The taxes imposed on products in Nigeria have increased to N1.36 trillion in the first half of 2023, according to recent data from the National Bureau of Statistics. This figure represents a significant rise of 113.29% from the N636.19 billion recorded in the first half of 2021 and a 25.00% increase from the N1.09 trillion in the corresponding period of 2022.
This surge in taxes comes at a time when Nigeria’s Gross Domestic Product (GDP) growth has slowed to 2.51% in the first quarter of 2023, compared to the 3.54% recorded in the second quarter of 2022.
In an effort to enhance Nigeria’s revenue, President Bola Ahmed Tinubu inaugurated the President Tax Committee on Fiscal Policy and Tax Reforms on August 8. The committee, headed by Taiwo Oyedele, aims to explore strategies to improve the country’s tax policies and fiscal framework.
Edited By Damilola Adeleke
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