Nigeria plans to boost its tax-to-GDP ratio to at least 18% in three years, part of a push to curb its reliance on borrowing to finance public spending, its presidency said in a statement.
Africa’s largest economy has embarked on its boldest reform agenda in decades, including the removal of a popular but costly petrol subsidy and restrictions on foreign exchange trading, a gamble by President Bola Tinubu to try boost sluggish growth.
The government has set up a committee to reform Nigeria’s tax system, which suffers from high levels of evasion, enhance collection efficiency and remove barriers impeding business growth as it tries to widen the tax base and achieve the target.—Zawya News
