The Vice President, Yemi Osinbajo, on Wednesday said Nigeria has increased its tax net from 14 million in May 2017 to 19 million in 2018.
The Vice President disclosed this while declaring open the 2018 edition of the Chartered Institute of Taxation of Nigeria (CITN) where he was the special guest of honour.
He stated that as at Dec. 2017, only 943 Nigerians paid self-assessed taxes of less than N1 million.
He said: “Earlier, I noted that as of May 2017, only 14 million economically active Nigerians paid taxes. I am pleased to announce that the number is now in excess of 19 million and still growing. This means that efforts led by the federal Inland Revenue Service in collaboration with many of the states inland revenue services have already added more than five million new tax payers to the tax base.
“But there is still a lot of work ahead of us; as Nigeria races to catch up with the rest of the world in terms of tax compliance we all have a role to play in this.’’