The Nigerian government is contemplating the reintroduction of a previously suspended telecom tax and other fiscal measures to secure a $750 million loan from the World Bank.
This move is part of the Accelerating Resource Mobilisation Reforms (ARMOR) program, aimed at enhancing the government’s financial capacity and improving domestic resource mobilization.
The ARMOR program, spanning from 2024 to 2028, seeks to reform tax and excise regimes, enhance tax and customs administration, and ensure transparency in oil and gas revenue management.
The World Bank’s contribution of $750 million is a significant portion of the program’s budget, with the government expected to contribute $1.17 billion annually.
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The planned tax reforms are expected to impact various economic sectors, including manufacturers of goods like alcoholic beverages, tobacco products, and sugar-sweetened beverages, as well as telecom and banking service providers, importers, and international traders. The reintroduction of the telecom tax, which was suspended in July 2023, may lead to increased costs for consumers and businesses alike.
The government’s decision to reconsider the telecom tax and other fiscal measures is part of its efforts to meet the conditions for the World Bank loan. The loan is intended to support Nigeria’s economic development and improve its financial standing, but the reintroduction of the telecom tax may have significant implications for the country’s telecom industry and consumers.
It is well with Nigeria. On God.
Tinubu government wan just finish this country I swear
Reason all of us haven’t hit the road and stop all these madness is baffling
Instead of them to say there should reduce their own payment, they won’t. They will just focus in the one that will affect the poor masses
This illegitimate government will never stop to amuse me, borrow is all we see who is going to pay back
Chai
Wetin Dey pain me pass be say , everybody is acting like everything is fine 😔
Only to dey impose tax on us na em dem sabi
Make all una Sha dey sit for one corner of your house, dey impose uneccessary tax on Nigerians.
Haaa… There are other ways to source for money in this country, buh i don’t get why our government usually resorts to borrowing