Nigeria Reduces Interest Rate for Late Payment of Tax

Nigeria's Ministry of Finance has announced a reduction of the interest rate for the late payment of tax through the Nigeria Tax Administration (Interest on Late Payment of Tax) Order, 2026. The Order provides that the interest rate on late payments of tax paid in Nigerian naira (NGN) is the Central Bank of Nigeria's Monetary Policy Rate plus one percentage point, which is down from the prior five percentage points. In any case, however, the rate may not be less than the 364-day Treasury Bil…