Nigeria's Federal Ministry of Finance has issued a release confirming a new interest rate spread on unpaid taxes of 5% over the Central Bank of Nigeria’s Minimum Re-Discount Rate (MRR) effective 1 July 2017. During the Central Bank's Monetary Policy Committee meeting held 24 to 25 July 2017, the Committee voted to keep the rate at 14%, resulting in a 19% interest rate on unpaid taxes.