Nigeria's Wealth Potential Highlighted by Presidential Tax Committee Chairman
Taiwo Oyedele, the Chairman of the Presidential Committee on Fiscal Policy and Tax Reforms, has characterized Nigeria as a nation with significant potential for wealth despite its current economic challenges.
Speaking on Channels Television’s Politics Today, Oyedele highlighted the relatively small size of both the Federal Government's and states' budgets compared to those of other countries and cities. He noted that Nigeria's combined budget of approximately N44 trillion (around $30 billion) is less than Kenya's $32 billion budget and only a quarter of South Africa’s $130 billion budget. It is also smaller than the budget of New York City.
Oyedele addressed recent criticisms of the Federal Government's tax policies, sparked by protests in Kenya over new tax laws. He dismissed the idea of solving Nigeria’s revenue challenges through the introduction of more taxes. Instead, he advocated for a more strategic approach, focusing on consolidation and harmonization of existing taxes rather than increasing tax rates.
"We believe that having fewer, broad-based, and easy-to-collect taxes that do not burden the lower strata of society is the right approach," Oyedele stated. He emphasized the use of data, intelligence, and technology to identify and close the tax gap, ensuring that those who should be paying taxes do so, while legitimately exempting low-income earners and small businesses.
Oyedele expressed confidence that, with these measures, Nigeria could more than double its revenue within two to three years.
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