Taiwo Oyedele has said Nigeria is still struggling to generate sufficient revenue from taxes despite recent improvements in tax collection.
Speaking at a tax dialogue in Abuja, Oyedele said the country’s tax-to-GDP ratio remains low compared with many African nations and global averages, limiting the government’s ability to fund critical infrastructure and public services.
He noted that the challenge is not simply increasing tax rates but expanding the tax base, improving compliance, and creating a system that encourages voluntary tax payment. According to him, many Nigerians and businesses remain outside the formal tax net, reducing government revenue.
Oyedele said the ongoing fiscal and tax reforms are designed to simplify the tax system, eliminate multiple taxation, improve efficiency, and make tax administration fairer for individuals and businesses.
He also stressed that sustainable economic growth depends on a tax system that is transparent, predictable, and trusted by taxpayers. He argued that improving accountability in the use of public funds would encourage more Nigerians to fulfil their tax obligations.
The chairman maintained that while tax revenue has grown in recent years, it is still inadequate to meet the country’s development needs. He called for continued collaboration between government, businesses, and taxpayers to strengthen revenue mobilisation without placing excessive burdens on compliant citizens.
The remarks come as the Federal Government continues implementing wide-ranging fiscal reforms aimed at boosting non-oil revenue and reducing dependence on borrowing.
