on Accountancy, Transfer Pricing, Tax, Assurance, Outsourcing, online accounting support, Company Registration, and CAC matters, please contact Sunmola David & CO (Chartered Accountants & Tax Practitioners) at Lagos, Ogun state Nigeria offices, www.sunmoladavid.com. You can also reach us via WhatsApp at +2348038460036.

Nigerians have been encouraged to understand that taxes are crucial for funding essential public services and infrastructure. In a call for greater tax compliance, tax analyst Arabinrin Aderonke Atoyebi emphasized that paying taxes is not just a legal obligation but also a key driver of financial security, business growth, and national development. In an opinion piece titled “The Benefits of Tax Compliance in Nigeria,” Atoyebi expressed concern that many Nigerians view tax payment as a burden rather than a necessary responsibility. She pointed out that non-compliance often results in penalties, financial restrictions, and limited access to government services. “I have seen it happen repeatedly. Someone needs a loan, a contract, or even a government service, only to find that their tax records—or lack thereof—are standing in the way,” she wrote. Atoyebi further emphasized the negative consequences of failing to comply, noting that tax defaulters not only face hefty fines and interest but also encounter financial obstacles that could have been easily avoided. She stressed that avoiding taxes does not save money in the long run, as penalties eventually surpass the initial tax liability. In addition to the financial repercussions, Atoyebi highlighted that tax clearance certificates are vital for accessing government benefits like free education, healthcare, and housing schemes, especially in states like Lagos. Businesses also require tax clearance to qualify for government contracts. “Those who neglect their tax obligations often find themselves unable to access these services simply because they failed to comply,” she stated. Atoyebi also noted the financial incentives available for tax-compliant individuals and businesses. Small businesses that file their returns correctly can qualify for exemptions, while larger corporations that pay their taxes early can receive tax credits ranging from 1% to 2%, thereby reducing their overall tax burden. Moreover, she pointed out that tax compliance enhances financial planning and boosts creditworthiness. Lending institutions often review tax returns when assessing loan applications, and a clean tax record improves the chances of approval while securing lower interest rates. “Tax-compliant businesses have an edge because they are viewed as reliable, while those that evade taxes risk damaging their reputation and losing business opportunities,” she observed. Reinforcing the civic duty of paying taxes, Atoyebi urged Nigerians to recognize that taxes are what fund crucial public services and infrastructure. She cited developed nations like the United States, where citizens understand the role of taxation in national progress. “If we want a better Nigeria, tax compliance is not an option. It is a necessity,” she asserted. Atoyebi concluded by urging Nigerians to adopt a culture of compliance, emphasizing that the benefits far outweigh the costs. “Do the right thing. Pay your tax today,” she advised. For professional advice on Accountancy, Transfer Pricing, Tax, Assurance, Outsourcing, online accounting support, Company Registration, and CAC matters, please contact Sunmola David & CO (Chartered Accountants & Tax Practitioners) at Lagos, Ogun state Nigeria offices, www.sunmoladavid.com. You can also reach us via WhatsApp at +2348038460036.

