Oyedele stressed the need for urgent reforms, highlighting that businesses in Nigeria often pay taxes even when operating at a loss.
Chairman of the Presidential Committee on Fiscal Policy and Tax Reforms, Mr. Taiwo Oyedele, has criticised the federal government for having little to show despite collecting over 60 taxes and levies across the country.
Oyedele made this statement while addressing the senate during Wednesday’s plenary. This session occurred amid a tense atmosphere following a contentious decision to admit federal government officials into the chamber to explain President Bola Tinubu’s controversial tax reform bills.
The officials, including Oyedele, reassured lawmakers that the proposed reforms aim to simplify tax administration, reduce burdens on low-income earners, vulnerable groups, and small businesses, and ensure a fair distribution of Value Added Tax (VAT) across the tiers of government.
The delegation also included Zacch Adedeji, chairman of the Federal Inland Revenue Service (FIRS), and Taminu Yakubu, Director-General of the Budget Office of the federation.
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Addressing the senate, Oyedele stressed the need for urgent reforms, highlighting that businesses in Nigeria often pay taxes even when operating at a loss.
He said: “The fiscal system we have today inhibits growth as more than 60 taxes and levies are collected from across the country but nothing to show for it.”
“We do not want to tax capital or poverty but investment. We are beginning to lose our tax base to other countries. This is why it is urgent to reform the tax system.”
At the end of the explanations, lawmakers refrained from asking questions during the session, opting instead to invite the team on the next legislative date to further clarify the proposed reforms before reaching a final decision.
