The Chairman of Nigeria’s Presidential Fiscal Policy and Tax Reforms Committee, Taiwo Oyedele, believes the country can significantly increase its revenue without imposing new taxes.
Oyedele advocates for better tax administration and the use of technology to close the estimated N20 trillion tax gap, rather than introducing new taxes.
The Presidential Committee on Fiscal and Tax Reforms aims to enhance efficiency, increase revenue, promote economic growth, and reduce poverty. Some recommendations, including a new tax regime offering relief to small businesses, have already been implemented.
Oyedele is confident in Nigeria’s ability to mobilize revenue sustainably by streamlining taxes, enhancing compliance through modern methods, and exempting micro-businesses and low-income earners. The committee’s proposals are expected to undergo further legislative processes in the coming weeks.
