Tax-to-GDP increases to 10.86% in 2021, says NBS

The National Bureau of Statistics (NBS) on Tuesday disclosed that at the end      of            2021,     tax-to-Gross Domestic Product (GDP) ratio stood at 10.86 per cent for Nigeria   compared to an estimated six per cent previously reported.               

According to NBS report, revenue from oil taxes in 2021 stood at N2.15trillion from N1.65trillion in 2020, while non-oil taxes was at N16.7trillion in 2021 from N11.14trillion in 2020.

This brings total tax revenues in 2021 to N18.85trillion from N12.80trillion in 2020.

The bureau in its tax-to-GDP ratio revised computation disclosed 8.40 per cent in 2020 and 10.20 per cent in 2019.

According to NBS report, the tax ratios express aggregate tax revenues as a percentage  of GDP.

The Federal Inland Revenue Service (FIRS) had initiated a review of the tax to GDP ratio in Nigeria using revised data.