Nigeria’s taxes on products rose to N1.36trn in first half of 2023 – NBS

Taxes imposed on products in Nigeria increased to N1.36 trillion in the first half of 2023.

The figure was contained in the National Bureau of Statistics’ recent Net Indirect Taxes on Products Data.

Accordingly, the figure represents a 113.29 per cent increase from the N636.19 billion recorded in the first half of 2021 and a 25.00 per cent increase from the N1.09 trillion it was in the corresponding period of 2022.

Newsmen reported that Nigeria’s Gross Domestic Product slowed to 2.51 per cent in Q1 2023 compared to 3.54 per cent recorded in Q2 2022.

On August 8, President Bola Ahmed Tinubu inaugurated the President Tax Committee on Fiscal Policy and Tax Reforms headed by Taiwo Oyedele to boost Nigeria’s revenue.