Nigerian Government Plans to re-introduce National Tax Amnesty Program

The Nigerian government has announced its intentions to reintroduce the national tax amnesty scheme, as revealed in a statement released on Thursday (August 24, 2023).

The statement, issued by the Director of Press and Public Relations of the Ministry of Finance, Stephen Kilebi, highlighted the discussions that took place during a two-day retreat of the Presidential Committee on Fiscal Policy and Tax Reforms in Abuja. The committee’s Chairman, Mr. Taiwo Oyedele, emphasized several expected outcomes from the committee’s efforts.

The statement mentioned, “The Chairman highlighted the deliverables from the committee which include: optimal taxes; harmonized revenue collection functions; a revised national tax policy; national fiscal framework; preparation of bills for constitutional amendment; revenue optimization; production of a model template for sub-nationals, and establishment of the national tax amnesty scheme.”

The tax amnesty scheme, previously initiated during the administration of former Vice President Prof. Yemi Osinbajo, offers a limited-time opportunity for taxpayers to rectify their tax statuses from previous periods and settle the corresponding taxes with certain benefits.

While the scheme was first implemented on July 1, 2017, and lasted for nine months until March 31, 2018, indications suggest that the current administration under Bola Tinubu intends to reintroduce this initiative.

The Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun, used the statement to reassure Nigerians of brighter days ahead under President Bola Tinubu’s Renewed Hope Agenda. Edun highlighted the government’s commitment to job creation, poverty reduction, economic stability, and attracting investors.

He acknowledged that while the removal of fuel subsidies had a slowing effect on the economy, measures were adopted to alleviate the reform’s impact and address issues related to subsidies.

Edun promised a departure from the trend of a 30% decline in GDP per capita over the past decade, thanks to President Tinubu’s Renewed Hope Agenda. He also assured stakeholders that the challenge of hyperinflation in the economy would soon be addressed.

The minister reminded committee members of the President’s 30-day deadline to produce substantial results from their efforts, acknowledging that the economy was not growing as expected.