The Nigerian government has unveiled a controversial plan to increase taxes on citizens and businesses, despite ongoing economic challenges.
This initiative is part of the Economic Stabilisation Bills approved by the Federal Executive Council on Monday.
Taiwo Oyedele, Chairman of the Presidential Committee on Fiscal Policy Tax Reforms, announced the “Tax Identification Consolidation and Collaboration (TICC)” initiative via his official X account.
He emphasized that the plan aims to expand Nigeria’s tax base and enhance revenue generation.
The TICC initiative is one of 15 proposed tax and fiscal reforms designed to promote economic stability and ensure sustainable, inclusive growth.
The bills have been forwarded to the National Assembly for approval.
This announcement follows recent denials from the Federal Government regarding plans to increase the Value-Added Tax (VAT) from 7.5% to 10%, a move that had sparked public outcry.
Atiku Abubakar, the Presidential candidate of the Peoples Democratic Party (PDP), criticized any VAT increase, arguing it would further burden Nigerians already facing a high cost of living and inflation, which hit 32.15% in August.
Oyedele had previously indicated the necessity of adjusting VAT in May 2024, highlighting the ongoing fiscal challenges the country faces.
