Oyedele said it was possible adding that the problem was not dearth of taxes but inability to sufficiently collect the existing taxes to fund critical projects
Nigeria does not have to introduce new taxes or raise existing one to generate more revenue, Taiwo Oyedele has said.
Oyedele is the chairman of Nigeria’s Presidential Fiscal Policy and Tax Reforms Committee.
He disclosed that if Nigeria can effectively leverage and deploy technology for better tax administration, the estimated N20 trillion tax gap in Nigeria will be bridged.
He made the disclosure on Friday in an interview on Channel Television’s “Politics Today.”
He stated that his committee has done a lot of extensive and far-reaching work, including consulting widely with governors, federal revenue services, and primary sector stakeholders.
When asked about generating more revenue without increasing taxes, Oyedele said it was possible adding that the problem was not dearth of taxes but inability to sufficiently collect the existing taxes to fund critical projects.
“We have over 60 different taxes and levies but haven’t collected enough to adequately fund infrastructure like roads,” he noted.
“Instead of introducing new taxes, we advocate consolidating and harmonising existing ones,” he added.
Recall that in July 2023, President Bola Ahmed Tinubu inaugurated the committee to address key challenges in Nigeria’s tax system.
In 2023, Nigeria collected N12.37 trillion in revenue. Similarly, in the first quarter of 2024, Nigeria’s revenue collection surged to N3.94 trillion, while targeting N19.4 trillion for the year.
Source: