Nigeria has experienced a significant uptick in inflation which surged to a three-decade high of 33.95%, according to the latest data from the Nigerian Bureau of Statistics (NBS). Food inflation rose to 40.66%, while core inflation reached 27.04%. Inflation in May 2024 was largely driven by the increase in food and beverages coupled with energy and housing costs.
The persistent upward trend in inflation underscores the intricate interplay of various economic factors including fiscal policies, monetary policies, exchange rates, and international trade dynamics.
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The Federal Inland Revenue Service (FIRS) issued a Public Notice on 29 July 2025, announcing the discontinuation of the issuance of Tax Exemption Certificates (TECs) to taxpayers, specifically Pioneer Status Incentive (PSI) Companies, Non-Government Organization (NGO)s, and Free Zone Entities (FZE).
This development appears to have generated some uncertainty among affected stakeholders. Accordingly, it is important to clarify the practical implications of the notice as follows:
1. No Impact on Existing Tax Exemptions
The discontinuation of TECs issued by FIRS does not revoke or invalidate validly granted tax holidays to PSI companies or tax exemption claims by NGOs, and FZEs. The respective companies can continue to enjoy their tax incentives or tax exemption claims subject to applicable conditions.
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