Taiwo Oyedele, Chairman of the Presidential Committee on Fiscal Policy and Tax Reforms, has criticized Nigeria’s fiscal system, stating that it impedes economic growth despite the government collecting over 60 taxes and levies nationwide.
Speaking during a Senate plenary on Wednesday, Oyedele highlighted the inefficiency of the system, saying, “The fiscal system we have today inhibits growth as more than 60 taxes and levies are collected from across the country but nothing to show for it.”
Oyedele further emphasized the need for urgent tax reforms to prevent businesses from being taxed during losses, shifting focus to investment rather than poverty or capital.
He warned of losing Nigeria’s tax base to other countries if changes are not implemented promptly.
“We do not want to tax capital or poverty but investment. We are beginning to lose our tax base to other countries. This is why it is urgent to reform the tax system,” he explained.
Meanwhile, the Senate deferred further discussion on the proposed Tax Reform Bill after a brief commotion over the presence of Federal Inland Revenue Service (FIRS) Chair Zacch Adedeji and his consultants in the chamber.
Lawmakers chose to reconvene on the next legislative day for more clarification.
Oyedele’s statement highlights the pressing need to streamline Nigeria’s fiscal policy for sustainable growth and economic stability.
