The Minister of Finance, Budget and National Planning, Zainab Ahmed, has warned that Nigerians will have to pay more taxes in 2022, suggesting that the Federal Government is mulling additional tariffs and levies to be introduced next year in order to boost revenue.

Ahmed made the remarks during a public hearing on the 2021 Finance Bill organized by the House of Representatives Committee on Finance in Abuja on Monday.

According to her, Nigeria must diversify its revenues from oil to cover key expenditures.

In a keynote she delivered to the Committee, the Minister explained that 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.

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;

https://newsroundtheclock.com/nigerians-to-pay-more-taxes-in-2022/

These people are just clueless and insensitive.

The Real CHANGE, we voted for....


Keep on taxing, with no means for millions of people to survive...

People will soon be tired and fight this govt back

Y'all keep adding more tax but ain't reducing fiscal expenses,useless foreign missions,bufallo rail projects to Niger,new convoy cars for politicians and other allied thieves...and you think you can keep increasing tax without the whole system going belly up...Continue

You can't just be slapping tax on people without increasing there income

Its wickedness.
Imagine we are living below average before these hole increment started, now what do we call our living condition?

Nigerians indirectly pay more taxes than the US and UK they like to use as example of high taxe paying countries...

.

A country with no defined roadmap of looking inwards and generating revenue through local production will keep chasing shadows in the name revamping her economy.