Nigeria’s Falling Revenue: Industrialists Warn Incoming Govt Against Raising Taxes

Nigeria’s Falling Revenue: Industrialists Warn Incoming Govt Against Raising Taxes - Latest News

The country is currently grappling with huge debt overhang of over N70 trillion, and the need to increase

Recall that just last week, the federal government borrowed $800 million from the World Bank for palliatives to ease the impact of fuel subsidy removal.The total debt could reach N80 trillion if N10 trillion is factored in from debt servicing and other federal government’s borrowings.The Debt Management Office says Nigeria’s total public debt hit N46.25 trillion at the end of the fourth quarter of 2022.

According to him, transparency and accountability inspires confidence and letting more people come into the net without the same set of people being overburdened while other people are getting away with it, as the expansion of the tax base, is the way to go. “It is double whammy for economic players to contend with a regime of high import duty, prohibitive tax rates amid a depreciating currency.

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