Nigeria expresses concern over Trump’s tariff and taxation strategy on foreign countries

by Israel Ojoko

Taiwo Oyedele, Chairman of the Presidential Committee on Fiscal Policy and Tax Reforms, has expressed concerns regarding US President Donald Trump’s announcement to establish an external revenue service to impose taxes and tariffs on foreign countries.

During his inauguration speech on Monday, President Trump announced the creation of an external revenue service to collect tariffs from foreign countries exporting goods to the United States.

“I will immediately begin the overhaul of our trade system to protect American workers and families. Instead of taxing our citizens to enrich other countries, we will tariff and tax foreign countries to enrich our citizens,” Trump stated.

“For this purpose, we are establishing the external revenue service to collect all tariffs, duties, and revenues. It will be massive amounts of money pouring into our treasury, coming from foreign sources. The American dream will soon be back and thriving like never before, to restore competence and effectiveness to our federal government.”

Possible disruption of international trade
Reacting to Trump’s statement on his X handle, Oyedele noted that this move could disrupt international trade and further complicate the already complex global tax system.

“Today (June 20), the 47th President of the United States, Donald J. Trump, announced plans to establish an External Revenue Service to impose tariffs and taxes on other countries.

“This move could disrupt international trade and further complicate the already complex global tax system, highlighting the importance of our ongoing tax reforms.”

Regarding how Nigeria can mitigate the impact of this development on its economy, Oyedele emphasized the need for a revamped tax system.

“By revamping our tax system, we can better navigate potential challenges and seize any opportunities this development may present,” he added.

What you should know
Trump’s announcement follows his threat last month to impose 100 percent tariffs on Brazil, Russia, India, China, and South Africa (the BRICS nations) if they create a new BRICS currency or back any other currency to replace the US dollar as the world’s reserve currency.

Tariffs, with the threat of a potential 25% levy on all goods from allies like Canada and Mexico and 60% on goods from China, have become a benchmark of Trump’s economic agenda as he begins his second term.
The creation of a new agency requires an act of Congress, and Republicans hold the majority in both the House and the Senate.

The U.S. Customs and Border Protection, an agency overseen by the Department of Homeland Security, currently collects tariffs, which are paid by importers (not foreign countries). Those importers often pass the added costs of the tariffs onto consumers, driving up prices.

This has raised concerns about spiking inflation if Trump follows through on his campaign threats to impose a universal tariff of between 10 and 20 percent on all imports into the United States, as well as additional tariffs on top trading partners such as China, Canada, and Mexico.

Trump and some of his top advisers have suggested that tariffs could replace the income tax as the main source of revenue for the United States.

https://nairametrics.com/2025/01/21/nigeria-expresses-concern-over-trumps-tariff-and-taxation-strategy-on-foreign-countries/

“I will immediately begin the overhaul of our trade system to protect American workers and families. Instead of taxing our citizens to enrich other countries, we will tariff and tax foreign countries to enrich our citizens,”

Smh.

Thank God for China and AfCFTA. It's same Americans who will pay the tax las las by the time other nations impose tariffs on US goods too.

What FTC after over 5yrs in Nairaland, Oya show me love.

If you looking for a remote job, check JobZoneNG on telegram.

Sane countries are talking, Nigeria too dey talk?

Tinubu with all his useless policy dey follow talk? Wonder shall never end.

These fools won't keep quiet. They'll keep reacting senselessly and make Trump to remember tinubu, he might even order his drug case should be revisited and subsequently arrested

Madness! Same country killing her citizens with over taxe is complaining about US. May God save us from One Time President OTP and his cronies

Wetin concern Fowl and Tooth brush

The taxes are for Mexico and Canada because of the North treaty. Trade between these 3 countries are free.

They should focus on the reality of Nigeria and leave America alone. Nigeria should have been d big brother of Africa, such that when we sneeze, everywhere shake. But corruption, greed , tribalism has eaten us up.

Corrupt and useless zoogeria shouldn't be taken seriously in the international community

FreeStuffsNG:
Nigeria expresses concern over Trump’s tariff and taxation strategy on foreign countries

by Israel Ojoko



https://nairametrics.com/2025/01/21/nigeria-expresses-concern-over-trumps-tariff-and-taxation-strategy-on-foreign-countries/

But you're not speaking about the increase in taxation Tinubu has brought. The inflation above 35%.

Are u not a hypocrite

nice one Trumpet

Irony,Ebola is taxing it's citizens to enriched the corrupt politicians that we spend the loots in foreign countries,while trump we tax foreign countries to enriched US citizens.There is no relationship between light and darkness

He means well.



Trump wants to better the lives of Nigerians.

He's just appreciating the support of Nigerians.


Enjoy !

COMRADES, see what Manhood has caused for us in Nigeria, if the 2023 presidential election was free and fair, and the rightful winner emerged. Nigeria would not have had any reason for fear today

What is nigerias concern with trump tax reform? Develop your own country with natural resources God has blessed you with you say CAPITAL NO… na to loot your own country dry.

U never finish ur own taxation
U Dey shook eye for wetin no concern u
Fix ur economy you damn brain dead retard from the wasteland

Keep calm, Tinubu is in control of the situation.

He will confront Donald Trump very soon.

Don’t worry.

