• Hausa Edition
  • Podcast
  • Conferences
  • LeVogue Magazine
  • Business News
  • Print Advert Rates
  • Online Advert Rates
  • Contact Us
Tuesday, September 9, 2025
Leadership Newspapers
Read in Hausa
  • Home
  • News
  • Politics
  • Business
  • Sport
  • Health
  • Entertainment
  • Opinion
    • Editorial
  • Columns
  • Football
  • Others
    • LeVogue Magazine
    • Conferences
    • National Economy
  • Contact Us
No Result
View All Result
  • Home
  • News
  • Politics
  • Business
  • Sport
  • Health
  • Entertainment
  • Opinion
    • Editorial
  • Columns
  • Football
  • Others
    • LeVogue Magazine
    • Conferences
    • National Economy
  • Contact Us
No Result
View All Result
Leadership Newspapers
No Result
View All Result

Multiple Taxation Continues To Pose Significant Challenge To Businesses – LCCI

by Olushola Bello
12 months ago
in News
Reading Time: 2 mins read
Multiple Taxation Continues To Pose Significant Challenge To Businesses
Share on WhatsAppShare on FacebookShare on XTelegram

The Lagos Chamber of Commerce & Industry (LCCI) has reemphasised that multiple taxation has continued to pose a significant challenge to businesses.

Advertisement

The president of LCCI,  Gabriel Idahosa stated this at the LCCI-FIRS Organised Private Sector stakeholders’ engagement with the theme ‘Emerging Tax Matters’.

Idahosa explained that “in recent times, Nigeria’s tax system has undergone significant transformations driven by reforms and policy changes to boost revenue, simplify compliance, and address critical fiscal challenges.

“Under its new leadership, the Federal Inland Revenue Service (FIRS) has set ambitious goals to increase tax collection by 57 per cent, targeting a revenue of N19.4 trillion for 2024. This projection includes N9.96 trillion from oil revenue and N9.45 trillion from non-oil sources, signalling a shift toward non-oil revenue generation to strengthen the economy.

“Despite these efforts, Nigeria’s current tax-to-GDP ratio stands at just 10.86 per cent, far below the African average of about 15 to 20 per cent. The government aims to achieve a tax-to-GDP ratio of 18 per cent within the next three years through the newly introduced tax reforms. Reaching this goal requires a concerted effort from both the public and private sectors, along with targeted reforms aimed at simplifying tax policies and encouraging compliance.”

He added that in July 2023, the Presidential Committee on Fiscal Policy and Tax Reforms was inaugurated with the mandate to overhaul Nigeria’s fiscal and tax policies to enhance revenue collection, reduce multiple taxation and streamline tax administration, saying that several key recommendations have emerged from this Committee, with both immediate and long-term objectives designed to modernise Nigeria’s tax system.

He pointed out that “the private sector is indispensable in Nigeria’s economic development and, by extension, its tax base. However, multiple taxation continues to pose a significant challenge to businesses. The committee has recommended a suspension of certain taxes that disproportionately burden SMEs and the less affluent, a move expected to foster a more conducive environment for business growth and compliance.”

He also said there is also a growing need for collaboration between the private sector and government to ensure that tax policies support business innovation and competitiveness, saying “for instance, recommending tax breaks for wage increases and removing barriers to foreign currency-denominated transactions can create a more robust investment environment.”

He added that “as we move forward in 2024, Nigeria’s fiscal policy is at a critical juncture and for the reforms to succeed, the government must foster trust through transparency and fairness, while businesses and citizens must embrace a culture of tax compliance.”

RELATED

Israel Strikes Hamas Leadership As Explosions Hit Qatar’s Capital

Israel Strikes Hamas Leadership As Explosions Hit Qatar’s Capital

28 minutes ago
PICTORIAL: Coscharis Founder Maduka, Robert Kayanja, Others Grace Enenches’ Crusade In Uganda

PICTORIAL: Coscharis Founder Maduka, Robert Kayanja, Others Grace Enenches’ Crusade In Uganda

57 minutes ago

The executive chairman, Federal Inland Revenue Service (ECFIRS), Dr. Zaach Adedeji said that tax education and public awareness are vital for fostering a culture of tax compliance.

Represented by the acting director, Medium Taxpayers Department, South,  Oti Olaniyi stated that “as we explore various tax incentives to stimulate local industries, we must emphasise the need for transparency and effectiveness in the implementation of these incentives.”

Join Our WhatsApp Channel

Tags: Lagos Chamber of Commerce and Industry (LCCI)
SendShare10169Tweet6356Share
ADVERTISEMENT
Previous Post

We’ll Surpass N37bn IGR Target – Tambuwal

Next Post

Agusto & Co, GCR Affirm Axxela’s Strong Financial, Strategic Outlook

Olushola Bello

Olushola Bello

You May Like

Israel Strikes Hamas Leadership As Explosions Hit Qatar’s Capital
News

Israel Strikes Hamas Leadership As Explosions Hit Qatar’s Capital

2025/09/09
PICTORIAL: Coscharis Founder Maduka, Robert Kayanja, Others Grace Enenches’ Crusade In Uganda
News

PICTORIAL: Coscharis Founder Maduka, Robert Kayanja, Others Grace Enenches’ Crusade In Uganda

2025/09/09
Kano Government Bans Illegal Use Of Chainsaws
News

Kano Government Bans Illegal Use Of Chainsaws

2025/09/09
PICTORIAL: DJ Cuppy Says Younger Sister Temi Otedola’s Wedding Her ‘Most Emotional’ Day
Entertainment

PICTORIAL: DJ Cuppy Says Younger Sister Temi Otedola’s Wedding Her ‘Most Emotional’ Day

2025/09/09
SERVICOM Tasks Health Institutions On Transparency, Discipline
News

SERVICOM Tasks Health Institutions On Transparency, Discipline

2025/09/09
Presidency Fires Back At Dino Melaye For Criticising Debt Profile Under Tinubu
News

Presidency Fires Back At Dino Melaye For Criticising Debt Profile Under Tinubu

2025/09/09
Leadership Conference advertisement

LATEST

Galatasaray Provide Details On Victor Osimhen’s Injury

Israel Strikes Hamas Leadership As Explosions Hit Qatar’s Capital

PICTORIAL: Coscharis Founder Maduka, Robert Kayanja, Others Grace Enenches’ Crusade In Uganda

Kano Government Bans Illegal Use Of Chainsaws

PICTORIAL: DJ Cuppy Says Younger Sister Temi Otedola’s Wedding Her ‘Most Emotional’ Day

SERVICOM Tasks Health Institutions On Transparency, Discipline

Presidency Fires Back At Dino Melaye For Criticising Debt Profile Under Tinubu

A Heartfelt Farewell To My Dear Friend, Solomon Arase

Federal Gov’t Unveils Safe Blood Transfusion Project In Kano

Benue, Ogun Benefit As Women Affairs Minister Flags Off Customs-supported Relief Items Distribution

© 2025 Leadership Media Group - All Rights Reserved.

No Result
View All Result
  • Home
  • News
  • Politics
  • Business
  • Sport
  • Health
  • Entertainment
  • Opinion
    • Editorial
  • Columns
  • Football
  • Others
    • LeVogue Magazine
    • Conferences
    • National Economy
  • Contact Us

© 2025 Leadership Media Group - All Rights Reserved.