Nigeria’s Minister of Finance and Coordinating Minister of the Economy, Taiwo Oyedele, has stressed that the country’s revenue challenge lies in expanding the tax net rather than raising tax rates.
Speaking in Abuja during a courtesy visit by the Chartered Institute of Taxation of Nigeria (CITN), Oyedele said many Nigerians wrongly assume that government tax reforms are aimed at collecting more money.
He clarified that the focus is on ensuring compliance and fairness in tax administration.
“We are still not getting enough revenue from taxes; it is not about increasing taxes, but making sure that those who are supposed to pay taxes pay,” Oyedele stated.
The visit coincided with the Institute’s maiden National Tax Awareness Day, which featured sensitisation activities at Wuse Market and a visit to the Nigerian Revenue Service headquarters.
Oyedele urged CITN to establish annual awards to recognise compliant taxpayers, noting that a well-structured tax system could transform national development.
CITN President Innocent Ohagwa explained that the awareness campaign was designed to bridge the information gap around Nigeria’s tax reforms, signed into law by President Bola Tinubu in June 2025.
He highlighted incentives such as rent relief of up to 20 per cent, zero-rated VAT on essential goods and services, and exemptions for small businesses with turnover below N100m.
He added that targeted tax incentives had been introduced for agriculture, aquaculture, dairy production, cocoa processing, and animal feed manufacturing, while eligible investors could benefit from tax credits under the Economic Development Incentive.
Officials of the Nigerian Revenue Service reaffirmed their commitment to building a tax system anchored on simplicity, fairness, transparency, and technology-driven service delivery.
They emphasised that compliance would improve as taxpayers gain confidence in institutions and understand the benefits of taxation.
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