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Federal Govt To Introduce More Taxes, Gives Update On Fuel Subsidy Removal

Federal Govt To Introduce More Taxes, Gives Update On Fuel Subsidy Removal

Nigerian Government has suggested more taxes, tariffs, and levies in 2022 in order to improve revenue.

Minister of Finance, Budget, and National Planning, Zainab Ahmed made this known yesterday during a public hearing on the 2021 Finance Bill organised by the House of Representatives Committee on Finance in Abuja. RIPPLES NIGERIA reports.Information Guide Nigeria

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According to her, as of September, the Federal Government’s retained revenue was N4.56 trillion, or 75% of the budget, while the government’s share of oil revenues was N845 billion, or 56.3 percent pro-rated performance, and non-oil revenue share was N1.31 trillion, or 117.3 percent above budget. jamb results

She added that Companies Income Tax and Value Added Tax collections were N616bn and N274.4bn, representing 121 per cent and 153 per cent respectively of the pro-rata targets, while Customs collections were N418.97bn.

“This is clearly, our ongoing fiscal reforms of the last six years are yielding tangible results. However, the FMFBNP is closely studying the following issues, developments and policies:

“Current fiscal policy stance to let tax incentives with sunset provisions to naturally expire and not to automatically renew such incentives without a detailed tax expenditure cost /benefit evaluation of the relative success of the incentives before extending incentives further.

“Acceleration of projected increase tariff and excise duties (so-called ‘sin classes’) on tobacco, alcohol and carbonated drinks to fund vital expenditure on health, education, and security;

“Wholesale reform of antiquated stamp duties and capital gains tax regime;

“Possibility of introduction of new taxes, tariffs, and levies, as the economy recovers.”

Ahmed also restated that with subsidy removal, Nigeria can rechannel its scarce resources to the development of the country.

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Essien, Goodnews is a gruaduate of Communication Arts, University of Uyo, Uyo; Currently working at Infoguide Media as a news writer.

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