By Patrick Idowu 

The Nigeria Revenue Service (NRS), has dismissed reports suggesting that a new 7.5 per cent Value Added Tax (VAT), has been introduced on banking services under the Nigeria Tax Act, which took effect on January 1, 2026.

In a statement, the NRS clarified that VAT on banking fees, commissions and charges is not new and was not introduced by the new tax law. The Service said VAT has long applied to services rendered by banks and other financial institutions under Nigeria’s existing VAT regime.

The clarification followed media reports and customer notices from some banks and fintech firms indicating that customers would begin paying 7.5 per cent VAT on certain electronic banking services, including transfers, USSD transactions and card issuance, from January 19, 2026.

One fintech firm, Moniepoint, had informed customers via email that it was required to collect VAT on specific service charges, stressing that interest earned on savings and deposits remains exempt.

NRS, however, emphasised that the VAT applies only to service fees charged by banks, not to the funds being transferred, contrary to claims circulating on social media.

Describing reports of a newly introduced VAT on banking services as misleading, the Service urged the public to rely on official communications for accurate and up-to-date tax information.

By Huldah Shado

The Acting Chairman of the Federal Capital Territory Internal Revenue Service (FCT-IRS), Michael Ango, has urged Abuja residents to promptly pay their taxes and other statutory charges to enable the government sustain infrastructure development and essential services.

Ango made the appeal on Wednesday after the first 2026 Executive Council meeting of the Federal Capital Territory Administration (FCTA), chaired by FCT Minister, Nyesom Wike.

He said the minister is committed to ensuring a high standard of living in the nation’s capital but stressed that this depends on adequate internal revenue generation to fund and maintain world-class infrastructure.

The FCT-IRS boss called on residents to remain diligent in the payment of taxes, fees, levies, ground rents and other obligations, noting that such revenues are critical to ongoing projects across the territory.

Ango warned that the FCTA would enforce recovery measures against defaulters if necessary, in line with existing laws, while emphasising that voluntary compliance remains the preferred option.

He appealed to residents in default to regularise their payments and support the administration’s vision of making Abuja a world-class capital city.

By Onyeanya Ebere Immaculata

The Nigerian Navy has pledged support for the Federal Government’s plan to achieve 2.5 million barrels per day (mbpd) of crude oil production by 2027, vowing to combat oil theft, pipeline vandalism, and other security threats in the Niger Delta and offshore areas.
Rear Admiral Suleiman Ibrahim, Flag Officer Commanding Central Naval Command, announced the commitment at the launch of Operation Delta Sentinel at the Navy Ship Pathfinder Jetty in Port Harcourt on Tuesday. The operation, a revamped version of Operation Delta Sanity, will strengthen maritime and riverine security over an initial one-year period, with 90-day renewals.
Ibrahim said the Navy’s efforts will include intelligence-led missions, closer coordination with regulators, security agencies, state governments, and host communities, and the deployment of Maritime Domain Awareness infrastructure, new maritime platforms, and manned and unmanned air assets. He noted that crude oil losses had dropped from 102,900 barrels per day in 2021 to about 9,600 bpd by September 2025, a 90% reduction.
Rear Admiral Chiedozie Okehie, Flag Officer Commanding Eastern Naval Command, highlighted the successes of Operation Delta Sanity II in 2025, reporting 203 arrests, 324 illegal refining sites deactivated, and millions of litres of stolen petroleum products seized, valued at over ₦3.65 billion.
The Navy confirmed that Operation Delta Sentinel will deploy 10 gunboats, three drones, and other security assets to protect national oil infrastructure and support increased production.