98% of Nigerians in Informal Sector Pay Taxes
This is a good one: Nigeria's informal sector does pay taxes. Yes, 98% of them pay taxes, contrary to the notion that they go tax-free! This is true because irrespective of whatever government calls the fees, these players are charged fees and they do pay.
A recent report has revealed that up to 98% of Nigerians operating in the informal economy pay taxes daily, with some businesses paying taxes 3 times a day. In Lagos, for instance, some bus drivers pay as much as N3,000 a day in taxes to different groups.
This report by socioeconomic research firm, SBM Intel, titled “Under the Hood: A look into Nigeria’s informal sector,” states that the informal sector plays a crucial role in many economies and accounts for 60% of the global workforce.
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The problem with this sector is not if they don't pay tax, rather if this tax can be accounted for.
For as long as their is no proper means to mointor revenue accumulation then it would remain porous.
Good evening