In the business world, numbers are more than just figures—they are the key to survival. However, financial reconciliation, which plays a crucial role in maintaining accuracy and ensuring operational efficiency, is often neglected. From startups to multinational corporations, poor reconciliation practices result in revenue losses, delayed decision-making, and compliance risks that can cost millions. When records don’t align, businesses face consequences such as regulatory fines and disruptions in cash flow. Despite its importance, many companies treat reconciliation as a tedious, back-office task rather than a strategic priority. Payments go missing, invoices remain unmatched, and businesses operate on inaccurate financial data, which leads to poor forecasting and budgeting. This creates a cycle of inefficiency that hinders growth and exposes businesses to financial misstatements. Reconciliation failures are more widespread than many executives realize. Large enterprises with multiple subsidiaries often deal with complex intercompany transactions that, if not reconciled in real-time, lead to reporting discrepancies. Small and medium-sized enterprises (SMEs) face similar challenges, especially when managing multiple bank accounts, payment gateways, and vendor agreements. Without a structured approach, businesses may base decisions on incomplete or outdated financial information. One of the most significant risks of poor reconciliation is revenue leakage. Every year, companies lose millions due to errors in financial transactions that go undetected. Unmatched payments, duplicate invoices, and incorrect ledger entries often remain unnoticed until audits uncover the damage. Correcting these errors after the fact is costly and time-consuming. For companies with tight margins, inefficiencies like this can make the difference between profit and loss. But the consequences go beyond just lost revenue. Companies with inefficient reconciliation processes also face longer financial closing cycles, which delay reporting and strategic decision-making. When finance teams are bogged down for weeks reconciling discrepancies, leadership is left without a clear view of cash flow and performance metrics. This, in turn, impacts investor confidence, credit ratings, and business agility. Regulatory compliance is another area where businesses cannot afford to overlook reconciliation. Inaccurate financial reporting due to unresolved discrepancies can result in hefty fines, legal scrutiny, and damage to a company’s reputation. Financial regulators demand transparency, and organizations that fail to maintain accurate records expose themselves to unnecessary risks. In industries like banking, insurance, and fintech, compliance breaches could even lead to operational shutdowns. The good news is that businesses can take proactive steps to transform reconciliation from a reactive task into a well-managed, strategic function. The first step is automation. Many companies still rely on spreadsheets for reconciliation, an outdated and error-prone method. Modern financial software and enterprise resource planning (ERP) systems can automate transaction matching, flag discrepancies in real-time, and create audit trails for every entry. Fintech firms, which handle large volumes of transactions, have already adopted AI-driven reconciliation tools that significantly reduce manual intervention while boosting accuracy. Beyond automation, organizations must implement standardized reconciliation routines. Adopting a structured process—whether daily, weekly, or monthly—ensures that mismatches are quickly identified and resolved. Real-time reconciliation, where transactions are matched as they occur, is the ideal approach for businesses with high transaction volumes. This method offers instant visibility into cash flow and prevents the accumulation of unreconciled items that could turn into financial black holes. Collaboration between finance teams and other departments is also essential. Reconciliation is not solely a finance function; it impacts procurement, sales, and even IT. When finance teams work in isolation, discrepancies take longer to resolve. Companies that encourage cross-department communication can streamline reconciliation and ensure alignment on financial reporting standards. For SMEs, cost-effective cloud-based accounting platforms provide user-friendly reconciliation tools that integrate easily with banking and payment systems. These platforms reduce the need for manual entry and help businesses maintain financial accuracy without requiring large finance teams. The key is selecting solutions that offer real-time reporting and automated flagging of inconsistencies. Another key aspect of effective reconciliation is vendor and partner management. Many discrepancies arise from mismatched invoices, incorrect tax calculations, and payment processing errors. Companies that regularly engage with vendors to reconcile accounts can prevent disputes and ensure smoother financial operations. Regular communication and reconciliation agreements with suppliers help reduce billing errors and overpayments. Financial reconciliation should never be treated as an afterthought. It is the foundation of a well-run business, ensuring that every transaction is properly accounted for, reports are accurate, and decisions are based on reliable data. By prioritizing reconciliation, businesses can not only mitigate financial risks but also unlock opportunities for cost savings and operational efficiencies. As companies continue to navigate economic uncertainty, maintaining financial accuracy is more critical than ever. Organizations that invest in the right reconciliation tools, processes, and strategies will prevent costly errors and strengthen their financial foundation for long-term success. Whether a high-growth fintech firm, a multinational corporation, or an SME, the message is clear: numbers must add up, or businesses will pay the price. For professional advice on Accountancy, Transfer Pricing, Tax, Assurance, Outsourcing, online accounting support, Company Registration, and CAC matters, please contact Sunmola David & CO (Chartered Accountants & Tax Practitioners) at Lagos, Ogun state Nigeria offices, www.sunmoladavid.com. You can also reach us via WhatsApp at +2348038460036.

