Nigerian government urged to exempt tax on corporate bonds to attract market investors

Lamido Yuguda, director-general, SEC, said this at a press briefing held recently on the outcome of the second capital market committee meeting for 2022.A corporate bond is a type of bond issued by a corporation to raise financing for a variety of reasons such as for ongoing operations or to expand a business.

In 2012, the federal government exempted bonds and short-term government securities from income tax for ten years which recently expired on January 1, 2022. Yuguda said the exemption of tax on corporate bonds would help to unlock the attractiveness of the corporate bond market. “We observed that the world is facing high inflation and low growth. Consequently, the World Bank, the International Monetary Fund and other economic forecasters are trimming down growth estimates with forecasts reflecting sizable downgrades to the outlook for the rest of the year and 2023,” he said.

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