Nigeria needs more taxpayers, not higher taxes, says Finance Minister Oyedele
via Punch Nigeria11 min read
Nigeria's Minister of Finance and Coordinating Minister of the Economy, Taiwo Oyedele, stated that the country's revenue challenges stem from a narrow tax base rather than insufficient tax rates. He emphasized the need for more taxpayers, not higher taxes, during a visit from the Chartered Institute of Taxation of Nigeria. This visit coincided with the first anniversary of President Bola Tinubu signing Nigeria鈥檚 Tax Reform Acts into law. Oyedele noted that public misunderstanding of taxation hinders compliance, with many Nigerians believing the government only seeks to collect more money. He stressed that fairness in tax administration is key and that a well-functioning tax system would significantly impact national development. The Chartered Institute of Taxation of Nigeria also launched a National Tax Awareness Day to bridge information gaps regarding the tax reforms, which include reliefs and incentives such as rent relief for individuals and exemptions for small businesses. Essential goods and services now benefit from zero-rated Value Added Tax. Both the Ministry of Finance and the Nigerian Revenue Service reaffirmed their commitment to strengthening tax awareness and voluntary compliance.
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