NIGERIA Says It Recovered $83 Million From Tax-Amnesty Scheme

Naira notes PHOTO:

Naira notes

By Paul Wallace

NIGERIA’S government has recovered 30 billion naira ($83 million) under an amnesty program for tax defaulters, according to the finance ministry.

The money was collected from individuals and companies under the so-called Voluntary Assets and Income Declaration Scheme, the Abuja-based finance ministry said Wednesday in a statement. Those that participated will receive certificates showing they’ve complied, it said.

President Muhammadu Buhari’s administration launched the scheme to boost revenue collection in a country that has a ratio of tax to gross domestic product of around 6 percent, one of the lowest in the world. That compares with 27 percent in South Africa and 16 percent in Ghana.

CREDIT: Bloomberg

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