The Chairman of the Presidential Committee on Fiscal Policy and Tax Reforms, Taiwo Oyedele, has raised concerns over Nigeria’s ineffective fiscal framework, citing the over 60 taxes and levies collected from Nigerians and businesses with little to show for it.
Speaking during a Senate plenary session, Oyedele noted that the current tax system stifles growth, discourages investment, and lacks tangible benefits. He emphasized the urgency of reforming the system to shift focus from taxing poverty and capital to fostering investments and expanding the nation’s tax base.
“We are losing our tax base to other countries. This is why it is urgent to reform the tax system and ensure taxes drive growth,” he stated.
The discussion also touched on the burdensome practice of taxing struggling businesses, which further hampers economic recovery. Legislators deferred questions, inviting Oyedele’s team to a future session to clarify the proposed reforms.
This call for reform comes amidst broader legislative debates over the Federal Inland Revenue Service’s presence in the chamber, highlighting the complexities of Nigeria’s tax challenges.
