Luxury Goods Tax Rise Recommended by Nigerian Parliament

11 April 2019

Nigeria’s parliament has requested that the government consider increasing taxes on luxury goods in an effort to boost revenues, it said on Tuesday.

A Senate-approved expenditure plan showed that Nigeria can be expected to generate 172.47 billion naira ($564 million) from privatisation proceeds this year.

The budget deficit for 2019 is estimated at 1.86 trillion naira ($6.1 billion), according to the plan. Lawmakers said the deficit would be covered via borrowing, privatisation proceeds and loans secured for specific projects.

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