Renowned human rights lawyer and partner at Deji Adeyanju & Partners, Adeyanju Deji, has commended President Bola Tinubu and the Nigeria Customs Service (NCS) for their groundbreaking decision to grant a two-year exemption on import duties and Value Added Tax (VAT) for essential raw materials used in the manufacturing of healthcare products. This executive order aims to alleviate the financial burden on the production of crucial medical supplies in Nigeria. In his statement, Adeyanju expressed his gratitude to President Tinubu and Customs Comptroller-General Bashir Adewale Adeniyi for addressing the pressing needs of the healthcare manufacturing sector. The exemption applies to key materials such as Active Pharmaceutical Ingredients (APIs), excipients, reagents, packaging materials, Long-Lasting Insecticidal Nets (LLINs), and Rapid Diagnostic Kits. “This initiative is a significant boost to our healthcare sector, especially in these difficult economic times,” Adeyanju remarked. He emphasized the need for close monitoring to ensure that only recognized manufacturers accredited by the Federal Ministry of Health and Social Welfare, and those with valid Tax Identification Numbers (TINs), benefit from the exemptions. Adeyanju also suggested expanding the initiative to cover other vital sectors. He argued that similar measures could help mitigate the effects of hyperinflation across the nation, enhancing access to healthcare, particularly in rural areas where economic challenges are most pronounced. “By reducing costs, we can improve healthcare access for the most vulnerable,” he added. In addition to supporting the exemptions, Adeyanju called for policies that focus on increasing healthcare accessibility for all Nigerians. “The well-being of our citizens must always be at the heart of government initiatives,” he stated, emphasizing that strategic actions are needed to build a healthier nation. Furthermore, Adeyanju highlighted the growing problem of counterfeit healthcare products in Nigeria, urging stronger collaboration between the NCS and other regulatory bodies to combat this issue. He pointed out that counterfeit drugs have caused more deaths than many health crises, calling for urgent measures to curb the spread of these dangerous products. “Through coordinated efforts, the NCS and regulatory agencies can protect public health and ensure Nigerians have access to safe, genuine medical supplies,” he concluded For professional advice on Accountancy, Transfer Pricing, Tax, Assurance, Outsourcing, online accounting support, Company Registration, and CAC matters, please contact Sunmola David & CO (Chartered Accountants & Tax Practitioners) at Lagos, Ogun state Nigeria offices, www.sunmoladavid.com. You can also reach us via WhatsApp at +2348038460036.

The Gombe State Internal Revenue Service (GIRS) is taking significant steps to improve revenue collection and administration through strategic engagement and training of tax officers. This initiative aims to strengthen the state’s revenue generation capacity, ensuring a more efficient and transparent tax system. The GIRS has reaffirmed its commitment to transparency, diligence, and professionalism in tax administration through a high-level engagement with Revenue Officers (ROs) across the state. Speaking at the meeting, the Executive Director for Standard and Compliance, Midah Buba Thomas, emphasized the importance of integrity, proactive tax enforcement, and accountability in all revenue operations. Under the leadership of Executive Chairman Aisha Adamu, FCNA, GIRS has rolled out several reforms, including digital tax platforms, modern enforcement tools, and enhanced taxpayer engagement. These reforms are designed to modernize the revenue collection process, making it more efficient and user-friendly. The meeting provided an open forum for officers to share operational challenges and propose practical solutions for improving efficiency. This is part of a broader strategy to increase Internally Generated Revenue (IGR) and strengthen the state’s fiscal base to support its development goals. Chairman Aisha Adamu’s proactive leadership has transformed GIRS into a model institution. With the introduction of digital systems and continuous capacity-building efforts, Gombe is positioning itself as a pacesetter in modern tax administration, setting an example for other states to follow. By focusing on continuous development and capacity building, GIRS is positioning itself to increase compliance, reduce revenue leakage, and foster a more robust and effective tax system. The engagement also aims to boost morale among tax officers, enhancing their ability to engage with taxpayers and address challenges in the revenue collection process. This strategic move by GIRS is part of ongoing efforts to modernize the state’s tax system and improve its fiscal capacity, ultimately contributing to the overall economic development of Gombe State. For professional advice on Accountancy, Transfer Pricing, Tax, Assurance, Outsourcing, online accounting support, Company Registration, and CAC matters, please contact Sunmola David & CO (Chartered Accountants & Tax Practitioners) at Lagos, Ogun state Nigeria offices, www.sunmoladavid.com. You can also reach us via WhatsApp at +2348038460036.

