New report calls for progressive taxation of Nigeria’s wealthiest to bridge revenue gaps

By Isaac OGANGA

Nigeria faces an annual financing shortfall of over US$10 billion to meet its Sustainable Development Goals (SDGs). A new report, ‘Taxing the Rich: Nigerian Fair Tax Monitor Thematic Report,’ reveals how progressive taxation of high-net-worth individuals can reduce inequality and significantly boost national revenue.

This report, published by Tax Justice Network Africa (TJNA), Oxfam Nigeria, Civil Society Legislative Advocacy Centre (CISLAC), and Oxfam Novib, analyses Nigeria’s tax system and reveals the disproportionate tax burden on the poor and the vast untapped revenue potential from taxing the ultra-wealthy.

The findings show that the richest one percent of Nigerians hold 25.5 per cent of the nation’s wealth, while the bottom 50 per cent own only 4.7 per cent. At the same time, 99 per cent of high-net-worth individuals evade taxation, contributing to Nigeria’s low tax-to-GDP ratio of just six per cent.