Millions of Nigerians wey dey work as market traders or informal business owners go dey targeted for VAT payments.

July 5, 2023

Na as many as 40 million pipo dey fall inside dis category, according to Nigeria federal tax agency and the Market Traders Association (Matan), wey both talk say dem wan expand the country tax net.

Under di plan, market traders go get digital ID with unique tax identification number wey dem dey call “TIN” wey go dey monitor dia sales and payments to Nigeria federal revenue service.

Dem talk say just over 10% of Nigeria government revenue dey come from taxes, wey be one of di lowest proportions for di world, as most of di revenue dey come from crude oil sales.

For di last 30 days, Nigeria, wey be Africa biggest economy don begin economic and fiscal reforms, wey President Bola Tinubu administration dey hope say go fit helep di country comot from di current economic crisis wey dey affected by high inflation, high cost of living, and small government revenues.

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