By Niyi Jacobs
The Nigerian government has announced a plan to tax more Nigerians and businesses, despite the current economic hardship. The plan is part of the government’s Economic Stabilisation Bills, which were approved by the Federal Executive Council on Monday.
According to the Chairman of the Presidential Committee on Fiscal Policy Tax Reforms, Taiwo Oyedele, the initiative termed “Tax Identification Consolidation and Collaboration (TICC)” will help expand the tax base, widen the tax net, and create a level playing field for businesses.
Oyedele disclosed that the plan is part of the 15 different tax, fiscal, and establishment laws to facilitate economic stability and set the country on the path for sustained inclusive growth. He added that the Economic Stabilisation Bills have been sent to the National Assembly for approval.
This move comes weeks after the Federal Government denied plans to increase Value-Added Tax (VAT) from 7.5% to 10% amid widespread criticism. 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.
Many Nigerians are worried about the high cost of living and inflation, which stood at 32.15% in August. The government’s plan to increase taxes has raised concerns about the potential impact on small businesses and individuals who are already struggling to make ends meet.
Some have argued that the government should focus on reducing corruption and wasteful spending instead of increasing taxes. Others have suggested that the government should explore alternative revenue streams, such as investing in education and social amenities, to stimulate economic growth.
The plan to tax more Nigerians and businesses has sparked mixed reactions, with some experts warning that it could lead to increased poverty and unemployment. Others have argued that it is a necessary step to increase government revenue and stimulate economic growth.
As the National Assembly considers the Economic Stabilisation Bills, many Nigerians are waiting with bated breath to see how the plan will be implemented and affect their lives.
