Nigeria Revenue Service Chairman Spotted Wearing ₦25.5 Million Patek Philippe While Citizens Face New VAT

As Nigerians struggle with inflation and a new 7.5% VAT on banking services, NRS Executive Chairman Zacch Adedeji was spotted wearing a ₦25.5 million Patek Philippe Golden Ellipse wristwatch. The luxury timepiece, featuring platinum casing and blue gold dial, highlights extreme wealth while citizens face economic hardship. The sighting has sparked outrage over the moral implications of public officials flaunting luxury amid rising taxes and financial strain.

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Nigerian Revenue Service Launches New Tax ID Portal January 1, Replaces Existing TINs

The Joint Revenue Board (JRB) and the Nigerian Revenue Service (NRS) have announced the launch of the Nigerian Tax ID Portal, effective January 1, 2026, as part of reforms to modernise tax administration nationwide. The new Tax Identification (Tax ID) system will harmonise taxpayer records and replace all previously issued Tax Identification Numbers (TINs). For individuals, the Tax ID will be linked to the National Identification Number (NIN), while businesses and organisations will be linked through their Corporate Affairs Commission (CAC) registration numbers. Authorities have assured Nigerians that the new system will not lead to automatic bank account deductions or closures, stressing that it is strictly for tax administration and improved service delivery.

Tax Reform Act takes effect, workers earning less than N800,000 annually, exempted from taxation.

President Bola Ahmed Tinubu, on Thursday June 26, signed the tax reform bills into law, exempting workers earning below N800,000 annually from taxation.

Fresh Angle International, can report that the Act, which changed the nomenclature of Federal Inland Revenue Service, FIRS, to Nigeria Revenue Service, NRS, gives the NRS mandate to collect revenues previously handled by agencies such as the Nigeria Customs Service, NUPRC, NPA, and NIMASA.

Key highlights of the tax reform Act, include:

25% personal income tax applies only to individuals earning above ?50 million annually.

Small businesses owners are exempted from paying income tax.

Company income tax for medium and large companies will be reduced from 30% to 25% starting in 2026.

Value Added Tax (VAT) exemptions on essential goods and services consumed by the poor, including food items, medical services, pharmaceuticals, educational fees, and electricity.


VAT remains at 7.5%, and corporate income tax stays at 30%. NO INCREMENT!

Introduction of a Development Levy ranging from 4% to 2%, allocated to support the NELFUND, TETFund, NITDA, and NASENI.