LIRS Extends Deadline for Individual Tax Returns Filing to April 14.
Here is what you need to know about this week's Global news review and how it affects you and your business + a lot of goodies for you!
Nigerian News: LIRS Extends Deadline for Individual Tax Returns Filing to April 14
The Lagos State Internal Revenue Service (LIRS) has extended the deadline for filing individual annual tax returns by two weeks, moving it from April 1 to April 14, 2026.
Our thoughts:
Let’s Kill This Myth Once and For All
“My employer already deducted PAYE, so I’m good.” It sounds convenient, but it’s no longer true. Under the Nigeria Tax Administration Act 2025, your employer’s responsibility and your responsibility are not the same. Your employer reports what they pay you, but you are expected to report your full financial picture. That means everything—your salary, yes, but also your side hustles, freelance gigs, dividends, and rental income. If money touched your account at any point, the law assumes you should declare it.
What Happens If You Ignore This?
This is where things get uncomfortable. The new penalties are designed to make non-compliance expensive. Once you miss the deadline, you’re hit with a ₦100,000 fine for the first month, and it doesn’t stop there. Every additional month adds another ₦50,000, and if there are unpaid taxes, interest starts accumulating quickly. But the part that really changes the game is enforcement. The government now has the power to go directly through your bank to recover what is owed. No long back-and-forth—just a direct debit.
Why Filing Matters More Than You Think
Filing your tax return is not just about obeying the law; it’s about keeping doors open.
Without filing, you cannot get a Tax Clearance Certificate, and that document quietly sits at the center of many important opportunities. Without it, a visa application can stall, a loan request can be denied, and business or contract opportunities can slip away. It’s one of those things you don’t think about until it suddenly becomes the reason something important doesn’t go through.
What You Should Do (Today, Not Tomorrow)
Create an account with the tax authority in the state you are resident. Once you’re in, you declare your income, making sure you include everything, not just your salary. You also apply your reliefs properly so you’re not paying more than necessary and submit!
The Bigger Play (Read This Twice)
There’s a bigger shift happening behind all of this. The system is no longer built around
chasing people manually. With the introduction of the Nigeria Revenue Service and deeper digital integration, Your BVN, your NIN, and your transactions are part of one unified system. In simple english: You can be traced- and easily too! Think AI + APIs.
Money Wit Take
This isn’t about fear; it’s about control. Filing your taxes puts you in a position where nothing is hanging over your head. Its very easy to question paying taxes when social infrastructure is poor but would you rather get fined and still have the taxes deducted? Sounds like double jeorpardy.
Stay on the right side of the law then you have ‘mouth’ to demand accountability.
Thankfully Uncle Taiwo that set all this up is now Minister of state for finance, hold him well. lol!.
Global News: Brent Oil Heads for Record Monthly Surge, WTI Settles Above $100 for First Time Since 2022
Brent oil prices are on pace for the biggest monthly surge on record, as the Iran war has entered its fifth week with President Donald Trump threatening to destroy the Islamic Republic’s oil wells.
Our thoughts:
But this isn’t just a price spike. This is energy being used as a weapon.
With the Strait of Hormuz effectively blocked, about 20% of global oil supply is stuck. Countries are already reacting. Sri Lanka has cut its work week to save fuel, and retailers like Asda in the UK are warning of petrol shortages. This is how a war in one region quietly enters your daily life.
And it doesn’t stop at fuel. Manufacturing is getting hit too. Aluminum prices are climbing, and brands like Next plc are warning that clothing could get more expensive as transport costs surge. Translation: everything starts to feel pricier, slowly and then all at once.
So what do you do?
First, assume costs are going up and ‘tie belt’. Combine trips, cut waste, and expect your transport and electricity bills to keep rising. If you send money to family, remember that inflation is hitting harder on the receiving end- increase your contribution if you can!
On the investment side, this is not the time to be reckless. Gold is doing what gold does in chaos - holding strong. Energy companies are quietly making more money from higher margins. And cash? Suddenly underrated. With central banks likely to hold rates higher for longer, liquidity gives you flexibility.
This kind of crisis can end quickly or drag on painfully (My Crystal ball is on Easter break). If it ends fast, markets will rebound sharply. If it doesn’t, inflation digs in deeper.
The smartest move right now isn’t guessing. It’s staying ready- a fine balance between keeping your liquidity and jumping on distress opportunities.
African News: Ghana Inflation Falls to 3.2% in March 2026, Lowest Since 2021
Ghana’s inflation rate eased to 3.2% year-on-year in March 2026, down slightly from 3.3% recorded in February.
Our thoughts:
While the global headlines are currently dominated by “black swan” energy spikes and $116 oil, something almost miraculous is happening just a few hundred miles down the coast from Lagos.
Ghana just dropped its March 2026 inflation numbers, and it’s a shocker: 3.2%.
That is the lowest level since 2021.While the rest of the world is bracing for a “Higher for Longer” interest rate environment to fight oil-driven inflation, Ghana is actively cutting rates (down to 14% this month) and watching its stock market hit all-time highs.
If you’ve been ignoring Ghana because of the 2023 crisis, your “Money Wit” needs an update. Here is why Ghana is currently the “Stability Play” of 2026: The Ghana Stock Exchange (GSE) isn’t just growing; it’s sprinting. As of late March, the Composite Index is up nearly 48% Year-to-Date.
How is this possible with $116 Oil?
It feels like a glitch in the matrix, but it’s actually the result of two things: the Harvest Hedge: Ghana’s food inflation (which is 44% of their basket) has crashed due to a massive bumper harvest and local production discipline. This is “drowning out” the rising cost of fuel.
The Cedi’s Shield: Ghana produces Gold and Gold has doubled in value in 1 yr!. The Bank of Ghana’s “Gold for Oil” program has built a massive reserve cushion ($14.5 billion as of February). This is keeping the Cedi stable, preventing the “imported inflation” that usually follows an oil spike.
The Diaspora Question: Can I Get My Money Out?
The short answer: Yes, but play by the rules.
The Bank of Ghana has moved to a “Structured Discretion” model. FX liquidity is significantly better than in 2023, but the “paper trail” is non-negotiable. If you are an international investor, ensure your Certificate of Capital Importation (CCI) is in order.
Final Thought
In finance, we often say “The trend is your friend.” Right now, the trend in Ghana is Disinflation + Growth. While my crystal ball for the Middle East is on a break, the data for Ghana is loud and clear: It’s time to stop watching from the sidelines.
Stay liquid, stay witty!
This Week's Nugget: The Definition of Investing.
This week’s excerpt:
Audit your activity. Graham defines an investment as an operation that, upon thorough analysis, promises safety of principal and an adequate return.
Insight: If you are buying a stock because you “hope” it goes up next month without knowing its debt-to-equity ratio, you aren’t investing; you’re speculating.
Prompt: Review your portfolio. Label each holding as “Investment” or “Speculation” based on your level of research.
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