Nigeria can significantly increase its revenue without imposing new taxes, according to Taiwo Oyedele, Chairman of the Presidential Fiscal Policy and Tax Reforms Committee.
In an interview on Channel Television’s “Politics Today” on Friday, Oyedele highlighted the potential of leveraging technology for better tax administration to close Nigeria’s estimated N20 trillion tax gap.
Oyedele emphasised the extensive and comprehensive work his committee has undertaken, which includes consultations with governors, federal revenue services, and key sector stakeholders. He expressed optimism about generating more revenue without increasing taxes.
“We have over 60 different taxes and levies but haven’t collected enough to adequately fund infrastructure like roads,” Oyedele noted. “Instead of introducing new taxes, we advocate consolidating and harmonising existing ones.”
In July 2023, President Bola Ahmed Tinubu inaugurated the committee to address the key challenges in Nigeria’s tax system. In 2023, Nigeria collected N12.37 trillion in revenue, and in the first quarter of 2024, revenue collection surged to N3.94 trillion. The country is targeting N19.4 trillion for the year.