The Federal Government is set to remove taxes on essential goods and services, including food, public transportation, and house rents, in a move to alleviate Nigerians' financial burden.
This development came after the Presidential Committee on Fiscal Policy recommendation, chaired by Taiwo Oyedele.
Speaking on Channels Television's Politics Today on Monday, September 2, Oyedele outlined the proposal, including exempting value-added tax (VAT) on these critical necessities.
He emphasised that the aim is to make life more affordable for Nigerians by reducing the cost of essential goods and services.
"What we have taken into account is what are those necessities of life—food, accommodations, transportation, education, and health. We've deliberately identified those items. And we've removed almost all the taxes applicable to them, including no VAT," Oyedele stated.
He clarified that shared passenger transportation, such as buses, will be tax-free.
However, services perceived as non-essential, like taxi hires, will remain taxable as they cater to a more affluent segment of the population.
The proposal is expected to be signed by President Bola Tinubu before being presented to the National Assembly, where it will be integrated into Nigeria's tax laws.
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