FG Unveils Plan To Generate More Revenue From Betway, Sportybet, Others, Targets N2.6trn
- The federal government is set to introduce new tax for lottery and online gaming companies
- The new tax is expected to boost federal government non-oil revenue amid rising debt profile
- Since assumption to office, the FG has embarked on comprehensive economic reforms aimed at reducing the country's dependence on oil revenues
The Federal government is set to introduce a new excise duty on betting and lotteries companies as part of its ambitious plan to boost tax revenues.
Excise duties are indirect taxes on the sale or use of specific products.
There are also plans to start a green surcharge on imported vehicles as government looks to raise N2.6 trillion in net taxes through Nigerian Customs.
Source: Facebook
The plans were disclosed in the recently released Medium Term Expenditure Framework (MTEF) published by the budget office and obtained by Legit.ng.
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A part of the document reads:
“Introduction of green surcharge on imported vehicles and excise duty on lotteries including online betting.”
Nigerian betting industry
In late May 2023, BusinessDay reported Nigeria's sports betting market was valued at $2 billion, with 60 million daily bettors aged 18 to 50.
Vanguard also reported that betting has become so common that around N3,000is wagered each day while comes to an average of N730 billion annually.
Some of the leading companies include Sportybet, Betking, Bet9ja among several others online.
New taxes
In the document Federal government revealed several plans to improve non-oil revenue receipts, revenue sources.
According to FG non-oil revenue will be diversified by opening up new frontiers and reviving hitherto latent sources.
Some of the new plans to raise customer revenues include:
- The introduction of 2.5 percent Export charge on the exportation of all imported goods
- Series of Import Adjustment Tax (IAT) with additional levies on 172 tariff lines of the Extant ECOWAS CET Automation of processes at airport and ports.
FG asks Nigerians to save money through bonds
Meanwhile, in another development, the Federal government is inviting Nigerians to invest in its bonds and has offered up to 12% interest rate.
The offer is open to every Nigerian, and the repayment dates have been set for 2026.
The administration of President Tinubu will use the bonds to fulfil some of its pressing needs while helping Nigerians to save and earn.
Source: Legit.ng
