Nigerian accountants who are members of the Institute of Chartered Accountants of Nigeria (ICAN) will soon find it easier to become certified to practice in Canada, thanks to a new agreement with the Chartered Professional Accountants of Canada (CPA Canada). This arrangement, starting in February 2025, simplifies the process for ICAN members to obtain the Canadian CPA designation, promoting professional recognition and mobility between the two countries.
Nigerian accountants: latest news, tax updates and career tips
If you work in accounting or finance in Nigeria, you know the landscape changes fast. New tax laws, audit standards, and tech tools can feel overwhelming. This page gathers the most useful updates in one place so you can stay ahead without hunting through endless sources.
Tax updates you can’t miss
Earlier this year the Federal Inland Revenue Service rolled out a revised personal income tax (PIT) schedule. The key change is a lower threshold for the 7% bracket – now anyone earning below N300,000 per month falls into the exempt category. For businesses, the corporate tax rate remains at 30%, but the new CBN guideline encourages companies to adopt electronic filing, promising a 5% discount on penalties for timely submissions.
Another hot topic is the value‑added tax (VAT) amendment. VAT on digital services is now 7.5% instead of 5%, affecting freelancers who sell online courses or software. If you manage payroll, the new pension contribution ceiling has been raised to N30,000 per month, meaning you’ll need to adjust employee deductions accordingly.
Staying compliant is easier when you track these changes in real time. Many accountants rely on the FIRS portal’s “My Tax” dashboard, which sends alerts for upcoming deadlines. Setting up a calendar reminder for quarterly filing dates can save you from last‑minute scrambles.
Career tips and resources
Beyond regulations, building a strong career in accounting takes strategic moves. First, consider earning the CPA (Chartered Accountants) designation from ICAN or ACCA. Both bodies now offer hybrid study options, letting you mix online lessons with occasional in‑person workshops. Passing the exams opens doors to senior roles and higher salaries.
Networking is another practical step. Join local chapters of the Institute of Chartered Accountants of Nigeria (ICAN) or attend webinars hosted by professional bodies. These events often feature guest speakers from top firms like KPMG Nigeria, who share insider advice on interview prep and performance tracking.
Technology skills are no longer optional. Familiarize yourself with accounting software such as QuickBooks, Sage, or the increasingly popular Xero. Even a basic grasp of data visualization tools like Power BI can set you apart when presenting financial reports to senior management.
Finally, keep an eye on job boards that specialize in finance roles – Jobberman, MyJobMag, and LinkedIn’s “Finance & Accounting” filter list new postings daily. Tailor your resume to highlight measurable achievements, like “Reduced month‑end closing time by 3 days through process automation.” Small numbers like that catch recruiters’ attention fast.
Whether you’re a fresh graduate or a seasoned auditor, staying updated on tax law and sharpening your skill set will keep you relevant in Nigeria’s fast‑moving accounting world. Bookmark this page, check back for fresh articles, and use the tips above to keep your career on the rise.