NewStats: 3,261,920 , 8,175,558 topics. Date: Saturday, 31 May 2025 at 04:16 AM 6w5ea

The Federal Government is planning to overhaul the nation’s tax system to shift more of the burden to wealthy citizens while cutting corporate taxes.

The move — part of President Bola Tinubu’s reforms to overhaul the beleaguered economy – aims to lift the country’s tax take to 18 per cent of Gross Domestic Product within three years from 11 per cent now, according to a Bloomberg report.

A tax amnesty to encourage compliance is also under consideration.

The plan is to make “the rich pay what is fair and those who are too poor can be protected,” said Taiwo Oyedele, who is leading a appointed by Tinubu to drive the changes.

“We also envisage a reduction in the corporate income tax rate,” to below the current effective rate of more than 40 per cent to help boost business, he told Bloomberg in a recent interview. The new rate should be benchmarked against Nigeria’s peers, he said.

In Africa’s most populous nation, where a tiny minority enjoy vast wealth while two thirds of its 200 million people live in extreme poverty, the numbers suggest widespread tax evasion.

Nigeria’s tax revenue as a share of GDP is a third of the 34 per cent average for of the Organisation for Economic Co-operation and Development.

Among four million ed firms, less than 250,000 actively pay tax, while fewer than a quarter of the 41 million ed people pay income tax, Oyedele said.

The country’s tax system is bedeviled by overlapping local, state and federal jurisdictions, which helps the wealthy to slip through the cracks. The high number of different taxes, which he put at almost 70, also adds to complexity.

“We will find a way to create structures and systems around what taxes can be imposed, how it can be collected, who can collect it and how it should be ed for,” he said. The goal is to slash the number of taxes down to single digits.

“We just identified the top eight giving us 99% of the taxes, so we keep them and the rest we get rid of,” he said.

Boosting tax collection is vital for a country which, despite its immense oil wealth, has had to borrow heavily to fill the gap between government spending and the revenue shortfall.

Since 2015, the nation’s public debt has increased almost eight-fold to 87.4 trillion naira ($112.6 billion), according to the debt management agency. Servicing those obligations consumed 96% of government revenue in 2022.

A tax amnesty will be introduced to provide a relief on old debts and prepare the mind of the people to meet future obligations.

“If people know that government knows their income, where they are; if they haven’t been paying their taxes, if we declare an amnesty they will show up,” he said.

https://punchng.com/fg-targets-wealthy-nigerians-in-new-tax-drive/

So was this how Tinubu developed Lagos in 1999?

I mean tax tax tax

At the end of all the taxing nothing I mean absolutely nothing to show for it

Too many taxation for a country that doesn’t pay tax refund to her citizens

Tinubu you said you prepared 20yrs for this stolen presidency, so this was all you could come up with?

You’re a fowl

To pay tax will not be too difficult and painful only if proceeds from the tax are channel appropriately.

Another story...

Long overdue.

In Naira , South Africa collected N27.76 trillion in Personal Income Tax in 2022, while Nigeria with a population 4 times bigger than South Africa collected N1.6 trillion total IGR of states

Source: https://www.thecable.ng/the-nigerian-billionaires-and-tinubus-tax-reform

fools, confused mudafuckers

paying the tax is not the problem, but what happens after payment

Tax should be designed for the rich to benefit the poir, such as the national health insurance scheme.

Another wailing thread for the wailers as if they're among the rich the tax is been directed to.

Well ... It's a great initiative. I hope they follow through with it!

Right step

Good

hulion:
This is how it's done in the real world

you sure ?

They can afford it effortlessly

Lol….there is no system in pls

Anything that would entrench wealth creations and economic stability is welcome.

Same wealthy Nigerians are getting tax exemption while ing the pains to Nigeria

Another diversion and deflection tactics of Apc.


Make it look like the "rich" and the poor are the real enemies of each other while they loot the so called taxes.
Meanwhile virtually everyone apart from the politicians are actually poor.

Nonsense!!

Islie:




https://punchng.com/fg-targets-wealthy-nigerians-in-new-tax-drive/

Una go hear when for Ojuyobo hand

That's how they keep deceiving the poor.

Poor people too go dey happy not knowing they're the ones that will suffer it at the end.

Waterlilly:
fools, confused mudafuckers

paying the tax is not the problem, but what happens after payment

Let's cross that bridge after we've taxed our Oligarchs first.

Ematanrayin.who are the wealthy men wey Una wan tax in a Nation where majority of the citizens are poor? Shey Na Politicians Abi Dangote or otedola you wan tax?

You wan tax 20people to feed over 250 million people and counting?

How many people with the wealth of Dangote (my son) and otedola are in Nigeria?

Meanwhile we're still waiting for the funds gotten from the removal of fuel subsidy o.afterall the fg claimed they made billions.oun da?

Lol...I nor dey give shishi

Error and catastrophy. They will simply relocate their assets and profit to leave the economy in more perils.

Why not tax nonproductive consumptions, especially the imported ones. Cigarette, wines, fashion, gadgets, and digital services like Netflix and SM? That will reduce demand for forex and strengthen the naira. It will also promote employment because the rich you are about to chase out with tax will rather invest in local production of previously imported foreign goods with their wealth than run away. Dangote is a good example.

This govt is an evil one. Ignorance is evil.

Ok

Taylor92:
So was this how Tinubu developed Lagos in 1999?

I mean tax tax tax

At the end of all the taxing nothing I mean absolutely nothing to show for it

Too many taxation for a country that doesn’t pay tax refund to her citizens

Tinubu you said you prepared 20yrs for this stolen presidency, so this was all you could come up with?

You’re a fowl

Pls don’t comit suicide o. In a situation like this , what do you suggest he do? As you are blaming the government which is ok , try and be proffering solutions too.

Taxation and extortion,that is the only way tinubu sabi grow economy.atiku pls.win the certificate saga and come to the rescue of Nigerians

How