The Speaker of the House of Representatives, Tajudeen Abbas, has described Nigeria’s Value Added Tax collection as the lowest in the African continent. This was as the Speaker attributed the development to what he referred to as significant inefficiencies in the nation’s tax system. According to the Speaker, the House would continue to do its part to assist the Federal Government’s drive to reposition the nation’s economy. He said, ”Comparatively, Nigeria’s efficiency in collecting Value Added Tax is the lowest among its African peers, indicating significant inefficiencies in its tax system. “This trend of low tax revenue, coupled with a continued dependency on the increasingly unstable oil revenue, presents a major risk to Nigeria’s fiscal sustainability.

Source: Punch May 01, 2024 10:58 UTC