₦airaland Forum

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.

DAILY POST 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.

Source: https://dailypost.ng/Hardship-Nigerian-govt-announces-move-to-tax-more-Nigerians

Drain the helinues to oblivion

Fools needs to know that thier master will continue making them queue for cup of rice constantly

Toh

Reality dawning. If you don't want to borrow unnecessarily, then it's time to raise the tax

Modified: Make una no attack my comments , suggest another means of generating new income( projects money , expenditures) without taxing and borrowing

Widen the tax net, reduce their purchasing power. You think he was joking.

That's what lagosians experience on a daily. Welcome to the era of the tax master...

Terrible, disaster, devilish and wicked people in government.

Damnnn niggar

Isoright

Tinubu may end up being disgraced out of office

They don't call him T-Pain for nothing.

(I know people will call agbado, but here goes).

Here are the cold fact behind the decision to tax more Nigerians...note the headline...more NIgerians

1. Tax revenues amount for 20% of government revenue, the rest is from oil. While this is better than say 1996, when it was 96% of revenue comming from oil, it is still too low.

2. Oil revenues are very low for a nation our size. We produce as much as Libya does, yet LIbya, even in the midst of war, can afford goodies because they are 9 million, while we are 200-250 million, if not more

What we are doing is like a man with an income of 500000 naira and 15 children trying to do the same thing as a man with the same income but just 2 children. Na debt go catch you in minutes.

3. As at 2019, government was getting tax from about 30% of the taxable population. 70% of the population does not pay taxes to the state and federal government at all. Also, if your income is below a certain threshold, you are exempt from taxes

4. Tax to gdp ratio is 10%. That is low for a nation our size. Add the fact that gdp is even very very low.

5. We need oil price to be above 130 per barrel before we can earn enough money for a balanced budget. Or to be fair, at least around 100 dollars per barrel. Since 2014, April, oil has been below 100 dollars per barrel, except for a brief period in 2021-22. Thus we no longer earn enough from oil, nor have we ever, except for the 1973-82, and 2008-14, earned enough from oil.
.
6. Our economy is so poorly diversified (and APC is to blame here), that we no longer earn the money we used to earn from agric and mining...plus it is going to take us years to get back to where we were before, and we ar eup against countries like the US, Brazil and Indonesia whose agric relies on large scale modern farming, which is why they can export tonnes of food.

Even thailand, we cannot compete with them re rice production, because we don't have the climate for it.

7. We over import, and lose a lot of forex, nuff said.

8. We also have a hefty debt. Debt eats 68% of our revenue, and as at May 2023, it was over 90%...that is why TInubu went mad and said subsidy is gone, because we were in deep soup then. Even then, he has brought subsidy back, so that debt service may even grow.

9. Most states in NIgeria have poor tax to gdp ratio....as low as 2% . As a result, all of them rely on Abuja allocations for survival. Only a few states can survive on their IGR, and even then, the IGR Is still smaller than it should be.

10. IMF, won't give us any loans, and yes, we are going to rely on IMF Loans for the foreseaable future....until we end up reforming our tax system, and collecting more tax. That is what Sri Lanka and Pakistan are going through.


We better wake up people, and our government should stop looting and stealing money too....and make sane economic decisions....but with that taken into account, our tax revenue is scanty, and it needs improving.

Modified

For all those succubi who would gather to mock and call me defender of evil...

In 2018, 19 million Nigerians paid into federal or state coffers, according to government data.
A World Bank report in that year put the country's economically active population at 65 million - so even with rising numbers of taxpayers in recent years, that is still less than 30% paying tax.
The government has been going after individuals that it believes are liable for tax and have not been paying.
Two years ago, the country offered a 12-month amnesty for Nigerians to declare and pay taxes on all previously undeclared income and assets to avoid penalty payments and possible prosecution.
A World Bank report last year said this was only partly successful with just 8% of the target achieved by the end of the amnesty period.

BBC 2019 ARTICLE

Also, saying that we don't earn enough revenue in tax is not the same thing as saying that

1. APC should not be held to account...they blddy well should, and yes they are wrong.

2. Tinubu is right to spend money on plane and yacht....he was wrong

3. APC government is corruption free...they are not, and they need to be held to account at all times.

4. APC is wise and running our country well...they are not, and they need to stop keeping our country on oil

Everybody must pay tax. BATIDIOTs cannot escape it. Everybody go collect

Widen the tax net

They will soon start taxing the dead...


Lazy government.

Tinubu is a slave driver!

The only thing in the skull of Yoruba politician are tax upon tax. Criminals.

Jagaban Kareem 😂 😂 😂

T-pain on the regular beat.
I think the man is on drugs, myself.

stewiepeter:
Widen the tax net, reduce their purchasing power. You think he was joking.

This my late brother picture you dey carry up and down because of this useless Nigerian issues, NA GOD GO JUDGE YOU.

Cut government expenses and wastages then we start taking you serious.

Someone up there said if you don't want to borrow next thing is to tax the citizens to poverty

What happened to cutting down cost of governance?
What happened to retrieving stolen funds from corrupt politicians and injecting it to the economy via education, social amenities or even crude refinery?

The amount of money stolen and looted by just 20 persons in Nigeria can build 3 refineries from scratch! I can't even remember the last time we see a running tap from waterboard?! But there's a ministry with a minister collecting allocation for such ministry. We never ready... T-Pain, gbe wa de be

Viscuz:
Why did you finger a 10 years old muyiwa

A kid that calls you uncle

Why ?

Okotorigba!!!!

Reduce cost of governance and block financial loopholes in government.

Gwo Gwo Ngwo administration




After Emilokan administration we go know how many agbadorians go still stand on his mandate...

stewiepeter:
Widen the tax net, reduce their purchasing power. You think he was joking.

you remember when he said that during the campaign and we laughed, he is really doing it now. He has finished with the reduction of the people purchasing power.