Minister of Finance Taiwo Oyedele has urged Nigeria to focus on bringing more people into the tax system, saying wider compliance offers a better solution to the country’s revenue challenges than higher taxes. Speaking in Abuja while receiving officials of the Chartered Institute of Taxation of Nigeria, Finance Minister Taiwo Oyedele said misconceptions surrounding taxation […]
Minister of Finance Taiwo Oyedele has urged Nigeria to focus on bringing more people into the tax system, saying wider compliance offers a better solution to the country’s revenue challenges than higher taxes.
Speaking in Abuja while receiving officials of the Chartered Institute of Taxation of Nigeria, Finance Minister Taiwo Oyedele said misconceptions surrounding taxation have discouraged compliance and created unnecessary fears about the ongoing reforms.
He maintained that the objective of the reforms is to make the tax system fairer by ensuring everyone who is legally required to pay taxes contributes appropriately, rather than increasing existing tax rates.
The President of the Chartered Institute of Taxation of Nigeria, Innocent Ohagwa, said many citizens and business owners are still trying to understand the new tax framework despite one year of implementation.
He noted that the reforms introduced several benefits, including tax relief for eligible individuals, Value Added Tax exemptions on selected essential services, and incentives that support small businesses and strategic sectors such as agriculture and manufacturing.
Ohagwa encouraged taxpayers to comply with tax laws by registering for Tax Identification Numbers, keeping proper business records and submitting returns within the required deadlines.
Representatives of the Nigerian Revenue Service said public confidence, digital innovation and sustained taxpayer education remain essential to achieving an efficient tax administration system capable of supporting Nigeria’s long term economic growth.