If champagne and other alcoholic beverages are your favourites, you should get ready to start paying taxes of up to 15%.

Those who fly around in private jets or drive around in Ferrari, Lamborghini and cruise in yachts would have to also pay 15% taxes on them.

This was contained in the ambitious economic recovery and growth plan unveiled on Tuesday by the federal government.

The 15% taxation on luxury items would commence in 2018, at which time government plans to raise about 350 billion Naira annually from taxes.

The government said it plans to increase non-oil tax revenues by making more Nigerians pay taxes using technology and enforcing the laws on taxes.

It also announced plans to begin to make changes in businesses owned by state governments, which would include changing the laws that established them.

The government, according to the document, targets real Gross Domestic Product of 81.38 trillion Naira by 2020.

It is expected that the content of the document would take the country out of recession as it contains the economic blueprint of the government for the three-year period, 2017 to 2020.