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Product taxes in Nigeria reached N1.36trn in the first half of 2023, according to the National Bureau of Statistics

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In the first six months of 2023, Nigerian product taxes reached N1.36 trillion.

The data was found in the latest installment of the National Bureau of Statistics’ Net Indirect Taxes on Products.

That’s a 113.29 percent increase from the N636.19 billion in the first half of 2021 and a 25.00 percent increase from the N1.09 trillion in the first half of 2022.

GDP growth in Nigeria reportedly decreased to 2.51 percent in the first quarter of 2023, down from 3.54 percent in the second quarter of 2022, as reported by BANKPAWA

President Bola Ahmed Tinubu appointed Taiwo Oyedele to chair the President Tax Committee on Fiscal Policy and Tax Reforms on August 8. Their goal is to increase tax income in Nigeria.

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