Nigeria Increases Taxes on High-Income Immigrants

Nigeria Increases Taxes on High-Income Immigrants
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The Nigerian government has decided to increase the tax rate for immigrants who earn more than $521 per month. This move is part of the government’s economic reforms aimed at boosting domestic revenue.

According to the Shia Waves Agency, citing the Zoya news outlet, this decision has raised concerns among both the immigrant community and international companies operating in Nigeria. Experts warn that the tax increase could make the country less attractive for foreign investment and potentially lead to an exodus of skilled workers. The decision comes at a time when Nigeria is already facing significant economic pressure from a depreciating currency (the naira) and rising inflation.