The Federal Government is set to generate about N160.46bn from excise duty on telecommunication services in 2023.
This was revealed by the Minister of Finance Budget and National Planning, Zainab Ahmed, during a stakeholders’ forum on the implementation of excise duty on telecommunications services in Nigeria.
The amount, however, assumes that the revenue of the telcos would be static. But in real terms, it could either be higher or lower depending on economic fundamentals in 2022.
Ahmed, who spoke through the Assistant Chief Officer of the Ministry, Mr Frank Oshanipin, said the implementation of the excise duty was in a bid to increase the government’s revenue.
“It is public knowledge that our revenue cannot run our financial obligations, so we are to shift our attention to non-oil revenue. The responsibility of generating revenue to run government lies with us all.”
At the forum, the finance minister disclosed that the tax would be implemented soon but doubts have since risen concerning whether the excise duty will be implemented at all.