June 26, 2026 | 6:56 am
Nigeria’s Finance Minister and Coordinating Minister of the Economy, Taiwo Oyedele, has stated that the country’s tax challenge is not about increasing tax rates but about expanding the number of people and businesses participating in the tax system.
Oyedele explained that Nigeria needs to focus on bringing more eligible taxpayers into the tax net rather than placing additional burdens on existing taxpayers. According to him, a broader tax base will help the country generate more revenue while ensuring fairness within the system.
He noted that many individuals and businesses that should be contributing to tax revenue are currently outside the formal tax system, making compliance and taxpayer inclusion key priorities for ongoing reforms.
The Minister emphasized the importance of simplifying tax processes, improving transparency, and building trust between taxpayers and government. He added that citizens are more likely to comply when they understand the benefits of taxation and see its impact on national development.
Oyedele also highlighted the need for increased tax awareness, stressing that taxes play an important role in funding infrastructure, public services, and economic growth.
He maintained that Nigeria’s goal should be to create an efficient and inclusive tax system where more people contribute appropriately, rather than relying on higher taxes from a limited number of taxpayers.
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