Minister of finance, budget, and national planning Zainab Ahmed said that in the medium term, there may be moderate increases in taxes and tariffs on specific enterprises and individuals.
Ahmed said the government is exploring new taxes since the “economy is now on a recovery path” as she addressed stakeholders at a public hearing on the 2021 finance bill on Monday in Abuja.
The hearing was hosted by the House of Representatives Finance Committee.
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The draft 2021 financial amendment bill recommended a few modifications and amendments, according to the minister, and more would be introduced in the middle of 2022.
She stated that more budgetary measures were still being considered because the ministry was unable to accept all of the ideas received from stakeholders.
“While these issues may require most increases in taxes and tariffs on certain businesses, industries, and individuals over the medium term…,” Ahmed said in her closing remarks.
”Our aspiration is to do a midterm review with a possibility of another Finance Bill in mid-year 2022 to bring in more amendments.”