Late Tax Payments To Attract Higher Interest From October 1, FG Says

Late Tax Payments To Attract Higher Interest From October 1, FG Says

From October 1, 2026, Nigerians who pay their taxes late will face interest charges linked to current borrowing costs.

The new rule sets interest on naira tax debts at the CBN’s MPR plus 1 percentage point, subject to a minimum Treasury Bill rate

Finance Minister Taiwo Oyedele said the measure reflects the cost to government when unpaid taxes create revenue gaps.

The rule will apply across federal, state and FCT tax authorities, with rates published monthly.
Taxpayers are advised to file returns and settle their tax bills on time to avoid additional costs.