 Finance minister insists the solution is not higher taxes but ensuring every eligible individual and business pays its fair share….
Minister of Finance and Coordinating Minister of the Economy, Taiwo Oyedele, has said Nigeria continues to fall short of its tax revenue potential, stressing that the country’s biggest challenge is poor tax compliance rather than low tax rates.
Oyedele made the remarks on Thursday in Abuja while receiving members 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 him, the Federal Government is focused on building a tax system that is fair, transparent and capable of ensuring that everyone who is legally required to pay taxes does so.
“We are still not getting enough revenue from tax,” Oyedele said.
“It is not about increasing taxes, but making sure that those who are supposed to pay tax actually pay. We want to promote fairness in tax administration.”
He praised the Chartered Institute of Taxation of Nigeria for supporting the government’s ongoing tax reform agenda and helping to educate Nigerians on the importance of taxation.
However, the fiscal policy expert urged the institute to deepen public enlightenment efforts, noting that many citizens still misunderstand the role of taxes in national development.
According to Oyedele, a large number of Nigerians see taxation merely as a means for government to generate revenue, rather than as a vital tool for funding infrastructure, public services and economic growth.
He expressed confidence that significant national development could be achieved if the country’s tax system functions more efficiently and enjoys greater public trust.
To encourage voluntary compliance, Oyedele also proposed that the institute establish annual awards to recognise individuals and organisations with outstanding tax compliance records.
He said celebrating responsible taxpayers would help promote a culture of accountability and encourage more Nigerians to fulfil their tax obligations voluntarily.
