The chairman of the Presidential Fiscal Policy and Tax Reforms Committee, Taiwo Oyedele, has revealed that Nigerian businesses are shouldering an estimated $3.5 billion annual tax burden in foreign currency, exacerbating the naira’s depreciation.
Speaking at the Nigerian Financial Intelligence Unit’s (NFIU) first revenue assurance summit on Tuesday, Oyedele emphasized the need for a coherent policy environment to foster investment and inter-agency collaboration.
“We found that Nigerian businesses are being asked to pay some taxes in dollars — NIMASA, NPA, etc., which amounts to an estimated $3.5 billion a year,” Oyedele stated. “We are crying that our naira is losing value; why wouldn’t it lose value when we impose unnecessary dollar demands?”
