Nigerians to pay more taxes in the New Taxes—Zainab

Finance minister Zainab Ahmed has told Nigerians to expect to pay new taxes in the coming year (2022). While addressing stakeholders at a public hearing on the 2021 finance bill in Abuja, Ahmed hinted that there is likely going to be modest increases in taxes and tariffs on certain businesses and individuals. According to her, it is important for the Nigerian government to increase its taxes and levies, as the economy is on a recovery path.

The minister said that a couple of reforms and amendments had been recommended in the draft 2021 finance amendment bill, adding that more will be introduced in the middle of 2022. Speaking further, she noted that more fiscal reforms were still in view as the ministry could not take all the proposals collected from stakeholders. “While these issues may require most increases in taxes and tariffs on certain businesses, industries, and individuals over the medium term…,” Ahmed said in her closing remarks. “Our aspiration is to do a midterm review with a possibility of another Finance Bill in mid-year 2022 to bring in more amendments.”