Nigeria Needs More Taxpayers, Not Higher Taxes — Oyedele

The Minister of Finance and Coordinating Minister of the Economy, Taiwo Oyedele, has said Nigeria’s revenue challenge is not about increasing tax rates but expanding the number of people and businesses paying taxes.

Oyedele made the statement on Thursday in Abuja while receiving the leadership of the Chartered Institute of Taxation of Nigeria (CITN) after the Institute’s maiden National Tax Awareness Day, held to mark one year since President Bola Tinubu signed the country’s Tax Reform Acts into law.

According to the minister, many Nigerians still misunderstand the government’s tax reform agenda, believing it is solely designed to collect more money from citizens.

“We are still not getting enough revenue from taxes; it is not about increasing taxes, but making sure that those who are supposed to pay taxes pay. We want to promote fairness in tax administration,” Oyedele said.

He added that improving tax compliance would strengthen national development and urged CITN to institute annual awards recognising the country’s most compliant taxpayers to encourage voluntary compliance.

Earlier, CITN President, Innocent Ohagwa, said the awareness campaign was organised to address widespread misconceptions surrounding the tax reforms despite their implementation over the past year.

He explained that many taxpayers remained uncertain about the provisions of the new laws and how they affect individuals and businesses.

Ohagwa noted that the reforms introduced several reliefs, including rent relief of up to 20 per cent of annual rent paid, subject to a maximum of N500,000, and zero-rated Value Added Tax on essential goods and services such as food, education, healthcare, electricity transmission and non-oil exports.

He also said small businesses with annual turnover not exceeding N100 million and fixed assets of not more than N250 million are exempt from Companies Income Tax, Capital Gains Tax and the Development Levy.

According to him, the reforms also provide incentives for agriculture, dairy production, cocoa processing and other priority sectors.

Ohagwa, however, reminded Nigerians that tax compliance remains a civic responsibility and urged businesses to obtain Tax Identification Numbers, maintain proper records and file accurate tax returns.

At the Nigerian Revenue Service headquarters, Executive Director of Finance and Corporate Services, Mohammed Abubakar, reaffirmed the agency’s commitment to technology-driven tax administration, saying public awareness and confidence remain essential to improving voluntary tax compliance and sustainable revenue mobilisation nationwide.