•President Bola Tinubu's administration aims to slash taxes from 62 to single digits, says Taiwo Oyedele
In an effort to create a more business-friendly environment in Nigeria, President Bola Tinubu's administration is working towards a significant reduction in taxes, aiming to bring the current 62 down to a maximum of nine.
Mr. Taiwo Oyedele, Chairman of the Presidential Fiscal Policy and Tax Reforms Committee, unveiled this plan during the 2023 Annual Conference of the Institute of Chartered Accountants of Nigeria in Abuja.
Oyedele emphasized that this step is essential because the existing multitude of taxes has made tax administration cumbersome and ineffective.
Drawing a comparison, he noted that Nigeria's tax revenue in 2022 was N15.194 trillion, while South Africa generated the equivalent of N78 trillion with only 10 taxes during the same period.
Achieving this reduction in taxes will require administrative intervention and constitutional amendments, according to Mr. Oyedele.