The Nigerian government has announced a major move to tax more Nigerians and businesses despite the prevailing economic hardship. This initiative is part of the government's Economic Stabilisation Bills, which were approved by the Federal Executive Council on Monday.
The Chairman of the Presidential Committee on Fiscal Policy Tax Reforms, Taiwo Oyedele, disclosed this development in a statement on his official X account.
The new initiative, termed "Tax Identification Consolidation and Collaboration (TICC)," aims to increase Nigeria's tax base and widen revenue. Oyedele noted that this plan is part of 15 different tax, fiscal, and establishment laws designed to facilitate economic stability and set the country on a path for sustained inclusive growth. He added that the Economic Stabilisation Bills have been sent to the National Assembly for approval.
Oyedele stated, "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."
This announcement comes just weeks after the Federal Government denied plans to increase Value-Added Tax (VAT) from 7.5 percent to 10 percent amid public uproar. The Presidential candidate of the Peoples Democratic Party (PDP), Atiku Abubakar, had condemned the proposed VAT increase, arguing that it would "consume the very essence of Nigerian people."
The backdrop of this announcement is a challenging economic environment, with Nigerians facing a high cost of living and inflation, which stood at 32.15 percent in August 2024. Despite these hardships, the government is pushing forward with its tax reforms to stabilize the economy and ensure long-term growth.
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