FG cuts interest rate on late tax payment from Oct 1
The Federal Government has reduced the interest rate on late tax payments, with the new regime effective from October 1, 2026, according to the finance min Read More: https://punchng.com/fg-cuts-interest-rate-on-late-tax-payment-from-oct-1/
The Federal Government of Nigeria has reduced the interest rate on late tax payment, effective from October 1, 2026. The new interest rate, which is applicable to both Naira and foreign currency tax payments, is now set at the Central Bank of Nigeria’s Monetary Policy Rate plus one percentage point for Naira payments, and the Secured Overnight Financing Rate plus six percentage points for foreign currency payments.
This change aims to align the cost of delayed tax payments with market rates, ensuring that taxpayers do not benefit from a cheaper form of credit than the market itself. The new rates will be published monthly by the Nigeria Revenue Service on their website.
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