Tinubu’s govt hasn’t introduced any new tax – Oyedele

— Says taxation reforms people posterity not punishment

By Johnbosco Agbakwuru

ABUJA — CHAIRMAN, Presidential Committee connected Fiscal Policy and Tax Reforms, Prof. Taiwo Oyedele connected Wednesday said President Bola Tinubu successful the past 2 years of his medication has not introduced immoderate caller tax.

Prof. Oyedele besides said that the taxes being implemented by the authorities are meant to supply posterity and not to punish Nigerians.

Speaking to journalists successful Abuja connected the authorities caller taxation laws, helium said contempt the antagonistic impressions successful immoderate quarters implicit the caller taxation policy, Nigerians basal to summation from 2026 erstwhile the bully intentions of the policies would person started to output affirmative results if not reversed.

He further stated that the administration’s caller taxation laws are not designed for applause but to present measurable outcomes that simplify compliance, widen the taxation base, and boost authorities gross without stifling economical activity.

Oyedele, who reflected connected the value of work the reforms carry, drafting from his idiosyncratic life, said helium could not retrieve immoderate caller taxation imposed by the Tinubu’s administration.

He said: “I americium not alert immoderate taxation that this Tinubu’s medication has introduced. I americium serious, I americium really funny and I travel matters astir taxation a lot, determination is nary 1 that this authorities has introduced.”

On the accusation that the authorities has imposed galore taxes connected the citizenry, Oyedele said it was unusual to him proceeding specified narratives which helium said had becomes a wide belief.

He, nevertheless said that debased level of spot was liable for the antagonistic impression, stressing that, “politicians person dealt with us, truthful we don’t spot them.”

Oyedele said that Nigeria’s system was closed to a full illness arsenic astatine May 2023, portion astir 30 trillion naira printed wrong the play earlier the removal of the petrol subsidy to salvage the economy.

He said the country’s taxation authorities has agelong been criticised arsenic complex, fragmented, and regressive, noting that determination are implicit 60 antithetic taxes, 200 levies imposed by federal, state, and section governments and astir 100 agencies were collecting taxes and levies signifier the citizenry.

He said galore of the levies are poorly administered oregon duplicated portion businesses and citizens often find themselves overtaxed without seeing the benefits successful nationalist services.

Oyedele said, the caller taxation instrumentality straight addresses these distortions.

“Our precedence is to simplify compliance by harmonising overlapping taxes, eliminating nuisance levies, and creating a streamlined strategy that encourages productivity,” helium explained.

A cardinal extremity of the reforms, according to Oyedele, is fairness. He said Nigeria’s tax-to-GDP ratio remains 1 of the lowest successful Africa, astatine little than 10 percent, acold beneath the continental mean of astir 16 percent. Yet, those who wage often kick of being overburdened, portion ample parts of the informal system stay untaxed.

“The instrumentality is designed to widen the taxation nett for much radical to contribute, without punishing those already compliant. High-net-worth individuals and highly profitable companies indispensable lend their just share, portion low-income earners volition beryllium protected,” Oyedele said.

He explained that aligning Nigeria’s taxation policies with planetary champion practices volition not lone stabilise gross but besides heighten the country’s competitiveness arsenic an concern destination.

He said the taxation laws are expected to: Reduce the outgo of doing business, peculiarly for tiny and mean enterprises, by eliminating arbitrary levies.

Boost capitalist assurance done transparent and predictable taxation rules.

Increase authorities gross successful a sustainable manner, enabling concern successful infrastructure, healthcare, and education.

Promote equity by ensuring that taxation reflects quality to pay. Curb corruption by digitising postulation and minimising the relation of taxation officials successful nonstop currency handling. What matters to maine is not applause oregon commendations,” Oyedele said firmly.

“What matters is that, astatine the extremity of the day, Nigerians tin spot that the strategy is simpler, businesses tin comply without fearfulness oregon harassment, and authorities earns much morganatic reven...