September 24, 2023

We Have no Plans to Increase Taxes: FG Assures Public



By Ologun Ayonitemi


The chairman of the presidential committee on Fiscal policy and tax reforms, Taiwo Oyedele revealed that the administration of President Bola Tinubu would not impose higher tax rates on citizens.


During a public Q&A session, Taiwo Oyedele, Chairman of the Presidential Committee on Fiscal Policy and Tax Reforms, provided updates on the committee’s progress towards meeting their objectives and delivering on time as planned.


He addressed frequently asked questions from the public, ensuring transparency and accountability in their work.


According to Oyedele, the committee’s main goal is to lessen the burden of taxes and levies on Nigerians. Their objective is to streamline and reduce the number of taxes imposed, aiming to provide relief to the citizens.


He emphasized that there are no intentions to raise taxes. Instead, the committee aims to “harmonize revenue collection”. Their focus is on streamlining and improving the efficiency of tax collection processes.


“We do not intend to introduce new taxes or impose higher tax rates. Rather, our mandate is to reduce the number of taxes and levies while harmonising revenue collection to reduce the burden on the people and businesses.


“The objective is to avoid taxing investment, capital, production, or poverty. We plan to review and re-enact the major tax laws in a holistic manner, thereby limiting the necessity for frequent changes through annual finance acts.” he said.

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