The chairman of Nigeria’s Presidential Fiscal Policy and Tax Reforms Committee, Taiwo Oyedele, has stated that Nigeria can significantly increase its revenue without imposing new taxes.
In an interview on Channel Television’s “Politics Today,” Oyedele highlighted the potential of leveraging technology for improved tax administration to address the estimated N20 trillion tax gap in the country.
Oyedele mentioned that his committee has undertaken extensive consultations with governors, federal revenue services, and primary sector stakeholders.
He noted that Nigeria currently has over 60 different taxes and levies, but the collection has not been sufficient to fund critical infrastructure projects like roads. Instead of introducing new taxes, the committee advocates for consolidating and harmonising existing ones.
Oyedele stated, “We have over 60 different taxes and levies but haven’t collected enough to adequately fund infrastructure like roads.
“Instead of introducing new taxes, we advocate consolidating and harmonising existing ones,” he added.
Recall that the committee was inaugurated by Chief Bola Ahmed Tinubu in July 2023, with aim of tackling key challenges in Nigeria’s tax system.
In 2023, Nigeria collected N12.37 trillion in revenue. In the first quarter of 2024, revenue collection surged to N3.94 trillion, with a target of N19.4 trillion for the year.
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