Nigeria's Finance Minister Advocates for More Taxpayers

Taiwo Oyedele, the Minister of Finance, stated that Nigeria requires more taxpayers instead of higher tax rates to address revenue challenges. He made this remark during an event in Abuja, where he received a leadership charter from the Chartered Institute of Taxation Nigeria.

This event coincided with the launch of the institute's national tax award campaign, which aims to promote voluntary tax compliance. Oyedele noted that public misunderstanding of taxation is a significant obstacle to improving compliance.

He highlighted the importance of the recent tax reform act signed into law by President Bola Tinubu on June 26, 2025, which aims to alleviate misconceptions and provide relief to taxpayers. Innoc Ohagwa, representing the Chartered Institute of Taxation Nigeria, explained that the reform is designed to enhance compliance and includes incentives for individuals and businesses.

The campaign also seeks to educate taxpayers about their obligations and the benefits of compliance.