Business
FIRS Vows To Prosecute Tax Defaulters
The Federal Inland Rev
enue
Service (FIRS) in Akwa Ibom says it will Investigate the extent of tax evasion
and prosecute culprits in the state.
The State Tax Controller, Mrs Mafiana Uche, gave the warning
while briefing newsmen in Uyo.
Uche said the Federal Government was not happy with the rate
of tax evasion in Nigeria, pointing out that companies found culpable would be
charged to court.
She said that some companies close their books from being
examined by tax auditors, while others whose books were examined fail to pay
their taxes.
Uche categorised tax evaders into three groups: those who
hide their books of accounts from tax officers, those who allow their books to
be examined but never pay their taxes, and those who do not register with the
tax office.
The controller said that the country would not develop if
individuals and companies evade tax.
“There are places we visit for audit purposes, when we get
there, people do not cooperate with tax officers by opening their books and
other necessary documents for audit.
“They keep restraining our people and postponing the
auditing to evade payment of tax,’’ she said.
According to her, tax evasion in Nigeria is a criminal
offence, this is why we are using this avenue to sensitise the public on the
necessity of being tax compliant.
She, however, said that it was not the wish of the Federal
Government to coerce any organisation to pay tax.
Credit to Nigeria’s private sector rose to N83.26 trillion in June 2026 from N81.04 trillion in May, signifying a positive balance of N2.22 trillion month-on-month.
Year-on-year, the figure represents a nine per cent increase compared with the N76.13 trillion recorded in June 2025. The latest figures come as the CBN continues to balance efforts to control inflation with the need to support economic growth and expand credit to businesses.
The CBN data shows that credit to Nigeria’s private sector increased by approximately 2.74 per cent month-on-month between May and June 2026. Also, the CBN data noted that credit to the government fell slightly to N40.03 trillion from N40.38 trillion. Other assets, net, dropped to N10.76 trillion from N12.63 trillion.
The credit surge signifies sustained growth in lending to businesses and other private-sector borrowers during the month. The rise in private sector credit was recorded alongside an increase in net domestic credit, despite declines in credit to government and other assets.
Further analysis of the report says that compared with June 2025, private sector credit rose by about N7.13 trillion yea-on-year but net domestic credit increased by approximately N1.87 trillion during the month.
The CBN’s relatively tight monetary policy stance notwithstanding, more banks still loaded funds to the private sector within the period. The Monetary Policy Committee (MPC) of the Central Bank of Nigeria (CBN) held its 306th meeting on July 20 and 21.
The Committee reviewed recent developments in the global and domestic economies, assessed emerging risks to the outlook and considered their implications for monetary policy and retained all rates.
The Committee decided to retain the Monetary Policy Rate at 26.5 per cent; the Standing Facilities Corridor around the MPR at +50/-450 basis points and retain the Cash Reserve Requirement (CRR) for Deposit Money Banks at 45.00 per cent, Merchant Banks at 16.00 per cent, and non-TSA public sector deposits at 75.00 per cent.
The MPC decision means that credit extension in the private sector will likely continue to rise because of rising confidence in the sector and calls by stakeholders for banks to invest in the private scetor instead of government securities.
