November 28, 2024
By Samuel Ogunsona
Nigeria’s current tax system is a complex web of over 60 different taxes, yet the country has little revenue to show for it, said Taiwo Oyedele
According to Mr. Taiwo Oyedele, chairman of the presidential committee on fiscal policy and tax reforms, it’s time to simplify the system and eliminate taxes that unfairly burden the poorest citizens.
Oyedele emphasized that the current system is not only inefficient but also regressive, placing a disproportionate burden on low-income earners.
The proposed reforms aim to address these issues by streamlining the tax system, reducing the number of taxes, and introducing a more progressive tax structure.
Speaking at the House of Representatives, Oyedele stated, “We have more than 60 taxes under the current tax system, and we have no revenue to show for it. We believe it is time to take a step back and eliminate many taxes that put a burden on our poorest people.”
The reforms are part of a broader effort to overhaul Nigeria’s tax system, with four new bills currently under consideration by the National Assembly.
These bills aim to simplify the tax landscape, reduce the burden on small businesses, and streamline how taxes are collected.
While some Nigerians are optimistic about the changes, others are skeptical.
The proposed reforms has brought a national conversation about the role of taxation in Nigeria’s economy.
