FIRS clarifies FG’s borrowing plan, announces tax reforms for 2026
Federal Inland Revenue Service (FIRS)
FIRS clarifies FG borrowing plan, announces tax reforms for 2026
Abdullateef Fowewe
The Federal Inland Revenue Service (FIRS) has clarified the Federal Government’s borrowing strategy, emphasising that debt remains a legitimate approach to financing growth and infrastructure, rather than a sign of economic crisis.
FIRS Chairman Zaccheus Adedeji established that President Bola Tinubu’s administration has ended the controversial practice of Ways and Means financing through the Central Bank of Nigeria (CBN), officially converting the facility into a structured federal loan.
Adedeji explained that the government now services this debt with regular principal and interest repayments, a strategy that has helped maintain economic stability and reduce pressure on the foreign exchange rate.
Highlighting ongoing fiscal reforms, he announced that adjustments to Personal Income Tax (PIT) and Company Income Tax (CIT) would be implemented starting January 2026.
However, some manufacturers have voiced concerns over the upcoming introduction of a Tax Stamp system on excisable goods, warning that this new measure could raise operational costs and affect business profitability.
