This is the 2024 Fair Tax Monitor (FTM) report on Nigeria and the first FTM report with the first thematic focus on Taxing the Rich. The report focuses on the yawning revenue gap that threatens the country’s developmental ambitions and the rampant inequality whereby the wealthiest 1% of the population possess five times as much wealth as the poorest 50% of the population.

The findings are derived primarily from a desk review relying on research on the provisions of Nigeria’s laws, regulations, and administrative practices and how the ways in which they affect the fairness of its tax systems.

The report structure generally follows the criteria of the FTM Common Research Framework (CRF). It begins by looking at Nigeria’s wealth distribution and lack of direct taxation of net wealth and then looks at ways for progressive taxation and methods for strengthening Nigeria’s tax administration to enable it to better tax the rich.