
Facelift to Nigeria as Tax-to-GDP Ratio Increases to 10.86 percent
By Kelechi Okoronkwo For a long time, more than twelve years, Nigeria wore a “Lowest Tax-to-GDP (Gross Domestic Product) Ratio” in the whole world like a garment. In tax and economy conferences and public discussions both local and internal, Nigeria’s tax-to-GDP status was always on the front-burner. While some people showed genuine concern, others scorned Nigeria for having a Tax-to-GDP ratio quoted as hovering around five to six percent. Earlier in May, 2023, the Chartered Institute of Taxation of Nigeria (CITN) expressed genuine worry about Nigeria’s tax system and the Tax-to-GDP ratio. The CITN was not alone in expressing concerns…