Nigeria Tax Administration Act, 2025 · s.65–s.67
Late payment: 10% plus interest
Unpaid tax carries 10%, plus interest from the due date until it is paid. Penalties can be remitted for good reason.
Who this lands on: Anyone who pays after the date.
Where tax is not paid in time, 10% of the tax is added to it.
On naira remittances, interest runs at the Central Bank of Nigeria monetary policy rate plus a spread set by the Minister, from the day the tax became payable until it is paid.
On foreign currency remittances, interest runs at SOFR (or its successor rate) plus 10%, or another spread set by the Minister.
The tax authority may remit a penalty where there is good cause (s.66). Unpaid tax can be recovered as a debt (s.67).
Interest runs on the amount, not on the argument. Pay what you agree you owe, then dispute the rest.