The new five per cent state-wide consumption tax, raised on goods and services in hotels, restaurants and the hospitality industry, has now come into effect as of 1 August in Lagos.
Revenue raised from the tax will be used specifically for regenerating infrastructure and social services.
Special adviser to the governor on taxation and revenue Ade Ipaye said that residents should see the tax as the price everyone had to pay to keep pace with development, which has so far seen improved street lighting, road structure, public transport and sanitation in the city.
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