The chairman of Nigeria’s Presidential Fiscal Policy and Tax Reforms Committee, Taiwo Oyedele, said that Nigeria can significantly boost its revenue without imposing new taxes.
He disclosed this in an interview on a live TV program.
According to him, technology can be leveraged for better tax administration to close the estimated N20 trillion tax gap in Nigeria.
He emphasised that his committee has done a lot of extensive and far-reaching work, including consulting widely with governors, federal revenue services, and primary sector stakeholders.
When asked about generating more revenue without increasing taxes, Oyedele expressed optimism.
“We have over 60 different taxes and levies but haven’t collected enough to adequately fund infrastructure like roads,” he noted.
“Instead of introducing new taxes, we advocate consolidating and harmonising existing ones,” he added.
Recall that in July 2023, President Bola Ahmed Tinubu inaugurated the committee to address key challenges in Nigeria’s tax system.
In 2023, Nigeria collected N12.37 trillion in revenue. Similarly, in the first quarter of 2024, Nigeria’s revenue collection surged to N3.94 trillion, while targeting N19.4 trillion for the year.
