Report from Emily Muyaa, IBFD Senior Research Associate
Budget for 2016 – details
Details of the Budget for 2016 (see Nigeria-1, News 22 December 2015 for earlier reporting) have become available.
The government proposes to reduce reliance on oil revenues (which are expected to amount to NGN 820 billion) in 2016. Non-oil revenues, comprising company income tax (CIT), value added tax (VAT), customs and excise duties, and Federation Account levies will contribute NGN 1.45 trillion.
Some of the proposed measures include: