The Nigerian government has revealed plans to impose more taxes on citizens and businesses, despite ongoing economic difficulties.
This initiative is part of the Economic Stabilisation Bills, which the Federal Executive Council approved on Monday.
In a statement on his official X account, Taiwo Oyedele, Chairman of the Presidential Committee on Fiscal Policy and Tax Reforms, explained that the initiative, called “Tax Identification Consolidation and Collaboration (TICC),” aims to expand Nigeria’s tax base and boost revenue.
He highlighted that the plan is one of 15 tax, fiscal, and establishment laws designed to stabilize the economy and promote sustained, inclusive growth.
The Economic Stabilisation Bills have been submitted 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 follows weeks after the Federal Government dismissed claims of plans to raise Value-Added Tax (VAT) from 7.5 percent to 10 percent, amid public outcry.
Atiku Abubakar, the Peoples Democratic Party (PDP) Presidential candidate, criticized the proposed VAT hike, stating that it would undermine the livelihood of Nigerians.
Waffi TV recalls that in May 2024, Taiwo Oyedele hinted at the possibility of adjusting VAT rates.
The development comes at a time when Nigerians are grappling with a high cost of living and inflation, which reached 32.15 percent in August.
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