Nigeria: Accounting and Audit

Tax audit readiness in Nigeria is really about being so organised that Nigeria Revenue Service (NRS) or State IRS (like LIRS) never catches you unprepared, even if they show up tomorrow morning at your door step. In this article, we will walk through what that looks like in practice, from the complete document checklist to how to respond to queries without panicking.

The NDPC has extended the deadline for filing 2025 Data Protection Compliance Audit Returns to 30 May 2026.

In recent years, transfer pricing (TP) has emerged as a significant concern for multinational enterprises (MNEs) operating in Nigeria. With the Nigeria Revenue Service (NRS) (formerly Federal Inland Revenue Service) intensifying efforts to generate revenue through taxation, taxpayers face heightened scrutiny, prolonged audits, and increasing risk of double taxation.

The issuance of the General Transition Guidelines for the Tax Acts 2025 provides long-awaited clarity on one of the most significant tax reforms in Nigeria's recent history. This Client Alert examines the practical implications for businesses navigating the transition to the new tax regime, including treatment of accounting periods, transaction taxes, ongoing contracts, tax incentives, disputes, and compliance obligations.

The decision of the Federal High Court ("the Court") in Shell Petroleum Development Company of Nigeria Limited v. Federal Inland Revenue Service (FIRS)1 has brought renewed attention to fundamental principles of Nigerian tax law, particularly regarding the proration of tax rates within an accounting year and the retrospective application of tax legislation.

The Nigeria Revenue Service (Establishment) Act, 2025 (the Act) has rebranded the Federal Inland Revenue Service (FIRS) as the Nigeria Revenue Service (NRS or the Service) as a centralised body for tax administration in Nigeria.