Despite the earlier exemption for the telecom sector from the 5% excise duty approved by former President Muhammadu Buhari, the National Assembly don revive the push to implement am. Dem don propose a 5% excise duty on telecommunications services, gaming, betting, and lottery activities across Nigeria.

On July 6, 2023, President Bola Tinubu sign four executive orders, one of which suspend the 5% excise tax on telecom services to help businesses and households cope with the tax increase. But now, an executive bill titled ‘Nigeria Tax Bill 2024’ wan reintroduce this excise duty.

According to the bill, the excise duty go dey based on the charges from service providers, whether na money or equivalent value. The bill talk say: “Services, including telecommunications, gaming, gambling, betting, and lotteries, however described, provided in Nigeria, shall be subject to excise duties at rates specified under the Tenth Schedule to this Act, in a manner prescribed by the Service.”

Additionally, the bill get provisions for currency exchange transactions wey involve the naira. E go require say such transactions no suppose pass the prevailing exchange rate for the official market, as authorized by the Central Bank of Nigeria (CBN). If the exchange rate for any transaction pass the official market rate, the excess amount go dey paid as excise duty by the seller, based on self-assessment under the Nigeria Tax Administration Act.