Nigeria still not generating enough revenue from tax – Taiwo Oyedele

Taiwo Oyedele, minister of finance and coordinating minister of the economy, says Nigeria is still not generating enough revenue from taxation.

Oyedele spoke on Thursday in Abuja while receiving the leadership of the Chartered Institute of Taxation of Nigeria (CITN), led by Innocent Ohagwa, its president, as part of activities marking the institute’s maiden national tax awareness day road walk.

The minister said the country’s challenge is not about increasing tax rates but ensuring that individuals and businesses who are required to pay taxes comply 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 institute for supporting the federal government’s tax reform agenda and promoting public understanding of taxation, but urged it to intensify public awareness efforts.

The fiscal policy expert said many Nigerians still view taxation as a tool for government to collect money rather than as a critical instrument for national development.

Oyedele added that if Nigeria gets its tax system right, the level of development will be monumental.

The minister also challenged the institute to introduce annual awards recognising the country’s most tax-compliant individuals and organisations to encourage voluntary compliance. (TheCable)