Social and Behavioral Sciences Commons^™

Tax Reform: 1966-67, Research Department

Economic and Financial Review

This article examines tax reforms in Nigeria which was undertaken to restructure indirect and direct (individual and company). The article observed that the reform was undertaken because of the low current revenue which led to a shortfall in the calendar year budget equivalent of £178.8 million by 10.8 per cent. The drop in revenue was caused by a fall in demand for dutiable imports. Although current revenue fell, current expenditure rose by 13.0 per cent to £88.6 million, due mainly to a rise of about 67 per cent in public debt servicing and unplanned expenditures related to the political situation …