The Federal Government has reduced the interest rate charged on late payment of tax.
Under a new order by the Minister of Finance, Taiwo Oyedele, interest on naira tax liabilities will now be charged at the Central Bank’s Monetary Policy Rate plus one percent, down from five percent.
The new rate takes effect from October 1st, 2026, and will apply across federal, state and FCT tax authorities.
The Nigeria Revenue Service is expected to publish the applicable rates monthly.
NTA
