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 Nigerian government has decreased the interest rate on late tax payments, effective from October 1, 2026. The new rate is set at the Central Bank of Nigeria’s Monetary Policy Rate plus one percentage point, a decrease from the previous five percentage point spread. The Ministry of Finance announced this change in their press release on September 24, 2026.
The new rate will be applied uniformly across Federal, State, and Federal Capital Territory tax authorities. For taxes paid in foreign currency, the interest will be calculated at the Secured Overnight Financing Rate plus six percentage points, which is the international benchmark for US dollar rates. The Ministry explained this change is linked to borrowing costs, aiming to ensure the taxpayer does not benefit from a cheaper form of credit than the market itself.
The new rates apply to tax due from October 1, 2026, and will be published monthly on the Nigeria Revenue Service's website.
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