Pres. Tinubu To Reintroduce Telecom Tax On Nigerians To Meet World Bank Loan Condition

President Bola Tinubu’s government is considering lifting the suspended telecom tax and other fiscal policies on Nigerians to secure a new loan of $750 million from the World Bank

According to a document published by the World Bank, the EMT levy on electronic money transfers through the Nigerian banking system, along with other taxes, is also being considered, in addition to the reintroduction of excises on telecom services.

Mr Tinubu suspended the five per cent excise duty on telecommunications and the Import Tax Adjustment levy on certain vehicles in July 2023. However, the document revealed that negotiations were underway between the World Bank and FG to secure the yet-to-be-approved loan.

The document said, “Domestic Revenue Mobilisation drive in the government ARMOR program seeks to increase revenue on some targeted industries and sectors of the economy. Specific groups and agencies within affected sectors include the Association of Licensed Telecom Operators of Nigeria: The introduction of excises on telecom services requires that all telcos are mobilised to fully participate in the collection of such revenue.

“Committee of Bankers: Introduction of EMT levy on electronic money transfers through the Nigerian Banking System would need the buy-in of all banking institutions.”

It noted that the Manufacturer’s Association of Nigeria (manufacturers of tobacco products, sugar-sweetened beverages and alcoholic beverages) that would be required to collect excises on their products “are critical stakeholders” for the introduction of the new excise regime.

Posted: at 7-05-2024 04:48 PM (1 week ago) | Addicted Hero

By the time city boy is through with this country, Nigerians will be running to Malawi.

Posted: at 7-05-2024 06:33 PM (1 week ago) | Gistmaniac

na wa oooo.. the masses are in for it.. Shege promax plus loading

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Posted: at 7-05-2024 07:45 PM (1 week ago) | Addicted Hero

You most be a fool and half for comparing people paying taxes in the UK,  Florida and  Canada to the situation in Nigeria.
In all the Western nations names you have dropped,  the people sees the results of taxes paid and the benefits of doing so. Your dead man walking Jagaban Nigeria, is all about thief from the people,  grab it and run.

Posted: at 8-05-2024 12:52 AM (1 week ago) | Newbie