Minister of Finance and Coordinating Minister of the Economy, Taiwo Oyedele, has said Nigeria is still falling short of its revenue potential from taxation, stressing that the solution lies in improving compliance rather than increasing tax rates.
Gatekeepers News reports that Oyedele made the remarks 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.
According to the minister, Nigeria’s tax challenge is not the level of taxation but ensuring that individuals and businesses that are legally required to pay taxes do so under a fair and transparent system.
“We are still not getting enough revenue from tax,” Oyedele said.
“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 commended the CITN for supporting the Federal Government’s tax reform agenda and promoting public understanding of taxation, while urging the institute to intensify awareness campaigns across the country.
Oyedele noted that many Nigerians still perceive taxation merely as a means for government to generate revenue, rather than a vital tool for driving national development.
He expressed confidence that a more efficient and equitable tax system would significantly accelerate the country’s economic and social development.
“If Nigeria gets its tax system right, the level of development will be monumental,” he said.
The minister also challenged the institute to establish annual awards recognising the nation’s most tax-compliant individuals and organisations, saying such recognition would encourage voluntary tax compliance and strengthen the country’s revenue base.
