Nigeria: Fiscal & Monetary Policy

Nigeria’s fiscal system has historically been characterised by a paradox. Despite having one of the largest economies in Africa, the country continues to record relatively low tax compliance and a narrow tax base compared with peer jurisdictions.

The Federal Government has introduced significant fiscal reforms in the mining sector with the enactment of the Nigeria Tax Act, 2025 (NTA) and the Nigeria Tax Administration Act, 2025 (NTAA). These new laws represent a definitive departure from the previous fiscal regime, which was primarily governed by the Nigerian Minerals and Mining Act, 2007 (the "Mining Act") and the Companies Income Tax Act, 1977 (as amended) (CITA).

The Federal Government of Nigeria has introduced sweeping changes to the country's import tariff structure and excise regime through the 2026 Fiscal Policy Measures, effective from April and July 2026. These reforms, implemented under Nigeria's commitments to the ECOWAS Common External Tariff and the African Continental Free Trade Area, include a revised schedule of 127 tariff lines affecting food products, industrial inputs, and capital equipment, alongside new excise duties and green tax surcharges design

The governance of Nigeria's oil and gas sector is inextricably linked to the country's fiscal policy. Historically, different administrations have approached this relationship...

As the commercial nerve centre of Nigeria, Lagos boasts a legal market teeming with firms that specialize in fiscal and finance law, providing services to both domestic and international clients.

Nigeria's monetary system has seen considerable reforms in the past years. In carrying out its supervisory functions, the Central Bank of Nigeria ("CBN") has developed various monetary policies...

Considering the nature of the global trade system which necessitates connections between the economies of various countries, governments implement exchange rate systems...

There is no doubt that President Bola Ahmed Tinubu is in a hurry to turn the economic situation of Nigeria around within the shortest time possible.

The Central Bank of Nigeria (CBN) has finally adopted a free float of the naira policy. These directives imply that the government or monetary authority e.g. CBN no longer determines...