Nigeria still not generating enough revenue from taxes — Oyedele
The Chairman of the Presidential Committee on Fiscal Policy and Tax Reforms, Taiwo Oyedele, has said Nigeria is still generating insufficient revenue from taxation, stressing that the country’s challenge lies in poor tax compliance rather than low tax rates.
Oyedele made the remarks on Thursday in Abuja while receiving the leadership of the Chartered Institute of Taxation of Nigeria, led by its President, Innocent Ohagwa, during activities marking the institute’s maiden National Tax Awareness Day road walk.
He said the Federal Government was focused on expanding tax compliance through a fair and transparent tax administration system instead of imposing additional tax burdens on Nigerians.
“We are still not getting enough revenue from tax,” Oyedele said.
“It is not about increasing tax, but making sure that those who are supposed to pay tax pay. We want to promote fairness in tax administration.”
He commended the Chartered Institute of Taxation of Nigeria for supporting the Federal Government’s ongoing tax reform agenda and promoting public understanding of taxation, but urged the institute to intensify its awareness campaigns.
According to him, many Nigerians still perceive taxation merely as a means for government to generate revenue, rather than as a vital instrument for financing national development and delivering public services.
Oyedele expressed optimism that effective implementation of tax reforms would significantly improve the country’s developmental prospects.
“If we get our tax system right, the level of development in Nigeria will be monumental,” he said.
The tax expert also challenged the institute to establish annual awards to recognise the country’s most tax-compliant individuals and organisations as a way of encouraging voluntary tax compliance and strengthening the nation’s tax culture.
He noted that recognising taxpayers who consistently fulfil their civic obligations would not only reward responsible behaviour but also inspire greater compliance among individuals and businesses.