By Our Correspondent
Senator Jimoh Ibrahim, representing Ondo South, has called for an increase in taxes for affluent Nigerians as a measure to tackle the country’s economic challenges.
Addressing the Senate Press Corps, he stressed the importance of taxing the wealthy more during periods of financial difficulty, aligning with practices in other nations.
During a discussion on the 2025-2027 Medium-Term Expenditure Framework (MTEF) and Fiscal Strategy Paper (FSP), Ibrahim outlined the need to bridge economic gaps through targeted taxation.
He proposed the enforcement of luxury and transactional taxes for high-income individuals, backed by a comprehensive database of eligible taxpayers.
According to him, Nigeria’s GDP-to-tax ratio, currently at 18%, highlights inefficiencies in the system, with 72% of the population outside the tax network.
He said addressing these gaps could significantly boost government revenue and promote economic stability.
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