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

Editors Urge Government To Create Safe, Enabling Environment For Journalists

· Ask security agents to find missing Vanguard journalist As...

EXCLUSIVE: Buhari orders probe of Isa Funtua, AMCON over keystone and Etisalat

Following the controversy generated by the leading opposition party,...

6 Signs your boyfriend thinks you are ugly -Take note of No. 2

They say there are three kinds of people; the...

2023: South-East, Middle Belt Forum Endorses Peter Obi

The South-East and Middle Belt Forum has endorsed the...

The Chemical Secrets That Keep Honey Fresh for Ages

Honey is a natural sweetener, and you might expect...

Amaechi Quits APC, Declares Tinubu Unfit to Govern Nigeria

Former Minister of Transportation, Rotimi Amaechi, has announced his...

Mohbad’s Father Sues Naira Marley Over Alleged Unfulfilled N30m Promise

A new controversy has surfaced involving the late singer...

Atiku, Obi, El-Rufai, Amaechi Join Forces at ADC Coalition Unveiling in Abuja

Leading opposition figures, including former Vice President Atiku Abubakar...

Microsoft to Cut 9,000 Jobs Globally in Second Wave of 2025 Layoffs

Microsoft has announced plans to lay off approximately 9,000...

IMF Revises Nigeria’s 2025 GDP Growth Projection to 3.4%

The International Monetary Fund (IMF) has raised its forecast...

Tinubu Lights Up Dakibiyu District, Commissions Connector Road CN-8 Road

By Joyce Rémi-Babayeju President Bola Ahmed Tinubu on Tuesday opened...

Wike Never Allocated Land In Abuja To Children – Aide Insists

By Joyce Remi-Babayeju Senior Special Assistant on Public Communications and...
spot_img

Related Articles

Popular Categories

spot_imgspot_img