Nigeria Introduces Severe Penalties for Tax Evasion in 2025

The Nigerian government has introduced new tax laws with extensive penalties targeting individuals and companies evading tax payments. Penalties include fines ranging from N50,000 to N1 million for various offenses such as failure to register for tax, maintain proper records, or process taxable supplies.

Non-compliance can lead to daily fines, suspension of licenses, and even criminal sanctions like imprisonment. The aim is to enhance fiscal compliance and correct widespread tax evasion practices, as stated by Taiwo Oyedele, Chairman of the Presidential Committee on Fiscal Policy and Tax Reform.