The Nigerian government is moving forward with plans to expand its tax base, targeting more citizens and businesses under the newly approved Economic Stabilisation Bills. These bills, endorsed by the Federal Executive Council on Monday, aim to address the nation’s fiscal challenges.

Taiwo Oyedele, Chairman of the Presidential Committee on Fiscal Policy Tax Reforms, shared details of the initiative, named “Tax Identification Consolidation and Collaboration (TICC),” via his official X account. The TICC initiative aims to increase government revenue by widening Nigeria’s tax net. This move involves reforms to 15 different tax, fiscal, and establishment laws, aimed at promoting economic stability and fostering inclusive growth.

The Economic Stabilisation Bills are now awaiting approval from the National Assembly. According to Oyedele, the TICC initiative seeks to ensure fair competition for businesses while broadening the tax base to capture more economic activities.

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This decision follows recent denials by the Federal Government regarding any plans to raise the Value-Added Tax (VAT) from 7.5% to 10%, which sparked public concern. Atiku Abubakar, the People’s Democratic Party (PDP) presidential candidate, strongly opposed the proposed VAT hike, arguing it would place additional strain on already struggling Nigerians.

Earlier in May 2024, Oyedele hinted at potential VAT adjustments. The tax expansion plans emerge as inflation in Nigeria surged to 32.15% in August, exacerbating the already high cost of living for citizens.