The Federal Government has granted the newly established Nigeria Revenue Service the legal authority to borrow funds for its operations from any source, The PUNCH reports.
It also approved for the service to receive four per cent of the revenue collected to sustain its operations. These details were revealed in the signed copy of the Nigeria Tax Act, 2025, obtained by our correspondent on Sunday.
Recall that last month, President Bola Tinubu signed the Tax Administration Act 2025 into law, after months of intensive deliberation, the landmark legislation that significantly enhances the financial and operational independence of the Nigeria Revenue Service.
The new law, which takes effect in January 2026, enables the Service to raise fundfirss through loans, overdrafts, and other financial instruments to meet its statutory obligations.
According to Section 28 of the Act, “The Service may borrow by way of loan, overdraft or otherwise from any source, such sums as it may require for the performance of its functions and meeting of its obligations under this Act.”
