Nigeria’s federal inland revenue service has revealed that at least 700,000 (seven hundred thousand) Nigerian companies have never paid taxes.
This revelation was made following efforts by the federal government to get alternative means of getting revenue since the economic situation in the country has left her in the dark.
A reduction in oil prices as well as unrest in the Niger Delta region which is the home of oil production in the country are among other reasons the country has been in recession in the past few weeks.
Speaking on this recent development, Babatunde Fowler, the chairman of the federal inland revenue service, noted that about 10 million Nigerians are also in the same category of not paying tax and would be fished out and added to the growing list of defaulting companies.
According to Africa News, he said: “So basically in the last few months we have been able to add about 700,000 companies and we expect to add about ten million individuals across the nation with the support of the state boards of internal revenue.”
Businesses and individuals were recently being tracked by inspectors who were deployed to update data bases and register the firms in a newly created tax unit and although they (the unit) have been strongly criticised, their efforts have started unfolding the truth.
Recently, Nigeria’s vice president, Professor Yemi Osinbajo spoke about President Muhammadu Buhari’s ability to attract more investments to the country.
The vice president made this revelation while addressing journalists in Lagos after a detailed session with private sector chieftains, and spoke on the direction of the Nigerian economy.
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