Nigeria‘ll witness monumental devt with correct tax system — Oyedele
Nigeria‘ll witness monumental devt with correct tax system — Oyedele
By Emma Ujah, Abuja Bureau Chief
Mr. Taiwo Oyedele, the Minister of Finance and the Coordinating Minister of the Economy, stated yesterday that Nigeria could experience significant progress if the country can establish an effective tax system.
He made these comments while hosting a group from the Chartered Institute of Taxation of Nigeria (CITN) at his office in Abuja.
The minister praised the leadership of CITN for launching a National Tax Awareness Day and for their support of the federal government’s tax reform initiatives.
He urged the institute to increase its efforts, noting that “numerous Nigerians still perceive government discussions about taxes as merely a means of extracting funds from citizens.”
Oyedele indicated that the government was not yet obtaining sufficient tax revenue, emphasizing that the aim is to broaden the tax base rather than heighten tax rates.
“We are still not achieving enough tax revenue; it’s not about raising taxes but ensuring that those obligated to pay taxes actually pay. Our goal is to enhance fairness in tax administration,” he remarked.
In his comments, Mr. Innocent Ohagwa, the President and Chairman of Council of CITN, who led the group, remarked: “Throughout the last year, we have noticed a number of misunderstandings related to the reforms. Some individuals think that these reforms have introduced entirely new taxes affecting all areas of economic activity.
“Others believe these reforms were intended only to boost government income, neglecting the concerns of taxpayers.
“Certain business leaders have raised issues regarding compliance demands without a full grasp of the reliefs and protections available to them, which has caused confusion and unwarranted stress, worsened by mixed messages from social media.”
The CITN president further stated that complying with tax regulations is not merely a burden but is a responsibility of citizenship and a shared contribution to the development of the nation.
