The Nigerian government has drafted a plan to reintroduce the telecommunications tax previously suspended and other revenue-generating measures to secure a $750 million World Bank Loan. This is according to the recent Stakeholder Engagement Plan for Nigeria – Accelerating Resource Mobilisation Reforms programme between Nigeria and the World Bank.
The document posted on the World Bank 's website showed that the Nigerian government might reintroduce taxes on telecoms, electronic money transaction levies, and other fiscal measures. The Washington-based World Bank 's contribution of $750 million constitutes a significant portion of the programme's budget, and the government is expected to contribute $1.17 billion through annual budgetary. Nigeria requested the loan in 2021 but was earlier stopped.
'Committee of Bankers: Introduction of EMT levy on electronic money transfers through the Nigerian Banking System would need the buy-in of all banking institutions', the document partly reads. The development comes after President Bola Tinubu, in July 2023, ordered the suspension of the five per cent excise duty on telecommunications and the Import Tax Adjustment levy on certain vehicles.
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