x

FG Plans to Remove Taxes on Food Items, Rents, and Other Necessities – Taiwo Oyedele

Taiwo Oyedele, Chairman of the Presidential Committee on Fiscal Policy, has announced that the committee has recommended the removal of taxes on essential items such as food, public transportation, house rents, and other necessities to the Federal Government.

Speaking on Channels Television’s Politics Today program on Monday, Oyedele revealed that the proposal includes the exemption of value-added tax (VAT) on these essential goods and services, aiming to alleviate the financial burden on Nigerians.

Oyedele explained that the proposal is expected to be signed by President Tinubu soon before being submitted to the National Assembly for incorporation into Nigeria’s tax laws.

He said, “We have considered what constitutes the necessities of life—food, accommodation, transportation, education, and health. We’ve specifically identified these items and have proposed removing almost all taxes on them, including VAT.”

He further elaborated, “From a fiscal policy and tax perspective, we believe this will make these essential items more affordable for Nigerians. For example, shared-passenger transportation will be entirely tax-free. However, if you hire a taxi, it is assumed you are not among the poorest Nigerians, so a tax will apply. But if you board a bus, there will be no tax at all. That’s the framework we’ve established so far.”

Hot this week

MRA announces call for entries for 2026 Goodluck Jonathan FOI Awards

By Achadu Gabriel, KadunaMedia Rights Agenda (MRA) Thursday,...

Victor Osimhen Sets New Galatasaray Record With Brilliant Brace Against Bodø/Glimt

 Victor Osimhen continued his sensational European form on Wednesday...

You’ll Remain a social media president- Wike taunts Peter Obi

By Joyce Remi-BabayejuThe FCT Minister, Barr. Nyesom Wike...

China Commends Nigeria for Joint ONSA/DSS/Army Rescue of Four Kidnapped Chinese Citizens

▪︎ Secret Police stabilises rescued kidnapees at own medical...

Issa- Onilu’s digital drive in NOA

By Paul OdenyiAs Mallam Lanre Issa-Onilu marks two years...

NOA: Value of Vision

By Tolu MedunaOn 3rd November 2023, during a Strategic...

Ibom Air signs N200M sponsorship deal with Akwa United FC

By Ogenyi Ogenyi,UyoIbom Air and 2021 Nigeria Premier Football...

The Conflict in Dr Congo and It’s Impacts on the Great Lakes Region

By Babade Victor Temijope The renewed wave of violence...

Gov Alia Dissolves Lobi Stars FC Board, Management to Reposition Club for Better Performance

By Isaac Kertyo, MakurdiBenue State Governor, Rev. Fr. Hyacinth...

INSPIRATION:Building a Reliable Humanity: Where Peace and Growth Reign

With Mary EwaLife will always remain a venture—an unfolding...

Wike Seeks Politics of Transformational Governance in Africa

By Joyce Remi-BabayejuThe Minister of the Federal Capital...

Related Articles

Popular Categories

spot_imgspot_img