Mr Oyedele added that those earning N100,000 or below would receive further support through VAT relief on essential items.
NECA’s director-general, Adewale-Smatt Oyerinde, said the TET was increased without regard for the current economic crisis.
NBS says the federal government generated N472.07 billion as Company Income Tax in the second quarter (Q2, 2021) against N392.64 billion generated in Q1.
According to the report, the generated amount was N97.09 billion more than the N295.68 billion generated in Q1 2020.
It also assured that the bonds were backed by the full faith and credit of the federal government and charged upon Nigeria’s general assets.
