News Update

THE Nigerian government has announced a plan to tax more Nigerians and Businesses despite economic hardship.

This plan is part of the government’s Economic Stabilisation Bills approved by the Federal Executive Council on Monday.

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

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

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.

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

“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.

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

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.

VAM News recalls that Oyedele in May 2024 had hinted at the need to adjust VAT.

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