1. Introduction to Nigeria
Nigeria, officially known as the Federal Republic of Nigeria, is a country located in West Africa. It is bordered by Benin to the west, Niger to the north, Chad to the northeast, Cameroon to the east, and the Gulf of Guinea to the south. Nigeria is the most populous country in Africa, with a population of over 216 million people. The country is a federal republic consisting of 36 states and the Federal Capital Territory, Abuja. Nigeria gained independence from the United Kingdom in 1960 and has since been a member of the Commonwealth of Nations.
2. Recent Significant Economic Developments in Nigeria
Nigeria's economy is the largest in Africa, with a GDP of over $514 billion. The country is a major exporter of oil and gas, which account for over 90% of its foreign exchange earnings. However, the Nigerian economy has been hit hard by the recent fall in oil prices. The government has been implementing a number of reforms to diversify the economy and reduce its dependence on oil. These reforms include promoting agriculture, manufacturing, and tourism.
3. Latest Adjustments to Nigeria's Tax Legislation
The Nigerian government has recently made a number of changes to its tax legislation. These changes include:
- The introduction of a new Value Added Tax (VAT) rate of 7.5%, up from 5%.
- The exemption of certain goods and services from VAT, such as food, medicine, and education.
- The increase in the personal income tax rate for high-income earners.
- The introduction of a new tax on luxury goods.
These changes are aimed at increasing government revenue and reducing the country's budget deficit. They are also expected to have a significant impact on businesses and consumers.
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