Taiwo Oyedele, Chairman of the Presidential Committee on Fiscal Policy, announced that his committee has recommended the Federal Government eliminate taxes on food, public transportation, house rents, and other essentials crucial to Nigerians’ well-being.
On Monday, Oyedele mentioned on Channels Television’s Politics Today that the proposal also includes exempting value-added tax (VAT) on essential goods.
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He added that President Tinubu is expected to sign the proposal soon, after which it will be sent to the National Assembly for incorporation into Nigeria’s tax laws.
He said, “What we have taken into account is what are those necessities of life—food, accommodations, transportation, education and health. We’ve deliberately identified those items. And we’ve removed almost all the taxes applicable to them, including no VAT.
“We think that from the fiscal policy and tax perspective, we can make it more affordable for the Nigerian people to be able to afford those necessities. Share-passenger transportation is completely tax-free.
“However, if you hire a taxi, we assume that you’re not the poorest Nigerian so you have to pay the tax. Whereas if you get into a bus, that will be completely tax-free. That’s what we’ve done so far.”
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