From The Report: Nigeria 2023
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Nigeria’s tax system has undergone a significant transformation due to the enactment of three annual finance acts, which have amended a total of 19 pieces of legislation, and 167 provisions of tax and fiscal laws – changes that have included a gradual shift from direct to indirect tax and a higher value-added tax rate. While many stakeholders have continued to advocate for a total overhaul of the regulatory framework, annual reviews of existing laws have led to attempts to align legislation with current economic realities, eliminate ambiguities and impediments to investment, and increase tax revenue. Although challenges to strengthening the regulatory framework remain, the ongoing reforms provide considerable scope for increased fiscal robustness.

This chapter contains an interview with Yomi Olugbenro, Partner and West Africa Tax Leader, Deloitte Nigeria.