Nigeria’s FG Proposes 5% Excise Duty on Telecoms, Gambling, and Gaming Activities

The Nigerian government has proposed a 5 per cent excise duty on telecommunications, gambling, and gaming services. This proposal is included in the new “Nigeria Tax Act” bill, which was submitted to the National Assembly on October 4, 2024.

The bill aims to impose excise duties on services provided in Nigeria, including both postpaid and prepaid telecom services regulated by the Nigerian Communications Commission (NCC), as well as gaming, gambling, and lottery activities. According to the document, all transactions related to these services will attract the 5 per cent excise duty once the bill is passed.

Additionally, the proposed law introduces guidelines for currency transactions. Any difference between the official Central Bank of Nigeria (CBN) exchange rate and actual transaction rates will be subject to excise duties. While these new tax measures aims to improve non-oil revenue, the tax burden on the citizenry is already heavy. The Nigerian government has continued to rely on loans and debt to finance its budget shortfalls over the months, hence the rising fiscal pressures and imposition of taxes.

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