‘Nigeria still not collecting enough tax revenue despite reforms’ – Taiwo Oyedele

Minister of Finance and Coordinating Minister of the Economy, Taiwo Oyedele, has said Nigeria is still not generating enough revenue from taxation, stressing that the country’s problem is not low tax rates but poor compliance.

Oyedele made the remarks on Thursday in Abuja while receiving the leadership of the Chartered Institute of Taxation of Nigeria (CITN), led by its President, Innocent Ohagwa, during activities marking the institute’s maiden National Tax Awareness Day road walk.

According to the minister, Nigeria’s tax challenge is not about introducing higher tax rates. Instead, he said the focus should be on ensuring that individuals and businesses required to pay taxes fulfil their obligations under a system that is fair, transparent and easy to comply with.

He noted that improving tax compliance would help increase government revenue without placing additional financial burdens on taxpayers through higher tax rates.

“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 institute for supporting the federal government’s tax reform agenda and promoting public understanding of taxation, but urged it to intensify public awareness efforts.

The fiscal policy expert said many Nigerians still view taxation as a tool for government to collect money rather than as a critical instrument for national development.

Oyedele added that if Nigeria gets its tax system right, the level of development will be monumental.

The minister also challenged the institute to introduce annual awards recognising the country’s most tax-compliant individuals and organisations to encourage voluntary compliance.

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