What do you believe is the single most important factor driving up the cost of living in Nigeria?

Auditing and Accounting firm, KPMG is pressing on government to as a matter of urgency get proposed tax measures and legislations in previous budgets and economic statements approved and adopted to help with effective revenue mobilization.

This follows Government’s inability to unlock the full impact of some tax legislations to accelerate the achievement of the desired tax revenue to Gross Domestic Product ratio of 20% by 2027.

KPMG made the call in a response to the 2024 midyear budget review.

The Government has, in recent times passed new tax legislations which are yet to be operationalized due to unavailability of a regulation or administrative guideline to facilitate their implementation.

Key among them includes, Amendment of the VAT Regulations 2017 (L.I. 2255) to grant Exemptions on Active Pharmaceutical Inputs and Finished Products, Completion of the Regulations for the Exemptions Act, 2022 and the Development and Completion of Guidelines for the Implementation of the Emissions Levy and Environmental Excise Duty.

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