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Foreign Digital Giants Boost FG Revenue with N3.8tn Tax Payment in 2024

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Foreign Digital Giants Boost FG Revenue with N3.8tn Tax Payment in 2024

Foreign Digital Giants Boost FG Revenue with N3.8tn Tax Payment in 2024

 

Google, Netflix, Facebook, and other foreign companies operating in Nigeria contributed N3.85tn in taxes to the Federal Government in the first nine months of 2024. This represents a 68.12 per cent increase compared to the N2.29tn collected in the same period of 2023.

The tax revenue includes payments from Company Income Tax (CIT) and Value Added Tax (VAT), as reported by the National Bureau of Statistics on Tuesday. The report highlighted a progressive increase, with collections rising from N1.03tn in the first quarter to N1.52tn in the second quarter and N1.30tn in the third quarter.

An analysis of the data shows a significant boost in tax remittance, with N2.57tn collected as CIT between January and September 2024—a 43.65 per cent rise from N1.789tn during the same period in 2023. VAT collections also surged by 157.03 per cent, reaching N1.28tn, up from N498.34bn in 2023. This growth underscores the Federal Inland Revenue Service’s (FIRS) improved collection efforts.

CIT is a 30 per cent tax on corporate profits, while VAT, set at 7.5 per cent, is levied on goods and services and ultimately paid by the final consumer.

Quarterly analysis reveals that CIT revenue climbed from N598.13bn in Q1 to N1.12tn in Q2, before slightly dipping to N852.29bn in Q3. VAT collections rose from N435.73bn in Q1 to N448.85bn in Q3, reflecting a 3.01 per cent increase.

The Federal Government’s efforts to tax foreign digital service providers have further bolstered revenues. These companies, including Netflix, Facebook, and Amazon, earn income in naira without physical offices in Nigeria. Digital tax policies require these entities to remit taxes for services like video streaming, social media advertising, and e-commerce.

Compliance among foreign platforms remains uneven, with Google, LinkedIn, and Meta adhering to regulations outlined in the “Code of Practice for Interactive Computer Service Platforms and Internet Intermediaries.” Meanwhile, TikTok and X (formerly Twitter) are yet to fulfill tax obligations.

The former Accountant-General of the Federation, Oluwatoyin Madein, noted earlier this year that tax revenue has become Nigeria’s highest income source. She emphasized its importance in supporting government activities across federal, state, and local levels, describing it as a critical contributor to the nation’s economic stability.

With the Federal Government’s tax revenue target set at N19.4tn for 2024, these gains bring Nigeria closer to its fiscal goals.

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Aig-Imoukhuede Foundation opens applications for 6th Cohort Programme

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Aig-Imoukhuede Foundation opens applications for 6th Cohort Programme

 

The Aig-Imoukhuede Foundation is pleased to announce that applications are now open for the sixth cohort of its transformative AIG Public Leaders Programme (AIG PLP).

This flagship six-month executive education initiative, delivered by the University of Oxford’s Blavatnik School of Government, is designed to empower high-potential public sector leaders across Africa with the tools, networks, and strategic insight required to deliver meaningful reform across African public institutions.

Applications are now open to qualified public servants from all English-speaking African countries and will close on Sunday, April 12, 2026. The programme commences in October 2026.

Since its inception in 2021, the AIG PLP has built a formidable reputation for creating tangible impact.

Alumni from the programme have gone on to design and implement more than 230 reform projects within their ministries, departments, and agencies across Africa.

An impact survey revealed that 62% of alumni have earned promotions or assumed expanded leadership roles post-training, demonstrating the programme’s direct effect on career advancement and institutional influence.

“Across Africa, the complexity of public sector challenges demands more than good intentions. It requires reformers who understand systems, can navigate institutional realities, and are equipped to implement sustainable change.

The AIG PLP is designed to meet this need,” said Ofovwe Aig-Imoukhuede, Executive Vice-Chair of the Aig-Imoukhuede Foundation.

As part of the programme, a PLP alumna, Titilola Vivour-Adeniyi, Executive Secretary of Lagos State DSVA, launched a secure self-reporting tool that allows survivors of domestic and sexual abuse safely document incidents and preserve evidence.

Survivors are already accessing support, and the tool ensures that crucial proof is protected until justice can be sought. This is one of over 230 impactful reform projects being implemented across sectors as diverse as healthcare, finance, agriculture, and education.

We are seeing proof every day that investing in the capacity and leadership potential of people, delivers the kind of transformation that policy alone cannot achieve.”

The AIG PLP is a blended learning experience that combines online sessions with an intensive residential module.

It is offered at no cost to selected participants, with the Foundation covering all costs of the programme including accommodation and feeding during the residential weeks.

Participants gain direct access to world-class faculty from the University of Oxford, and learn to tackle core public sector challenges such as: Negotiating in the public interest. Harnessing digital technology for governance.

Strengthening public organisations.
Upholding integrity in public life.
The curriculum culminates in a capstone reform project, where participants apply their new skills to a real-world challenge within their institution.

This practical component ensures that learning translates directly into actionable solutions.

Interested candidates are encouraged to apply early. For more details on the application process and to apply, please visit the Aig-Imoukhuede Foundation website.

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Renewed Hope Ambassadors Inspect RHA Secretariat

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Renewed Hope Ambassadors Inspect RHA Secretariat

 

Renewed Hope Ambassadors, led by its Director-General and the Governor of Imo State, Hope Uzodinma, alongside Zonal Coordinators (NW, NC, SE), the Media & Publicity Directorate, and other key stakeholders, inspected the RHA Secretariat two days after President Bola Tinubu unveiled the Renewed Hope Ambassadors grassroots engagement drive in Abuja.

 

APC Convention Committee Inspects Secretariat Buildings in Abuja

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Harmony Gardens’ Ibeju-Lekki Portfolio Crosses $1bn

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Harmony Gardens’ Ibeju-Lekki Portfolio Crosses $1bn

Harmony Garden & Estate Development Limited has expanded its development activities across Ibeju-Lekki, pushing the projected long-term value of its estate portfolio beyond $1 billion.

Led by Chief Executive Officer Hon. Dr. Audullahi Saheed Mosadoluwa, popularly know Saheed Ibile, the company is developing seven estates within the Lekki–Ibeju corridor. Details available on Harmony Garden & Estate Development show a portfolio spanning land assets and ongoing residential construction across key growth locations.

A major component is Lekki Aviation Town, where urban living meets neighborhood charm, located near the proposed Lekki International Airport and valued internally at over $250 million. The development forms part of the company’s broader phased expansion strategy within the axis.

Other estates in the corridor tagged as the “Citadel of Joy” (Ogba-idunnu) include Granville Estate, Majestic Bay Estate, The Parliament Phase I & II, and Harmony Casa Phase I & II.

With multiple projects active, the rollout of the Ibile Traditional Mortgage System, and structured expansion underway, Harmony Garden & Estate Development Ltd continues to deepen its presence within the fast-growing Ibeju-Lekki real estate market.

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