Nigeria to Reduce 62 Taxes to Single Digit

The Nigerian Government is determined to cut down the number of taxes imposed in the country to a single digit.

As part of President Bola Tinubu’s administration’s efforts to ensure a more business-friendly environment in the country, the government is working tirelessly to reduce taxes in the country from the present 62 to a maximum of 9.

Nigeria to Reduce 62 Taxes to Single Digit: More Perspectives

This was revealed by the Chairman of the Presidential Fiscal Policy and Tax Reforms Committee, Mr. Taiwo Oyedele at the 2023 Annual Conference of the Institute of Chartered Accountants of Nigeria, in Abuja, on October 10, 2023.

According to him, the high number of taxes that were being collected at the various levels of government has become a burden on Nigerian businesses.

He did a breakdown of the taxes charged in the country, disclosing that approximately 16 taxes are charged at the federal level, 25 at the state level, and 21 at the local level.

Here is an update on the alarming trend of multiple taxation.

He condemned the numeral informal taxes being collected in various parts of the country which he stated to be over 108.

Oyedele then revealed his plans to reduce the high number of taxes charged to less than 10 and also one per tier of government.

He mentioned that the plan is for each level of government to have just one revenue collection agency. This will simplify matters and make life easier for everyone.

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