Despite the country’s economic difficulties, the Nigerian government has revealed plans to tax more citizens and businesses.
The Federal Executive Council on Monday adopted the government’s Economic Stabilization Bills, which include this strategy.
This was revealed in a message posted on his official X account by Taiwo Oyedele, the Chairman of the Presidential Committee on Fiscal Policy Tax Reforms.
He said the “Tax Identification Consolidation and Collaboration (TICC)” project will broaden Nigeria’s tax base and boost income.
He pointed out that to promote economic stability and put the nation on the path for long-term inclusive growth, the strategy is included in the fifteen separate tax, fiscal, and establishing legislation.
The Economic Stabilization Bills, he continued, have been forwarded to the National Assembly for approval.
The “Tax Identification Consolidation and Collaboration (TICC)” program was introduced, he said, to level the playing field for enterprises and broaden the tax base and net.
This occurs weeks after, in the face of public outcry, the federal government rejected plans to raise the value-added tax from 7.5 percent to 10 percent.
The Peoples Democratic Party’s (PDP) presidential candidate, Atiku Abubakar, denounced the plan to raise VAT, stating that it will destroy the very soul of Nigerians.
Oyedele alluded to the necessity of adjusting VAT in May 2024.
The event occurs at a time when Nigerians are dealing with a high cost of living and 32.15 percent inflation in August.
