FG taxes on products hits N1.36trn

The National Bureau of Statistics in its Net Indirect Taxes on Products Data, revealed that the federal government taxes on products hits N1.36 trillion  in the first half of 2023.

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The NBS noted that the N1.36 trillion represents 113.29 per cent increase from the N636.19 billion recorded in the first half of 2021 and 25.00 per cent increase from the N1.09 trillion realized in the corresponding period of 2022.

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The NBS disclosed that Gross Domestic Product (GDP) in Nigeria slowed to 2.51 per cent in Q1 2023 compared to 3.54 per cent recorded in Q2 2022.

President Bola Ahmed Tinubu on August 8, 2023, set up the Tax Committee on Fiscal Policy and Tax Reforms, chaired by Taiwo Oyedele, to reform the country’s tax system and improve revenue generation for the government.

President Tinubu had since assumption of office on May 29, been searching for means to boost internally generated revenue and de-emphasise more borrowings eight from internal or external sources.

The president at the Nigeria Bar Association (NBA) Annual Conference in Abuja, expressed concerns over the burden of debt servicing on the budget of the federal government. He re-emphasized the need for tax reforms and improved internal revenue generation.

Recent report revealed that Nigeria’s foreign reserve has fallen to a little above $3.6 billion contrary to the figures being propagated by the federal government over the years.

Apparently, the concern for increased revenue generated internally is germane in the prevailing circumstance of the country.