The Minister of finance, Zainab Ahmed, told Lawmakers in Abuja that the federal government has concluded plans to increase revenue by introducing new taxes. Mrs Ahmed spoke at the public hearing on the 2019 budget organised by the Senate and House of Representatives committees on appropriation.

The minister also said the federal government has devised a new revenue initiative to increase revenue to fund the 2019 budget. She said the initiative is segregated into three thematic areas and appealed for the support of the National Assembly.

“The first area is sustainability in revenue generation. The focus of this is for us to build a sustainable revenue generation ecosystem by ensuring resilience and applying automising revenue streams, applying the right incentives, the right safeguards as well as ensuring accountability and performance management systems.”

For this focus, the government seeks to improve collection, shock loopholes, and collaborate with trading partners to manage performance, deregulate and provide funding for the energy sector.

“The second thematic area is to identify new and enhance the enforcement of existing revenues streams. We plan to grow revenue by collecting new taxes, modulling the tax base and enabling strategic investment that will spur economic growth. In this area, we have identified some new taxes that we’ll be coming to discuss with the National Assembly. We’ve also continuously been working to broaden the tax base to expand and improve the value added tax performance.

“We will be working with the National Assembly to amend some laws and we might be using some executive orders.” Although Mrs Ahmed did not state the details of the new taxes.
Different government officials have suggested new taxes on luxury goods like alcoholic beverages, as well as increase in the Value Added Tax.

This announcement is coming barely a week after the Minister of Budget and National Planning Ministry, Udo Udoma, and chairman of the Federal Inland Revenue Service, Babatunde Fowler, announced that the government is planning to increase the Value Added Tax (VAT) to fund minimum wage.

The government some months ago increased the minimum wage from N18,000 to N30,000. The new wage has been passed by the National Assembly and assented by the president.
Mrs Ahmed said the third thematic area is achieving cohesion in the revenue ecosystem. She noted that the federal government is making efforts to ensure that the performance of the 2019 budget exceeds that of 2018.

UPDATE: https://www.trendingaccounting.com/2019/03/nigeria-to-introduce-new-taxes-to.html

Wow

I don't even know what to type concerning this.




Anyway, for book lovers, you can check my signature or my thread in the literature section.

Nigeria generates enough revenue already. Cut down the cost of governance!

Another means to scam us

Next level things!

They will pretend to increase the minimum wage, to make the people feel they have them at heart,but will use tax to take it away! APC=Scam!

If you did not vote in the just concluded elections, then you are to be blamed for this.

South East and South South did themselves a great disservice for the low turnout PDP recorded in 2019...

There's hope because tribunal can still salvage Nigerians from this shambolic , vision less, despotic, dictatorial and totalitarian government.

Their is something wrong in this country financially that the govt is not saying.

What a country

This guys are just desperately wicked

"For a nation to try to tax itself into prosperity is like a man standing in a bucket and trying to lift himself up by the handle"

Winston S. Churchill

What's important is that they are pro- business policies.

I would suggest a reduction in corporate taxes to 15% but enforce collection.

They should also ensure collection of VAT. Present only 25% of potential VAT revenue is collected. With corporates taxes, it's far worse.

Simply ensuring collection of the above 2 taxes can increase government revenue by 1% of GDP.. For Nigeria, it's the tax base stupid.

They shd cut down the cost of governance and leave the poor masses alone

Tax administration in this country is too poor. All the government knows is to collect taxes. No proper accountability, no substantial improvement in the provision of infrastructures and basic amenities. Yet, you want citizens to pay their taxes accurately as at and when due. Now, you want to increase taxes and pile more miseries on the masses.

I weep for my country.

This people are very wicked...

Yea smart azzes


Increase the wage


And take back the difference thru tax

The scam continues...

Monkey dey work, baboon dey chop

any need for this ?

Welcome to Nigeria

While the revenue already collected is being misappropriated.

Abeg make i laugh joor..

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https://www.youtube.com/watch?v=jWYVTw9Z8Sg&pbjreload=10[/flash]

Welcome to NextLevel

Honestly, Nigeria government is full of hypocrisy.

Cut down all political officers salaries and allowances, make political offices very less attractive. Then, see Nigeria save alot and this will see brilliant heads fill all political offices. Why is this difficult to do?

They are hell bent on taxing the common man to dead. Okay ooooooo!

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tunjijones:
They shd cut down the cost of governance and leave the poor masses alone

cut down which cost?? Politicians are still running a do or die political system and you expect them to cut down on governance cost??

Hmmmm

APRIL FOOL NEWS