The Nigerian government has announced plans to tax more Nigerians and businesses despite the current economic hardship.
The “Tax Identification Consolidation and Collaboration” (TICC) initiative, disclosed by Taiwo Oyedele, Chairman of the Presidential Committee on Fiscal Policy Tax Reforms, aims to increase Nigeria’s tax base and revenue.
The TICC initiative is part of the government’s Economic Stabilisation Bills, approved by the Federal Executive Council on Monday.
Oyedele stated that the initiative will “expand the tax base, widen the tax net, and create a level playing field for businesses.”
However, this move has raised concerns among Nigerians, who are already struggling with high inflation rates and a high cost of living.
The timing of this announcement has raised eyebrows, coming just weeks after the Federal Government denied plans to increase Value-Added Tax (VAT) from 7.5 percent to 10 percent.
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The Presidential candidate of the Peoples Democratic Party, PDP, Atiku Abubakar, had condemned the move to increase VAT, noting that it would consume the very essence of Nigerian people.
Nigerians are facing high inflation rates, which stood at 32.15 percent in August, and this new tax plan has sparked fears of further economic hardship.
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