The budget measures for 2016 were delivered to the National Assembly on 22nd December 2015. The government proposes to reduce reliance on oil revenues (which are expected to amount to NGN 820 billion) in 2016. Non-oil revenues, comprising company income tax (CIT), VAT, customs and excise duties, and federation account levies will contribute NGN 1.45 trillion. Some of the proposed measures include:
- Increasing the collection of CIT and VAT by applying enhanced compliance enforcement;
- A reduction in tax rates for small businesses; and
- subsidized funding for priority sectors like agriculture and solid minerals.
