Nigeria still not generating enough tax revenue, says Taiwo Oyedele

Chairman of the Presidential Committee on Fiscal Policy and Tax Reforms, Taiwo Oyedele, says Nigeria is still falling short in generating adequate revenue from taxation, stressing that the solution lies in improving compliance rather than increasing tax rates.

Oyedele made the remark on Thursday in Abuja while receiving the leadership 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.

He said the country’s tax challenge is not about imposing higher taxes but ensuring that individuals and businesses obligated to pay taxes comply within a fair and transparent system.

“We are still not getting enough revenue from tax. It is not about increasing tax, but making sure that those who are supposed to pay tax pay. We want to promote fairness in tax administration,” he said.

Oyedele commended CITN for supporting the Federal Government’s tax reform agenda and promoting public understanding of taxation. However, he urged the institute to intensify public awareness campaigns, noting that many Nigerians still see taxation mainly as a means for government to generate income rather than a vital tool for national development.

He expressed confidence that an efficient and effective tax system would significantly accelerate Nigeria’s development.

The fiscal policy expert also challenged the institute to introduce annual awards recognising the country’s most tax-compliant individuals and organisations as a way of encouraging voluntary tax compliance.