FG Announces Move To Tax More Nigerians

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The Nigerian government has revealed that it is planning to tax more Nigerians and Businesses despite economic hardship.

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This was made public by the government’s Economic Stabilisation Bills approved by the Federal Executive Council on Monday.

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The Chairman of the Presidential Committee on Fiscal Policy Tax Reforms, Taiwo Oyedele disclosed this in a statement on his official X account.

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According to him, the initiative termed “Tax Identification Consolidation and Collaboration (TICC)” will help increase Nigeria’s tax base and widen revenue.

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He noted that the plan is part of the 15 different tax, fiscal, and establishment laws to facilitate economic stability and set the country on the path for sustained inclusive growth.

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He added that the Economic Stabilisation Bills have been sent to the National Assembly for approval.

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“Introduction of ‘Tax Identification Consolidation and Collaboration (TICC)’ initiative to expand the tax base, widen the tax net, and create a level playing field for businesses”, he stated.

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This comes weeks after the Federal Government denied plans to increase Value-Added Tax to 10 percent from 7.5 percent amid uproar.

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The Presidential candidate of the Peoples Democratic Party, PDP, Atiku Abubakar had condemned the move to increase VAT, noting that the attempt would consume the very essence of Nigerian people.

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Recall that Oyedele in May 2024 had hinted at the need to adjust VAT.

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The development comes as Nigerians face high cost of living and inflation which stood at 32.15 percent in August.