Nigeria's Finance Minister Warns Against New Taxes in 2026

Taiwo Oyedele, the Minister of Finance and Coordinating Minister of the Economy, cautioned world leaders against introducing new taxes or increasing existing tax burdens on vulnerable citizens and productive sectors. Speaking on October 14, 2026, at the annual meetings of the International Monetary Fund (IMF) and World Bank in Bangkok, Thailand, he represented the Intergovernmental Group of Twenty-Four (G24) as Chairman.

Oyedele stated that this is not the right time for such measures, as they could exacerbate economic hardship. He urged governments to identify waste and improve revenue collection before imposing additional financial pressures.

While acknowledging that borrowing is necessary for economic growth, he stressed that it should support job creation and inclusive development. Oyedele highlighted the importance of prioritizing public funds for essential services like healthcare and education.

He noted that both taxation and borrowing have consequences and must be balanced to cater to the welfare of the people.