Despite Hardship, Suffering, FG Moves to Increase Taxes | READ FULL

In the midst of widespread economic hardship, the Nigerian government has announced plans to introduce new taxes and widen its tax net through the Tax Identification Consolidation and Collaboration (TICC) initiative. Despite soaring inflation and increasing poverty, the government aims to push through fiscal reforms, raising concerns about the strain on Nigerian citizens.

In the face of widespread hardship, the Nigerian government is set to impose new tax burdens on its citizens and businesses. This comes as part of the Economic Stabilisation Bills approved by the Federal Executive Council, even as millions of Nigerians struggle with rising inflation and high costs of living.

The move, revealed by Taiwo Oyedele, Chairman of the Presidential Committee on Fiscal Policy Tax Reforms, aims to expand Nigeria’s tax base through a new initiative called “Tax Identification Consolidation and Collaboration (TICC).” This expansion plan comes just weeks after the government denied rumors of increasing Value Added Tax (VAT) from 7.5% to 10%, causing a public uproar.

Oyedele said the TICC initiative is part of 15 different fiscal reforms aimed at stabilizing the economy and promoting sustained inclusive growth. The proposed Economic Stabilisation Bills have already been forwarded to the National Assembly for approval, sparking further concern among Nigerians already grappling with a harsh economic reality.

This development follows months of soaring inflation rates, which peaked at 32.15% in August, placing immense pressure on citizens’ ability to meet daily needs. Despite this, the government appears set on its tax expansion plans, raising questions about the sincerity of efforts to alleviate the people’s suffering.

Prominent voices, including former Vice President and PDP presidential candidate Atiku Abubakar, have condemned these proposals, calling them destructive to the essence of the Nigerian people.