{"id":1408,"date":"2024-06-29T08:41:47","date_gmt":"2024-06-29T08:41:47","guid":{"rendered":"https:\/\/beadysword.com.ng\/blog\/?p=1408"},"modified":"2024-06-29T08:41:55","modified_gmt":"2024-06-29T08:41:55","slug":"nigeria-can-double-revenue-without-heavy-taxes-says-oyedele","status":"publish","type":"post","link":"https:\/\/beadysword.com.ng\/blog\/2024\/06\/29\/nigeria-can-double-revenue-without-heavy-taxes-says-oyedele\/","title":{"rendered":"Nigeria Can Double Revenue Without Heavy Taxes, Says Oyedele"},"content":{"rendered":"
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The Chairman of Nigeria\u2019s Presidential Fiscal Policy and Tax Reforms Committee, Taiwo Oyedele believes Nigeria can significantly boost its revenue without imposing new taxes.<\/p>\n

Instead, he advocates for better tax administration and the use of technology to close the estimated N20 trillion tax gap.<\/p>\n

In an interview on Channels Television\u2019s \u201cPolitics Today\u201d on Friday, Oyedele emphasised that the committee\u2019s work focuses on transformative fiscal reforms driven by evidence and wide consultation.<\/p>\n

\u201cWe\u2019ve done a lot of work, quite extensive and far-reaching,\u201d he remarked. We have ve consulted widely, including with governors, federal revenue services, and primary sector stakeholders,\u201d he said.<\/p>\n

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The Presidential Committee on Fiscal and Tax Reforms, was established to review and reform Nigeria\u2019s fiscal and tax policies, aiming to enhance efficiency, increase revenue, promote economic growth, and reduce poverty.<\/p>\n

The committee\u2019s objectives include reviewing tax laws, identifying new revenue sources, developing a national fiscal policy, harmonizing tax policies, improving tax administration, enhancing transparency, promoting economic diversification, and encouraging private sector investment.<\/p>\n

The committee\u2019s work is expected to lead to a more effective fiscal and tax system, improving the overall well-being of Nigerians.<\/p>\n

Regarding the pace of fiscal reforms compared to monetary policy, Oyedele explained, \u201cFiscal reform cannot be as rapid as monetary policy. It requires evidence-driven policies and extensive consultation to ensure accurate diagnosis and effective prescriptions.\u201d<\/p>\n

He further disclosed that some recommendations, including a new tax regime offering relief to small businesses and easing capital constraints, have already been implemented.<\/p>\n

These measures, signed by the Ministers of Finance and Economy, Wale Edun are designed to stimulate growth amid current economic challenges.<\/p>\n

When asked about generating more revenue without increasing taxes, Oyedele expressed optimism.<\/p>\n

\u201cWe have over 60 different taxes and levies but haven\u2019t collected enough to adequately fund infrastructure like roads,\u201d he noted.<\/p>\n

\u201cInstead of introducing new taxes, we advocate consolidating and harmonizing existing ones,\u201d he added.<\/p>\n

Oyedele stressed the importance of leveraging data intelligence and technology to close tax gaps and ensure compliance.<\/p>\n

\u201cBy identifying those who should be paying but aren\u2019t, we can potentially double our revenue within two to three years,\u201d he asserted.<\/p>\n

He also emphasised the need for exemptions for micro-businesses and low-income earners to prevent burdening society\u2019s most vulnerable.<\/p>\n

Oyedele affirmed his confidence in Nigeria\u2019s ability to mobilize revenue sustainably.<\/p>\n

\u201cWe believe in our approach over the medium to long term by streamlining taxes and enhancing compliance through modern methods, Nigeria can unlock its economic potential without overburdening its citizens,\u201d he said.<\/p>\n

The committee\u2019s proposals are expected to undergo further legislative processes in the coming weeks, aiming to pave the way for a more robust fiscal policy framework in Nigeria.<\/p>\n<\/div>\n<\/article>\n<\/div>\n<\/div>\n<\/div>\n<\/section>\n","protected":false},"excerpt":{"rendered":"

The Chairman of Nigeria\u2019s Presidential Fiscal Policy and Tax Reforms Committee, Taiwo Oyedele believes Nigeria can significantly boost its revenue without imposing new taxes. Instead, he advocates for better tax administration and the use...<\/p>\n","protected":false},"author":2,"featured_media":1409,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2],"tags":[],"class_list":["post-1408","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news"],"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/beadysword.com.ng\/blog\/wp-json\/wp\/v2\/posts\/1408","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/beadysword.com.ng\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/beadysword.com.ng\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/beadysword.com.ng\/blog\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/beadysword.com.ng\/blog\/wp-json\/wp\/v2\/comments?post=1408"}],"version-history":[{"count":1,"href":"https:\/\/beadysword.com.ng\/blog\/wp-json\/wp\/v2\/posts\/1408\/revisions"}],"predecessor-version":[{"id":1410,"href":"https:\/\/beadysword.com.ng\/blog\/wp-json\/wp\/v2\/posts\/1408\/revisions\/1410"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/beadysword.com.ng\/blog\/wp-json\/wp\/v2\/media\/1409"}],"wp:attachment":[{"href":"https:\/\/beadysword.com.ng\/blog\/wp-json\/wp\/v2\/media?parent=1408"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/beadysword.com.ng\/blog\/wp-json\/wp\/v2\/categories?post=1408"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/beadysword.com.ng\/blog\/wp-json\/wp\/v2\/tags?post=1408"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}