IMF urges Nigeria to prioritize tax collection efficiency over raising rate amid COVID-19

Raising taxes should take the backseat for now while focus shifts to improving collection efficiency as Nigeria seeks to boost weak revenues amid a global pandemic that has hammered economic activity in Africa’s largest economy, the International Monetary Fund said at a virtual conference, Thursday. Raising taxes is inappropriate at this time as it could…

VAT: Need for reverting to old order

The Nigeria Employers’ Consultative Association (NECA) has requested the Federal Government to reverse the current Value Added Tax (VAT) from 7.5 per cent to the former five per cent in order to boost businesses post-COVID-19. Taiwo Hassan reports Indeed, the tension created by the deadly COVID-19 in the economy is yet to douse as businesses…

States face bleak future as revenue disappoints

The Central Bank of Nigeria (CBN) provisional data for 2017 show that internally generated revenue (IGR) provided 25.6 percent of the total revenue of the 36 states and the Federal Capital Territory, compared with 30.2 percent the previous year. Aggregate IGR, however, increased to N765 billion from N746 billion in 2016. Lagos State emerged as……