Crude oil price drop: FG to increase taxes, other revenues

The federal government on Thursday disclosed that it had mapped out strategies to increase taxes and other internally generated revenues (IGR) in the country as a result of the downward slide in the price of crude oil on the international market.

The Deputy Governor of Lagos state, Victoria Adejoke Orelope-Adefulire, stated this when she briefed State House correspondents after the National Economic Council (NEC) meeting held at the Presidential Villa.

The NEC called for a review of the proposed amendment to the Act on the harmonisation of taxes and levies across the federation.

She added that the measure was announced by the Minister of Finance, Dr. Ngozi Okonjo-Iweala.