The Nigerian government has announced plans to impose more taxes on citizens and businesses, despite the ongoing economic challenges.
This move is part of the government’s Economic Stabilisation Bills, approved by the Federal Executive Council earlier this week.
Taiwo Oyedele, Chairman of the Presidential Committee on Fiscal Policy Tax Reforms, revealed the plan in a statement on his official X account.
The initiative, called “Tax Identification Consolidation and Collaboration (TICC),” is designed to expand Nigeria’s tax base and generate more revenue by widening the tax net.
Oyedele stated that the plan is one of 15 proposed laws aimed at fostering economic stability and promoting sustained inclusive growth.
The Economic Stabilisation Bills have been submitted to the National Assembly for approval.
This comes just weeks after the government denied claims of plans to raise the Value-Added Tax (VAT) rate from 7.5% to 10%, following public outcry.
The committee earlier proposed to the federal government the removal of taxes on essential items such as food, public transportation, and house rents.
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