Oyedele Urges Wider Tax Base, Not Higher Rates, to Boost Nigeria’s Revenue

Nigeria’s Minister of Finance, Taiwo Oyedele, says boosting tax revenue depends on bringing more citizens and businesses into the tax net rather than hiking rates. He made the remarks in Abuja at the conclusion of the Chartered Institute of Taxation of Nigeria’s first National Tax Awareness Day. The event featured a road walk, taxpayer education at Wuse Market and a visit to the Nigerian Revenue Service headquarters. It also coincided with the one-year anniversary of President Bola Tinubu’s signing of the Tax Reform Acts into law. Oyedele noted that many eligible Nigerians still avoid the system. He stressed that fair and efficient tax administration will encourage voluntary compliance and strengthen the economy. Innocent Ohagwa, President of the Chartered Institute of Taxation of Nigeria, added that taxpayers remain unclear about the new laws and called for continued public education.

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