The Nigerian government has revealed plans to impose additional taxes on citizens and businesses despite ongoing economic challenges. This initiative is part of the Economic Stabilisation Bills recently approved by the Federal Executive Council.
Taiwo Oyedele, Chairman of the Presidential Committee on Fiscal Policy Tax Reforms, shared the details on his official X account. He introduced the “Tax Identification Consolidation and Collaboration (TICC)” initiative, which aims to broaden Nigeria’s tax base and increase revenue.
Oyedele explained that this initiative is one of 15 proposed tax, fiscal, and establishment laws designed to promote economic stability and foster sustained inclusive growth. The Economic Stabilisation Bills have already been submitted to the National Assembly for approval.
He emphasized that the TICC initiative is intended to expand the tax base, enhance the tax net, and create a fair environment for businesses. This announcement follows the government’s recent denial of plans to raise the Value-Added Tax from 7.5% to 10% amidst public outcry.
Atiku Abubakar, the Presidential candidate for the Peoples Democratic Party, criticized the VAT increase proposal, arguing it would negatively impact the Nigerian populace. Oyedele had previously suggested the need for a VAT adjustment in May 2024. This situation arises as Nigerians grapple with a rising cost of living and inflation, which reached 32.15% in August.