FG to tax wealthy Nigerians to achieve revenue target

The Federal Government has stated its plan to begin taxing wealthy Nigerians to achieve its 18% Tax-GDP ratio revenue target.

This was disclosed by Mr. Taiwo Oyedele, Chairman, of the Presidential Committee on Fiscal Policy and Tax Reforms in a recent interview with Bloomberg.

Mr. Taiwo noted that this move is part of President Bola Tinubu’s reforms as the Federal Government aims to achieve an 18% Tax-to-GDP ratio within 3 years.

According to him, the plan is to;

Mr. Taiwo went further to highlight how the committee aims to leverage technology to widen the tax net and boost revenue. He said,

Mr. Taiwo recently disclosed that the Presidential Tax Committee has no plan to increase taxes, rather the committee would “harmonize revenue collection” to help reduce the tax burden.

According to him:

President Bola Tinubu had on 8th August 2023 inaugurated the Presidential Committee on Fiscal Policy and Tax Reforms, which is headed by Mr. Taiwo Oyedele.

The President directed the Committee to achieve its one-year mandate, which is divided into three main areas: fiscal governance, tax reforms, and growth facilitation.