6/6/2018/Bloomberg
Paul Wallace
Nigeria’s government has recovered 30 billion naira ($83 million) under an amnesty program for tax defaulters, according to the finance ministry.
The money was collected from individuals and companies under the so-called Voluntary Assets and Income Declaration Scheme, the Abuja-based finance ministry said Wednesday in a statement. Those that participated will receive certificates showing they’ve complied, it said.
President Muhammadu Buhari’s administration launched the scheme to boost revenue collection in a country that has a ratio of tax to gross domestic product of around 6 percent, one of the lowest in the world. That compares with 27 percent in South Africa and 16 percent in Ghana.