Trump is planning to make life easy for his own people by taxing other countries but our own tax government is taxing Nigerians into deeper poverty.

Small small egungu don dey enter express, this one think say nah Niger republic him dey follow drag lane for express.

If Trump remember you and your APC / emilokan government, sorry nah your name.

(.. in Veno's words), Nigeria go survive, Africa go survive..

Tax other countries to enrich the citizens indeed…
Then deport undocumented immigrants, among which many of them work in farms and construction sites…
Then prices of foods and groceries will skyrocket and housing cost will go up…

Justnation:
Small small egungu don dey enter express, this one think say nah Niger republic him dey follow drag lane for express.

If Trump remember you and your APC / emilokan government, sorry nah your name.

You just think maybe people occupying positions in most populous black nation in the world are idiots ?
I really blame the situation if things, if not… Nigeria is meant to be a force in the world to reckon with… it’s meant to be the country that other people in Africa wil be fighting to migrate to.
If not you won’t just belittle your country anyhow and think everybody in the country is a goat

Even in the US, Nigerians are in very interesting positions and are key decision makers..

Taiwo oyedele no be your mate, humble yourself and try to achieve even half of what he has achieved

Samogloby:
Madness! Same country killing her citizens with over taxe is complaining about US. May God save us from One Time President OTP and his cronies

Which tax are you paying to FGN, please?

A lot of people on this platform will be surprised, your messiah trump is just cracking the whip. When he starts lashing don't cry 😢.

G0Oodharddick:
Sane countries are talking, Nigeria too dey talk?

Tinubu with all his useless policy dey follow talk? Wonder shall never end.

These fools won't keep quiet. They'll keep reacting senselessly and make Trump to remember tinubu, he might even order his drug case should be revisited and subsequently arrested

U cannot even hide your frustration .

Trump want to solve US inflation and enrich Americans by increasing tariffs of countries are trading and exporting goods to them.
The citizens of those affected countries are the ones that will suffer for that because inflation and economic instability will happen to them.
The US that are the highest importer of our oil will now force us to pay high amounts because they want to buy from us as they feel they are doing us a favour buying from us. So meaning we will be such companies will be taxed in multiple fronts.

Get Ready for hyper inflation guys if that happens and there is no plan B by Tinubu led federal government

Samogloby:
Madness! Same country killing her citizens with over taxe is complaining about US. May God save us from One Time President OTP and his cronies

Eyepobian mentality, Obidient dreamer.

They will remove President Tinubu, & replace him with their messiah Gringory Obi of Agulu Republic.

FreeStuffsNG:
“I will immediately begin the overhaul of our trade system to protect American workers and families. Instead of taxing our citizens to enrich other countries, we will tariff and tax foreign countries to enrich our citizens,”

Smh.

Thank God for China and AfCFTA. It's same Americans who will pay the tax las las by the time other nations impose tariffs on US goods too.

High tariff will encourage local production as imported good become too expensive.
It will force Americans to relocate their factories in China back home. That will create employment for American people

datola:
Trump is planning to make life easy for his own people by taxing other countries but our own tax government is taxing Nigerians into deeper poverty.

You no sabi anything at all…

ezugegere:

High tariff will encourage local production as imported good become too expensive.
It will force Americans to relocate their factories in China back home. That will create employment for American people

Una dey make me laugh with this una mama putt economics…
Road side economics analyst 🤣

You’all know nothing!

You don’t even understand the complexity of supply chain constraints and how easy it is to move production home from China..
Even removing the very high labor cost of US, do they have enough hands who are ready to get dirty like the Chinese…
The main reason US move some production to China is because of labor cost and the expertise…
You want to produce with American minimum wage and think cost of goods and groceries will crash ??

FreeStuffsNG:
Nigeria expresses concern over Trump’s tariff and taxation strategy on foreign countries

by Israel Ojoko



https://nairametrics.com/2025/01/21/nigeria-expresses-concern-over-trumps-tariff-and-taxation-strategy-on-foreign-countries/

If the U.S. adopts high universal tariffs, Nigeria could feel the ripple effects, particularly in trade and foreign investment. Costs of imported goods might rise globally, affecting Nigerian businesses reliant on imports or exporting to the U.S. For the Tinubu administration, this could strain economic diversification efforts and increase inflationary pressure.

ezugegere:

High tariff will encourage local production as imported good become too expensive.
It will force Americans to relocate their factories in China back home. That will create employment for American people

With mouth abi, who wan go work for factory for Yankee, na the same wetback immigrants wey Trump wan pursue.

datola:
Trump is planning to make life easy for his own people by taxing other countries but our own tax government is taxing Nigerians into deeper poverty.

Not how terrifs work.

Trump can't tax Nigeria, the terrif is paid by Americans importing foreign goods.
Meaning it's going to be expensive for Americans to buy Nigerian goods, which will mean reduced exports to the USA for Nigeria.

It is not in our interest, because we'd like to become an exporting country.

Omoawoke:


You no sabi anything at all…

datola.

NewHe:

Which tax are you paying to FGN, please?

You pay tax on every damn thing you buy from the market.
One of the reasons things are so expensive in the market is import duties that government keep increasing every eke market.
That is why the satchet Milo that was 25g and N20 in 2015 is now 18g and N250