Politics
Telecom Tax Revival: Nigeria Eyes $750 Million World Bank Loan Agreement
Telecom Tax Revival: Nigeria Eyes $750 Million World Bank Loan Agreement....KINDLY READ THE FULL STORY HERE▶
In a bid to secure a fresh $750 million loan from the World Bank, Nigeria is considering reintroducing telecom taxes and implementing other fiscal measures, as revealed by recent disclosures.As outlined in the Stakeholder Engagement Plan for Nigeria – Accelerating Resource Mobilisation Reforms (ARMOR) P-For-R (P177308) program dated March 2024, the government plans to reinstate excises on telecom services and EMT levies on electronic money transfers via the Nigerian Banking System, among other tax adjustments.
President Bola Tinubu had previously suspended the 5% excise duty on telecommunications and the Import Tax Adjustment levy on specific vehicles in July 2023. However, it now seems likely that this suspension could be lifted to align with the program targets for the pending World Bank loan approval.
The primary objective of the World Bank program is to bolster the government’s financial position by improving its capacity to effectively manage and mobilize domestic resources. This entails enhancing tax and customs compliance measures and safeguarding oil revenues.
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