The Nigerian government has announced plans to introduce additional taxes on individuals and businesses as part of its Economic Stabilisation Bills, which were approved by the Federal Executive Council on Monday.
This development was disclosed by the Chairman of the Presidential Committee on Fiscal Policy and Tax Reforms, Taiwo Oyedele, in a statement on his official X account.
The initiative, titled “Tax Identification Consolidation and Collaboration (TICC),” is aimed at expanding Nigeria’s tax base and increasing revenue.
According to Oyedele, the plan is part of 15 different tax, fiscal, and establishment laws designed to ensure economic stability and promote sustained, inclusive growth. He added that the Economic Stabilisation Bills have been forwarded to the National Assembly for approval.
“The introduction of the ‘Tax Identification Consolidation and Collaboration (TICC)’ initiative is to expand the tax base, widen the tax net, and create a level playing field for businesses,” Oyedele stated.
This announcement comes just weeks after the Federal Government denied reports of plans to increase Value-Added Tax (VAT) from 7.5% to 10%, amid public uproar.
The proposal to raise VAT had drawn criticism, with Peoples Democratic Party (PDP) presidential candidate Atiku Abubakar condemning the move, warning that it would further burden Nigerians.
In May 2024, Oyedele had hinted at the need to adjust VAT rates. The latest tax measures come as Nigerians grapple with a high cost of living and inflation, which reached 32.15% in August.
