More than 800,000 Nigerian companies do not pay tax – Kemi Adeosun

Minister of Finance, Kemi Adeosun

Minister of Finance Kemi Adeosun has revealed numbers of Nigerian companies that do not pay taxes.

Adeosun in a statement said that more than 800,000 companies in Nigeria, including government contractors, have never paid any taxes.

“Only 14 million Nigerians, out of an economically active base of 70 million, paid their taxes.

“Of the 14 million, more than 95% were salary earners in the formal sector, but only 241 people paid personal income taxes amounting to about $65,500 (£50,000) in 2016,” Ms Adeosun said.

She further revealed government’s plans to step up efforts to increase tax collection.

“There was “systematic tax evasion at all levels,” and the government plans to step up efforts to increase tax collection.

“This would help reduce government reliance on oil revenue,” Ms Adeosun added.

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