Foreign companies are now surpassing local businesses in tax contributions in Nigeria due to the weakened naira. As the naira depreciates against the dollar, foreign firms benefit from exchange rate advantages that boost their revenues and tax obligations. This trend is driven by their access to international capital, allowing them to better handle currency fluctuations, while local businesses struggle with rising operating costs and shrinking profit margins. The implications go beyond tax numbers, sparking concerns about the future competitiveness of Nigerian enterprises in a tough economic climate.

NEWS MIX
September/21/2024

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