The Nigerian government says it has recovered some US$98 million under an amnesty program for tax defaulters.
The money was collected from individuals and companies under the so-called Voluntary Assets and Income Declaration Scheme, the country’s finance ministry said in a statement.
The program gives tax evaders immunity from prosecution, penalty charges and interest if they voluntarily declare their previously undisclosed assets and income.
The ministry said those that participated will receive certificates showing they’ve complied, and are now tax compliant.
President Muhammadu Buhari’s administration launched the scheme to boost revenue collection in the West African country.
Nigeria has a ratio of tax to gross domestic product of around 6 per cent, one of the lowest in the world. That compares with 27 per cent in South Africa and 16 per cent in Ghana.
Economists have long criticized the low levels of tax collection in the country, which is Africa’s most populous country. The tax-to-GDP ratio stands at 6 per cent.
The government last year laid out plans to increase it to 15 per cent by 2020. Earlier this month an increase in excise duties on tobacco and alcohol came into effect.
