Business
Lagos State Plans to Tax Remote Workers to Boost Revenue to N5 Trillion
The Lagos State government has unveiled a plan to impose taxes on remote workers, aiming to generate approximately N200 billion from the digital sector and other revenue sources.
This initiative is part of a broader strategy outlined in a recent document released at the Eko Revenue Plus Summit.
The government’s objective is to boost Lagos State’s internally generated revenue (IGR) to N5 trillion during the current administration.
Achieving this ambitious goal requires a multifaceted approach that includes harnessing technology, enhancing tax administration, broadening the tax base, and exploring new sources of revenue, particularly within the digital ecosystem.
The strategy also involves optimizing existing processes and seeking innovative non-tax revenue opportunities.
In recent years, Lagos has consistently led in IGR performance. According to the National Bureau of Statistics, the state achieved the highest internal revenue collection in 2022, totaling N651 billion.
This new plan reflects the government’s commitment to leveraging technological advancements and expanding revenue streams to sustain and grow its financial resources.
It has been noted that there is now an increase in fuel all around Nigeria, from … to 1000 plus in fuel stations.
It was also noted that Dangote Petroleum Refinery increased the price to 1,175 per litre and diesel has been increased to 1,620 per litre.
This new spike in fuel increase has caused Nigerians to lament widely, wondering why this change happened all of a sudden.
- MTN Nigeria Communications Plc (MTNN) – Strong telecom growth and 5G expansion.
- Dangote Cement Plc (DANGCEM) – Leading cement maker benefiting from infrastructure demand.
- Guinness Nigeria Plc (GUINNESS) – Consumer stock with solid turnaround potential.
- Okomu Oil Palm Plc (OKOMUOIL) – Agriculture stock tied to palm oil demand.
- Seplat Energy Plc (SEPLAT) – Energy player with gas and oil sector exposure.
- Zenith Bank Plc (ZENITHBANK) – Tier-1 bank with strong financial performance.
- Guaranty Trust Holding Company Plc (GTCO) – Leading bank with diversified revenue streams.
- Presco Plc (PRESCO) – Palm oil producer with export and dividend potential.
- NASCON Allied Industries Plc (NASCON) – FMCG stock with strong fundamentals.
- Aradel Holdings Plc (ARADEL) – Growing energy sector stock with upstream exposure.
It has been noted that the National Youth Service Corps (NYSC) and British American Tobacco Nigeria Foundation (BATNF) plan to renew their partnership in agribusiness.
The new project is to involve youth in the agriculture business, widen their horizons, and educate them about the agritech sector.
The general manager shared that “The foundation is not only providing grants but also building a system of mentorship, structure, and support that enables corps members to see agribusiness as a serious enterprise pathway.” The plan is to use the NYSC platform to engage youths.
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