Oyedele: Nigeria Must End Over-Reliance on Borrowing for Development

At the 28th Annual Tax Conference in Abuja, Finance Minister Taiwo Oyedele warned that Nigeria can no longer fund its growth primarily through debt. He urged the government to build a fiscal system that sustainably supports infrastructure, education, healthcare, security and social protection. The minister outlined ongoing tax reforms designed to address structural weaknesses like multiple taxation, weak compliance and a narrow revenue base. Measures include exempting minimum-wage earners from personal income tax, cutting rates for companies, modernising VAT with input credits, and harmonising state-level levies to lower costs for businesses. I guess he’s still busy taxing poverty among the poor and struggling SMEs while his government keeps mortgaging Nigeria with an endless borrowing spree.

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