Nigeria proposes 5% excise duty on telecom, gaming, and betting services to boost non-oil revenue.

Nigeria's Federal Government has introduced a bill proposing a 5% excise duty on telecommunications, gaming, and betting services. Dated October 4, 2024, the legislation aims to enhance non-oil revenue amid fiscal challenges by taxing rapidly growing sectors. The bill also includes guidelines for currency transactions, ensuring that discrepancies between official exchange rates and actual rates incur excise duties.