Taiwo Oyedele, Chairman of the Presidential Fiscal Policy and Tax Reforms Committee, has emphasized that Nigeria’s tax reform agenda remains a work in progress despite recent legislative milestones. Speaking during his 50th birthday lecture titled “Designing Tomorrow: Policy blueprint and lessons for the future”, Oyedele highlighted that the reforms enacted so far are foundational but far from complete.
In June, President Bola Tinubu signed into law four major tax reform bills—the Nigeria Tax Act, Nigeria Tax Administration Act, Nigeria Revenue Service Act, and Joint Revenue Board Act—intended to modernize the country’s tax framework by consolidating fragmented laws and creating a uniform system across all government levels.
However, Oyedele cautioned, “The reforms are not done. We still have unfinished business. We need to lower corporate tax rates on businesses to attract more investments and stimulate expansion. With high inflation, a high tax rate will invariably be taxing capital, not profit.” He further stressed the need to tackle regulatory overreach, embrace digitalization, and adjust tariffs on raw materials, which currently exceed sub-Saharan African averages, to ease production costs.
Highlighting currency challenges, Oyedele pointed out that the Nigerian Naira has depreciated six times more than its regional peers over the past decade, limiting economic growth potential. “Nigeria would have been a one trillion dollar economy today, with much less poverty, expansive middle-class, higher purchasing power, and moderate price increases,” he said.
The chairman also advocated for inclusive, data-driven policymaking that prioritizes national interest over sectional agendas. “Policies must be people centric, not just statistics, and must be inclusive to incorporate various perspectives ensuring that every voice is heard,” Oyedele remarked. He urged investment in education, health, and innovation as pillars for sustainable progress and called on elites to apply intellectual rigor in policy debates.
“Government should focus on doing only what the private sector will not do and collect the least amount of tax in doing so without compromising the required minimum quality standards,” he concluded.
Okay.ng reports that these remarks come amid ongoing efforts to implement the newly signed tax laws and address Nigeria’s complex economic challenges.
