Nigeria needs more taxpayers, not higher taxes – Oyedele

The Minister of Finance and Coordinating Minister of the Economy, Taiwo Oyedele, has said Nigeria's revenue problem is about expanding the tax net, not raising tax rates. He stressed that the country needs more taxpayers, not higher taxes.

Oyedele spoke on Thursday in Abuja while receiving the leadership of the Chartered Institute of Taxation of Nigeria. The visit was part of the Institute's maiden National Tax Awareness Day, which included a road walk and taxpayer sensitisation at Wuse Market as well as a visit to the headquarters of the Nigerian Revenue Service.

The awareness campaign came one year after President Bola Tinubu signed Nigeria's landmark Tax Reform Acts into law on June 26, 2025. Oyedele commended the Institute for supporting the Federal Government's tax reform agenda. He said public misunderstanding of taxation remains one of the biggest obstacles to improving compliance.

According to him, many Nigerians still believe that whenever the government talks about taxation, it simply wants to collect more money from citizens. '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. We want to promote fairness in tax administration,' he said.

The minister added that getting Nigeria's tax system right would have a transformative impact on national development. He also urged the Institute to establish annual awards to recognise the country's most compliant taxpayers. This, he said, would encourage voluntary tax compliance.

Earlier, the 17th President of the Chartered Institute of Taxation of Nigeria, Innocent Ohagwa, said the initiative was introduced to bridge the information gap surrounding the country's tax reforms. He explained that although the reforms had been in force for one year, many Nigerians were still uncertain about the changes and how they would affect businesses and individuals.

'The laws have been signed, implementation has begun, yet many taxpayers and stakeholders are still grappling with what has changed, what remains the same, and how these provisions affect their businesses and personal affairs,' he said.

Ohagwa noted that widespread misconceptions have continued to fuel anxiety. Some people believe the reforms introduced new taxes across all aspects of economic activity.