The Nigeria Customs Service (NCS) has introduced a new policy following a presidential executive order that offers a two-year exemption from import duty and value-added tax (VAT) on essential raw materials used in local pharmaceutical manufacturing. This policy, which was approved by President Bola Ahmed Tinubu and implemented by the Minister of Finance and Coordinating Minister of the Economy, Wale Edun, applies to critical materials like active pharmaceutical ingredients (APIs), excipients, reagents, packaging materials, and other key resources needed to produce vital medical items, including basic medicines, long-lasting insecticidal nets (LLINs), and rapid diagnostic kits. Comptroller-General of Customs, Bashir Adeniyi, explained that this initiative is designed to stimulate local investment, make medical products more affordable, and support the growth of Nigeria’s healthcare sector. The goal is to reduce the cost of essential medical supplies and boost local production of healthcare products. To ensure the policy benefits those it’s intended for, Adeniyi emphasized that only registered pharmaceutical manufacturers, recognized by the Federal Ministry of Health and Social Welfare, will be eligible for the exemption. These manufacturers must also have a valid tax identification number (TIN). Additionally, the NCS will monitor the program closely, providing quarterly reports on all imports under the policy, which will include details about the importers, quantities, and values of the materials to ensure transparency. Adeniyi also expressed the NCS’s ongoing commitment to supporting government policies and contributing to national development by facilitating trade, enhancing border security, and fostering the growth of a robust healthcare sector. He called on key stakeholders, including manufacturers, importers, and relevant government agencies, to work together to ensure the successful implementation of this initiative. By leveraging these collaborative efforts, Nigeria hopes to strengthen its healthcare infrastructure and make locally produced medical products more accessible to its citizens. For professional advice on Accountancy, Transfer Pricing, Tax, Assurance, Outsourcing, online accounting support, Company Registration, and CAC matters, please contact Sunmola David & CO (Chartered Accountants & Tax Practitioners) at Lagos, Ogun state Nigeria offices, www.sunmoladavid.com. You can also reach us via WhatsApp at +2348038460036.

Flutterwave Empowers Digital Tax Payments for Nigeria’s Federal Inland Revenue Service Payments technology company, Flutterwave, has begun enabling digital tax collections for Nigeria’s Federal Inland Revenue Service (FIRS), positioning itself as one of the few fintech companies aiding the government in modernizing tax payment systems. This collaboration allows the FIRS to utilize Flutterwave’s robust and secure payment infrastructure to collect taxes, levies, and various payments from businesses and individuals nationwide. Flutterwave’s payment platform streamlines the tax payment process for individuals, small and medium enterprises (SMEs), and large corporations, offering a fast, transparent, and accessible experience. By integrating with the FIRS, Flutterwave offers a wide range of digital payment options, real-time reporting and tracking features, offline payment capabilities, and a secure system for Nigerians, both within the country and abroad. Olugbenga ‘GB’ Agboola, CEO of Flutterwave, remarked: “At Flutterwave, we are committed to leveraging technology to enhance efficiency and foster economic growth. By simplifying and increasing transparency in tax payments, we are contributing to the digitization of government collections and supporting national development, in line with our mission.” This integration brings several key benefits, including real-time payment tracking, various digital and mobile payment options, offline payment capabilities, improved transparency for taxpayers and the FIRS, and an easy way for Nigerians in the diaspora to pay their taxes. These innovations align with the FIRS’s goal of modernizing government collections and enhancing the user experience. Olufunmilayo Olaniyi, Senior Vice President of Business Development at Flutterwave, emphasized the company’s focus on supporting Nigerians: “Collaborating with the public sector is essential in shaping the future of digital payments in Nigeria. This partnership highlights our commitment to delivering solutions that better serve Nigerians, build trust, and drive innovation through strategic collaboration.” With its extensive experience across Africa, Flutterwave continues to play a pivotal role in Nigeria’s public sector digitization efforts. In 2024, Flutterwave also partnered with the Economic and Financial Crimes Commission (EFCC) to establish a cybercrime research center, further solidifying its commitment to financial security and innovation. As a key player in facilitating government tax collections, Flutterwave remains at the forefront of fintech solutions that enhance business operations and foster growth in Nigeria and beyond. For professional advice on Accountancy, Transfer Pricing, Tax, Assurance, Outsourcing, online accounting support, Company Registration, and CAC matters, please contact Sunmola David & CO (Chartered Accountants & Tax Practitioners) at Lagos, Ogun state Nigeria offices, www.sunmoladavid.com. You can also reach us via WhatsApp at +2348038460036.