Nigeria's Tax Reforms Focus on Fairness and Inclusion

The Federal Government of Nigeria has launched a tax reform initiative aimed at promoting fairness and opportunity across society. Minister of State for Finance, Taiwo Oyeleke, and member of the Presidential Fiscal Policy Tax Reform Committee, Albert Folorunsho, highlighted the importance of these reforms during the launch of the "Purple Book" policy guide in Abuja.

The reforms are designed to advance gender equity and social inclusion, particularly targeting women, youth, and marginalized groups. The initiative is part of a broader fiscal reform agenda that has already produced four landmark legislations, including the Nigeria Tax Act and the Nigeria Revenue Service Act.

Folorunsho noted that Nigeria has one of the lowest tax-to-GDP ratios globally, currently at approximately 12.5%. The reforms aim to simplify the tax system, reduce the burden on small businesses, and ensure that the tax system does not disproportionately affect low-income households.

The goal is to create a fairer, more efficient fiscal system that supports economic participation.