Nigeria has announced an upward review of the country’s tax-to-Gross Domestic Product, GDP, ratio to 10.86 per cent.
The upgrade represents 4.86 per cent points increase from 6.0 per cent earlier reported by the National Bureau of Statistics, NBS.
The NBS disclosed this on Tuesday in the Tax-to-GDP Ratio revised computation report for 2010 to 2021.
NBS noted that the revised computation considered more comprehensive data coverage at the Federal, State, and Local Government levels and revenue items not previously included in the computations.
“The revised computation considered wider coverage of data at the Federal, State, and Local Government levels, and revenue items not previously included in the computations, particularly relevant revenue collected by other government agencies. At the end of 2021, Nigeria’s tax-to-GDP ratio stood at 10.86 per cent compared to an estimated 6.0 per cent previously reported,” it said.
