The Minister of Finance and Coordinating Minister of the Economy, Taiwo Oyedele, has said Nigeria\u2019s revenue challenge lies in expanding the tax net rather than increasing tax rates, stressing that the country needs more taxpayers, not higher taxes.<\/p>\n
Oyedele made the remark on Thursday while receiving a delegation from the Chartered Institute of Taxation of Nigeria (CITN) at his office in Abuja.<\/p>\n
The minister commended the institute for introducing a National Tax Awareness Day and for supporting the Federal Government\u2019s ongoing tax reforms.<\/p>\n
He, however, urged the institute to intensify public enlightenment, noting that many Nigerians still view taxation as a means for the government to take money from citizens.<\/p>\n
According to Oyedele, the government\u2019s priority is not to increase tax rates but to broaden the tax base by ensuring that all eligible taxpayers meet their obligations.<\/p>\n
\u201cWe are still not getting enough revenue from taxes. It is not about increasing taxes but making sure that those who are supposed to pay tax pay. We want to promote fairness in tax administration,\u201d he said.<\/p>\n
Speaking earlier, the President and Chairman of Council of the Chartered Institute of Taxation of Nigeria (CITN), Innocent Ohagwa, said the institute had observed widespread misconceptions about the government\u2019s tax reforms.<\/p>\n
According to him, many Nigerians wrongly believe the reforms introduced new taxes across all sectors of the economy, while others assume they are solely aimed at increasing government revenue without considering taxpayers\u2019 welfare.<\/p>\n
Ohagwa stressed that tax compliance should not be seen as a burden but as a civic responsibility that contributes to national development.<\/p>\n
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The Minister of Finance and Coordinating Minister of the Economy, Taiwo Oyedele, has said Nigeria\u2019s revenue challenge lies in expanding the tax net rather than increasing tax rates, stressing that the country needs more taxpayers, not higher taxes. Oyedele made the remark on Thursday while receiving a delegation from the Chartered Institute of Taxation of […]<\/p>\n","protected":false},"author":1,"featured_media":3585,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":"","_links_to":"","_links_to_target":""},"categories":[25,29],"tags":[],"class_list":["post-3583","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-catchup","category-news"],"_links":{"self":[{"href":"https:\/\/finance.gov.ng\/ministry\/wp-json\/wp\/v2\/posts\/3583","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/finance.gov.ng\/ministry\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/finance.gov.ng\/ministry\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/finance.gov.ng\/ministry\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/finance.gov.ng\/ministry\/wp-json\/wp\/v2\/comments?post=3583"}],"version-history":[{"count":3,"href":"https:\/\/finance.gov.ng\/ministry\/wp-json\/wp\/v2\/posts\/3583\/revisions"}],"predecessor-version":[{"id":3587,"href":"https:\/\/finance.gov.ng\/ministry\/wp-json\/wp\/v2\/posts\/3583\/revisions\/3587"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/finance.gov.ng\/ministry\/wp-json\/wp\/v2\/media\/3585"}],"wp:attachment":[{"href":"https:\/\/finance.gov.ng\/ministry\/wp-json\/wp\/v2\/media?parent=3583"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/finance.gov.ng\/ministry\/wp-json\/wp\/v2\/categories?post=3583"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/finance.gov.ng\/ministry\/wp-json\/wp\/v2\/tags?post=3583"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}