Nigeria's tax-evading companies on the rise

The Federal Government of Nigeria has lamented the rise in corporate tax evasion in the country. More than 350,000 companies are not paying tax. The government is considering the idea of Electronic tax payment in the country. Dr Ngama stated that if all the companies are paying taxes, the government can use the tax proceeds to take care of infrastructural facilities such as electricity, good roads, water and many more.

Dr Ngama lamented that despite the fact the Nigeria is the number one fastest growing economy in Africa and the fifth in the world, 54 per cent of business activities in Nigeria are taking place in the informal sector while the figure has reduced to 40 per cent at the present.