The Chairman of the Presidential Committee on Fiscal Policy, Taiwo Oyedele, says his committee has advised the Federal Government to remove taxes on food, public transportation, house rents, and other necessities critical to Nigerians’ well-being.
Oyedele stated this during a recent interview on Channels Television. He said the proposal also includes the exemption of value-added tax (VAT) on these necessities.
In his words:
“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.”
Oyedele said the proposal would soon be signed by President Bola Tinubu before being sent to the National Assembly to become part of Nigeria’s tax laws.
