Nigeria's Tax Reforms to Boost Competitiveness and Growth

On Tuesday, Mr. Taiwo Oyedele, the Honourable Minister of Finance and Coordinating Minister of the Economy, delivered a keynote address at the 28th Annual Tax Conference of the Chartered Institute of Taxation Nigeria (CITN) in Abuja.

He outlined the Federal Government's tax reform initiatives designed to build a tax system that supports global economic competitiveness, social equity, and fiscal sustainability. Oyedele emphasized the need for Nigeria to modernize its tax framework to avoid losing competitiveness and discouraging investment.

He pointed out the long-standing structural weaknesses within the nation's tax administration, including multiple taxation and compliance issues. The reforms aim to simplify taxation, improve fairness, and encourage voluntary compliance, particularly for low and middle-income earners.

Oyedele also noted that 15 states have already enacted tax harmonization laws, reaffirming the government's commitment to protecting taxpayers and enhancing transparency. He stressed that Nigeria must build a fiscal system capable of supporting infrastructure, education, healthcare, and social protection without relying primarily on borrowing.