The Nigerian government has unveiled a strategy to impose additional taxes on citizens and businesses, despite the prevailing economic challenges.

This initiative is part of the Economic Stabilisation Bills that received approval from the Federal Executive Council on Monday.

Taiwo Oyedele, the Chairman of the Presidential Committee on Fiscal Policy Tax Reforms, shared this information through a statement on his official X account.

He explained that the initiative, known as “Tax Identification Consolidation and Collaboration (TICC),” aims to expand Nigeria’s tax base and enhance revenue generation.

Oyedele emphasized that this plan is one of 15 various tax, fiscal, and establishment laws designed to promote economic stability and guide the nation towards sustainable inclusive growth.

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He further mentioned that the Economic Stabilisation Bills have been forwarded to the National Assembly for consideration.

The initiative seeks to introduce the “Tax Identification Consolidation and Collaboration (TICC)” to broaden the tax base, extend the tax net, and ensure equitable conditions for businesses, he stated.

This announcement follows the Federal Government’s recent denial of intentions to raise the Value-Added Tax from 7.5 percent to 10 percent amidst public outcry.

Atiku Abubakar, the Presidential candidate of the Peoples Democratic Party (PDP), criticized the proposal to increase VAT, arguing that it would undermine the fundamental well-being of the Nigerian populace.

It is noteworthy that Oyedele had previously indicated in May 2024 the necessity of adjusting VAT.

This development occurs as Nigerians grapple with a high cost of living and inflation, which reached 32.15 percent in August.