The Federal Government has clarified that it has no plans to raise taxes, stressing instead that the country needs a larger number of taxpayers to boost revenue.
This was stated by the Minister of Finance and Coordinating Minister of the Economy, Taiwo Oyedele, during a meeting with a delegation from the Chartered Institute of Taxation of Nigeria in Abuja.
Oyedele commended the institute for launching a National Tax Awareness Day and for supporting the Federal Government’s ongoing tax reform efforts.
He urged the institute to intensify public sensitisation, noting that many Nigerians still see taxation as a way for government to simply take money from citizens.
According to him, the government’s focus is not on increasing tax rates but on expanding the tax net to ensure that all qualified taxpayers fulfill their obligations.
He added that improving tax compliance and fairness in tax administration remains key to boosting national revenue.
ALSO READ: Federal Government Pledges 1.1 Million Tonnes of Fertilizer to Revolutionize National Crop Yields
BACKSTORY:
The clarification by the Federal Government of Nigeria comes amid ongoing tax reform efforts aimed at improving revenue generation and reducing Nigeria’s heavy dependence on oil earnings.
In recent months, the government has introduced several fiscal policy changes and tax reform proposals designed to strengthen the economy, improve compliance, and simplify tax administration.
However, these reforms have sparked concerns among many Nigerians and business owners, who fear they could lead to heavier tax burdens at a time of rising inflation and economic hardship.
To address those concerns, Finance Minister Taiwo Oyedele has repeatedly stressed that the goal is not to raise tax rates, but to expand the number of taxpayers and ensure fairness by bringing more eligible individuals and businesses into the tax system.
The government believes broadening the tax base will increase revenue while reducing pressure on those already paying taxes.
ALSO READ: Taiwo Oyedele takes charge of Nigeria’s economy.
