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Understanding Nigeria’s New Tax Policies

Nigeria has introduced three taxes in 2024 with two proving quite unpopular. The first tax it introduced was the Expatriate Employment Levy (EEL), which mandated employers of expatriate talent to pay an annual fee for each hire. However, it was deemed a threat to foreign investment and was subsequently suspended. Another tax Nigeria introduced is the Cybersecurity Levy, which directed banks to charge a 0.5% levy on every electronic transaction toward a cybersecurity fund. This policy also generated significant outcry that has resulted in its suspension. The third tax policy the country enacted was a tax break for its oil and gas sector. It has proven the most popular of the three till date and many believe it will arrest the decline of the oil and gas sector and stimulate its growth.

SOURCE: VENTURES AFRICA