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In this article, we review the significant changes being
proposed to the Companies' Income Tax Act (CITA) and its likely
impact on companies.
On Thursday 8 October 2020, His excellency, President Muhammadu
Buhari presented the 2021 Budget Proposals to the Joint session of
the National Assembly. The 2021 Budget Proposal was themed
"Nigeria's Budget of Economic Recovery &
Resilience". The key budget assumptions are as follows:
benchmark oil price set at US$40 per barrel; daily oil production
estimate of 1.86 million barrels; exchange rate of N379 to US$1,
projected GDP growth of 3% and inflation rate of 11.95%. Based on