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Nigeria: Presidential tax reform committee proposes scrapping of 190 taxes

Published

1 year ago

October 25, 2023

The Nigerian Presidential Committee on Fiscal Policy and Tax Reforms has recommended discontinuation of 190 taxes choking businesses in the country.

This is according to the panel’s ‘Quick Wins Report’ to President Bola Tinubu, who endorsed its far-reaching recommendations on tax and fiscal policies during a brief ceremony at the Presidential Villa, Abuja, on Tuesday.

During the committee’s report presentation to the president, Mr. Taiwo Oyedele, the chairman, stated that the panel recommended consolidating more than 200 levies that Nigerian businesses were paying into just ten.

Among other things, Oyedele asked for the president to issue Presidential Executive Orders and an Emergency Economic Intervention Bill (Executive Bill) to address the duplication of duties within the public service and to ensure prudent public financial management in an effort to maximise value from government assets and natural resources.

The report is said to be supported by the Organised Private Sector, particularly the telecommunication operators who complained that the sector was one of the most taxed in the country with over 40 taxes directed at telecom firms.

The president congratulated the group on their efforts and assured them of his support for reviewing and implementing the most important recommendations after hearing the committee’s presentation.

‘’I have listened attentively to your report. Charting the critical path forward for Nigeria’s economic recovery is crucial to all of us. I want to say thank you to your delegation,’’ he said.

Meanwhile, the Africa Department Director of the International Monetary Fund (IMF), Abebe Selassie recently said Nigeria must collect more taxes to fund the national budget and pay public debts if its fuel subsidy removal policy and foreign exchange unification initiative were to be optimally beneficial.

Senegal, Kenya, and Tunisia are just a few of the nations that have recently proposed tax reforms. The tax policies enacted throughout the continent have been connected to the decrease in investments.

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Moroccan annual inflation rises to 0.8% in November

Published

1 day ago

December 21, 2024

Ifeoluwa Dada

Morocco’s statistics office has confirmed that the country’s annual inflation rate, as determined by the consumer price index, increased from 0.7% in October to 0.8% in November.

Monthly, consumer prices decreased by 0.2% from October.

The primary driver of inflation, food costs, grew by 0.8% compared to the previous year, while non-food inflation climbed by 0.7%. Core inflation, which does not include more erratic items like food, increased 2.6% annually and 0.2% monthly.

According to the central bank, inflation is expected to average 1% this year, down from 6.1% last year.

Despite the Al-Haouz earthquake, a spike in inflation, and worldwide economic challenges, Morocco’s GDP grew by 3.4% in 2023.

A recovery in tourism, robust industrial exports, and rising private consumption—all bolstered by prudent macroeconomic policies—were the main drivers of growth.

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Nigeria’s $42bn foreign reserves enough for 9 months’ imports— Central Bank

Published

2 days ago

December 20, 2024

Ifeoluwa Dada

According to Olayemi Cardoso, Governor of the Central Bank of Nigeria (CBN), the nation’s $42.01 billion in foreign reserves can cover imports of goods and services for almost nine months.

Cardoso promised Nigerians improved economic fortunes in 2025 while addressing the Senate Committee on Banking, Insurance, and Other Financial Institutions yesterday in Abuja at the presentation of the performance index report.

Cardoso stated: “External Reserves rose from $ 38.35 billion it was on September 30, 2024, to $ 42.01 billion as of December 12, 2024”.

He clarified that third-party receipts in Q3 2024 and revenues from taxes connected to crude oil were the main drivers of the rise in foreign reserves during the specified time.

“We saw remarkable improvements in our trade balance and maintained a current account surplus,” he added.

“Our external reserves level can finance over 9.09 months of import of goods and services or 13.91 months only, higher than the international benchmark of 3.0 months and a robust buffer against shocks”.

On cash shortage, the CBN boss reiterated the N150 million fine against any branch of banks caught illegally distributing new Naira notes to currency hawkers and unscrupulous elements and said the Nigerian economy will improve in 2025 through policies and measures.

He predicted a stronger economic future: “Despite our economy’s challenges, there are clear reasons for optimism.

“The gradual stabilization of the forex market, ongoing banking sector recapitalization, and positive growth trends in key sectors, especially the services sector, indicate a path toward recovery and stability.”