The Chairman of the Presidential Committee on Fiscal Policy and Tax Reforms, Mr. Taiwo Oyedele, has called for lower corporate tax rates and a refined tariff system to stimulate investment and drive sustainable economic growth in Nigeria.
Oyedele made the call on Wednesday during a public lecture held in Abuja as part of activities marking his 50th birthday anniversary.
The event attracted key stakeholders, including the Minister of Finance and Coordinating Minister for the Economy, Mr. Wale Edun.
In his remarks, Oyedele emphasized the need for an orderly and inclusive tax system that avoids chaotic taxation practices which disproportionately affect the poor.
He said the ongoing reform effort includes full income tax exemptions for over one-third of Nigerian workers, higher exemption thresholds for small businesses, and zero-rating of essential goods.
He urged the government to reduce tariffs on raw materials and intermediate goods to lower production costs, while introducing sector-specific incentives to promote exports and encourage investment in priority industries.
He also advocated for tax relief to support Nigerian businesses operating internationally and legal reforms to attract remote work opportunities for young people in the digital economy.
“The government should focus on doing only what the private sector will not do, and collect the least amount of tax necessary without compromising minimum quality standards,” Oyedele said. “Spending should be non-inflationary, strategic, and of high quality.”
He stressed the need for data-driven, inclusive policymaking and cautioned against populist sentiments and sectional interests that undermine national development.
“We must think independently, ask questions, engage, and most importantly, criticize constructively with the aim of building, not tearing down, our nation,” he added.
Oyedele also called for policies that would strengthen and stabilize the naira, including allowing businesses with trade advantages to pay taxes in local currency.
He lamented the current tax system’s inefficiencies, citing archaic laws, a complex administrative structure, low tax morale, and widespread evasion.
In his goodwill message, Minister Wale Edun commended Oyedele for his exemplary work in leading the country’s tax reform process. He described the four Tax Reform Bills currently before President Bola Tinubu for assent as landmark achievements that would transform Nigeria’s fiscal landscape.
The bills, passed by the National Assembly on May 8, 2025, include the Nigeria Tax Bill, the Nigeria Revenue Service (Establishment) Bill, the Nigeria Tax Administration Bill, and the Joint Revenue Board (Establishment) Bill. They are expected to modernize and streamline Nigeria’s tax system, simplify administration, and boost government revenue without placing undue burden on citizens.
“What you have done is no mean feat. It is worthy of emulation,” Edun said. “You have taken a complex assignment and broken it down in a way that all audiences can understand. The reward for hard work is more work.”
The Minister expressed optimism that, once signed into law, the tax reform package would improve Nigeria’s tax-to-GDP ratio, currently among the lowest globally, and unlock economic prosperity in line with President Tinubu’s Renewed Hope Agenda.
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