The Minister of Finance and Coordinating Minister of the Economy, Mr Taiwo Oyedele, says Nigeria’s ongoing tax reforms are designed to build a globally competitive, equitable and fiscally sustainable economy.
Oyedele spoke on Tuesday at the 28th Annual Tax Conference of the Chartered Institute of Taxation of Nigeria in Abuja.
According to him, the reforms will strengthen economic resilience, support long-term development goals and improve investor confidence.
Speaking on the conference theme, “Tax Reforms and Global Relevance: Positioning Nigeria’s Tax System for a Sustainable Future,” the minister said the government was committed to creating a tax system that promotes investment, fairness, accountability and sustainable growth.
He said changing global economic realities, including digital economies and shifting supply chains, had made fiscal reforms necessary for countries seeking to remain competitive.
Oyedele identified multiple taxation, poor compliance, weak enforcement, low revenue generation and widespread informal economic activities as major weaknesses in Nigeria’s previous tax structure.
“Government revenue remained inadequate relative to Nigeria’s development needs, making the previous tax structure unsustainable,” he said.
The minister explained that the reforms were aimed at simplifying taxation, improving revenue collection and encouraging voluntary compliance, while also strengthening trust between government and taxpayers.
He added that minimum wage earners and other low-income workers had been exempted from personal income tax to protect household incomes and promote fairness.
Oyedele also said government was introducing expanded input tax credits and zero-tax provisions on essential goods and services to reduce inflationary pressures and lower production costs.
According to him, 15 states have already adopted tax modernisation laws as part of efforts to create a more efficient and investor-friendly fiscal environment.
