Nigeria Risks Fiscal Crisis Amid Low Tax Collection via thisdaylive
Gboyega Akinsanmi
In 2018, for instance, the report noted that about 19 million Nigerians paid into federal or state coffers out of the country’s population currently standing at 201 million. “Two years ago, the country offered a 12-month amnesty for Nigerians to declare and pay taxes on all previously undeclared income and assets to avoid penalty payments and possible prosecution.”
According to some estimates, Nigeria has one of the world’s lowest ratios of tax to GDP. That is the total amount of tax collected as a proportion of GDP – the value of the country’s goods and services.Other African countries, according to OECD statistics, performed better than Nigeria. The tax-to-GDP ratio in South Africa was 29 percent, Ghana 18 percent, Egypt 15 percent and Kenya 18 percent.
“We do not have a figure for 2018, but it is worth pointing out that 15 percent is the level necessary to achieve economic growth and poverty reduction.
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