Tinubu to reintroduce telecom tax on Nigerians to meet World Bank loan condition

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Tinubu Considers Telecom Tax Reintroduction to Secure World Bank Loan.

President Bola Tinubu’s administration is contemplating the reinstatement of the suspended telecom tax and other fiscal measures on Nigerians in a bid to secure a new loan of $750 million from the World Bank.

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The proposed measures include the reintroduction of the Excise on Telecom Services and the implementation of an EMT levy on electronic money transfers through the Nigerian banking system. These initiatives are part of the government’s efforts to enhance domestic revenue mobilization and meet the conditions set by the World Bank for the loan approval.

Despite the suspension of the telecom tax and import tax adjustments on certain vehicles in July 2023, negotiations between the World Bank and the Federal Government are ongoing to finalize the loan agreement.

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The World Bank document highlights the involvement of key stakeholders such as telecom operators, banking institutions, manufacturers, and importers in the implementation of these revenue-generating measures. The document underscores the importance of collaboration among various sectors to ensure the success of the proposed reforms.

Additionally, the document outlines specific allocations for technical assistance and project management to facilitate the implementation of the revenue mobilization program.

The proposed measures, if implemented, are expected to have significant implications for the telecom and banking sectors, as well as for manufacturers, importers, and consumers across Nigeria.

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For further updates on this developing story, stay tuned to reputable news sources.


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