Only 10 million of Nigeria’s over 160 are captured in the tax net, resulting in poor revenue collection for the country.
This was disclosed by the National Tax Policy Review Committee in Abuja, yesterday.
The evaluation is expected to be completed in two weeks.
Nigeria’s tax to GDP ratio currently stands at about six per cent, far below those of many sub-Saharan countries, like South Africa.
Chairman of the Committee, Prof. Abiola Sanni, addressed stakeholders at the maiden meeting designed to generate input from the public, with a view to updating the nation’s tax laws.
He said: “We are considering having a revised document that is slim and concise; a document, which will impose duties and responsibilities on all organs of government, relevant agencies and persons.”
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