 |
Chairman, Presidential Fiscal Policy and Tax Reforms Committee, Taiwo
Oyedele |
Nigeria can significantly increase its revenue without imposing new taxes, according to Taiwo Oyedele, Chairman of Nigeria’s Presidential Fiscal Policy and Tax Reforms Committee.
Leveraging Technology for Better Tax Administration
In
an interview on Channel Television’s “Politics Today,” Oyedele highlighted the
potential of leveraging technology to improve tax administration and close the
estimated N20 trillion tax gap in Nigeria. He emphasized that the committee has
undertaken extensive consultations with governors, federal revenue services,
and primary sector stakeholders to explore efficient revenue-boosting
strategies.
Consolidating and Harmonizing Existing Taxes
Oyedele
pointed out that Nigeria currently has over 60 different taxes and levies, yet
the revenue collected is insufficient to fund essential infrastructure like
roads. He advocates for consolidating and harmonizing existing taxes instead of
introducing new ones.
“We
have over 60 different taxes and levies but haven’t collected enough to
adequately fund infrastructure like roads,” Oyedele noted. “Instead of
introducing new taxes, we advocate consolidating and harmonizing existing
ones,” he added.
Presidential Fiscal Policy and Tax Reforms Committee
In
July 2023, President Bola Ahmed Tinubu inaugurated the Presidential Fiscal
Policy and Tax Reforms Committee to address key challenges in Nigeria’s tax
system. The committee's goal is to create a more efficient and effective tax
structure that can generate adequate revenue without overburdening citizens
with new taxes.
Revenue Collection Milestones
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. These figures highlight the potential for significant revenue growth through improved tax administration and strategic reforms.
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