Section 177 Nigeria Tax Act 2025

Section 177 of the Nigeria Tax Act 2025 is about Economic development tax credit. It provides as follows:

(1) The tax payable on the profits of a priority product or service in any year of assessment during the priority period of a company, computed in accordance with the provisions of chapter two of this Act, shall constitute economic development tax credit for the company.

(2) Subject to section 57 of this Act, the economic development tax credit may be utilised to offset the tax payable of any year of assessment during the priority period, except the additional tax payable under that section

(3) A company having unutilised tax credit may utilise it within five assessment years after the end of the priority period, after which any unutilised tax credit shall lapse.

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