Nigerian Government Gets 52% Tax For Every ₦1 We Earn – Dangote

Business tycoon, Aliko Dangote, recently revealed that the Nigerian government gets 52% tax for every ₦1 earned by his company in the country.

Dangote made this revelation on the 17th of this month in the ongoing Africa CEO Forum in Kigali, Rwanda, stressing the negative impact of such move on entrepreneurship in Africa.

He warned against government policies that might antagonize industrial development in Africa, noting that such policies could bring about business insolvency.

He also emphasized the need for consistency in these policies, if the goal is to ensure the success of businesses in Africa.

Cyber Security Levy in Nigeria: All You Need to Know, Reactions

Nigerian Government Gets 52% Tax For Every ₦1 We Earn – Dangote: More From the CEO

“The Federal Government can say that the goalpost is here today, and then tomorrow move it to some other place. These are the main issues and they can bankrupt anybody”, he said.

He however, praised some government policies that he acknowledges as positive, like the the issue of payment of electricity tariff and the Petroleum Industry Act (PIA).

According to Dangote, this is going to yield significant positive results in the energy sector, if the government maintains consistency.

He then noted the need to adopt a win-win strategy when the government is making its policies.

DISCLAIMER

The information contained herein is general and is not intended, and should not be taken, as legal, accounting or tax advice provided by Taxmobile.Online Inc to the reader. This information remains strictly the opinion of Taxmobile.Online Inc.

The reader also is cautioned that this material may not apply to, or suitable for, the reader’s specific circumstances or needs, and may require consideration of other tax factors if any action is to be contemplated. The reader should contact his or her Tax Advisers before taking any action based on this information.

All rights reserved. No part of this document may be reproduced, retransmitted or otherwise redistributed in any form or by any means, electronic or mechanical, including by photocopying, facsimile transmission, recording, rekeying, or using any information storage and retrieval system, without written permission from Taxmobile.Online Inc.